Traveling the world is an exciting endeavor. But despite the fun, you still have to support yourself. But it may not always be possible to get a job overseas. That’s when passive income comes in handy. Here is a step-by-step guide to generating a passive income while traveling the world.
Passive income is payment for work you did in the past. Finding 100 percent passive income is not always possible, but you can set up some income if you plan and work before going overseas. Exploring the best passive income ideas can help you achieve financial gains with minimal ongoing effort.
Once you have it set up, you’ll probably have to do some passive work, but it doesn’t require active work. Depending on what income stream or streams you’ve set up, you’ll mainly need to keep your work updated.
Passive income doesn’t mean your job or a part-time job. It also doesn’t entail non-income-producing assets like stocks that don’t pay dividends. If your stocks pay dividends, then it would be considered passive income.
Here are several of the best passive income ideas that can finance your travels.
Passive income is essential for travelers as it provides the financial freedom to explore the world without being tied to a traditional 9-to-5 job. With a steady stream of passive income, travelers can focus on their adventures, immerse themselves in new cultures, and enjoy the journey without worrying about their finances. Moreover, passive income can help travelers to maintain a consistent lifestyle, even when they are not actively working. By generating passive income, travelers can create a safety net that allows them to take risks, pursue their passions, and live life on their own terms.
Preparing for a passive income lifestyle requires careful planning, research, and execution. The first step is to identify your strengths, skills, and interests, and then find a passive income idea that aligns with them. Next, you need to create a business plan, set clear goals, and develop a strategy for generating passive income. This may involve investing in online courses, attending workshops, or seeking mentorship from experienced entrepreneurs. Additionally, you need to be prepared to put in the initial effort required to set up your passive income stream, whether it’s creating a website, developing a product, or building a social media following.
You’re probably taking photos of various landmarks. Why not let those photos make some cash? With the newest smartphones cameras, you don't even need a fancy camera. Just take photos of popular subjects.
Sell your photos and generate passive income. You can choose any photo stock website. They get their photos from people like you. Some of these sites include:
Once your photos are accepted, customers have the opportunity to buy them. The same photo can then be purchased repetitively. You receive a percentage of the sale. Once you take the picture, this is truly passive income.
Selling your photos on these photo sites has several limitations and rules. For example, if you have a popular topic (image), there will be a lot of competition.
You’re not allowed to show certain images. For example, these photos cannot contain,
Ensure you check the rules before submitting. Violations could cause your account to be blocked.
You can set the price of your photos, but keep in mind that as the seller, you’ll only receive 20 to 50 percent of the price. The rest goes to the platform.
You may be tempted to set high prices, but you are in competition with other photographers, so do the research.
Many people earn as much as $1,000 a month and this is definitely passive income. You’re doing what you love by taking pictures and making money.
Some photographers take pictures in a specific niche. For example, you could only take pics of monuments, transportation or industries. Choose which one you want to niche down to or be a generalist. The choice is yours.
Create printables and then live on the income they generate. Some printables may include:
If you’re not sure what’s in demand, search the web or go on Etsy or Shopify. You could also promote your printables on social media.
Once more, these types of products earn you repeat business and sell over and over again. If you do it right, you can make several thousands of dollars a month. But you need to put the work in upfront.
Print on demand (POD) lets you upload your artwork or photos to be printed on items such as:
You then offer these items for sale. But you don’t have to keep an inventory and ship it out yourself.
When a customer orders your product, the POD sends it out to be printed, and then the printer ships it to the buyer. You don’t have to touch it.
This truly gives you passive income. Some PODs are:
You'll need a platform for people to visit to purchase your products. Several options are available, including Shopify and Etsy.
You’ll need a way to market your creations and drive potential customers to your product.
Marketing can be done through:
Except for keeping your product line updated with new designs, this is passive income and can generate thousands of dollars.
Sharing your expertise or favorite hobby through an online course can generate a healthy income. A course from an unknown author could bring in ten to 20 dollars per download. If you become well-known, you could bring in more. You can do more than one course depending on what knowledge you want to impart.
If you are worried you don’t have expertise, don’t be. You are acquiring knowledge about traveling. This could be turned into a course.
Digital marketing is crucial in promoting your online course. Effective digital marketing strategies can help attract your target audience and generate passive income while traveling.
You can have platforms host your course. Some available include:
There will be some time and money upfront. Your video and audio must be professional so as not to distract the student.
You might encounter some problems when first seeing this up. Do some research before embarking on this.
You’ll want to choose topics for courses that are evergreen, that stand the test of time, and that are relevant for a long time.
Marketing is important, or you won’t sell your courses. You won’t have to do much if you sell your courses on the platforms mentioned earlier. But if you don’t, you’ll need to get creative.
Other platforms you can use to sell your courses include:
There’s a lot of competition for selling courses. Many buyers prefer to buy courses from reputable teachers or universities. But if you market yourself aggressively and price your course competitively, you may have great success.
If you’re not at your house, let it generate income for you. By renting your home, you’ll be able to collect a monthly check without doing anything. That’s the upside.
The downside is you risk strangers in your house and possible vandalism or theft. Do yourself a favor and list your home with a management company. They can rent your house and take care of clean-up after the guests leave.
If you’re traveling around the world, share your adventures with the YouTube world to earn income. You’ll probably have fun showing off the exotic places you’re visiting. And the best part is that YouTube will pay you.
If you get 1,000 subscribers and 4,000 watch hours per year, YouTube will pay you a portion of the advertising revenue. So, the ads in your video will make you money.
If you don’t want to document your travels but are an expert in Minecraft, start a Minecraft channel. Whatever your passion is, you can talk about it on YouTube. If you’re shy, start a faceless YouTube channel.
Promote products from e-commerce shops like Amazon as part of your online business. You’ll have a link that’s unique to you. When a customer clicks through the link, they come to the product on the retailer’s page. You receive a portion of the sales if the customer buys the product.
Anyone can do this, even while you’re traveling. You just need to sign up for affiliate marketing networks. Some include:
There are various ways to promote these products. They include:
However, engaging in affiliate marketing works more effectively if you have a large following. You’ll need to have an established audience. In other words, there has to be enough better to generate sales for you to make a lot of money. Fewer followers mean fewer sales.
But if you are building an audience don’t let your size deter you. You can still talk up products.
It’s easy to set up affiliate marketing. Once you’ve posted your recommendation and the link, you don’t have to worry about it. It’s completely passive income. And because it lives in the social media space, customers can buy your recommendations repeatedly. You’ll have recurring commissions.
Creating a passive income stream through dropshipping involves selling physical products without holding any inventory. To get started, you need to find a supplier, create an online store, and market your products to potential customers. With dropshipping, you can earn passive income by selling products that you don’t have to store or ship yourself. However, it’s essential to choose a niche with low competition, select a reliable supplier, and optimize your marketing strategy to maximize your earnings.
Passive income is great, but it also comes with a tax liability. To reduce the tax burden, set yourself up as a business and create a retirement account.
Establish yourself as a limited liability company (LLC) and enjoy the tax advantages. Talk to an accountant and a financial advisor to set yourself up properly.
Traveling is great, but combining it with passive income is even better. Plan before you take off on your excursion and set yourself up to earn some revenue while you play.
