Over the last decade or so, we have witnessed the rise of the forever traveler. More and more people are finding ways to turn their two week vacation into something permanent.
You may have read stories of these people through the news. The story, for all intents and purposes, usually follows the same guideline. Person or persons quit their job to travel the world, start traveling and never come back, or some kind of combination of both.
The biggest obstacle for many of these people is the money question. Quitting your job and traveling the world sounds awesome, until you start to run out of money. While some may choose to work locally or transition their job to a remote option, others search out for passive income options.
But what are some passive income options? Can you really fund your travels with it?
Investing
From the outside, investing seems pretty easy. You just pick some good stocks, invest some money and watch your money grow, right? If it were that easy, then everyone would be doing it.
Investing is one of those forms of passive income that is available anywhere in the world. You might run into some geographical or time zone differences when it comes to proper investing, but overall it’s pretty accessible.
The good news is you can start out small and learn as you go. There are plenty of tutorials online that will help you get started slowly, but it’s something you’ll want to keep up with on a regular basis.
If you’re considering different strategies to fund your travels through passive income, it’s worth understanding the differences between day trading and swing trading. Check out this insightful comparison on what is day trading vs swing trading to see which approach aligns best with your financial goals.
Your Own Website
Obviously this is much easier if you already have your own website established, but affiliate marketing is a way where you can make plenty of money over time. You just have to find a niche and be willing to post lots and lots of content.
This is another job that you can do from home or just about anywhere in the world. All you need is a computer and a solid internet connection to make sure you can update and work on your website from wherever life takes you.
If you’ve already got a blog, YouTube channel, or social media page going, then you could link all of it together to see how much traffic you could draw in.
Ecommerce
Blurring the line between active and passive income, opening up an ecommerce store is a fantastic business to jump into. Not only is ecommerce popularity exploding around the globe, but it’s also another option that can be done with your computer and an internet connection. You can also hire dedicated magento developers to help you build an eCommerce platform if you want to have your own store rather than relying on other sites to sell your items.
While you might think you’ll have to take all your merchandise and items around the world with you, the one option that’s perfect for travelers is something called dropshipping. With dropshipping, you’ll likely never actually see the products that you’re selling.
You serve as a middleman between the consumer and a manufacturer, managing orders and guiding the customer through their online experience.
Real Estate
If you own a house or property back home, it might be time to put the house up for rent. It can either be rented to a single family or a vacation rental like Airbnb. Even if you don’t have a house, investing in real estate is a smart decision.
It may take you some time to find the perfect place to purchase and rent out if you don’t own property already, but it’s one of the steadiest streams of passive income out there. Many people choose to rent out a second home or property in order to save up for retirement.
Of course, there are plenty more steps out there to take when renting out your home and you’ll want to make sure someone is back to help manage it.
Make Something Digital
If you have basic tech skills, you can think about developing something digital such as an e-book, mobile app, or online instruction guide.
Of course, you’re going to have to have some kind of skill you can market. Do you have experience in sales, marketing, law, travel, or something else entirely? It can be hard to break into this market, more because you want to offer something that’s not being offered. You’ll have to scout out your competition and see where you could possibly fill the gaps.
