Passive income refers to the income that is obtained not from current work being performed, but rather from past work or investments. By investing in stocks, purchasing a flat, or establishing a website that generates revenue through advertisements, it is possible to earn income without dedicating substantial time to it.
Finding 100% passive income is quite uncommon since every passive income concept necessitates some form of action to be taken.
- Earn on renting an apartment – You need to interact with residents and repair your property
- Earn on stocks – From time to time, you may need to rebalance your investment portfolio
- Earn on websites – You will need to keep the site running, pay for the domain and hosting, etc.
If you invest or work before earning income for an extended period, regardless of your subsequent efforts, this can be classified as passive income, which does not necessitate active work. By considering various passive income ideas, you can establish a steady stream of funds that generate earnings even when you’re asleep or away from the computer.
In this article, we will refrain from providing the typical advice, such as purchasing three apartments and using the rental income to fund your travels. Such an investment necessitates a substantial amount of money and is only feasible for a limited group of individuals.
1. Travel Blogging
If your interest in passive income is primarily focused on traveling, take advantage of this opportunity! For instance, by becoming a travel blogger, you have the potential to generate thousands of dollars monthly by establishing a website and attracting a consistent flow of visitors.
You have the opportunity to transform your travel experiences into a source of income through sharing them with a diverse audience.
- Creating a travel blog – You can create a WordPress website yourself or hire a developer
- Filling the site with content that will attract traffic from Google and other sources
- Monetizing your travel blog
When you decide to create a travel site and aim to make it a passive source of income, it is unlikely that you will start earning money right away. It may take six months or longer to generate an income. Even if you consistently produce numerous high-quality articles each month, it usually takes several months for search engines to recognize the value of your site and direct sufficient traffic for you to monetize it.
2. Selling Photos
Apart from blogging, there are additional methods in which you can utilize your travels to generate passive income.
With the advancement of technology, particularly in the field of photography, new iPhones have reached a level where their cameras are capable of capturing images almost as well as professional cameras. Consequently, individuals have the opportunity to generate financial profits from photo stocks by accumulating a substantial number of pictures focusing on popular subjects. Given the ability to capture numerous photos during their travels, selling these images on stock platforms presents an excellent means of earning passive income while exploring the world.
In order to carry out this idea, you will require to have:
- To get a camera (or phone with a good camera)
- To register on any photo stock
- To submit your photos that meet the requirements of that stock
You have the option to select any photo stock platform, such as Shutterstock or Envato, that aligns with the criteria your photos meet.
Despite its appeal, there are certain restrictions to consider when it comes to this passive income approach.
- On popular topics (which are in demand), competition is high. Other people also take and sell many photos.
- Photo stocks impose requirements on photographs. These requirements must be complied with at all times. For example, photos cannot contain brand names or logos, distinguishable faces of people, etc.
- Not all of your shots will be accepted for sale. Judging by the feedback from those who make money on stocks, algorithms sometimes do not let even those shots that meet all the criteria pass.
- The price that you see on photo stocks is the price for the buyer, but you, as a seller, will receive 20-50% of the selling price, while the remaining amount goes to the photo stock.
- For violations of the photo stock rules, your account can be blocked (and your passive source of income will stop).
To earn a monthly income of over $1,000 from your photo stock, it is possible to achieve true passivity, meaning you don’t need to actively promote your images. However, it’s essential to put in a significant amount of work beforehand to achieve this level of income.
3. Guest Blogging & Freelance Writing
If we provide you with our unused film equipment, would you be willing to film a documentary?
Filming a documentary was always something I wanted to do, so I consulted with my wife about her thoughts, considering that she would be responsible for filming my various work-related tasks. Despite her lack of experience in filming, she agreed to the idea.
A few tips for finding paid guest blogging opportunities:
- Focus on the actual craft of becoming a better writer before you do anything else.
- Next, build up a portfolio of blog posts you are proud of (make sure they’re exceptional quality).
- While working on the two steps above this one, be continuously searching for relevant websites and companies who you think you’d like to write for one day. Leave thoughtful comments on the website’s content and build relationships with the editors and contributors over time. This may look like sharing their Facebook posts, linking to their website on your personal blog, or just sending them an email to tell them how much you enjoy their publication.
- When you’re ready to make the ask, you will have a backlog of great content, a skill of copywriting, and if you’ve done a good job of being a community member. Then there’s a decent chance the website will ask you to write for them.
Turning freelance writing into your full-time income is a time-consuming process, but it is an excellent way to earn extra money while traveling. Additionally, if you intend to include blogging in your business, it provides an opportunity to establish credibility in your field by linking back to your site and gaining authority.
4. Affiliate Income
I had never tried affiliate income until last year. I was aware that certain individuals earned money through Amazon, and occasionally on Youtube, I would receive a flood of ads about “Creating a seven-figure blog instantly!”
Apart from those particular experiences, my knowledge regarding affiliate income was quite limited.
This is how I previously perceived affiliate income:
- Your blog traffic has to be incredibly high
- You have to be a really pushy salesman
Fortunately, I made a mistake.
Affiliate income refers to the payment received for endorsing products or services that one uses and has faith in.
In order to proceed, trust is required.
In order to maintain trust from your audience, whether they visit your blog, listen to your podcast, or watch your Youtube channel, it is essential to refrain from endorsing low-quality services or products. If this occurs, it is likely that your audience will disregard your recommendations. It is crucial to avoid sounding like a dishonest salesperson, as this will deter potential buyers from engaging with you.
One of the most flexible ways to earn money while traveling is through affiliate marketing, which is known for its beauty.
5. Selling Digital Products
A popular way for digital nomads to generate passive income is by creating a digital product and sustaining themselves with the sales revenue. This practice, which includes the previously mentioned photos and videos, has a broad range.
One can establish an Etsy account and engage in selling digital commodities, including:
- Presentation templates
- Ready-made texts for public speeches
- And others
To see which items are in demand, you can look on sites like Etsy and similar platforms for available products.
Etsy is among numerous platforms, which include:
- Shopify
- Sellfy
- Podia
By adopting the appropriate approach, it is possible to generate a monthly income of several thousand dollars by selling digital goods you have created. Moreover, you can also sell goods to individuals who are unaware of the simplicity involved in selling products online.
6. Dropshipping
In addition to digital products, you can also sell physical items, such as chargers, adapters, notepads, and anything else. Sounds difficult? In fact, you do not need to open a store, nor physically ship the goods to the end user, if you work according to the dropshipping model:
- You order a product for $X
- Sell ??it for $X + your profit
- The store sells it (taking care of everything in exchange for a small commission)
- You receive passive income
One notable illustration of this type of platform is Amazon. For instance, you have the option to send items to Amazon warehouses, such as those previously purchased from China or unique items acquired during your travels. Amazon will handle payment, deliver the goods to the purchaser, handle any disputes, and handle all other necessary tasks.
This method is highly popular for generating passive income globally, including in the USA. Additionally, it provides a remarkable opportunity to sell your product in well-developed markets like the USA, enabling you to earn significantly more than the average American salary while residing in a country with comparatively lower service costs.
Dropshipping gained significant popularity in 2022/2023 due to its minimal need for ongoing involvement. Once the initial setup is complete, the operations proceed without requiring your continuous participation. The primary challenge lies in identifying a product that can generate profits.
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