Ways For Lawyers To Make Extra Money – Not all lawyers are top earners, but they have the potential to earn more through passive income. According to ZipRecruiter, U.S. attorneys earn an average annual salary of $80,743. Whether you’re experienced or just graduated and want to make some extra money, read on for ideas.
This article dives into passive income ideas for lawyers. It also explains what passive income is and what types of passive income there are. If you’re willing to invest the time and effort, you can pursue the passive income streams covered in this guide.
Ways For Lawyers To Make Extra Money
Passive income is the ability to earn a little money without any involvement. It’s an approach to making money that can be sustainable or progressive. Passive income is considered progressive when it is a one-time transaction and is continuous or long-term. As a lawyer, a steady cash flow from passive income can help cover your lean months.
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As a lawyer, there are several ways to earn passive income in addition to the active income you receive from your legal profession. The most popular passive activities and strategies are financial investments, rental income, and affiliate marketing.
With the right financial management skills, you can earn monthly dividends from your capital. Lawyers can earn passive income by investing in stocks, mutual funds, bonds or futures contracts. These financial assets require very little active participation and can be liquidated at any time. You may want to seek help from a financial advisor regarding the best financial investments.
This is one of the most popular passive income strategies in the United States. You can generate rental income by buying and renting out real estate. If you have a lease, you can find income from renting out property you don’t own. You need to find a real estate investment model.
Affiliate marketing can work as an active or passive source of income, depending on the path you choose. In any case, it includes promoting the goods and services of other people or businesses. Affiliate marketers typically receive a commission for each successful conversion from their affiliate links.
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Earning passive income through a business can give you freedom. You are a business owner investing in alternative investments to generate additional income. Earning extra money outside of your regular job can require a mental shift. Here are passive income ideas that attorneys should consider.
As a lawyer, you have first-hand knowledge of the law and can take advantage of this by writing a book. Nowadays, you can earn extra income from books outside of publishing companies. You can sell your books on Amazon, AbeBooks.com, eBay, and BookScouter.
If you have a good credit score, you can work as a real estate professional to make money. There are options that do not need to be done manually. These include rental properties, real estate investment trusts, real estate investment groups, home buying and selling and real estate platforms. You can also take real estate courses.
A mutual fund pools the money of several investors. They then invest this money in stocks and bonds. Investors buy shares of the fund, meaning each investor owns a portion of the fund’s portfolio. Income from the portfolio is shared between each investor.
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The most popular types of mutual funds in the United States are money market funds, bond funds, and private equity funds.
Create a passive income blog with high-quality content. Blogging requires a bit of attention as you need to update it regularly to grow your audience. With the right audience, you can monetize your blog and update it several times a week. Blogging also leads to building your customer base.
These days, video blogs tend to attract more engagement than written blogs. You can create free legal advice videos on platforms that pay creators. TikTok and YouTube are currently leading the way and are great platforms to build your customer base. Popular creators with large audiences benefit from the endorsement of a company looking to reach a larger audience.
Podcasting is another way to earn extra income and educate people at the same time. You have experience that others don’t and can benefit from it. A podcast is a digital audio series. The more listeners you have, the higher your earning potential.
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Use the money saved in your bank account and pay interest through peer-to-peer lending. While this is an effective strategy, it comes with significant risks. There are several P2P lending platforms that allow others to lend securely and pay interest. These include LendingClub, Fundly and Upstart.
Your car can help you make extra money if you rent it during business hours. This is another passive active income with low involvement. To reduce the risk of losing your car, make sure you rent it through a trusted platform like Turo. Turo has been around for 11 years and has built a solid reputation.
Write short legal courses with educational content and sell them online to make money. This project is the only time you will need to write a course. Skillshare, Podia, Thinkific, Udemy, and Teachable are great places to sell online courses for passive income.
You don’t need to write books or sell your products and services to do affiliate marketing. All you need to do is promote another business’s products or services with affiliate links. This will give you a commission when the sale is made. You will not be limited by law to the location of the branch office. According to ZipRecruiter, affiliate marketers earn an average of $154,700 per year. These grades are much higher than average.
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There are many opportunities for lawyers to earn passive income online or offline. You could blog, create videos, or consider alternative investments like real estate or mutual funds, especially if you need an additional source of income that doesn’t require a lot of time.
One of the most common myths surrounding money is based on the belief that you need a college degree to earn a comfortable income. Other myths suggest that a 9-to-5 job is the only sustainable path to financial growth.
One of the surest ways to make millions of dollars in passive income is to invest in real estate assets. This is a form of passive income that requires a lot of capital, so you will need a large amount of money. However, if you execute your business plan correctly, it can guarantee six figures or more per year.
Lawyers can earn extra money by accessing the online legal marketplace and serving clients with legal questions remotely. Some great online platforms for lawyers to make extra money are LawTrades, UpCounsel, and Esquire Recruiting. You can also join Montage Legal Group and FlexLegal.
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The safest investments with good returns are Treasury bonds, money market accounts, and Treasury inflation-protected securities. Other safe investments include corporate bonds, high-yield savings accounts, and the S&P 500 Fund. Before investing in any financial market, consider the risks and rewards.
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Ufuoma, a certified career coach with the International College of Professional Careers, is a veteran freelance writer whose work has also appeared on Smarterium, Cyber Jam Limited and Binance. As a content writer, her goal is to help readers…read more about the author
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