• Ep. 222 The Truth About Selling Online

• Ep.230 Is Passive Income Really Possible?

• Ep. 233 Will an online program work for my practice?

Health Professionals Making Passive Income: Ethical or Not? 

Passive Income? 

👉What comes to mind as a health provider? Private practice owner?

👉Does the notion of passive income equate to work smarter, not harder, but not in the health field?

👉As a health professional, do you  feel it is ‘wrong’ or ‘unethical’ to make money while quote-unquote ‘doing nothing’?

👉If it doesn’t feel ‘wrong’ or ‘unethical’, I ask you to think of your ‘WHY’?

👉If it does feel ‘wrong’ or ‘unethical’, I ask you to think of your ‘WHY’?

👉Triggered. Agree. Unsure?

I am really interested to hear what’s resonating with you on this topic. 

I love teaching, but equally enjoy hearing and learning from you as health providers.

Please comment. Reply to this email or shoot me a DM on Instagram sharing your feelings and opinions.

Let’s remember to stay kind while sharing. 

As for me and the concept of passive income…

I’ve always had mixed feelings about passive income. It’s a concept that can be misunderstood, and I believe it’s important to shed light on the truth behind it to broaden our perspective on both ends of the spectrum.

So, let’s take the time to discuss the controversial topic and uncover what passive income really means for health practitioners like: nurses, dieticians, therapists, psychologists, psychotherapists, physicians, naturopaths, SLP’s OT’s and PT’s.

Ready?

Understanding Passive Income from the Lens of Health Providers + Private Practice Owners

As health professionals, can we really make passive income? 

Passive income can be viewed as a spectrum, with one end representing doing absolutely nothing and still making money, and the other end requiring some upfront effort. But significantly less than the traditional time-for-money exchange we as health professionals are accustomed to. Work an hour, get paid for the hour.

At the far end of the spectrum, you have the vision of lounging by the pool, sipping margaritas, and watching money flow into your bank account without lifting a finger. Can this be a reality? Is passive income really possible? Sounds too good to be true?

While this may sound appealing, we need to recognize and understand that building this level of passive income requires systems and an upfront time investment. The unspoken part of passive income. We don’t start off as ‘doing nothing’. There still is some level of exchange of money for time. 

Passive income is often misunderstood because of misleading ads and webinars promising the ability to make money effortlessly. For example, investing in stocks or real estate can provide passive income where you do nothing, but let your money work for you. But there is more.

That this is not the only form of passive income available to us as health professionals. As health practitioners, clinicians and private practice owners, our expertise and skills hold immense value. 

Our expertise and skills are assets. Leveraging these assets can lead to creating passive income streams that align with our passions, knowledge and strong desire to help our clientele. 

Using Your Health Expertise to Build an Income Stream for your Private Practice

Imagine developing a 12-week program or writing an eBook centered around a specialty you’re a health pro and passionate about. By putting in the work upfront, such as creating the program or writing the book, you can later generate passive income while positively impacting the lives of others.

Is this ‘unethical’?

One of the things that frustrated me the most when working as a dietician, was the notion that we, as health professionals, were constantly trading an hour of our time for a fixed dollar amount. 

When we burn out, what good are we to ourselves as health practitioners, to our patients or our private practice?

This mindset of equating our worth to an hourly rate is a recipe for burnout. In contrast, those in traditional jobs often have more flexibility in their working hours, allowing them to focus on outcomes rather than trading hours for money. 

Why can’t health professionals break free from this hourly rate trap and explore ways to leverage their expertise without sacrificing their well-being? 

Do we continue to trade an hour for a dollar or should we focus on being compensated for our worth as health experts in our field of practice, like other industries?

Achieving Leveraged Income for your Health Practice Through Digital Programs

There are different ways that you can transform lives with different types of educational material that don’t involve you. 

Leveraged income, a step closer to passive income, involves putting in less time and effort while still generating income. This could mean creating online health courses, like we have at The Leveraged Practice, memberships, or coaching programs that can scale your impact and reach more people without being tied to a one-on-one model. 

By leveraging your knowledge and packaging it into digital products or services, you can increase your income potential while serving a larger audience. It’s about finding the sweet spot where the amount of effort and time you put in is significantly reduced. Yet the results and transformations are maximized for your beautiful humans that you serve.

Throughout my career as a dietitian specializing in digestive health, I created numerous programs, courses, and memberships that generated substantial income while positively transforming the lives of my clients. 

The satisfaction of waking up to new payments and clients served is unparalleled. The beauty of leveraging your expertise as a health professional lies not only in the ability to make a meaningful impact on the lives of others, but also provides the ability to reap the financial rewards. 

If you can do it ethically and with integrity.

If you can do it and transform lives.

If you can create digital products, services to make them accessible for more people.

If you have the power to help, heal, teach and transform the lives of the beautiful humans that you serve.

While receiving passive income.

Then why not?

Is this ‘unethical’?

I feel that if we shift our mindsets from passive income being unethical for health professionals and focus on being health entrepreneurs with integrity, getting financially compensated for our expertise and doing what we love, the story we tell ourselves changes. No?  

We have to put on our entrepreneur hats and also think like  entrepreneurs, not only as health professionals and private practice owners. 

For instance,  I am following Andrea Crowder on Instagram. She is an Entrepreneur | Speaker | 7 fig biz w/o taking a penny from pressure only pleasure. Leading the pleasure over pressure movement. She knows that people will pay for her expertise and she does not need to convince or pressure them. It works for her. No triggers. No blocks. Why can’t it also work that way for healthcare professionals?

In conclusion, passive income is indeed possible for health professionals, though it may not align with the traditional notion of doing nothing and making money effortlessly. 

Instead, it requires upfront effort, creating systems, and leveraging your expertise to generate income streams that continue to flow even when you’re not actively trading your time for money. Moving beyond the hourly rate trap.

So, my fellow health professionals, let’s redefine passive income. Let’s leverage our expertise to create sustainable income streams through digital health programs. To allow us to make a greater impact on the beautiful humans that we serve, while reclaiming our time and well-being. 

It’s time to break free from the limitations imposed on us by ourselves and others and embrace the possibilities that lie ahead. Together, we can leverage the way health professionals approach income generation and create a healthier future for ourselves and those we serve.

On a final note: I’m hosting a webinar on passive income for health professionals next week on October 4th @ 12pm EDT. I’m gonna share with you stuff that I’ve never shared before.

The specifics of how I set up systems and processes.

I’m gonna throw back the curtain on how I made 10 k a month for 2 years doing nothing, not even advertising. This was for a clinical digestive program as well, not business coaching. 

So it’s actually for healthcare. 

And, then I will share how I’ve made millions of courses and programs in a leveraged, not completely passive way. I want dietitians and health pros to understand what passive income means and decide what feels right for you. I would LOVE for you to come join me. Click here to register

Hope this helped inspire you to get out there, light your fire out in the world and let it burn. 

Be a flame for people to see. 🔥

Sending you much love, joy and happiness,

Stephanie ❤️