How to Make 6 Figures As A Psychologist? (11 Best Ways in 2024)
So you want to make six figures as a psychologist? Good for you! Being a psychologist is a highly respectable and well-paid profession, and there's no reason why you can't earn a high income if you put your mind to it.
In this blog post, we'll look at some of the best ways to make more money as a psychologist - business ideas you can start to achieve such income. Keep reading to learn more!
1. Become an affiliate marketer ($55.3K/month)
As a psychologist, you could leverage your expertise to become an affiliate marketer and supplement your income by promoting products and services relevant to mental health and wellness. This low-cost business idea allows you to earn commissions without the need to create or own products, simply by utilizing your marketing skills to drive traffic and sales to trusted brands in your niche.
You could start by signing up for affiliate programs from companies that offer mental health tools, self-help books, online therapy platforms, or stress-management apps. By using your professional insights and credibility, you could effectively recommend these products to your audience, creating a steady stream of additional income.
How much you can make: $18,000 — $83,000/month
How much does it cost to start: $100 (?)
How long does it take to build: 150 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
2. Start a blog ($44.9K/month)
Starting a blog could serve as an excellent way to supplement your income as a psychologist and potentially help you reach a six-figure salary. By sharing your expertise and insights on mental health and therapy, you could reach a broader audience, providing valuable information to the 77% of internet users who read blogs. This increased visibility could attract new clients to your practice, enhance your professional reputation, and open up additional revenue streams through advertising, sponsored content, or even online courses and workshops.
Additionally, blogging provides a creative and flexible platform that allows you to work from anywhere and at any time, making it an ideal side hustle or even a full-time business if you choose to expand your reach. With approximately 409 million people viewing more than 20 billion pages each month, a well-maintained blog could position you as a trusted authority in your field, ultimately boosting your income and professional opportunities.
How much you can make: $100 — $650,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 30 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
3. Digital products ($242K/month)
Creating and selling digital products could be a lucrative avenue for you as a psychologist striving to make six figures. Digital products, like online courses, eBooks, or even exclusive membership sites, provide easy-to-create and low-overhead options to supplement your income. By leveraging your expertise, you could develop valuable content that addresses common issues your clients face, offering them and a broader audience practical solutions.
Moreover, digital products allow you to scale your impact and reach a global audience without the logistical challenges of physical goods. Since you can sell these products directly from a website without worrying about inventory, this side business could easily fit into your busy schedule. Embracing digital products could not only diversify your revenue streams but also establish you as a thought leader in the psychology field.
How much you can make: $10,417 — $1,766,666/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 60 days (?)
FilterGrade is an eCommerce platform offering digital assets such as photo filters and video templates; attracting over 450,000 monthly users and generating approximately 30k a month, the founders worked hard to build a valuable marketplace for creators while focusing on digital marketing, partnerships, and content creation.
4. Start a social media marketing agency ($386K/month)
Starting a social media marketing agency could significantly boost your income as a psychologist by leveraging your skills in understanding human behavior to create compelling marketing strategies. This side business would allow you to clear your utility bills, finance your education, or save for a well-deserved vacation, all while working flexible hours. Utilizing social media marketing tools, you could automate tasks, reducing the time commitment and increasing efficiency.
Launching your agency would require developing an effective social media marketing strategy and creating a robust portfolio to attract and serve clients. This entrepreneurial venture could not only supplement your income but also provide a creative outlet, ultimately helping you reach six figures. With your expertise, you could offer specialized marketing services tailored to mental health professionals, establishing a niche market in the industry.
How much you can make: $1,000 — $4,166,667/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 75 days (?)
Time commitment per week: Min. 30 hours/week
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
5. Create an online course ($82.8K/month)
Creating an online course could significantly bolster your income as a psychologist by leveraging your expertise to fill educational gaps on specialized topics. By developing engaging video lessons and supplementary materials, you could attract a broad student base looking for convenient access to quality mental health education. This could range from stress management techniques to advanced psychological theories, tailored to both laypeople and professionals seeking continuing education.
Launching an online course platform holds the potential for passive income, as students can enroll and learn at their own pace or through cohort-based structures. The low startup costs make it an appealing entrepreneurial venture that allows you to monetize your instructional talents while sharing valuable knowledge with eager lifelong learners. For psychologists passionate about information-sharing, this approach not only diversifies your income but also amplifies your impact in the field.
How much you can make: $275 — $1,000,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 88 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
6. Start a youtube channel ($146K/month)
Starting a YouTube channel could be a powerful supplement to your income as a psychologist. With YouTube’s established monetization system, once you reach the minimum requirements of 1,000 subscribers and 4,000 watch hours in a year, you could begin earning revenue directly from advertisements. Additionally, your expertise could allow you to create engaging content around mental health, therapy techniques, or psychological insights, attracting a wide range of viewers.
Beyond direct monetization, a popular YouTube channel could open doors to other revenue streams such as sponsorships, speaking engagements, and online courses. The extensive reach of YouTube could also help you build a strong personal brand, positioning you as an authority in your field and potentially leading to more clients and business opportunities. Embracing content creation on YouTube could thus not only provide additional income but also significantly enhance your professional profile.
How much you can make: $800 — $1,000,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.
7. Become a social media influencer ($57.4K/month)
Becoming a social media influencer could provide a lucrative avenue to supplement your income as a psychologist and potentially help you reach the coveted six-figure mark. By leveraging platforms like Instagram, YouTube, Facebook, and TikTok, you could share insights on mental health, coping strategies, and personal development, thereby establishing yourself as a trusted authority in your field. This could attract sponsorships from brands eager to connect with your audience, generating additional revenue streams through sponsored content, affiliate marketing, and even online courses or consultations.
Moreover, the demand for credible health information on social media is high, making it an opportune time to build a dedicated following. With the right strategy and consistency, you could create a popular niche around your expertise, ultimately expanding your professional reach and financial opportunities.
How much you can make: $2,500 — $166,666/month
How much does it cost to start: $800 (?)
How long does it take to build: 155 days (?)
How one mother built a profitable frugal motherhood, life, and travel blog from scratch, using Instagram, Pinterest, and paid sponsorships to grow from 0 to 18.5K followers and generate $1,500-$3,000 per month in less than two years.
8. Start a career coaching business ($48.5K/month)
Starting a career coaching business could significantly supplement your income as a psychologist by leveraging your skills in human behavior and professional development. By offering personalized guidance, support, and strategy services, you could help clients navigate professional transitions and achieve their workplace advancement goals.
In your sessions, you could focus on resume building, interview preparation, and tailored strategies for career growth. This not only lets you use your motivational and speaking talents but also allows you to set your own schedule and offer both in-person and virtual consultations. By building a robust client base and providing specialized advice, you could create a sustainable income stream that helps you reach six figures.
How much you can make: $1,000 — $235,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Wall Street Oasis, the largest online community focused on careers in finance, has over 100 million visitors during its 14-year history and is currently receiving over 2 million visits per month, offering interview courses and mentorship services, in addition to building and investing in a thriving online community.
9. Start a freelance writing business ($62.6K/month)
Starting a freelance writing business could significantly supplement your income as a psychologist, potentially helping you reach a six-figure salary. With strong writing skills and the ability to manage your own schedule, you could publish articles, create content for mental health platforms, or write books and courses based on your expertise.
Freelancing provides the flexibility to work from home and choose your projects, making it an ideal side business or supplementary income stream. By leveraging your background in psychology, you could specialize in topics related to mental health, therapy, and personal development, attracting clients who value your professional insight and unique perspective.
How much you can make: $700 — $500,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 56 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
10. Start a podcast ($97.9K/month)
Starting a podcast could be an excellent way for a psychologist to supplement their income and potentially make six figures. By leveraging your expertise and passion for a specific niche within psychology, you could create valuable and engaging content that resonates with listeners interested in mental health, self-improvement, or therapy techniques.
With basic recording equipment and an affordable hosting platform, you could produce and distribute episodes with minimal overhead. As your podcast gains traction, you could attract sponsors and advertisers who are willing to pay for access to your growing audience. Additionally, promoting your podcast through social media and online communities could help you reach a broader audience and establish yourself as an authority in your field, leading to increased opportunities for speaking engagements, book deals, and online courses.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
11. Start an ecommerce store ($287K/month)
Starting an eCommerce store could be a fruitful avenue for psychologists to supplement their income and potentially reach six figures. By leveraging your expertise, you could create and sell digital products like online courses, therapy workbooks, or even mental health-related merchandise. The low overhead costs and the ability to reach a global audience make this an attractive option with minimal investment.
Moreover, the flexibility of running an online store allows you to maintain your practice while exploring new revenue streams. As eCommerce continues to grow, the convenience it offers to consumers will only increase your potential customer base—enabling you to share your specialized knowledge and products seamlessly. Whether part-time or as a fully-fledged business, starting an eCommerce store could significantly diversify your income sources.
How much you can make: $350 — $13,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
