Year 1 of a UK Doctor’s Passive Income
As “millennials” we live in a great era – even if you’re not a millennial, being alive and healthy in 2017 is fantastic. Not only did our parents before us not grow up alongside the internet, the concept of passive income was not nearly as widespread as it is now.
Some middle aged folk who were very switched on in their younger years may have amassed a real estate portfolio providing a relatively consistent income for their retirement. But for most people in their shoes, peer-to-peer lending, index fund investing (in contrast to random stock picking) and starting an online business are entirely alien ideas.
Therefore I think we live in a wonderful time where opportunities are plentiful and the only limiting factor is your willingness to engage with life and learn. The table below documents the passive income I’ve received from various investments and an “online business” over the past year.
In total I’ve earned £4,160 this year. A very tiny proportion of that comes from my MRCP books and only covers hosting the UKdoctoronFIRE website.
| Passive | Active | |
| 2016 | ||
| Q4 | £965.64 | |
| 2017 | ||
| Q1 | £794.49 | |
| Q2 | £1,293.93 | |
| Q3 | £1,106.20 | |
| Q4 | £1,048.82 | |
| 2018 | ||
| Q1 | £1,169.34 | |
| Q2 | £1,583.92 | |
| Q3 | £1,114.73 | |
| Q4 | £1,013.33 | |
| 2019 | ||
| Q1 | £1,001.31 | |
| Q2 | £1,939.77 | |
| Q3 | £1,116.54 | |
| Q4 | £1,203.54 | £3,237.76 |
| 2020 | ||
| Q1 | £1,849.35 | |
| Q2 | £1,670.52 | |
| Q3 2020 | £1,533.44 | £5,386.82 |
| Q4 2020 |
The great thing about passive income is that once you develop an income stream, it continues to pay you for the foreseeable future. Buy a real estate property and as long as you have tenants, you’ll earn cashflow to put towards your mortgage payment, repairs, and hopefully still have some left over for treats.
“Buy a company” by investing in stocks and shares and you’ll receive a portion of their earnings every month, quarter or year unless they go bust which, if you invest wisely in high quality companies, is highly unlikely. That’s where diversification becomes so important – they call this investing’s only free lunch, and it’s generally wise to buy an index fund which is a basket of many stocks and shares.
Contrast this plan to many people I personally know who pick individual stocks without proper research. Professionals who are paid a lot of money to pick stocks still get these things wrong all the time. You wouldn’t perform your own dental surgery so picking your own stocks without reading lots of books and company reports is highly risky.
The average millionaire apparently has seven different income streams. I get compensated for my hard work with a salary, dividends from stocks and shares and interest from P2P lending. Additionally I also receive a tiny amount of money for my hard work creating MRCP books and from affiliate income, giving me a total of five income streams. How many do you have?
Last Week
| Monday | Tuesday | Wednesday | Thursday | Friday | Saturday | Sunday | |
|---|---|---|---|---|---|---|---|
| Day | Sleep | Sleep | Sleep | Sleep | Travel Groceries | Upper Body Lifting Locum (13 hours) | Locum (13 hours) |
| Night | Night Shift (14 hours) | Night Shift (14 hours) | Night Shift (14 hours) | Night Shift (14 hours) | Healthy Meal Prep Sleep | Lower Body Lifting Sleep | Sleep Wake up at 4am Monday for Dundee |
To be in this position I work very hard as you see from above. Not every week is like this – I’m looking forward to chilling with some friends this weekend.
When I was a beginner, I learned everything I know about finance by reading this book, this book and finally that one.
Now that I’m an intermediate, I realise that reading books is one thing but applying the knowledge you gain from them is where the most gains can be achieved. The author of one of my most favourite books of all time teaches that it’s easy to do AND easy not to do the simple things in life such as drink water instead of fizzy drinks. Choosing one or the other won’t transform you overnight but all these mini-decisions will transform you into an entirely different being over the next few months and definitely years. It sounds great but unless you put this concept into practice and go through the grind, you’ll never understand the meaning.
I don’t think I’ll ever be an expert in anything because being a student where I’m constantly improving and learning is the place where I’m most happy. The moment I think I know everything is the moment I’ve lost everything.
The key takeaway from this post is to start reading, start taking action, and start enjoying the results.
Hi Rory,
Firstly congratulations on both the income generated and also the variety of income streams! That’s a heck of a schedule with flipping between night shifts and day shifts – that I know can really take a hit so very impressive that you are able to still do your exercise in there!
My only income streams outside of the pay cheque are income from variety of portfolios (those that actually pay out not just reinvest or increase) but given the spread of investments I can cope with that!
Cheers,
FiL
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