The hardest thing about traveling is that you will eventually run out of money and you'll have to go home. But wait, what if that doesn't have to be true? By creating a Side Income Plan, you may never run out of money! In fact, you may eventually be making more than you're spending while doing almost no work! Well, it'll take some work to put it together first, but lets get started on creating your Side Income Plan right now!
ACTION ITEM: Choose ONE of the choices below and begin working towards setting it up. For the fastest growth, we recommend telling a real story that others can relate to, is emotional, and either is told from a different/unique perspective or is somewhat controversial. Once you have it set up, share links to what you’ve accomplished on our Facebook page or our Facebook Group: “Free Nomad MBA”. Let us know if you need any assistance in that post and we will do our best to help you out - entirely free! If you feel like you have additional time and want to work on more than one strategy, please feel free to do so! Multiple streams of side-income are better than one, but not if they decrease the quality of the others!
Once you have your Side Income idea(s) all set up, use the tools and tips buttons under the sections below to provide a way for you to generate income. For example, if you have a blog, make sure you have some affiliate links in there while you work on your content and SEO. Now, even though you may not have a ton of web traffic on your site, at least if someone went there they could click on one of those links and you would earn a small amount of money.
Create a YouTube Channel
Do you enjoy making videos? We have a few friends that enjoy playing video games on a regular basis, a few others that play the guitar, one who makes videos about wheelchair accessibility, some friends that we met along the way that sing, some that enjoy reviewing drones, and many others that make travel related videos. Create a YouTube channel and start creating videos for whatever it is you enjoy doing as a hobby. Once you have enough YouTube subscribers, you'll be able to monetize your account by placing advertisements on the videos that people watch. Depending on how popular your videos become, you could end up making a really nice amount of income! Want to learn how an average person ended up making over $100k per year by making a YouTube Channel? Check out the free 1-hour Webinar about “The Accidental YouTuber” below. It teaches you everything you need to know to get started. Want to learn how to make great YouTube videos that have the biggest impact? Check out Masterclass or CreativeLive for some amazing courses that will help you maximize the traffic to your channel. There are also some great walk-through’s on Buffer and WixBlog to help get your account set up.
Start a Blog or VLog
Want to learn how to make money from a Blog? There are a number of ways to start, but one is to check out make1kchallenge.com. Would you like to skip a year of trying to figure out your WordPress site - try out BuddyBoss. It’s optimized from the start. Additionally, you could consider adding affiliate links to your site via Share-A-Sale to add to your Side Income Plan! This is one of the primary ways that Blogs earn income. In addition to making typed blog posts, you could also make short videos to turn your Blog into a VLog. Upload those videos to YouTube and you may eventually start earning income from your YouTube channel as well! Trying to build a following using Instagram? You could jump-start your organic account growth by letting FiringTable grow it for you or you could try Tailwind to cut your instagram and pinterest workload down to a few hours a month.
Investing - Make your money work for you!
Do you already have some money saved up? You could invest that money into Bonds, Preferred Stock, REIT's (Real Estate Investment Trusts) or fundrise.com, Peer-to-peer lending, or Blue Chip stocks to earn a higher rate of interest or dividends from your investment. What this does is provide you with around 2-8% per year on your current savings (much better than your savings account!). How much income that is for you depends on how much you already have. Let's say you have $10,000 saved up - that could be worth $200-$800 per year! But, if you have $100,000 saved up it could mean $2,000-$8,000 per year! That's a great side piece of income and, by taking out only the interest and dividends, you won't dwindle down your savings at all! This makes for a great addition to your Side Income Plan! If you are not too familiar with investing, check out RobinHood, Acorns, Betterment, Stash, or Swell. If you are already familiar with trading, check out Sure Trader, ThinkorSwim, or E-Trade.
Build an App
Building a mobile app first requires knowing a bit about programming. But, don't let that get you down, we offer absolutely free iOS (Apple) and Android (Google) based app courses on our FREE Nomad MBA page. Once you've built your app, you could offer two separate versions, a free version with advertisements and a premium version without. Alternatively, you could design apps for other people by offering your app design skills up on Design Crowd. Either way, you'll win by earning income!
Credit Card Rewards Points - Save 2-5% on Everything!
If you have great credit, then you may already be familiar with Rewards Points Credit Cards. If not, you can get your credit back in order real quick here and then you will be able to qualify for these cards. The fun thing is that many of them give you extra points for Travel related purchases and you don't even have to use their sites to use your points. For example, we use the Chase Sapphire Reserve card and it earns us 3% back on all the Airbnb's and Hotels, Airfare, Restaurants, and Cafes that we go to. Our Barclaycard Arrival+ card gives us 2% on everything else that you can redeem easily on any travel related purchase that you recently made on your card. Additionally, some business cards and hotel cards will offer you from 5-10%. It's worth checking out if you plan on spending money - and we all spend money! If your credit isn’t up to par, check out a place like Credit Assistance Network where they will remove or fix up any negative marks on your credit report within 3-6 months!
Stock Photo Royalties
Do you love to take pictures and would like to get paid for them? Places like iStock, Adobe Stock, Shutterstock, Dreamstime, Depositphotos, 123RF, Alamy, Pond5, Bigstock, CanStockPhoto, and Stocksy allow you to upload your photos and earn money from them.
Memberful and Patreon help people who enjoy creating artistic content that other people enjoy. There might be a following for some of the things that you like to do. If so, offer up a membership subscription service with some unique perks that your followers will enjoy and you may be able to earn some monthly income!
Write an eBook
While you're traveling, you could keep a journal. Eventually that can turn into a book. You can then place the book up for sale on the Amazon Marketplace, put it up for sale on your own website, publish it in paper copy, or offer an affiliate arrangement with other websites. Check out a walk-through from Living for Naptime or The Penny Hoarder to make it easier. Then go to Amazon’s walk-through page and start publishing!
Rent out your Spare Room or Vehicle
By becoming an Airbnb Host, or by using TURO, you can rent out your unused room, house, or even your vehicle and earn a decent amount of side income. We have rented out our place in Orlando before we sold it and it brought in a decent amount of extra income. Additionally, we never had any issues with our guests - and even if we had, Airbnb would have covered us. Additionally, while we are gone, we rent out our vehicle using TURO. Although we share the profits with a friend who manages the account, it is still extra income that we otherwise wouldn’t have. These are both great additions to your pre-travel Side Income plan, and - if you’re planning on keeping your place or vehicle - great income while you are traveling as well!
Do you have great advice that you think should be on this page? If so, send us an email with the information and we'll likely add it. Also, unless you say otherwise, we'll add a special 'thank you' after the advice you've provided on this page. If you'd like us to give your website or blog a shout-out along with the 'thank you', please include your site link and we'll be happy to add that as well. Thank you for your help and support!