Traveling the world is a widespread dream for many people! Seeing the Taj Mahal in India, walking through the ruins of Angkor Wat, or experiencing the breathtaking nature of Antarctica. This dream stays a dream for far too many individuals. With excuses like “no time” or “no money,” this dream will never become a reality. If you want to fulfill your dream of seeing the world and earning passive income each month, this is the right article for you!
How much money do you need each month while traveling?
Depending on where you want to travel, you might not need as much money as you think! Countries like Thailand or Mexico are beautiful and worth seeing while having a relatively low cost of living. An example would be the housing situation in Mexico City. You can easily rent out a beautiful apartment for 500 Dollars (and this would be in the most luxurious area of the city), while in comparison, the average rent in New York City is 3,228 Dollars. This example proves that you don’t have to expect the same expenses as in the US. The first step into even looking at passive income ideas would be to see how much money you’ll need each month while being on the road. You will be surprised at how affordable living and traveling in a different country can actually be!
These are the best ways to generate passive income while traveling the world!
Do you want to see the world as a tourist and don’t want to spend your time abroad working? Passive income is the key to making this work. In this article, you can find the best ways to generate passive income while traveling the world!
Try investing and live off your returns.
The best way to have a constant passive income each month is by living off your returns. This means you have a certain amount of money in your brokerage, and because you gain a certain percentage each month, you can use this return to afford your life abroad. The advantage is that you don’t have to do anything but stay within your budget. One of the problems with this method is that you need to have a relatively high amount of money invested.
Another option that is not entirely a passive income option is trading. You can trade forex, stocks, funds, whatever you prefer. For example, the best forex broker will give you all the necessary information either in an app or on their website, so you can best decide when to buy certain currencies and when to sell. The simple idea behind trading is to buy cheap and to trade higher. This is only partly a passive income method since you still have to decide when to buy or sell your stocks. It is still a promising option to make money on the road.
Rent out your house or apartment at home
Since you aren’t home anyway, why not offer your house or apartment for rent? This is a good option if you don’t have any issues letting other people stay at your place and want to spend a more extended time abroad. Good options are Airbnb or even Booking.com. You have to be sure that a friend or family member is there to help if your guests have issues and to deliver the keys. Otherwise, it is a great and easy way to have an extra income. Depending on where you live in the US, the rent you earn through Airbnb can provide a high income for traveling in a wide variety of countries like Brazil or the Philippines.
Try affiliate marketing
If you have a website, Instagram Account, or YouTube Channel, you can try Affiliate Marketing. Big websites like Amazon offer this service. They provide you with a unique link that you can use on your website or Social Media, and each time someone buys your recommended product through your link, you’ll earn a certain percentage. This option is desirable to generate passive income since you only have to create content containing these links once. As long as your content is online, your followers or readers can purchase certain items through your link.
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Create online content
Another solution is creating content once but earning money with it long term! This is a popular way to generate passive income while traveling the world. One of the best ways is to publish a book. For example, just publish it yourself through Amazon Kindle and earn money as long as your book is on the market. Another option would be to create an online course about a specific topic that you are interested in. Do you work in an Online Marketing Agency? Then share your knowledge in your own class. Be creative!
Featured Photo by Philipp Kämmerer on Unsplash