Passive income streams are essential to any digital nomad wanting to travel the world. Traveling takes money, a point that I doubt anyone would argue against. Saving up money and then traveling is nice and I currently do some of that myself but having income coming in as you travel is, in my opinion, the only way to go – and most of the professionals agree. Consistent money coming in allows someone to keep traveling without having to take breaks to work. It’s also a huge benefit to have passive to semi-passive income streams that free up your time to not only see the sights in locations your visiting but also spend that time adding other sources of income.
I have put together a little list of ways myself (Spencer) and Jason plan on producing our passive income. Some of these we already have implemented and others we are still looking into.
We currently manage two Etsy stores, one has mainly books and one designed products on OCBookshoppe. The one with the designed products Decklededgesnet is more of the passive income type because everything is either downloadable or printed and shipped by a third party. With Decklededgesnet we have a minimum-overhead/minimum-maintenance stream of income so we can literally make money while we sleep.
Just recently, we opened up a Redbubble Store. It’s like our Etsy store, in terms of the offerings, but it’s even more passive-income friendly as it takes even less time to create your products. I am unsure yet if this site is a viable option currently because we’ve yet to make any sales. It’s a fledgling site in general, as is the shop for us, so, unlike Etsy, I am still unsure of the customer-base and its reliability.
This site is very similar to Redbubble in that you create products and they print and ship them. Again, we have yet to see the measurement of success with this site (if any).
I currently have a book/consignment store. The income from this venture mainly goes to support my mother and pay the basic bills at home. Though some people enjoy flying by the wings of their rucksack and have no home base of which to speak, I find that having a place to re-charge and reset is vital to my mental and spiritual well-being.
Airbnb + Rentals
Jason and I are always brainstorming new projects together because its important to keep seeking income in all avenues, cus you never know where the next viable option is to be found. One of the exciting projects I am working on when I am home is rental spaces. I’m currently in possession of some property close to my store which I plan to use partially as a retail space and another section of it that I am considering utilizing as Airbnb space. During our travels we have enjoyed a variety of accommodations with Airbnb and it looks to be a great way of semi-passive income. Its important to have someone around to upkeep the property and provide basic housekeeping, but with my mother at home (and on the payroll) we have an advantage for that prerequisite.
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