Digital nomads are known to put in long hours and late nights to cover multiple time zones as they travel around the globe. You know what they say about “all work and no play”! Passive income for digital nomads is fast becoming a popular way for remote workers to free up more time while they travel, earning extra cash with less need to be stuck behind a laptop.
What is Passive Income?
Passive income means money that you earn on a regular basis for little to no effort. More accurately, if you put in some initial effort at the beginning of a passive income project, or small amounts of effort to maintain it regularly, you can continue to earn from it in the long term, for months or even years after setting it up.
If you’re a digital nomad looking for fun ways to earn passive income on the go, here are a few of our favourite suggestions:
1. Write E-books and Audiobooks
Everyone has a story to tell, and this applies especially to digital nomads who are out there having unique life experiences and discovering new things every day. Whether you want to share advice with other aspiring entrepreneurs, or document your most fascinating travels, write a book about it and get it out there. You can write it yourself, or collaborate with a content writer to give your words the professional polish they need.
Publish your book digitally via a platform like Amazon Kindle Direct Publishing, and promote it on social media or e-book websites. You’ll earn money every time somebody downloads a copy of your book. You can make an audio copy of your book too, either by recording it yourself or having it read by a freelance voice artist. It’s easy and affordable to upload, and you’ll receive money every time a copy is sold.
2. Monetise Your YouTube Channel
This is a great way for travelling vloggers to earn passive income. If you have an active YouTube channel and regularly upload new videos, you can run advertisements that will play before your video is displayed, and earn income from the advertisers. This is ideal for vloggers with high numbers of views and well-established popularity.
3. Design and Sell Products Online
Graphic designers and product designers will like this one. Design a product like a t-shirt, mug or mousepad, upload your design on Amazon Merch and they will handle the production, packaging and shipping of your products.
4. Create an Online Course
Harness your expertise and share your skills with others who want to learn. Create your own online courses or tutorials, with valuable tips and information about your niche (be it photography, design, content creation or any other number of skills). You can then upload your course to a platform like Udemy and start promoting it. You’ll earn money for every course sold on the platform.
5. Sell Stock Photos
Travelling the world and snapping picture-perfect shots of all those unforgettable moments? Take advantage of this by licensing and selling your own range of stock photos online. Upload your best quality shots to a site like Shutterstock or iStock, and you’ll get paid whenever someone downloads one of your pics.
6. Affiliate Marketing
Affiliate marketing means you promote someone else’s products or services, and earn a reward like commission whenever someone buys it because of your marketing efforts. You can use your blog, vlog or social media channels to promote affiliate products. Look for brands you are passionate about and want to promote – those that suit your personal brand are likely to be the best fit.
7. Flip a Domain
This is a good option for tech-savvy digital nomads looking for passive income. Buy and sell an in-demand domain name, and you could turn a decent profit. There are limited popular domain names available – all you need to do is research which names and niches will soon be in high demand, and buy some. Then you can sell them to those wanting to own the domain for their own site.
8. Crowdfund Real Estate
Crowdfunding is giving aspiring property owners a new, affordable way to purchase homes or apartments and rent them out, earning passive income from the rent. With a real estate crowdfunding platform, you can make an investment for as little as $500 and become a part-owner of a lucrative rental property.
9. Peer-to-Peer Lending
Platforms like Lending Club support the concept of peer-to-peer lending, whereby people who don’t qualify for traditional financing methods look for private investors. If you loan money to one of your peers in an official capacity, you can earn interest as they pay you back. This could be a great opportunity to support a fellow entrepreneur who needs a cash injection, and reap the rewards in future months.
These are just a few examples of creative passive income for digital nomads who want more financial freedom!