Passive income can serve as a cornerstone for financial stability among remote travelers and nomads, providing a steady stream of earnings while exploring the world. Defined as income generated with minimal ongoing effort, these revenue streams are crucial for digital nomads seeking stability and flexibility in their lifestyles.
As nomads traverse different locales, the necessity for supplementary income sources becomes evident. From creating passive income for remote travelers through stock photography or online courses to leveraging various strategies while on the move, finding reliable sources of income complements the nomadic lifestyle. Here are the 11 Best Passive Income Opportunities you can grab:
1. Sell stock photos online
Unlike many of the other passive income ideas on this list, photography is a service-based business, which typically means you get paid for your time. As a digital nomad or remote traveler on an adventure, you can take as many nice pictures of beautiful location setups, events or photoshoots to make money with photography, which, even if you’re making a killing, can be tiring after a while.
However, if you’re a full-time photographer or own a good camera, you can generate passive income from photography by selling photos online. Stock photo sites like Pexels, Shutterstock, and other online media houses will pay for high-quality photos and videos.
2. Create a course
For digital nomads and remote travelers, one popular strategy for passive income is creating an audio or video course, then kicking back while cash rolls in from the sale of your product. You would not need to worry about attending to buyers while vacationing because your courses can be distributed and sold through sites such as Udemy, SkillShare and Coursera.
Alternatively, you might consider a “freemium model” – building up a following with free content and then charging for more detailed information or for those who want to know more. For example, if you are vast in crypto trading, you can launch a free video cause explaining why people should start investing in crypto and the next video launch get people paying for the best crypto signals to watch out for.
A course can deliver an excellent income stream because you make money easily after the initial outlay of time. Although It takes a massive amount of effort to create the product, once you master the business model, you can generate a good income stream.
3. Write an e-book
Writing an e-book can be a good opportunity to take advantage of the low cost of publishing and even leverage the worldwide distribution of Amazon to get your book seen by potentially millions of would-be buyers. As a knowledgeable digital nomad, you can write an e-book in your leisure time, within 3 hours on your balcony.
E-books can be relatively short, perhaps 30-50 pages, and can be relatively cheap to create, since they rely on your expertise. You’ll need to be an expert on a specific topic, but the topic could be niche and use some special skills or abilities that very few offer but that many readers need. You can quickly design the book on an online platform and then even test-market different titles and price points. But just like with designing a course, a lot of the value comes when you add more e-books to the mix, drawing in more customers to your content.
An e-book can function not only to deliver good information and value to readers but also as a way to drive traffic to your other offerings, including audio or video courses, other e-books, a website, or potentially higher-value seminars. While an e-book is nice, it will help if you write more and then even build a business around the book or make the book just one part of your business that strengthens the other parts. So your biggest risk is probably that you waste your time with little reward.
4. Invest in a high-yield savings account or certificate of deposit (CD)
A certificate of deposit (CD) is a timed high-yield savings account. You put your money in for as little as 6 months and as long as 5 years. When you deposit money, the bank will offer a certain interest rate which will be deposited regularly into your CD account (usually monthly). CDs have become popular in recent months as CD interest rates have gone from years of essentially zero to up to 5% today. An excellent option would be the no penalty, 11 monthsCD offered by CIT which can yield as much as 4.90% ($1,000 minimum opening deposit, terms apply). Keep in mind that 4.90% gain on an 11 months CD worth $10,000 is $490.
5. Create a job board
A job board is a great way to earn passive income as an online entrepreneur. Employers use these websites to promote job vacancies to job searchers. Job seekers can look for new job opportunities online or in person. You can charge employers to post on your job board and offer premium features like sponsored jobs or unlimited access to your candidate database.
Even if you don’t want to design a job board from scratch, you can buy a job board theme and start generating passive income right away. Now, building the website is the easy part. Creating awareness of your job board is where the bulk of the work is. Once you get the flywheel going and your job board becomes established with return customers, you can count on a large part of your income to be passive. Check out sites like ProBlogger, Dribble, or Construction Jobs for inspiration.
6. Lend money to peers
Have extra cash that’s not working for you? Try peer-to-peer lending as a side hustle. Peer-to-peer lending involves lending money to borrowers or small businesses. To make the process easy, you can sign up on a website like LendingClub, Prosper (for individuals), or Worthy (for businesses) that connects borrowers with lenders. These sites usually host loan requests along with interest rates based on the borrower’s history. The return on these loans is usually around 5% to 6%. The more you lend, the higher your cash flow will be.
7. Affiliate marketing
With affiliate marketing, website owners, social media “influencers” or bloggers promote a third party’s product by including a link to the product on their site or social media account. As a digital nomad, you can get paid just by referring fellow nomads to nice products you use. There are essential gadgets every digital nomad must have for maximum comfort while adventuring. On Amazon alone, you can get a good backpack and travel adapters. Instagram and TikTok have become huge platforms for those looking to grow a following and promote products.
You could also consider growing an email list to draw attention to your blog or otherwise direct people to products and services that they might want. When a visitor clicks on the link and makes a purchase from the third-party affiliate, the site owner earns a commission. The commission might range from 3 to 7 percent, so it will likely take significant traffic to your site to generate serious income. But if you can grow your following or have a more lucrative niche (such as software, financial services or fitness), you may be able to make some serious coin.
Affiliate marketing is considered passive because, in theory, you can earn money just by adding a link to your site or social media account. In reality, you won’t earn anything if you can’t attract readers to your site to click on the link and buy something.
8. Flip retail products
Take advantage of online sales platforms such as eBay or Amazon, and sell products that you find at cut-rate prices elsewhere. You’ll arbitrage the difference in your purchase and sale prices and may be able to build a following of individuals who track your deals.
You’ll be able to take advantage of price differences between what you can find and what the average consumer may be able to find. This could work especially well if you have a contact who can help you access discounted merchandise that few other people can find. Or you may be able to find valuable merchandise that others have simply overlooked.
9. Sponsored posts on social media
Do you have a strong following on social media such as Instagram or TikTok? Get growing consumer brands to pay you to post about their product or otherwise feature it in your feed. You’ll need to keep filling your profile with content that draws in your audience, though. And that means continuing to create posts that grow your reach and engage your followers on social media.
Leveraging your social media presence is an attractive business model. Draw eyeballs and clicks to your profile with strong content and then monetize that content by setting up sponsored posts from brands that appeal to your followers. Even when you’ve got the sponsored posts you’re looking for, you’ll need to keep posting to draw in your audience and remain an attractive option for advertisers. That means committing to more time and monetary investment, even if you do have a lot of autonomy on exactly when to do it.
10. Record audiobooks
Audiobooks have to be created by someone. Why can’t that someone be you? Once you break into the industry, it’s possible to create passive income in the form of royalties—which is how most audiobook narrators get paid.To successfully make income from audiobooks, there are a few things you need to master first. These include learning:
- How to audition
- Proper narration technique
- What niche you’ll work in
- Some editing skills
You don’t have to go at it alone. Some platforms make it easier to get started and land your first few gigs. Check out sites like ACX to learn what you need to make it in the industry.
11 Create no-code apps
The fact that any novice can create a basic to an advanced mobile app with today’s no-code tools is beautiful. Platforms like Appy Pie, Adalo, or Bubble make it possible to get started. To start, you’ll have to decide whether you want to create a website or a mobile app. Besides the concept of the app (what niche it will serve and what problem it will solve), there’s also monetization to think about.
You can generate passive income with a mobile app using:
- Subscriptions
- Ads
- Pay to download
- A marketplace model
How many passive income streams should you have?
You can have as many income streams as you want, but the right number for you will depend on your goals and current resources. If you don’t have a lot of time to devote to establishing many passive income streams, it may make sense only to have a few until you can free up time. Or, if you have a limited budget, you may have to start small and grow your resources over time.
Yes, it takes a bit of work initially to be able to get regular passive income, but the effort can be worthwhile. When deciding on which passive income stream you want to pursue, think about how much time and money you can put into it right now. As you continue to grow your income, you may want to seek the help of a financial advisor to help you further manage your money.
Conclusion
these 11 best passive income opportunities are tailored for digital nomads and remote travelers seeking financial freedom while exploring the globe. Embracing passive income for remote travelers ensures a steady financial foothold while enjoying the nomadic lifestyle. From selling stock photos online to creating courses, investing in high-yield accounts, and even delving into peer-to-peer lending, these strategies cater to the specific needs of digital nomads. As remote workers seek financial stability and flexibility, incorporating diverse passive income ideas becomes integral. Remember, exploring various remote work passive income strategies opens doors to generating passive income while traveling, thereby empowering digital nomads to thrive in their journeys.”
– Passive income for remote travelers
– Digital nomad passive income ideas
– Remote work passive income strategies
– Generating passive income while traveling
