How to make money for long term travel

Posted in: Advice

How to make money to travel long termWe are no strangers to travelling for extended periods of time. At least once a year we go on long trips, often spending a month or 2 in one place or travelling around a local area using a city or town overseas as our new temporary base.

If there’s one thing we get asked more than anything else its “How to make money for long trips?” since extended holidays means more time away from any office and a need for regular income to pay for the travels.

So with this in mind we’ve put together a guide on how to make money while you travel or how to make money before a long trip if thats your preferred method. There’s plenty of ideas here to get you started, some will be more suited to you than others.

I’ve included a few obvious ones just in case you hadn’t thought of them.

How to make money for long term travels

I’ve split the following in to 3 categories so that you can see what is involved in each of the ideas. Some are active income ideas where you have to put in the work to get the money out. Some are passive income where its possible to make money even when you’re asleep or away travelling. And lastly there’s Saving where its more of a side income which comes with its own risks and rewards.

Active Income

These are probably the quickest methods to generating income but they also take the most amount of effort. Not only because you have to work for the money but also because if you don’t work, the money doesn’t come in.

Sell your skills

Everyone has certain things they’re great at. Whether you’re creative, thoughtful, kind, academically smart, we all have both talents we picked up from our jobs and skills we’ve acquired through hobbies and interests.

Make a list of everything you know you’re confident at handling. Here’s a few suggestions that might spark some ideas.

Try sites like Upwork and People Per Hour to easily pitch for new clients and projects.

Be a virtual assistant

Job ideas for saving moneyWhile this could be lumped in with the ideas above its quite quite a broad term that appeals to a lot of small businesses and self employed people, especially for startups.

A virtual assistant is the online equivalent of a personal assistant. There to offer their time and resources for a multitude of tasks. This could be things from

The great thing is that its often repetitive work that you can fit in to your schedule rather than needing to be available from 9-5.

The downside is that a lot of people in countries where the cost of living is much lower, are undercutting those in more developed countries. This means you’ll really need to raise your game and have a unique selling point to make your virtual assistant services more appealing.

This isn’t as hard as it sounds, the old phrase “you get what you pay for” often rings true and the best virtual assistants are the ones that cost a little more.

Brand your services as high quality, with multiple examples of what you can do. This doesn’t have to be a portfolio of completed work, it can also be virtual case studies. Spend some time thinking of more complex tasks you could fulfill and timeframes involved.

And whats best about being a virtual assistant is you can quite often do it from anywhere. When you hit the road just bring your laptop and set aside time to work for your clients to keep the money rolling in.

Buy and sell products

Buy and sell on ebay to make moneyThis may sound obvious but there are various ways you can both buy and sell products to make money. You may be wondering how buying products can help you make money, think beyond just buying inventory to sell on. There are other ways!

The internet is full of great products that can be bought at low cost and rebranded at a higher price. eBay is one of the best places for this as people are often selling off old unwanted items, looking for a quick sale maybe to clear out a garage or attic. Its a prime opportunity to buy something in an auction or making an offer in order to sell on at a higher price.

This generally works best on products that are rare and unusual as there’s less competition and less obvious signals to the original seller of what price they might be able to get for it. Items such as antiques often work well or small rare collectors items where the cost isn’t huge. You’ll need a professional looking eBay store which you pay monthly for and the ability to research items worth buying and how you’ll mark up the price and sell on.

If you’re creative enough you can even produce products of your own and sell them on etsy.com. Unlike eBay, Etsy is known for being a more premium creative e-commerce platform where people sell their own creative products for higher prices than you’d get elsewhere.

Of course there’s a larger investment here and you need to know your market well. But if you’re in to creating something unique and captivating then Etsy is the place for you.

My advice, try to come up with a product that can be scaled. So something you could create in small batches to start with but if it really takes off its easy to scale up to creating 100 or more a day, so you may need to think about how you’d outsource the production and still make a profit.

Passive Income

Passive income can take longer to get going but once your strategy is in full swing it has the ability to make money while you’re sleeping, or in our case making money while travelling.

Create an online course

Now that you’ve read about multiple ways you could make money before long term travel, it might have given you a few ideas based on the skills you have

Regardless of whether any of them suit you, there’s one sure fire thing that definitely will, and thats sharing your skills with others.

The internet is the perfect place to explore your niche skills and create the best possible guide to improving other people’s skills. Many people are offering online courses on everything from writing, knitting, organising your house, your finances, learning to DJ, learning to paint, you name it. There’s a course for everything however niche it is.

In fact the more niche the better! Check out sites like Udemy for an easy place to sell your courses.

Create an original product

This is along similar lines to the selling of products mentioned in the active income section, but with a twist!

Rather than creating a tangible product that requires you to manufacture items, keep inventory and despatch the goods to your customers, you create something intangible that be easily downloaded or sent via a 3rd party. Here’s some examples

These are just a handful of ideas to get your creative juices flowing, I’m sure you now have some imaginative thoughts flying around your head that suit your skills, your interests and passions. Having a passion for what you sell is the most important thing. There are plenty of online platforms that can help you sell your products, even while you’re sleeping. Look up print on demand services, drop-shipping platforms and niche product ideas that fit your interests.

Partner with others who have an audience

Partner with audience buildersThis method is often overlooked but can be a sure fantastic way to increase income quickly and help others make more money too.

One of the hardest parts of selling services or products online is building up that audience who might be interested in purchases.

So what if there was an easy way to do this? In fact what if there was a way to skip the audience building part altogether?

Thousands of amazing people already have built audiences online and there’s probably some key players in the niches that peak your interest. Analyse what their audience is like, how big it might be through social media channels and look for ways they are making money.

Can you see areas where your ideas for products or services might fit in? Where your skills and expertise could offer something new. With this in mind you can approach them, here’s what you need to do.

Tapping in to an already established audience is the fastest way to make money with a new product. You’ll need to share profit with the audience owner but its a win-win as you get the instant audience and they get an increase in revenue with minimal effort.

Finding the right person to work with can be tricky. Make sure everyone is happy and there are enough terminating clauses in your deal so that if anyone is unhappy you can end the business relationship. This tends to help both partners pull their weight and get the job done to ensure success.

Savings

Now we move on to savings. But again this isn’t just putting money in a savings account and waiting. With interest rates at all-time lows you’re not going to be making use of your money there.

And of course savings options require money to start with. You’ll need a some financial assets here to make use of what can loosely be called savings options. Some are higher risk than others but keeping your money and doing nothing with it wont help you generate more income, so its worth investigating all of these options.

Use bots to play the stock market

We often hear people saying “you should always have stocks” as when the wind is in your favour you can see a great increase in your investment. Of course the reverse is also very possible so its not all plain sailing. Thankfully there is another way.

Playing the stock market is all about knowing when to buy and sell. Getting in and out at the right time can lead to quick profits and reduced losses. But knowing all this takes many years of experience and still leads to those unforeseen sudden drops!

Now there’s a new way of playing the stock market and thats through bots. Software driven stock buying and selling where your chosen market is analysed for just the right moment to buy, holding it until the market looks to be changing out of favour and selling at the right time. Its far more complicated than just that, which is why bots are becoming ever more popular.

There are numerous websites and apps offering bot trading now, where you can copy other more experienced trader’s strategies. Helping you to invest your money more smartly. You can of course still lose money but most strategies have whats called a “stop loss” percentage where any open trade will automatically shut if a loss of more than a specific percentage is detected. This his may lead you to miss out on sudden gains too but at least it stops you losing all your money.

Take a little flutter now and then

Income generating ideasGambling? As a savings option? I know what you’re thinking but many people are now looking at all available options to generate income. Its all about knowing what you’re willing to lose and being smart enough to know when to play and when to quit. Matched betting is becoming popular in some countries where its possible to analyse offers from various betting sites and casinos to ensure a marginal profit gain.

You can also try online casino $5 minimum deposit sites that specialise in lower deposit casino offers that may be better suited to your budget.

You may win big, you may not win at all, but making your money work for you, do something and take a few risks is better than knowing you’re money isn’t going to grow at all.

Use apps like Chip to save the pennies

Our last useful tip for saving is automated saving apps like Chip. These are essentially smart savings apps that analyse your current spend by connecting to your bank account. They look to see what your spend patterns are like and how much you can afford to save. They then transfer money from your bank account to a special savings account. Notifying you in the process.

Its a neat idea and a great way to save some of your hard earned cash without you ever really missing it. The premise is to only take the amount you can afford at the time you can afford it, so your general monthly spend doesn’t really change. People have saved thousands via this method, all without needing to think about it.

 

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