Wanting to achieve financial freedom so we can have a flexible lifestyle and travel extensively is what we all hope to achieve in our lives. The best way to do that is by making extra money. It doesn’t need just to be side hustles and gig work.
You can easily earn in passive income opportunities. They continue to earn us additional income even when we aren’t working and can be so successful that we can use it to pursue other opportunities.
Some of these do require some start-up capital, but once you get started, the repeated gains will be able to cover a nice percentage of your travel budget. Thanks to a combination of the passive income ideas on this list, I was able to completely pay for my trip through the Irish Countryside after several months and half of the cost for my first time in Copenhagen.
Company profits distributed to investors are a great way to start building your travel fund. They are consistently stable and will not usually be greatly affected by economic fluctuations. Take any savings you have from working a 9-5 and side gigs to invest in High-Dividend ETFs. Have dividends reinvested into the same account for bigger returns until you are ready to start traveling and back again when you are in between vacations. Then, set your investments to have the dividends placed into an easily accessible cash account with an atm card through your financial institution. Some companies you can invest in pay monthly dividends instead of every quarter so you can have a consistent stream of income coming in as you travel to cover costs.
One of the best ways to build multiple income streams is to invest in a rental property. Getting a single rental property is great but it can take a long time to put the initial investment together. But once you do, you can make a tidy profit each month after expenses and use it to invest in other properties or for your traveling. You do not need to be hands-on either, with hiring a property management company to handle the day-to-day tasks for you. This is the kind of passive income that will go on for years as long as you own the property.
If you do not have the money to buy an entire property outright, you can instead choose to get into REITs, where you buy into a building with multiple partners through an investment platform. The costs are lower, but you still get the benefits of owning a piece of real estate property.
Sell a Course
If you are in a niche online business or have specific knowledge of a profitable enterprise or profession, create a course on it that you can sell to others to supplement your income. This usually only requires the time needed to outline the course and templates of what you need and help others to achieve. In an online world, everyone is looking for a way to boost their income and find ways that will help them achieve that financial freedom we were discussing earlier. Market yourself as a person who knows they are talking about and not a quick get-rich-quick scheme you tend to see on social media.
Starting a blog is still a successful way to make passive income even now, though you do have a lot of competition depending on what you hope to write about. Travel, Food, Financial, and Lifestyle are the top 4 topics bloggers tend to write about. But with an affiliate program, services like Google Adsense, and sponsored content you can make a sizable portion of the money. You can also have the added benefit of partnering with other brands for discounted world experiences, hotel and flight costs, and lower costs on products. Just make sure you are passionate about what you are writing about and that you believe in what you are selling. People can tell if it’s you or just an AI.
Rent Out Your Car and Living Space
While you are traveling, there is no reason you can not make some extra income with your car and living space. Renting out your car with other ride services lets you make money instead of just letting it sit idly by in your driveway. The same can go for your apartment or house. With Airbnb, you can let others use your home while you are away, even if it is just a weekend or up to a month.
Another way to utilize your car is to join a marketing campaign and have it wrapped to advertise the product. This helps when you are driving long distances in populated cities and can make up to USD 300 per month just driving as you normally would. These campaigns last between 1-3 months and are always on the lookout for drivers.
This may seem like an old idea, but it is still a lucrative way to make a passive income. With e-commerce stores, you’re able to sell a variety of products without having to store them yourself. You can use a third party who will assist in shipping out what you sell to the customer. All you need to do is design your store and make the sales. Amazon Influencer programs and Shopify can help broaden your target audience to increase sales. There is a lot of income potential once you build a solid customer base and watch the market trends.
For every large brand being endorsed by celebrity figures and social media influencers, there are a hundred smaller brands and businesses looking to expand into the market. If you can find your niche, it’s easy to partner up with them and be a creator for UGC (User Generated Content) to help sell the product. This takes little cost to start and can help you earn money online.
But there is a lot of competition now as everyone is trying to get into this kind of passive income. So you need to not only be creative but willing to take the time to build a loyal customer following. Your social media can also tie into your blogging and e-commerce passive incomes, so you can be working multiple avenues to increase profitability.
Any of these choices will help point you toward more financial freedom and life flexibility. Plan out your strategy, do research on current trends, and network for opportunities. Once you get started and have these working 24/7, the sky is the limit on what you can do.