Multiple Income Streams

Having just one source of income is insane. Most people rely on one job… It is even more insane for the nurse practitioner. As a licensed and skilled professional, you have the ability to create multiple income streams, yet so many nurse practitioners just rely on their one job to sustain their life. What does this do?


This is what having a full-time job and one source of income does to the modern individual. Everyone is a slave to their job because if you leave, your income goes with it while having debt obligations to meet. Most people are at level 1 of financial freedom, therefore they have no substantial savings to weather the storm. This enslaves you even further and can create a tremendous amount of anxiety in one’s life.

I do not like being locked down to one thing. I especially don’t like to be locked down by one income stream. It is one of the sole reasons I started side businesses and developed The Elite Nurse Practitioner Model. It made me anxious knowing that my livelihood was tied down to this one employer and license.

If you want to build a financially redundant and secure life, then you need to start building additional income streams into your life. The amount of freedom it creates in your life is tremendous. It provides a financial cushion that protects you against uncertainties in life. When you have multiple income streams, you can take on more risk and tell the “man” to shove it, if you so desire.

Wealthy and financially independent individuals do not rely on one source of income, neither should you. As a nurse practitioner, you hold a tremendous amount of power that you should take advantage of to the fullest. Every nurse practitioner should have at least one side practice as an income stream. Use that education and license! Just make sure all your streams of income are not tied to medicine.

When your career and life revolve around healthcare, it is difficult to think outside the box. I know… I have trouble with it as well. So, how can you build multiple streams of income outside of medicine/nursing that will protect your financial interests?

Investments, real estate, side businesses and side jobs.

Investments: Every nurse practitioner needs to understand how to invest their money. How many of you right now know what funds the money in your 401k and IRA are invested in? I would take a bet and say few of you do. For the ones that do, good for you!

There are 4 main investment classes.

  1. Stocks
  2. Bonds
  3. Gold
  4. Cash

Most people invest in the stock market. A large portion of the population has invested 100% of their 401k into the stock market. This is unwise. You really should spread out your 401k amongst these 4 asset classes. Take on risk when you are young but begin to be more conservative as you get older to secure your money.

Investing in stocks should not be complicated. Invest in index funds and leave it at that. Don’t try to invest in individual stocks, it is to risky. When you invest in index funds, you are investing in specific sectors of the market like energy, real estate, manufacturing, utilities, etc. You can also buy index funds that track the entire market. Spread out your investments among multiple index funds and sit back and watch it grow. Make sure that the funds have low fees though, they can eat into your gains.

Also make sure to put a percentage of your money into bond funds. This is a good article that discusses bonds

It is difficult to buy gold through your 401k unless there is some sort of gold fund that is available through your 401k. If you cannot buy gold funds through your 401k, then buy physical gold and have it locked up in a safe in your home, NOT A SAFETY DEPOSIT BOX IN THE BANK. Anything stored in safety deposit boxes are up for grabs by creditors, the federal government, and thieves. It is not safe there. I say bury it in a safe at a undisclosed location (I know it sounds ridiculous, but you never know what could happen in the future).

You can always hold cash in your 401k by purchasing a money market fund. These provide little return but are a safe and liquid investment if you are fearful of the market or would like a portion of your 401k to be held as cash.

Outside of your 401k, you can always throw money into index funds in a standard trading account that can provide you dividend pay on a quarterly bonus. This usually requires a massive amount of money invested though. This is one of the reasons why investing in stocks is usually not the best way to develop a passive income stream. Your 401k will provide you this in the future.

Everyone should invest their cash in a secured savings account or CD though. You should have 6-12 months of expenses saved in a separate checking/savings account that you never touch. This is your “never touch it, never loose it” money. You could lose every source of income you have (unlikely) and be fine for 6-12 months. This liquid cash provides an enormous amount of security to your life. How many people can say they have this? Few. I am telling you, it is amazing to know you have this cushion in your life.

Real estate: I am really starting to try to build my real estate portfolio. I believe real estate is one of the safest long-term investments you can buy. Land is no longer being produced. The population is growing. People need a place to live. You can’t go wrong with real estate if you do your due diligence.

Rental properties can generate long term passive income in addition to appreciating in value. The issue with rental real estate is that you need to have multiple units to make it profitable. Start with one and slowly increase it from there. This is what I am doing.

I am purchasing 1-2 properties every year. In 10 years, I will own over 1 million dollars in real estate assets. Anyone can do this. You only need 3.5% down utilizing an FHA loan when purchasing your primary residence. Buy a new primary residence every year. The FHA states you must live there “the majority of the time.” Live it all the time and move every year or just live in it 51% of the time and AirBNB it out the other time to pay for itself. Rinse and repeat.

Businesses: This is a no brainer and the main principle of The Elite Nurse Practitioner Model. The more side businesses you can create, the more income streams you will develop. Every single one of you reading this can start a small side practice or business outside of medicine. If this is the first article you have read from The Elite NP, explore the rest of the blog or read the book.

Side jobs: Every nurse practitioner also has the ability to obtain multiple side jobs. You hold a valuable license and many practices need part time work. I have toyed with the idea of having multiple part time jobs in the past. I believe it is safer than having just one full time job. It diversifies your income streams.

If you cannot or simply just refuse to start a side business, then get a side job somewhere. Save all this money and invest it into another investment class as discussed above.

With any of this, your goal should be to develop a passive income stream in your life. It is very nice to check your bank account and see $500 deposited into it from a passive income source. The more of these you have, the less you will have to work.

The more income streams you have in your life, the more financially secure you will be. I am telling you from personal experience that my freedom and well being improved significantly after I developed multiple income streams. When I relied on just one job to pay my mortgage, car payments, food, etc. it stressed me out. I did not like the idea of being a slave to this one job.

Develop multiple income streams, get out of debt, lower your personal expenses, and invest your money wisely. You will improve the quality of your life exponentially!

8 Responses

  1. I’m assuming you have an LLC for managing asset protection
    If so do you create one per business?
    Can you review this essential step and when along the process does this become necessary?

      1. It is another legal entity. Therefore the assets within the LLC are owned by the LLC, not by you. That is why having businesses spreads out your risk. So for example, if you own rental properties, have each one owned by a separate LLC. Have every business under a separate LLC. Just have the minimal amount of personal assets. Any personal assets should be owned by a domestic asset trust. This protects you significantly if you follow this strategy. Check out this article.

  2. Justin, do you have an online business or office business only..please share how you do the online and send me your site so I could view it..I am trying to do both and having difficulty setting up the website so I may need to pay someone 2k to do it as I am not that computer savvy

    1. I have both. I think in this day and age it is important to utilize the real world and online market places. I will email you.

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