Making money and traveling the world. Those are two things that seem to cancel each other out, in a sense, right? One allows you to make money and the other spends the money you just earned. How can you do both, without having to work in a travel-related industry? Well, the key is to look into ways to earn semi-passive to passive income.
Semi-passive income is money earned with a little bit of work required, typically on the front end. Passive income is money earned with little to no effort involved… think of it as “making money while you sleep.” So, if you want to be able to travel the world while making money and building wealth, you’ll want to look into the different ways to earn semi-passive to passive income.
Misconception About Passive Income
You might be wondering, why can’t you just earn passive income? Well, the truth of the matter is that in order to earn passive income, you’re going to have to put in a little bit of work upfront. Once you’ve put in the work, you can then start earning while you sleep… thus, semi-passive to passive.
People have had this misconception for quite some time now but luckily, if you want to travel the world and earn money, there are some great ways to earn semi-passive to passive income. Once you hit the passive income marker, then you can really relax and enjoy your travels. And the beautiful thing about traveling is that there’s no right or wrong way to do it, you just have to fund it!
Take a look at three great ways to earn money and build wealth while living out your travel dream.
How to Earn While Traveling
Invest in Real Estate
Investing in real estate is something you definitely need to put some work in on the front end, and sometimes even while the house is fully rented. Depending on the type of house you buy, you may need to do repairs and improvements to bring it up to code, and then on top of that, you’re going to need to make sure you’re renting your home to the right tenants.
You’ll need to check their income to make sure they can afford to pay the rent every month and you’ll want to do a background check on them to make sure they don’t have any type of criminal history that could potentially fall back on you as a liability.
The biggest key to success in investing in rental properties is to understand that not every property is going to be a good return on investment, so ultimately, you need to think smart and buy smart. Things like the neighborhood of the home, if the home is in a location prone to natural disasters like flooding, cost of insurance, and repairs are all things that should help you in deciding whether or not to buy a particular home to rent out.
Ultimately you’ll want to do a thorough analysis of the property to determine if it’s a property worth the investment or if it’s going to be a money pit.
So while you’re exploring the best Jazz clubs in New Orleans or trying to decide when to visit Panama and Costa Rica while in Fiji, your rental property could be working for you building your wealth without lifting a finger!
Start an Online Business
Starting an online business is also a great way to earn income and build wealth. This is definitely a semi-passive to passive way to earn income because of the work required upfront. The work isn’t as meticulous and time-consuming as investing in real estate because the work is done online, and even in maintaining the business, it’s all done online.
You’d be surprised to know that the majority of the work involved isn’t where you probably would think. Most people think all the hard work is going to be in the building of the website but it’s actually not. There are website builders that are quick and easy to use regardless of how tech-savvy you may think you aren’t.
Where the work lies is in your marketing strategy. In order to get your online business up and running to a point where the money you make becomes passive, you’re going to need to have an impeccable marketing strategy to spread brand awareness about your store. Whether you choose to utilize social media channels, SEO, or both, you’re going to need to find ways to reach your target audience in order to start generating leads, which will then lead to sales.
If you don’t know how to develop a marketing strategy, that’s okay, because there are people out there who do, and a lot of them are freelancers traveling the world just like you. So, the business you conduct with them can all be done online as well. The earning potential is out there and it is great, you just need to build your website, develop an effective marketing strategy, and then just start to watch your income start flowing.
Invest in Dividend-Yielding Stocks
They say it takes money to make money and not only is it a true statement but it’s a very true statement when it comes to dividend-yielding stocks. A stock dividend is another type of payment that comes in the form of additional stock shares instead of money. If you were to build a portfolio of dividend-yielding stocks, you have the ability to create annual passive income that’s going to earn you more than you would get with a bank investment.
This type of investment isn’t something you just blindly do either, especially if you’re unfamiliar with the process. Because it’s an investment in stocks, you need to invest smart and wisely and check the dividend leaders list each day, according to investors.com, because the numbers can change at any moment.
Making Money and Building Wealth
As you can see, there are quite a few ways to make money and build wealth while traveling the world but the key here is to not only make money but to also build wealth because that’s what’s going to contribute to your financial future.
Sure you can build a website and buy a rental property to make money but you need to maintain to it so that it can also build wealth. After all, you want to travel the world, so you’re going to need a source of cash flow to fund your travels to maintain the lifestyle… As strategic as you are in building wealth, you need to be just as strategic in saving as well.