Everybody's working for the weekend, right? Well, that's what the song says. The only thing about that song is that it's painfully true.
Everybody goes to work, day-in, and day-out, Monday through Friday. Unfortunately, this redundant and mundane routine leaves little to no room for travel.
Sure, working your full-time job, you'll have the weekends to relax at home or even go on mini road trips, but what if you wanted to go backpacking and hike from the Mediterranean to the Sea of Galilee?
Or if you wanted to do all the fun and exciting things in Phuket, Thailand.
You definitely won't be able to travel overseas and enjoy it in one weekend, and you only get so many vacation days per year.
So what's a wanderlust to do?
Well, there are only two things you can do. You can accept your full-time job's limited availability, or you can start making money while living a life of travel.
So many people say they can't afford it or that they're too old to travel, but according to trutravels.com, if you're not happy, no amount of money in the world is worth your happiness and peace of mind. Life is too short, wouldn't you say?
People tend to think that sitting behind a desk is the only way of life, and that's just not true.
There is indeed a real way of life that involves you being able to travel the world and make money while doing it.
What's the secret to this way of life, you ask? Well, the secret is building multiple streams of passive income.
What is Passive Income?
Passive income is money earned through a regular source of revenue outside of your full-time job, with little to no effort.
Passive income typically involves some type of investment and a bit of work on the front end before it becomes passive.
Take a look at the different ways to earn multiple streams of income with passive income, all while living a life of travel.
Earning Money While You Travel
1. Investing in Real Estate
Investing in real estate is also something called income-generating assets.
The basic idea of this particular passive income opportunity is to buy a house or condo, rent it out, and collect rent every month from tenants.
Now, although this is a great way to earn income, there are also some significant considerations to think about because once you start renting out your properties, you're no longer a homeowner. You're a landlord.
Some considerations to think about include:
- Finding reliable tenants who will pay rent on time
- Paying for damages to the property
- You'll be the person a tenant calls when the roof is leaking or when the air conditioner goes out
- Some tenants may be difficult to evict and get out of the property
- Property may sit on the market for a while
This isn't to talk you out of investing in real estate but more so to inform you of the realities of what could happen.
But remember, another reality of what could happen is you making a considerable profit from the property as well. It just depends on if you're willing to take that risk.
2. Starting an Online Business
Starting an online business — oh the joys of being an entrepreneur, right?
With physical stores, it can indeed be a pain with the risks and labor that comes with it, not to mention the fact that it requires you to be there physically.
With online stores, you can build an online storefront with Shopify's website builder and make your money while traveling the world.
The remarkable thing about owning an online store is that you not only get to sell products, but you can also sell your services as well.
Maybe your store's niche is in backpacking apparel, but you're also an experienced translator and can speak three different languages.
You can not only make money through your online store of backpacking products, but you can also make money by teaching virtual language classes, or you can work remotely for different companies translating audio, videos, and documents.
Your online business allows you to have multiple streams of income through one platform. That's multitasking at its finest!
3. Dividend-Yielding Stocks
They say it takes money to make money, and in the world of stocks, it couldn't be any more accurate.
Dividend-yielding stocks are a pure and true version of passive income simply because there isn't any initial work or manual labor, other than the initial investment.
As a shareholder in a company with dividend-yielding stocks, you'll receive regular quarterly payments, so all you need to do is be the owner of the stock.
But because dividends are paid per stock, your earning potential will go up with the more stocks you own. So, if you have the money for it, invest in multiple stocks.
In the world of making money while traveling, there is no one-size-fits-all piece of advice or strategy that applies to all people wanting to live a life of travel. It truly depends on your financial situation.
For one, you truly have to have a love and desire to travel for this to benefit you because, as mentioned earlier, your full-time job is only going to give you a certain amount of vacation days.
So, even if you had multiple streams of income coming in, you wouldn't have enough time to enjoy it traveling.
Secondly, it takes a sizable amount of money to travel, so before you even start on your traveling adventures, you'll want to make sure you have enough money saved up to start.
Earning passive income is a great way to start until you've saved up enough to fund your first trip entirely.
There may not be a single piece of advice that applies to everyone wanting to live a life of travel, but the one that holds is the fact that you'll catch more fish when you have multiple fishing lines in the water.
If you genuinely want to live a life of travel, you're going to have to put more than one fishing line in the water!
This story is provided in partnership with an outside content partner.
Last Updated on August 7, 2020 by Dave