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Today we are talking about 5 passive income idea to make money from home! These are truly passive ideas so you make money while you sleep. Find out my favorite one later in this video.
Hi, I’m Jessica and I love talking about financial freedom after experiencing burnout early in my pharmacist career. We talk passive income and simplifying on this channel to combat stress and burnout. If you haven’t seen my burnout story or our debt-free journey while in residency/fellowship, please click those video links below.
INVESTMENTS:
- 401(k), Roth 401(k), Solo 401(k), ROTH IRA, Traditional IRA, Simple IRA, SEP IRA, 457, 403(b), HSA, Custodial Account, Brokerage account, 529
- I’ve had an employer match at 2%, 3%, 4% and 14%. No matter the number, don’t leave this free money on the table. It’s literally like shredding cash.
- Make sure you put in at least enough to get your employer match.
- When you use this money to buy low-cost index funds, many of them have dividends that pay you throughout the year. This could be once a year, biannual, quarterly or even monthly. Dividends are passive income. I reinvest my dividends to buy more of the index fund in my portfolio. Dividends may be in tax-advantaged investments or taxable investments.
HIGH YIELD SAVINGS ACCOUNTS (HYSA)
- This is different than a traditional checking account or savings account that is attached to your traditional checking account.
- Typically these are via online platforms.
- I’ve had high yield savings accounts with American Express, Capitol One and HM Bradley.
- In the past, these would pay interest rates around 3%. Currently, most are paying 0.5%.
- Accumulating interest in these HY savings accounts is passive. You see interest payments in your account monthly.
- You can use my referral link to sign up with HM Bradley at up to 3% interest rates: https://bit.ly/3dul4LV
- I’ve used them for several months
- Interest is subject to income tax rates.
DIGITAL PRODUCTS
- Digital products – simple or more complicated. Ebook that is a PDF to download. It could be posted on your own webpage, on Etsy, on Amazon books, or a teaching platform like Teachable. It could be one page or several pages. It could be a template for something like an Excel template for tracking finances or it could be study sheets or a starter kit or wall décor.
- Find Your Script Pharmacy digital products
- Digital Decluttering Workshop
- Burnout Workshop
- Cultivating Joy at Work Workshop
- Burnout or Declutter Workshops: https://drjessicalouie.com/services/ Pharmacy Find Your Script Shop: https://www.findyourscript.com/shop/
ONLINE COURSES
- Online courses – again an online product because you reach SO many more people this way. This is going a step further than a digital product and creating a mini-course or a deep dive course.
- Create the course once and sell it while you sleep. It could then be updated once a year.
- You can see examples of my own courses – Joy at Work Course, Simplify Course.
- Joy at Work Course: https://drjessicalouie.com/joyatworkcourse/ Simplify Course: https://drjessicalouie.com/simplify-course/
AFFILIATE MARKETING
- Affiliate marketing – earning commission when someone clicks through your link on a post. Small percentage 1, 5, 10, or 20% usually. The last link clicked is the one that it counts for. A little more difficult with so many new players coming into the mix or businesses shutting down their programs abruptly (during the pandemic)
- You see this a lot with Amazon Affiliate Marketing.
- I’m part of several affiliate programs and all have different terms and conditions.
- This is great when you truly love a product and are paid for your work in writing a review. I encourage intentional and mindful shopping so overusing affiliates can look salsey.
What is my FAVORITE way to earn passive income? Dividends in my investment account.
Are you using any of these passive income ideas in your own life? Comment below please!