For those of you that would love to travel more but currently don’t have the time or the extra funds, we have a solution and it’s called earning passive income! With some effort up front and a desire to eventually be set free from you 9-5 day job, you can earn $3,000 a month, or more, in income, even while you are traveling around the globe. Does this sound enticing? If so, dive into this article to discover some awesome passive income ideas that you can implement to achieve your goal of traveling more and enjoying life!
3 Awesome Ideas for Making Passive Income
There is a whole world out there that you can explore! What a shame it would be if you were never able to get out and travel and experience life the way it was meant to be. Knowing what a positive impact creating passive income can have on improving an individual’s quality of life, we would like to provide a few ideas for creating income with a hands-off approach. Use these proven money-making opportunities as stand-alone strategies, or, in conjunction with one another. Let’s get started on finding ways to create $3,000 a month in passive income, or more!
1. Earn Passive Income with Rental Properties
Out of the various avenues of creating passive income, becoming a real estate investor is considered one of the most reliable and biggest cash flow generating strategies. Additionally, this option would certainly produce the funds and freedom to travel for extended periods of time.
How Does Real Estate Investing Generate Passive Income?
It’s actually simple, you purchase a piece of real estate, make any necessary repairs, hire a property manager, your property is then filled with tenants, and the checks roll in every single month. While you are traveling, your management team takes care of everything! For a head start, check out this handy guide to purchasing rental properties!
How Do I Obtain the Funds to Purchase Properties?
There are creative ways to get the money you need to buy an income-producing asset. For instance, if you own your main residence, you can borrow against your 401K. This may seem a little unconventional, or even forbidden, but it can actually bring in more money than your 401K could if it were left untouched. Also, take a look at these three outstanding resources for private financing.
2. Sell on Amazon Using Their FBA Program
Let Amazon take care of all the details of selling a product for you by utilizing their Fulfillment by Amazon (FBA) program! Amazon is an incredible passive income generating machine that will allow you to travel the world without much thought to running your business. You can earn $3,000 a month or thousands more, it all depends on how you go about it.
What Product Should I Sell to Generate Passive Income?
You can sell almost anything on Amazon. This makes it possible to work with any size budget. You can sell small gadgets under $3, mid-range items such as clothing, or more expensive products. Do your research to find a manufacturer that offers amazing pricing so your profit margin will be higher, allowing your passive income to fund your traveling.
Relax on a Beach While Your Product Literally Sells Itself
All you have to do it set up your Amazon store with your product(s) and sign up for Amazon’s FBA program. Also, this program takes care of all the details for you, from inventory tracking to shipping, to customer returns. Your part would be to replenish your product inventory when it gets low and respond to any customer questions. Additionally, you can easily hire a freelancer to handle the customer service aspect. Replenish your inventory from a computer in Italy, Ireland, or wherever you may be traveling. It’s that simple.
3. License Your Travel Photography
This passive income creation tip is for those individuals who love taking photos and don’t consider it to be work of any kind. So, if you are one to constantly snap photos while traveling, just for the joy of it, then you can easily turn that passion into passive income by submitting your images to stock photography companies.
What is Stock Photography?
Almost everywhere we look we see images. Most of these images were obtained from stock photography sites. This is where you come in. If your travel photos were resting on a popular stock site, then marketing agencies, large corporations, and small business would have access to them and could download your images for commercial use. Selling your photos online in this manner can earn passive income while you are sleeping!
How Can I Make Passive Income with My Photos?
If you have a plethora of travel photos from your last few excursions, your ahead of the game. Here are a few steps you can take to start making passive income from your travel photography or other images.
- Ensure you have the proper equipment. Your smartphone typically won’t produce the quality these stock companies are looking for. A digital SLR camera where you can control the settings will work best.
- Do your research when looking for the highest payout rates. Each stock company has their own set of rules and commission rates. The top sites are AdobeStock, ShutterStock, and iStockPhoto/Getty Images.
- Find a freelancer that can prepare your images for upload and maintain your account. Someone who can run the show for you.
- Wait for the passive income to start rolling in. Contributors can make anywhere from $1 to $10,000 a month. The passive income amount will depend on the number of images you supply and the image quality.
Earn Passive Income and Expand Your Horizons
Figuring out how to earning income that requires little or no effort in maintaining it, is the first step in creating passive income. Essentially, no matter what strategy you choose, if done correctly, your money should be working for you! This will allow you the freedom to travel, as well as set you on the path to financial freedom.