Do you ever wonder how people are traveling the world full-time or for what seems like a majority of the year? The answer is because they have passive streams of income.
What is a passive stream of income? It’s money you make passively. So, you worked to create this stream but do not actively work on it to keep receiving income.
Basically, you get to sit back and relax as you cash checks from work your past self did. Sounds pretty nice, right? Plus, you don’t have to stay in one place to enjoy these benefits.
So, what are some passive streams of income you can create so you can travel the world and not actively work while still earning money? We have your answers.
1. Real Estate Investment
One of the most common passive streams of income is a real estate investment. Many people purchase a property and rent it to tenants. This allows them to collect an income each month.
Some people even decide to buy a rundown property and fix it up with help from a professional service like Brickworks Property Restoration, and then rent it out at a higher price. In order to travel while earning this income, property owners hire property managers to take care of everything, so they don’t need to be in the area.
2. Print On Demand
If you’re the artistic type and want to see your artwork printed on products like t-shirts, computer cases, mugs, and stickers, then you may want to create a print-on-demand business. The beauty of this business model is that you don’t have to carry any stock or actually print the products – a professional service does it for you and even ships it to your customers.
You just make the design, upload it to your online store, and do some marketing and advertising. Once people start buying your designs printed on products, you’ll have achieved a passive stream of income.
3. Online Course Creator
Are you an expert in a certain field or have information you really want to share with people to teach them a new skill? Then you may want to consider creating an online course. You just have to create it once, upload it to an online platform like Udemy, and market it to potential students.
As people start buying your course, you’ll make income from anywhere in the world. Of course, you may have to maintain your marketing and advertising to keep your sales up.
4. Invest in Stocks
Does finance really tickle your fancy? Investing in stocks is one of the best ways to create a passive stream of income. You simply invest your money, and the company you invested in does the rest. Now, this is very volatile and isn’t always profitable.
However, when you purchase stocks that pay dividends, it does guarantee a more stable passive stream of income that you can make from anywhere in the world.
So, now that you know how to create a passive stream of income, get started, so you can travel to all of the places you have on your bucket list!