Personal Finance Tips for Teachers (Part 3): ON PASSIVE INCOME IDEAS AND OTHER OPPORTUNITIES. Teaching is not a lucrative profession; however, earning a decent income as a little consolation in career fulfillment somehow helps teachers come to grips with financial struggles. To further improve economic status, most of us employ smart spending strategies and even venture into passive income-generating sidelines.
In the first two installments of our Personal Finance Tips for Teachers Series, we came to realize the feasibility of some frugal practices (read also Personal Finance Tips for Teachers Series (Part 1): On Frugal Practices) and the importance of managing personal finances wisely (read also Personal Finance Tips for Teachers (Part 2): On Managing Finances) in keeping us focused on our long-term financial goals.
In this third article, we’ll talk about passive income ideas and other opportunities— ways to make money with little investment of time and effort on our part. Here in the Philippines, we prefer to call these passive income ideas as ‘sidelines’ and ‘extra-income sources.’
Yes, we might not have enough capital to purchase huge investments such as in real estate and equities, but these 27 creative ideas can help a lot in our positive cash flow. Take note, most of them simply require work or our ‘sweat equity.’
Part Three: 27 Passive Income Ideas and Other Opportunities for Teachers
1. Sell on Teachers Pay Teachers (TpT)
Teachers Pay Teachers (TpT) is an online marketplace of millions of teachers who buy and sell original instructional materials, creative ideas, and inspirational works. TpT allows teachers to sign up, upload educational resources, and earn passive income from paid downloads, hence an Etsy for educators. As one of the highly recommended passive income ideas for teachers these days, marketing on this giant network helps teachers tap the optimum benefits of designing creative teaching materials. To know more, visit the website at https://www.teacherspayteachers.com/.
2. Write and Publish Ebooks.
Writing and publishing ebooks is very popular because of the huge market on the web. Yes, ebooks can be a lot of work upfront, but once created can provide a passive revenue stream for the next few years. In fact, there are several feasible marketing strategies out there. Ebooks can be uploaded on personal and other affiliated blogs, sold on e-commerce websites like Amazon and eBay, and others.
3. Produce Audiobooks.
Audiobooks may also be a good alternative to ebooks for a passive income stream as more and more students as well as professionals look for convenient and innovative learning channels. Production of audiobooks requires specialized knowledge and advanced skills in some specific areas, which then makes teachers on the right track.
4. Upload Video Tutorials on YouTube.
In the Philippines, for instance, YouTube is one of the most popular sites, and millions of Filipinos have been using it for entertainment, social, and educational purposes. Teachers can then monetize video tutorials with Google AdSense and other online advertising programs.
5. Start an Educational Blog.
Blogging might have long been a meaningful hobby for most teachers. With Google AdSense and other affiliate marketing programs, bloggers earn revenues from ad clicks and impressions and commissions from purchases through affiliate ads.
If you are a Filipino teacher, you can start with this simple tutorial on how to build a self-hosted blog and make these passive income ideas a reality: Paano Gumawa ng Sariling Blog (Self-Hosted Blog)?
6. Create an Online Course.
As it goes, imagination is the limit. Teachers can tap the optimum revenue-earning potential in blogging. The presence in cyberspace may pave way for more creative income opportunities such as uploading paid video lessons, light weight ebooks, audiobooks, and other online courses.
7. Be a Resumé Writer.
Resume writing can be a tough task for a few professionals. With the continuous evolution of resumé from traditional print to digital formats, no doubt there are online sites that outsource designers. Teachers, particularly those in language and IT courses, can benefit from this growing industry.
8. Engage in Ghostwriting.
Ghostwriting sounds disagreeable especially for most teachers who hold professionalism in high regard, but pays a reasonable honorarium. After all, as content becomes the king in the blogging industry, bloggers outsource for quality write-ups. In fact, there are even sites that sell original articles for different blogging niches.
9. Write Reviews.
Especially for voracious readers and moviegoers, writing reviews can be an attractive source of extra income. One of the important keys is to establish a reputation by providing a thorough and honest review of products and services.
10. Proofread Essays and Theses.
Language teachers can market profitable skills by proofreading students’ essays and theses. Most universities and colleges require non-language students to consult grammarians and proofreaders upon completing their research papers. Take the advantage of being inclined in English language.
11. Be an Online Affiliate Marketer.
Professional bloggers admit that affiliate marketing is even far better that Google AdSense. In other words, these probloggers earn bigger revenues on displaying affiliate ads from giant companies and app developers. Difficult by any measure, affiliate marketing requires a big established platform and regular audience.
12. Set up an E-Commerce Website.
Teachers who are also moms, fashion enthusiasts, and entrepreneurs may set up an e-commerce website and sell products. Online reselling has recently been a trend as social networking sites such as Facebook and Twitter have already supported various passive income ideas and other income opportunities. Requiring a dedicated time and effort maybe, it can be feasible with a trusted business partner.
13. Sell Digital Files Online.
IT teachers, or even those who are just creative and techie, may design digital files such as T-shirt designs, graphic print layouts, digital planners, and monthly budget organizers, and market them online. Even Etsy supports this growing market.
14. Design Logos and Website Banners.
Teachers who are proficient in digital design tools such as Adobe Photoshop, Adobe Illustrator, and Adobe Indesign may use their skills to work with other web developers or sell graphic arts such as eye-pleasing logos and website banners online.
15. Build Educational Apps.
Simple math and language smartphone apps for kids can generate an incredible passive income. Teachers can initially conceptualize how these applications work, and then commission web programmers for coding and technical aspects.
16. Develop Quality Courseware.
Schools, especially those private institutions in growing networks, have been into standardizing content materials. They hire courseware developers and even encourage teachers to be part-time members of their team. Developing quality courseware may take just an Internet connection, borrowed books from the school library, and creative ideas.
17. Book Weekend Tutorials.
Our chance of earning an extra income from tutoring students on weekends is high because many parents nowadays prioritize the academic performance of their children. Teachers can even do this through affiliated tutorial centers. In the Philippines, for instance, home-based tutorial fees usually range from P200-P700 per hour depending on the economic status of the paying parents.
18. Try Home-Based Part-Time Online Teaching.
With a high-speed Internet connection and a quality headset, teachers can do home-based online teaching. Other Asian students like Koreans, Chinese, and Japanese prefer Filipino online English teachers because of their patience and enthusiasm. Online teaching can be done after school schedule, six in the evening onward maybe.
19. Speak up in Seminars and Special Lectures.
Schools and academic organizations are always willing to pay speakers and lecturers an honorarium for a few hours of lectures and workshops. Field-expert teachers can take this advantage and book more engagements in expanding networks with other experienced speakers.
20. Host Community Events.
Say ‘yes’ to hosting offers. In the Philippines, summer is a season of local fiestas and beauty pageants, hence the demand for event hosts. Coordinate with the program organizers and offer a hosting service.
21. Resell High-Demand Products.
Observe around and identify products which are of high demand to teachers and students. Consider accessories, supplies, and other personal needs. Get discounts on bulk purchases and resell them in retail; however, be careful with the school policies as these might put you in a compromise.
22. Become a School Cafeteria Food Concessionaire.
Both concessionaires and the cafeteria management benefit from this idea. Teachers may start with homemade cookies and cupcakes. One of the most practical extra-income ideas for teachers, it requires a dedicated time for food preparation at home.
23. Put up a Sari-Sari Store Business.
In the Philippines, sari-sari store or a community variety store is a basic small business. These retail stores can be found almost everywhere. Putting up a sari-sari store business can be one of the best passive income ideas, if not, then another extra-income source, most especially if our residence is strategically located where there is a heavy foot and vehicle traffic. Though demanding a lot of time, it can still be feasible with a relative or a partner at home.
24. Start an E-Load Retail Business.
Putting up a variety store usually comes with an e-load retail business. Income in this retail may be too small, but since it can be taken anywhere, we can even do reloading at school. We can proudly tell our coworkers that we are into the business, and that we can load their prepaid phone accounts at their convenience. It can be one of the simplest extra-income ideas for those who are just starting in the profession, and a small business.
25. Rent out a Room.
Whenever there are rooms that have long been unoccupied and our house seems a few blocks away from the university or a big factory, we can possibly rent them out or arrange bedspacing terms. If managed effectively, rentals can cover major expenses.
26. Join Legit Networking Teams.
As most networkers say, it takes an open-minded man to earn millions in networking. Least suggested because of scams, networking requires a dedicated time and strategy. After all, we cannot deny the fact that many have already earned a fortune from legitimate business networking.
27. Invest in High-Dividend Stocks.
Investing in the stock market may not be for everyone because of its preconceived high risks, however one of the highly recommended passive income ideas by financial gurus. In the Philippines, less than one percent of the population invest in the Philippine Stock Market. Teachers can also invest their hard-earned money in buying shares of high-dividend blue chip stocks regularly. This time-tested strategy is called Peso Cost Averaging.
If you’re a Filipino teacher interested in stock market investment, these articles can be of great help:
Passive income ideas and other income opportunities seem far at first from being realized, especially for teachers who work hard within a tight schedule from eight to five and even take home those endless paperworks and lesson plans. However, without any doubt, teachers are resourceful, creative, and optimistic, and these passive income ideas and opportunities, when tried, can provide additional streams of income sooner with little to no effort at all.
Though high-paying freelance jobs these days can be enticing, pursuing the teaching profession with these passive income ideas on the financial backdrop can be more productive and fulfilling.
Updated: 27 Passive Income Ideas and Other Opportunities for Teachers, April 23, 2017