Why Every Speech-Language Pathologist Should Have Multiple Streams of Income (and How to Start Your First!)

June 6, 2019

I want to talk about how having of Multiple Streams of Income as an SLP and how one piece of advice completely changed my life (and possibly yours!)

Let’s go back to 2006.

I had just completed my clinical fellowship at a prestigious rehabilitation hospital in Boston. One of my co-workers worked part-time. On the days she wasn’t working with me at the hospital, she was seeing her own clients in her small but in-demand private practice, she was an AAC consultant for a school system, she worked as a fitness instructor, she owned a rental property and invested in the stock market.

The day we got to talking about all of this I was floored because I didn’t realize that she was doing all of these things.

Then she said something that changed the course of my entire life and that I thank her for every single day:

“It’s dangerous for anyone, but especially women, to be dependent on one income source. Having multiple streams of income is the key to long-term wealth and short-term safety.”

That conversation changed everything. Within a year I went from being an employee at the rehab hospital, to adding my first additional income stream: my small private practice “on the side.” Then I added my third income stream, I got into stock market investing.

Then after I had learned the ropes about private practice, I added my 4th income stream, started selling digital courses and memberships about how to start private practices (which is probably how you know me.)

Since then I’ve added a few more: working as an adjunct professor and clinical instructor, selling things on Teachers Pay Teachers and a few other small streams here and there.

For those of your keeping track at home, I’m currently up to 8 streams of income and believe me, I have a few additional plans in the works.

SO – how can YOU take my friend’s advice and follow our model of adding additional review streams to YOUR life?

Great Additional Income Streams for SLPs

There are LOTS of great ways to add additional income to your life.

1. Private Practice
I think the easiest is to start with private clients because you already have the clinical skills to do this – and if you follow my step-by-step program, you can get started for less than $150, which is INSANE compared to most businesses.

2. Speech Therapy-Related
This could include additional options as an SLP such as per diem at a local skilled nursing facility, teaching as an adjunct professor, or even selling SLP materials on sites like TeachersPayTeachers.com

3. Real Estate Investing
From buying homes and flipping them, to becoming a landlord to renting rooms or your house through sites like Airbnb, real estate has long been a wonderful way to build wealth.

4. MLM Programs
MLM stands for multi-level marketing and involves selling for programs like Rodan and Fields, Avon, Mary Kay, Younique, etc. These programs often involve an up-front investment in inventory and recruiting new people in your “downline” is often the key to increasing your revenue.

5. Stock Market
Investing in the stock market is one of the most popular ways to build wealth BUT you need to know what you’re doing. My favorite book about the stock market is The Neatest Little Guide to Stock Market Investing by Jason Kelly.

No matter what, these things take work, but the payoff and potential are huge.

After you’ve read this article / watched the video – comment below let me know which additional income opportunities appeal to you and how you plan to add multiple streams of income to your life.

I love talking about this stuff – so comment below and let’s talk about it – I mean it!

Jena H. Castro-Casbon, MS, CCC-SLP, is a private-practice consultant who has helped thousands of speech-language pathologists start and grow their own private practices through her company, The Independent Clinician. She has written articles for The ASHA Leader and Presented at ASHA Connect (2017).

You’ll find her online in the SLP Private Practice Beginners Facebook Group and in her premium programs, The Start Your Private Practice System and the Grow Your Private Practice Coaching Program.

Jena lives in Boston, MA and is a wife and mama to two young boys.

Episode Sponsored By:

This episode was brought to you by my premium program The Start Your Private Practice System.

If you’ve been thinking starting a private practice full-time or “on the side” I encourage you to sign up for my FREE TRAINING. I’ll make sure you know everything more in a free 60 minute presentation than you ever learned in grad school!

Visit startyourprivatepractice.com/webinar