Best Ways for Digital Nomads to get Passive Income
Best Ways for Digital Nomads to get Passive Income Let’s face it, digital nomads want to travel. Yes, you want…Unai Eguiguren - Published 2 years ago
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Best Ways for Digital Nomads to get Passive Income
Let’s face it, digital nomads want to travel. Yes, you want to take in the sights and sounds of every place you visit. This also means you hardly want to spend the whole day, every day working. But what’s the solution to prevent this?
The best thing you could do is to generate a passive income for yourself. This means fewer hours spent in front of the computer and more hours traveling, no matter if you’re a writer, freelancing, or a photographer.
But where do you start? Fortunately, we’re here to help. In this post, we’ll look at some of the best ways you can earn a passive income as a digital nomad.
But Wait, What Is a Passive Income?
Before looking at the ways you can earn a passive income, let’s first recap what a passive income actually is. Simply put, a passive income is money you earn for little to no work. Typically, to earn this income, you might invest a little time and effort into something initially but make money from it in the long run.
Let’s now look at some exciting ways in which you can generate a passive income.
Write an eBook
Remember, as a digital nomads, we have a unique lifestyle and get to visit interesting places. So, why not tell others about it? The perfect way to do this is to write an eBook.
The great thing about an eBook is that the possibilities are basically endless. For example, you can write about your travels or the places you’ve seen. If you add exquisite photos, even better. You could even write about the digital nomad lifestyle, or even give business advice.
Another benefit is that, apart from some time and effort, it won’t cost you much. This is because you’ll be able to self-publish on platforms like Amazon Kindle Direct Publishing and market your book on your website. When you do, you earn some cash every time someone downloads your book.
And don’t think that self-published books earn less income than those sold by the major publishers. After all, Fifty Shades of Gray was self-published, and you probably know how successful it was.
Create a YouTube Channel for other Digital Nomads
Did you know YouTube has over 2 billion active users every month? This shows you that people love YouTube videos. More importantly, every time someone watches a video, a creator probably gets paid. Why not get into the action?
When you create and monetize a YouTube channel, you’ll be able to display ads on your videos. Then, every time someone watches the video, you’ll get paid by the advertiser. This means, if you’ve built up a library of videos and upload new videos regularly, you’ll be able to earn a substantial passive income from your videos.
Even better, you could create an accompanying blog for your YouTube channel and generate even more income. And considering the places digital nomads visit and the attractions they see, this is one of their best options to generate a passive income.
Sell Stock Photos
Just think about it, every website or blog you visit, every news site you read, and every magazine you buy is filled with photos. It’s easy to see why when you consider that images make content more engaging.
But where do these sites and magazines get these images? In many cases, they use stock photographs. The best thing is, that you as a digital nomad, will be able to sell photographs to these sites.
To do this you’ll need a camera, take pictures of the interesting things and attractions you see on your travels, and sell them on platforms like Adobe Stock and Shutterstock. When you do, you’ll earn money every time someone downloads your photo. This can be anything from $0.10 when they buy it on subscription to almost $100 for on-demand purchases.
Few suggestions on where to sell them: https://www.shopify.com/blog/how-to-sell-photos-online
Create an Online Course
As a digital nomads, we’ve been around the block. You’ve learned to run a successful business, you know the ins and outs of international travel, and so much more. Apart from the skills and experience you have; it also means you’re in a perfect position to teach others how to do it.
And this is where online courses come in. You’ll be able to share these skills with others and sell your course on platforms like Udemy or Skillshare. You could even create your own website and sell your course on it.
Clear instructions on how to do it: https://www.wix.com/blog/2020/04/how-to-create-an-online-course/
Investments for Digital Nomads
When it comes to passive income options that need the least effort, investing is up there with the best. It’s simple, you invest money in stocks, bonds, real estate, or even cryptocurrencies, and generate a return from it.
With the right investment, you’ll be able to sit back while your money works for you. For example, since its inception in 1926, the S&P500 has earned about 10.49% per year. This means if you, for instance, invest in an S&P500 ETF, you could earn about 10% on your money every year, which means you’ll double it in seven years.
Keep in mind, though, you should carefully consider any investments you make based on your unique goals and risk appetite.
Think about all the products you use while running your business, whether you’re web freelancing, writing, or creating content. Now, think about all the products and accessories you use while traveling. Ultimately, you know how all the products and services that can make the life of a digital nomad easier work.
You can then tell other digital nomads, freelancers, business owners, and aspirant travelers about this and earn an income in the process. To do this, you’ll need to create an affiliate marketing site. The only thing you need is web hosting like Wonsta and a bit of time and effort.
Then, when someone buys a product or subscribes to service after reading your write-up, you’ll earn a small commission. And a lot of small commissions add up to a substantial passive income.
The Bottom Line
You must ask yourself why you became a digital nomad. Yes, of course, you want to see the world and experience new cultures, sights, and sounds. This is where a passive income comes in. It eliminates the need to sit in front of a computer day in and day out and gives you the freedom to travel.
Hopefully, this post helped illustrate some of the best ways you can earn a passive income. No matter what way you choose, for most, you’ll probably need a website. And that’s where Wonsta comes in.
We provide WordPress hosting for agencies and freelancers that help them grow their business easier than ever before. To learn more about our platform, why not sign up and get 25€ in free credits, no credit card needed. https://wonsta.io/pricing/
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