Ah, residual income. The best kind of income! What could be better than traveling the world without having to worry about work, sipping mojitos as the money rolls in. There are a few different approaches to creating residual income, and all of them require a great deal of hard work initially – but if you’re willing to put the hours in to get your great money making scheme set up the rewards can be huge! Let’s look at some of the options.
Stock photography or stock illustration
Although you’re unlikely to make a million through selling stock photos or vectors, if you take the time to build a big portfolio of strong commercial images you should be able to bank on a couple of dollars a day. Not bad, unless you plan on staying at the ritz!
If you have specialist knowledge or a flair for fiction, consider writing an ebook! It’s so easy to self publish these days, and if there’s a decent market for your subject you could do well. Make sure to research your potential readers thoroughly first though – writing an ebook is a big undertaking and you don’t want to be left on the digital shelf!
Can you see a gap in the market? If you can write quality content about a niche subject, consider building some niche websites. Content really is key here – make sure your niche site fulfills a real need and is useful and well written. Once you have some traffic, the next step is signing up for adsense, amazon affiliates, or other similar schemes to start making some cash from your efforts.
A digital nomad favourite, if you enjoy writing about your travels a blog can be a great way to make some money and show off to the folks at home. Although not totally residual in nature since you will have too keep your blog updated fairly regularly, once you have some income streams set up they will pretty much look after themselves.
Similar to niche websites, you can monetize through adsense or similar pay per click programs, but don’t be limited to that! Other ways to monetize your digital nomad blog include sponsored accommodation or experience reviews and affiliate product schemes.
Can you think of any other ways to secure that elusive residual income?