In 2014, a one-month solo trip to Europe inspired me to pursue my own version of financial freedom. I spoke with people from all walks of life who were so emotional and in the moment, and it made me realize the whole life I was missing. I didn’t want to feel limited by my finances or stuck with an office job. I wanted to see the world.
I began researching digital nomads and ways to earn passive income and, by May of 2016, after saving enough money to cover travel for a year, I traveled across Europe, Asia, the United States, and Canada. Quit his digital marketing job to travel. All while building out their own passive income streams.
Over the course of two years, I worked in cafes, explored my surroundings and learned about the kind of life I wanted for myself. Developing my passive income streams and investments allowed me to increase my net worth along with my travel expenses.
Since this life-changing stint, I am back in a full-time position that I enjoy and learn a lot from. But as a side, I’m building a brand called Digital Nomad Quest to teach people what I’ve learned about personal finance and financial freedom. I am investing in rental properties and growing my portfolio as well.
In 2021, my side passive income hustle and investing was actually more than my income from a six-figure, 9 to 5 salary job.
Here are some of the ways I earn passive income, and my top tips to help inspire you to create multiple income streams for yourself.
create an online shop
I got my first taste of passive income with my Etsy shop. I was browsing the marketplace to find people selling digital products, and I thought, “I might give this a try!”
So in 2015, after teaching myself Photoshop, I started selling digital products like resume templates, save dates, wedding cards, photography mini-op ads, and more. Within a few months, I was actually selling my digital products.
By selling digital products, I was able to make money passively without having to ship and fulfill orders. I still make passive income with this method, sometimes even on products I made years ago.
Video by Tala Hadwick
Merch by Amazon is another passive income stream you can start that requires less than $0 of capital. I started my Merch by Amazon store in 2017. You can sell custom apparel by uploading the designs featured on their hoodies, shirts, and other products that will be listed on Amazon.
You get royalties every time people make a purchase from your listing, and Amazon will print and fulfill your order for you.
Everything is pretty passive with this income stream, as there is no customer support involved and everything is paid for in royalties.
create an online course
Online courses are one of my favorite ways to earn passive income because you can create something impressive that helps people with their ability to help. People can access your content globally versus only reaching people through services or coaching.
To create a curriculum, you can build video, audio, or even text material into a comprehensive curriculum, allowing students to move from A to B. You want to make sure that your students derive value from the curriculum and that you are helping them achieve a certain goal. ,
Once you’ve created the content, you can sell your course on a marketplace like Udemy or a platform like Teachable. I currently have three courses that I created inspired by my own experience: The Etsy Entrepreneur, Remote Rental Riches and Blog Launch Profit.
Earn Ad Revenue Through YouTube Channels
YouTube can be a very satisfying side and a fascinating one at that. Until recently, I never realized how possible it is to earn a decent income through the platform. In the past I made a few YouTube channels for music, because I used to sing and play instruments, but they never really made much money.
My current channel, where I make videos every week about entrepreneurship, investing and financial freedom, currently averages $4,000/month in advertising revenue alone.
Video by Lauren Shamo
To earn more revenue from advertising, it is important to get more views. I’ve learned that you can do this in a number of ways: using SEO to create catchy video titles, creating thumbnails that entice users to click, and creating valuable content that will help users in every way. want to see.
Typically, companies will bid to put their ads on your videos, and YouTube will take 45% of those bids, and you’ll get paid 55% of that.
Earn commission through affiliate marketing
If you create a website or YouTube channel, then you can also earn money through affiliate marketing. With affiliate marketing, you are recommending products that you use and love. Whenever people make a purchase through your unique referral link, you will take a commission.
This strategy can be beneficial to everyone: your audience gets value, you get a commission, and the product owner gets the sale.
I’ve found that the best way to reach affiliate marketing is to make sure you’re building trust and providing valuable content to your audience, rather than just spamming them with unhelpful links.
For example, you can do this by creating comprehensive tutorials or product comparison videos to illustrate the importance of the product or tool you recommend. Your audience can tell when you use and believe in products, so look for products that you can promote honestly and genuinely.
invest in real estate
I bought my first rental property when I was 23, and after returning from my trip, I wanted to return to it. Real estate can rapidly build your wealth through cash flow, appreciation, loan payments and tax benefits.
One of the advantages of real estate is that you do not have to pay the entire purchase price out of pocket as you can take advantage of borrowed money. As long as you don’t overleverage, you can use this to your advantage and grow your real estate portfolio rapidly.
My husband and I currently have 32 rental units, and we have been able to hire property managers to help run things through the day to day and handle any concerns or issues the tenant may have.
The costs associated with real estate investing are: mortgage, property management fees, homeowners insurance, property taxes, future repairs and vacancies. But with some planning and analysis, rental income can help cover those costs and result in consistent cash flow for you.
Last year, I was able to hit six digits in passive income. It didn’t happen overnight. But the time I spent is worth it, because now I get to do the things that mean the most to me.
Having these different income streams allows me to build my wealth faster, live consciously without making fear-based decisions, and enjoy a sense of security.
Sharon Tsung is an investor and creator who teaches people how to make passive income, be financially free, and design their best lives through her YouTube channel, Instagram, TikTok, and blog. He enjoys talking about investing and side hustle. In the past, he graduated from UC Berkeley and worked in marketing for 10 years at Google and other companies. She quit her job and traveled the world as a digital nomad for two years, all while growing multiple income streams online and through real estate.
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