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How to Earn Passive Income to Fund Your Travel Dreams

By admin / October 23, 2018
Fancy traveling the world while watching your bank balance increase? Click here to learn how to earn passive income and follow your dreams.

There are over 155 million people in the American labor force. Most of them will wake up every morning, clock into work, sit at a desk, work for 8+ hours, and then go home just to repeat the process the next day.

Does that routine sound familiar to you?

If you’re like most people, it does. Being part of the rat race may seem like a necessary part of life, but here’s the truth… it doesn’t have to be.

By coupling the massive opportunity the internet has given us with old-school money making tactics, you can build up an earnings portfolio that will allow you to consistently earn passive income and fund your world travel ambitions!

Not sure where to start? We’ve got you covered.

Below are our favorite passive income ideas that will have you kissing your 9 to 5 job goodbye!

Real Estate Crowd Funding

A lot of people that are in the investment game will tell you that there’s no better way to earn passive income than by buying a big building and playing landlord to a big company. There’s only one problem with that income generating idea…

The amount of capital it takes to get in on big real estate investments is enormous.

Thankfully, technology has provided us with an awesome solution to this problem called crowdfunding. Through crowdfunding real estate sites like Fundrise, you can pool your assets with a group of other people and collectively purchase property you would have otherwise never have been able to get.

Then, you’ll share in any profits that property generates.

Invest in Rental Property

If you do have some savings built up, you may be able to buy your own residential rental property.

When you invest in residential rental housing, you essentially purchase a home at a great rate and then get a tenant to live in it whose monthly rent offsets all of your costs plus some additional profit.

Owning a rental property can be hard work since tenants can be demanding. To make this earn passive income method truly passive, our recommendation is to hire a rental management agency so you can just collect checks.

You can learn more about rental properties by reading this article.

Stock Dividends

If you’ve ever invested in the stock market, you probably know what dividends are. For the uninitiated, dividends are payouts companies share with investors when the organization turns a profit.

These dividends can either come in the form of additional stocks or cash.

While most investors choose to reinvest cash dividends, you could choose to withdraw them into your checking account which could make for a nice passive income stream.

Note that divined amounts vary based on how much stock you hold in a company. So, the more stock you have, the more dividends you’ll be paid if your company chooses to share profits with investors.

Write a Book

Everyone has at least one book in them. That book could be a non-fiction or fiction novel. Either way, if you write something, you can put your book for sale through a publisher or via self-publishing and collect passive income for the rest of your life.

If you’re interested in self-publishing, a great place to get started is on Amazon’s KDP platform.

Now, publishing a book isn’t always a slam dunk for earning passive income. After all, a ton of people publish books for sale online every day. If you want to be successful, not only are you going to want to write a stellar book, but you’ll also have to put a little effort in on the marketing front to help your book pick up traction.

Once it does, though, you can start enjoying those royalty checks and start traveling the world!

Rent Out Your Spare Room

Passive income isn’t always something you have to earn online. You can start making passive money in the real world too!

If you own property and have a spare room you can rent out, do it! You could invest that extra few hundred dollars in real estate, stocks, or other money-making opportunities which could end up snowballing your rental income.

Don’t have a spare room to rent? No problem!

Maybe you have a garage space you’d like to rent out for storage purposes or a spare parking spot in a congested city you could rent to somebody who needs it.

Bottom line: there is no shortage of ways you can use your property to earn passive income revenue! You’ll just have to be creative!

Affiliate Marketing

Affiliate marketing is a passive income go-to for people who are tech-savvy. As an affiliate marketer, you promote other people’s products online and when your promotion leads to a product getting sold, you receive a percentage of that sale.

If you’re well connected on social media and can be clever about how you share other people’s products, you can get some serious sales traction and collect a full time living just through selling other people’s wares online!

Peer Lending

A lot of people need loans and don’t want to or can’t go to traditional banks to get them. That’s where peer lending comes into play.

Through peer lending, you become the bank and loan people varying amounts while collecting interest on those loans.

Depending on how much money you loan, you could earn solid passive income quickly.

The only downside to lending money as a form of passive income is that if your borrower defaults on their loan, you could be out some serious cash.

High Yield Savings

A high yield savings account is a safe way to put your money to work and start building value through interest. While most savings accounts typically come with abysmal interest rates like 0.25%, some savings accounts have much higher rates like 2.25%.

That high-interest rate could mean a lot of free money over a few years.

For example, let’s say you put $20,000 into a 2.25% high yield savings account. In ten years, your $20,000 investment will have earned you $5,000 in passive income.

Not too shabby!

Drop Ship Products

Drop shipping is one of our favorite ideas because it lets you sell products online without ever having to come into contact with them. With drop shipping, you essentially pick a product you’d like to sell, create an online store, and start selling.

When you sell an item, rather than having the item in your home and shipping it out to your customer, you’ll instead forward the order to the item’s manufacturer who then fulfills the order for you.

The process of drop shipping can be fully automated. The only thing that could require your intervention is if you need to provide customer support to a buyer and your manufacturer is not willing to do it.

If that happens, you can always hire a 3rd party customer service agency who can handle service requests.

Create a YouTube Video Portfolio

Over 1 billion hours a day worth of videos get watched on YouTube. Every time someone watches a video, ad revenue generated from that watch gets split between YouTube and the video’s creator.

So, imagine if you had hundreds of YouTube videos up online? If you picked a good niche and your videos were of good quality, you’d start amassing views and ad dollars which could create a solid passive income stream for you!

There is a lot of competition on YouTube so we can’t stress enough the importance of A) Finding a good niche where viewership is solid and competition is low and B) Publishing a lot of high-quality content so you can start to see traction.

Create a Video Game

If you’re creative and a solid coder, you could create a game for PC or other in-home consoles and post it up for sale on digital download stores. When you post your games on platforms like the Nintendo eShop or Steam, you’ll pay a small percentage to them for any sales you generate, but you’ll pocket the vast majority of your game’s sale price.

If your game picks up traction, similar to book publishing, you can start to enjoy getting royalty checks for a long time!

Use Rewards Credit Cards

This is a simple and excellent earn passive income idea that most travelers are already doing!

When you buy stuff in your day to day life, if you use your debit card, you don’t get anything in return.

If you use a rewards credit card, however, you’ll get anywhere from 1% to 5% cash back on your purchases, which you can then cash out or redeem towards flights, hotels, or other travel products you love!

Wrapping Up: Earn Passive Income to Fund Your Travel Dreams

There you have it! A slew of earn passive income ideas that can help you fund your travel ambitions.

We recommend trying as many of our suggestions as possible. That way you’ll start building passive wealth quickly and get started on your travel adventures faster!

For more of the best content on travel, hobbies, lifestyle hacks, and more, check out additional content.

 

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