You would have to be living under a rock at the moment not to notice that almost everything has shot up in price. Some things we used to consider basics are now luxuries. The main one for us is travel. Not only has the price of travel gone through the roof, but Team ESLT has also doubled in size since pre-COVID times. Therefore, we need to bolster our actual income (Mr ESLT and I both have full-time permanent jobs) with passive online income to ensure that we can travel as frequently as possible. This post looks at online passive income ideas to allow you to travel more, but in reality, some of these ideas could help you with whatever you need some extra cash for.
What is Passive Income?
Passive income is earned with little or no effort. Sounds great, doesn’t it? And it is. Imagine random deposits of cash hitting your account without you doing much to get it. It sounds too good to be true, but it’s not. Here are some passive income ideas which could be ideal for you.
Start A Blog/ Become An Influencer
Establishing a blog or yourself as a social media influencer can initially take time and effort. However, once you have a solid base and an engaged audience, there is no reason why you can’t monetise your blog or social media channels.
If you are a blogger they are a few ways you can do this. The main ways of doing this are by publishing paid sponsored posts on your blog, including affiliate links in your posts and adding advertisements to your site. And if you are a social media influencer companies will pay you to advertise their products across your channels. They often provide affiliate links for you to generate passive income when people buy the products via the link.
Depending on your reach and influence and how much hard work you are willing to put in initially, this is a great source of passive income.
Invest In Cryptocurrency
Cryptocurrency may be something you are still unfamiliar with. Therefore, you may never have even considered it a way to make a passive income. Yes, if you have the money to invest, you could earn a passive income. For example, you could earn interest on USDC stablecoin. Therefore, your investment is just that invested, but you can withdraw the interest your investment makes.
Maybe now is the time to do some research and see if an investment is an option. Many people are turning to digital currencies as a way of savings because the return on investment from high street banks at the moment is minimal.
There are several cryptocurrencies. Each with different options regarding investment, interest and withdrawals, you just need to find the best one for you.
Buy Via Cashback Websites
If you are buying anything on the internet, then you really should look at cashback websites if you do not already use them. This is a great way of getting cash back on purchases you make. You do not need to change your spending habits, as most major retailers can be accessed via a cashback website.
Here’s an example. You are going on holiday and want to buy toiletries to take with you. You may decide to use Boots to buy your stuff. Instead of going directly to their website, access it via a cashback website and buy what you need. A cashback percentage of what you spent (i.e. 6%) will then be credited to your account. Once you reach the minimum payout threshold you can withdraw your money.
This doesn’t cost you anything, it is money for nothing.
Use A Rewards Credit Card
Another way to get money (or rewards) for nothing is by using a credit card that gives you something back every time you use it.
The three main things you can get in return for using a rewards credit card are cashback, loyalty points and Airmiles, which is ideal if you love to travel. Therefore, opt for the card that gives you what you want in return. You may want to use a comparison site to do this. It will show a range of factors which can help inform your decision.
As with cashback websites, simply shop as you would normally when using your credit card. You don’t need to do anything different. After you have accrued enough cash, points or miles you will be able to withdraw them and use them as you wish.
Rent Out Your Stuff While You Travel
Passive income ideas you may never have thought of include renting out your stuff while you travelling if that is an option for you.
For example, depending on how long you were away, you could rent your property out. This may not be an option if you are simply taking a 2 week holiday. However, if you are hitting the road for 6 months or more, it is an option to consider. The rental income you generate will pay your mortgage and (hopefully) leave you with a little more which you could either invest or spend on future travels.
Another option would be to rent your car out while you travel. Car sharing companies will sort everything out for you while you are away, from finding the renter, organising insurance and making sure it is clean for your return.
Sell Digital Products
Depending on your field of expertise and interests, there are a number of digital products you can sell. This could be a great source of passive income. The best thing about digital products is that once the initial work is done to produce them and listed on a relevant site, you can sit back and wait for the money to roll in every time you sell something.
Examples of digital products you can sell include online courses, templates, presets and photographs.
If you are a blogger you can sell them directly through your blog or via your newsletter. If you are looking for a marketplace, there are plenty to choose from. Etsy is a popular one for products which are downloadable i.e. prints, blog templates etc. And if you have photographs to sell, look at sites like Shuttershock that will pay for high-quality images.
We hope these passive income ideas help you generate extra cash to allow you to travel more!
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