What are the Passive Income Sources For Dentists?
Author : Dewey Gabrielo | Published On : 07 Jul 2021
Passive income is defined as any amount of money earned from a place/business where the person isn’t directly involved. Usually, passive income is derived from real estate, loans or partnerships. It is an excellent way to earn extra income on top of your regular income.
Dental schools are expensive to attend. On average, a graduate of a dent school will have nearly $200000 in debt. On top of that, setting up your own dental practice is another expensive investment. This leads to dentists taking hefty loans from the banks or paying a lot of mortgages. Passive income for dentists is a great solution for almost all money woes.
Given below are some suggestions to begin earning some passive income. These will help you alleviate some of the stress of the debt.
The primary and most popular method of earning passive income is investing in real estate. As property prices increase every day, real estate guarantees a large return on your investment and it acts as a continuous source for passive income. You could purchase residential or commercial property and lease it yearly. Even if you mortgage property and then lease it, it will easily help you pay off the mortgage and some of your debt.
Keeping money in the high yield savings account is an incredibly simple but guaranteed source for passive income. Traditional banks have low-interest rates and you don’t get maximum returns. There are several online high yield banks that offer returns nearly hundred times more than a general bank. Ensure that the bank is registered with authorities and your money will be in safe hands.
There are countless sites that are looking for investors who are willing to lend money to people at a very high-interest rate. You have to simply register as an investor, and the site will share details about the borrower including the business plan and credit scores. Once you’ve lent money, as the borrower pays off their loan the money will be automatically sent to your bank account including the high interest.
Certificate of Deposits
You seal off a certain amount of money, just like you do in a savings account. The money is kept for a certain amount of time after which you begin to get returns on it. This money can be used later, if and when required. This is a perfect way to keep extra cash safe while simultaneously earning a profit on it.
Partial Real estate investment
A real estate developer is always in need of large capital. They use sites that act similar to crowdfunding sites. The investors give some amount to the developer at a decent interest rate and once the property is on the market, the investor begins to receive the loan amount along with the interest. Several accountable sites offer these investments for both residential as well as commercial properties.
Passive income is ideal for everyone as it allows you to relax a little about finances. It helps set up retirement funds for yourself and even college funds for your children. Since methods of earning passive income are versatile, you can start with a small investment as well.
Freedom Founders offers help with retirement for dentists (www.freedomfounders.com/Passive-Income-for-Dentists), orthodontists, doctors, physicians, and other practice professionals. David Phelps helps medical professionals creating passive income through investing in real estate. To know more, visit https://www.freedomfounders.com/blog/.