Financial security affects every expat. When we are young, we rarely think about the future and the twists and turns our lives may take.
Being proactive is the best way to avoid financial worries tomorrow.
Salaried jobs can be great, but for many expats abroad, that’s not an option.
So, let’s look at ways to generate additional money through passive income.
What Is Passive Income?
All money coming to us without us having to be physically present or having to perform a direct action is passive income. This results from systems we put in place to generate that income without you having to be involved on a day-to-day basis.
What Can I Do to Generate Passive Income?
The answer can be as simple or as complex as you like. Consider risk factors, though. The greater the risk, the greater the benefit. Stocks, bonds, cryptocurrencies, emerging markets trading are some examples of risky investments. But if we want to look for low-risk alternatives, here are some of them.
Passive Income: Publishing an E-Book
Many of us are passionate about writing. Maybe we have notebooks with stories, poems, personal experiences or novels we can dust off and combine them into one or even several e-books and publish them for free on platforms like Amazon or Barnes and Noble. This can bring us from a few dollars a month to several hundred. And you only have to publish it once. Of course, it helps to give them a push from time to time, promoting them in your social networks, in groups of friends, neighbors, etc.
Selling Photos and Videos
Today’s technology allows us to have hundreds or thousands of photos ready to view without the need to develop the photographic film as we did decades ago. Could we sell photos or videos stored on our devices? There are platforms such as Shutterstock, iStockphotos, and Getty Images. They function as stores where companies and individuals can buy photos or short videos for their publications. Prices can range from about 5 dollars to tens of dollars. To do so, select great-quality material and see some dollars rolling in.
Making Money With a YouTube Channel
YouTubing is yet another way to monetize personal hobbies, such as cooking, crafts, music, equipment maintenance, and countless other ideas. An interesting example is Doña Angela (age 70!) of Michoacán, Mexico. She launched her YouTube channel called “De Mi Rancho a Tu Cocina” (From my farm to your kitchen) in August 2019, and since then, her cooking videos have accumulated over 300 million views and 3.6 million subscribers, providing her with an additional income of several thousand dollars a month.
Artists such as Harp Twins, Taylor Davis or The Piano Guys are other examples of musicians who started doing cover songs by posting them on YouTube, and today they are world-renowned artists.
Renting Out a Room on Airbnb
An empty room in our house could also become a source of regular income. Airbnb is an ideal platform to do this.
Depending on what you offer besides the room (internet, pool, garden, private bathroom) and the location, this income could be a significant add-on to your purse.
Creating an Online Course
Countless people are looking for short courses to improve their skills. Makeup, photography, carpentry, using spreadsheets, fashion design, decorating; there are all kinds of topics people want to learn more about. Platforms like Moodle, Udemy, and Hotmart are among the most used. And for beginners, they have guides and free courses with instructions on how to create and sell your courses.
There are many opportunities to generate for passive income. A common recommendation from those with positive experiences is to create at least three sources of passive income. It’s a great guarantor for success and peace of mind.
Would you dare to try it? What do you have to lose? Become a TCI member for free and let other expats know what worked for you! We’d love to hear from you!