Passive income for teachers
Passive income for teachers can be a lifesaver. If you don’t know about passive income, let me blow your mind for a second here.
I’m sure many of you have heard of Teachers Pay Teachers, but just in case you haven’t, it’s a website where you can sell digital teaching resources such as lesson plans, worksheets, activities and games. Well, once you put something up for sale, and people keep buying it year after year, it becomes passive income because you don’t have to do any more work.
Any type of income where you put work in upfront and then set it and forget it is passive income.
Other types of passive income include:
- Affiliate marketing
- Ads on your website or YouTube channel
- Recruiting for teaching ESL online
- Etsty Shop
- T-shirt business
Passive income doesn’t mean you don’t put some work in upfront, it’s just income that cycles through longer than working normal hours at a 9-5 job.
Extra income ideas
If you’re looking for extra income ideas I also recommend tutoring. If you have a teaching degree or any type of specialization that could serve students, tutoring can be very lucrative.
Tutors charge anywhere from $25-$125 an hour depending on who they are serving and the teaching experience they have.
I have a bachelor’s in Spanish and a master’s in education, plus over ten years of teaching experience. My tutoring fee is $50-$60 an hour depending on how far I have to drive. I don’t drive more than a 30 minute radius.
I only tutor one to two people now because I was able to cut tutoring hours due to making more teaching ESL online, recruiting, and earning passive income through Google Ads.
Side jobs for teachers
While I know a lot of teachers are seeking part-time work to make ends meet, I highly recommend investing in something that will earn you money long-term so you don’t have to trade your time for money.
I talk about this more in my earlier blog post Side Jobs for Teachers.
I also have a course launching this summer for teachers looking to create an online business. You can get more information about that here.
passive income books
When it comes to learning something, I always recommend reading up on it from multiple authors. Below are a few highly recommend passive income books.
The Four Hour Work Week is one of the most popular passive income books. In this book Tim Ferris explains:
- Going from 80 hours a week and earning $40K a year to making $40K a month and working 4 hours a week
- How to cut your work hours by 50%
- More than 50 tips and case studies
- Real-world templates you can copy for eliminating e-mail, negotiating with bosses and clients, or even getting a private chef for less than $8 a meal
- Lifestyle Design principles can be suited to unpredictable economic times
Passive Income Aggressive Retirement by Rachel Richards explains how the author started earning $10,000 a month in passive income.
She explains how to:
- Achieve “Financial Independence, Retire Early” without penny-pinching
- Create consistent, long-term residual income (the non-multi-level-marketing way), so you can live life on your terms
- Have the flexibility to work when, where, and if you want
- Say “goodbye” to your 9-5, and create a life you totally love
- Eliminate your money stresses and fears
Side Hustle by Chris Guillebeau is based on case studies. The author provides a step-by-step guide to create and launch a profitable project in less than a month. While it probably takes longer than a month to launch something great, I bet there are some great tips in this book.
side hustles for teachers
Speaking of side hustles, what are the best side hustles for teachers? After working online since 2016 I’ve found that it is not so much which side hustle you choose, but rather how dedicated and focused you are to your side hustle. Those that choose one area or niche have more success than those that try to do too many things. Use the exponential framework to motivate you. The more you work on something, the more the results pile up because you are building and building and building.
In any case, I’ve seen people be super successful (6 and 7 figure businesses) with TpT, blogging, YouTube, course creation, and online teaching. Just remember that in the beginning it is a lot of hard work, long hours and commitment, but over time you will create passive income.
Business ideas for educators
Now that you know of some business ideas for educators, how do you get started? What’s the roadmap?
Whatever side hustle you start, don’t underestimate it turning into a full-blown business. Your passion project or hobby have the potential to become something more so it’s important to have a business mindset. Think long-term about who you are serving, what your customer needs today and how it will solve a problem for them.
You will need a platform to deliver your product or service whether that’s a blog, YouTube, Etsy or Teachers Pay Teachers. Even with a digital store, I recommend having a blog because you own your blog while your storefront is owned by a corporation. Not only that, but Google and YouTube are the two biggest search engines in the world, which mean your customer can find you and your business via Google or YouTube if you know how to use keywords well.
I know all too well that fear can hold you back from getting started, but I urge you to take one step today. Choose a platform and start creating content daily or weekly. Eventually you will get some momentum and let it snowball from there. I know you can do this and I am rooting for you!