How Do Teachers Make Passive Income?
In today’s world the cost of living is rising faster than household incomes. Having an alternate source of income over and above your active earned income is prudent and wise. In the past teachers supplemented their income via after school tutoring or teaching at summer camps or summer schools. However, today social media and technology have opened doors to new opportunities and earning additional money is easier. And, of course, money matters because its scarcity or abundance can dictate our life choices.
More and more professionals are undertaking part-time work in addition to their full-time jobs as an extra source of income. After all who wouldn’t want a little bit more.
What is Passive Income?
Passive income is money you get that requires minimal effort or time to maintain, such as rentals or being a silent investor in a business.
There is also portfolio income, which comes from investments and provides you with dividends, interest, royalties, and capital gains.
Today we are going to focus on side hustles. It’s time to stop looking at ways to cut costs and start exploring ways to make extra money. Here are some ideas:
Online courses
Tutoring online has gained pace and momentum since the start of the pandemic. It is a dynamic space that can be fun and challenging. If you are a teacher wanting to take your career to the next level, check out www.teaching-revolution.com to get support and advice on how to increase your earnings.
Content writing
If you enjoy playing with words and don’t mind deadlines then e-books, blogging, copywriting, or ghost writing could be your calling. On the other hand, if you prefer working at your own pace, you can develop teaching materials like worksheets, test papers, etc. and sell them to fellow teachers on online marketplaces.
Merchandise
You can set up an online store to sell educational toys, STEM kits, arts and craft projects, books, novelty stationery, etc.
Affiliate marketing
If you already have an online presence, you can earn commissions / bonuses by promoting third party products/services using your affiliate link.
Sponsored posts
Connect with advertisers and publishers to get paid for writing sponsored reviews/posts. Your followers will rely on your recommendations so it is important to be ethical and honest.
Paid advertisements
People with an extensive social media following and established blogs or websites can earn extra money by publishing sponsored advertisements.
Referring and recruiting
If your current employer offers incentives for recommending candidates for open roles, start referring and earning bonuses.
Virtual assistant
Use your organizational, communication, and interpersonal skills to offer services as a virtual assistant. Choose your niche (customer service, social media management, administration support, content management, finance) and start making money by helping other business owners.
Voiceover work
As a teacher you have the skills and experience to use your voice as an effective communication tool. Have you ever thought of using your voice to earn extra money? Voice actors lend their voices to narrate commercials, audio books, games, movies, videos etc. However, you will most likely need to invest in quality equipment (microphone, headphone, software etc.)
Overview: what is the best way to go if you want to establish passive income as an online teacher?
The list of possible side gigs for teachers goes on and on. You can have one or many streams bringing in money. While some like online courses, sponsored posts, ads, affiliate marketing, etc. they do require a sizable social media following. Others like content creation, virtual assistance, and voice overs would suit those who are more private.
No matter what you choose, remember these will not make you rich overnight. You will need patience, perseverance, and consistency to succeed over time.
