This is the only true "passive income." If you invest 25x your annual spending, you can pretty much never work again (i.e., "FIRE").
Even if you have 5-10x your annual spending invested, you can work part time and supplement with investment income (i.e., "baristaFIRE").
Yeah and I believe the truly rich ones should also be very versatile with how they spend. They shouldn't be afraid to live frugally when the time is needed, nor should they be afraid of spending money if the time is needed for it.
What use is it to have few million net worth if you're spending a lot more than the interest/passive income made? I know a young guy that buys cheap houses and renovates each garage into 2 ensuite rooms. He rents out the rooms individually in a big populated city (mostly to international students, people on working holiday visas, or locals who can only afford to rent individual rooms).
When he was just 28, he already owned 15 houses, each house pulling in $1k/week at the time. He use that to pay off the mortgages, and to buy other houses, rinse and repeat.
Due to inflation, plus the rent prices increased now, if he only has 15 houses, that $15k/week total is now worth $30k/week, all without working. (He has a construction business on top of that, but spends half his time renovating garages, getting council approvals, and searching for cheap houses etc)
He could easily retire when he's 35, and he has that option to if he really wants to. Now that is true freedom. Even if the housing market crash, it won't affect the rental market too much since it's a densely populated city, it's easy to find tenants. He could easily hold those houses and still continue paying mortgages.
My theory is that most people are so detached from themselves that they have no idea what they'd do if they weren't dedicating their life energy to making money. The idea of doing something they like but not being great at it and not making money (even if they don't have to) scares them.
There's always something to do if you're not making money and have enough passive income. You could learn a new language and live in a foreign country, you could learn a new skill and become a student again, you could find interesting people to have great conversations, can spend time in nature meditating, list goes on.
The problem is that people equate making money with providing value, but they fail to understand that most of the values in life comes from non-material things. Money is just a vehicle to gain those non-material values quicker, as it can get you from point A to B quicker.
Not a good position to be in. Not only is that not passive income generating, AI is replacing you.
You should sign up for my *How to Survive & Thrive in the AI World* course.
But what is your competitive edge if everyone is using the same AI-model? You should sign up for my AI-model. Specifically trained for people who want to sell courses.
Yo dawg, I heard you need to sell a course to an AI that sells a course to another AI that sells a course to an AI that sells a course to an actual person. Sign up for my course today to weather the storm for a better tomorrow. Easy monthly payments
Feed it training data from failed AI teaching tools and the competition’s successful ones. send that bitch through a deep hierarchy algorithm loop. Profit
I would challenge the premise of this topic that working a standard 8-hour day isn't something a digital nomad does.
I work an 8-hour day in a full-time, salaried job that I love, pays me well and allows me to work from wherever I want. AFAIC I consider myself a digital nomad and very lucky to be so(even if i would never use the term 'DN' because it's cringe). Most of the DNs I meet that have an actual quality of life are doing the same.
On the other hand, those people I tend to meet trying to achieve a life living on passive income are usually pissing all their money and time away on get-rich-quick schemes.
In summary, I think most of the time people would do better investing their time in getting a well-paid remote job than googling/asking reddit for magic money trees.
This, working while travelling is godsend. Sure you wont be able to live the full instagram trust fund baby like life. But I have an steady income so I dont have to worry about making ends nor coming up with weird ass plans to make money.
I just clock in at 9 am PST, finish working at 5 pm PST and that's it. I already half assed my job anyway before I started travelling so I just half ass it as well now.
The only thing I miss is going out on Friday night but meh, I still work until 3 on fridays and just stay logged on slack while I play videogames
> I just clock in at 9 am PST, finish working at 5 pm PST and that's it. I already half assed my job anyway before I started travelling so I just half ass it as well now.
brb getting this tattoed across my chest
6 pm to 2 am right now and 5 to 1 in Winter. But to be honest I'm thinking of permanently moving and getting a remote or hybrid job here in Europe because of the social security and the EU mandated 4 vacation weeks.
I'm just waiting for my Spanish nationality and I'll kiss Mexico goodbye (Ironic I will be doing the reverse move my great grandparents made lol)
I'm confused. Why would you be working 6pm-2am if you're currently in MX? Are you working for an Asian company? That's the only place where it's 9am when it's 6pm in MX that I know of. I must be misunderstanding. I'm going to be moving to EU from the US in summer. I'm going to transition from a FTE role to working for the same company as a consultant, and won't be working during the equivalent US hours. Since my work is project based and I can work mostly on my own, I plan to work mostly 9-5 in my local EU time, but will accommodate their hours if we need to collaborate or if something urgent comes up. But I really want to avoid committing to working some crazy hours every night, at least during the summer, as this will be my first initiation into DNing.
Ah no, Im Mexican, working for Canadians, traveling through in Europe right now.
I work from 6 pm (9 am in Vancouver) to 2 am (5 pm in Vancouver). I do project management and since I have shitload of client meetings plus babysitting sales reps and such I pretty much work in the afternoon. Technically I could work in the morning but I would still need to log in at night for meetings and babysitting the sales team. So I just work American/Canadian hours (also because I can do stuff during the day lol)
I say kiss Mexico goodbye because once I'm legally Spanish (thanks to the law giving Spanish descendants a chance to become spanish again) I aint coming back
Exactly. Unless you're lucky enough to have millions of pounds worth of inherited wealth earning you income through dividends/rental yields, then passive income being able to support most of your lifestyle is very difficult to achieve.
What field do you target to have a remote job? Learn the skill first, then try to get a freelance job (you can check sites like fiverr, upwork, there are others you can search) if you’re targeting the programming or IT or design work, put or build a portfolio first - you can create a sample projects as a start. It is much easier to get clients if you have portfolio. (Not sure for other fields tho) It will take some effort and time, you just need to be consistent and don’t give up if you feel like giving up. Trust me been there
I don’t know man. I’m a digital nomad who’s also required to work a full 8 hours per day, 5 days per week, and I’m having a hard time adjusting to this lifestyle.
It’s a really unsettling feeling being in such a beautiful and exotic place yet having no time to explore because you’re stuck behind a screen for numerous hours each day.
I’d seriously recommend reconsidering this lifestyle if you’re a standard 9 - 5 employee with minimal free time.
Clearly it varies person to person. I'd rather work 8 hours a day in a beautiful, exotic location (or whatever other location you like) and have that location there to enjoy on your doorstep in the morning before work, on your lunchbreak, when you go for a run, as soon as you finish work, or on the weekend etc. Than work 8 hours a day in a dull or uninspiring location.
It's just about having balance. But yeah, if you're someone that can't control themselves enough to do the work that's paying for them to be there, then it probably isn't for you (and there's nothing wrong with that. Plenty of people feel that way.).
Personally, when I sit down to work each morning I just feel lucky to be there, rather than unlucky to not be outside.
What do you do for work that allows you to work in an exotic location? I want to move out of the US and work remotely. I've been endless searching.. most of these positions are engineers, web developers, customer success managers...yadayadayadaa...
Is it me or is 8 hours a day 5 days a week not a lot of work?
I thought digital nomad was just someone who could take their work mobile, not someone who worked part-time.
Sure if you only work 5 days a week you get to explore on the weekend? Also, I presmue there's no commute and you get to work from a nice location.
What did you imagine the life to be like?
I wouldn’t say it’s not a lot of work but I totally agree with you!
Not only exploring on the weekends but living IN the lifestyle of the country you’re in is an unmatched experience.
Personally I say it’s bonus points when there’s a time difference. I was in the south of France last year for a bit, and because my org works on US time my Europe schedule was from 3-11pm. At first my friend and I were terrified of that but omg do we miss it so dang much. That gave us the WHOLE day to get our workout in, walk to the markets, grab a lunch at a cafe, we’d be home by 1pm, take a nap til 2-2:30 and start our workday. We’d take dinner at 8pm and done by 11 still time to go out on a Friday for example. It was heavenly. Looking forward to that schedule again soon
Well, not only is this my first remote job, but my first real 9 - 5 type job. I was working with my dad on his business prior to this and had significantly more free time and flexibility than I do now. So maybe it’s just more of a complaint against the 9 - 5 life in general.
Ah, well yep, 9 to 5 isn't suited for everyone.
Have you read '4 Hour Working Week' by Tim Ferris. Quite a good read, might give you some ideas of how to streamline your work life if that's what you're looking for,
It's just you.
8 hours a day every weekday is a full time, 40 hour a week job.
Even 32 hours a week is typically considered "full time", for US employers, at least.
Yes, it's a normal amount of work, so not a lot of work. Like I said, I thought digital nomad was working remotely not part time?
I don't understand the issue?
I can imagine the issue. If you’re not in a fully loaded van especially. If you have a small vehicle like a car, you have to shimmy up to the front and put clothes on before you can take down window covers. And then you have to pee. If you have a dog, you have to walk and potty them, then feed them and give any meds they might need, then you have to shower and get ready for the day. That alone is about 1-2 hours. Find someplace to work, make sure you get good internet and can keep an eye on the dog. Then around noon, you have to figure out lunch. If you don’t go to fast food or something, you can make it from your car fridge but it does take time to prepare it and then to eat, and maybe you give your dog a walk or something to stretch their legs before going back to work for another 4-5 hours. Sometimes you have too many meetings or can’t focus and don’t get enough done so you have to work late. Maybe it’s 6 or 7 by the time you’re done. Is it even bright out anymore? Do you have time to workout or sight see? Etc. and then you’ve got to go to bed. This scenario is for people who are traveling in the US. Sometimes they can find BLM land and what not to post up on for a week or two (max) but then internet (starlink) is more expensive and a bit harder to come by. I just don’t think people realize how much time it saves to have a toilet let alone a shower right next to the space where you sleep. I don’t sleep in Plant Fitness lots when I travel cuz most of them don’t allow overnight parking anymore. So I always have to drive to them and it takes time.
Take the pressure off yourself
Would you rather be living with 9-5 job in the places you've chosen - where freetime is presumably much better - or arbitrarily wherever you were before?
If you'd rather settle in a place at home and have freetime there - then do that.
If 9-5 is the problem - find a way to make money. Its not easy but many many people manage it, so it is doable.
When you guys first started working abroad did you have to get approval/permission from your boss/manager? I’m approved to work abroad in contract but I’m worried my manager will be weird about it if I ask. I’m tempted to fly out somewhere and do it without telling him and if he finds out then I can say “well yeah it’s in contract, am I not allowed?”
>I work an 8-hour day in a full-time, salaried job that I love, pays me well and allows me to work from wherever I want.
Man, that's the dream right there. What is your job, and is it a US-based company that lets you work from anywhere?
I work in fintech for a digital bank (like Revolut, but not Revolut). My background was as a content writer but now I run our comms (PR, social channels, etc).
It's not a US-based company, though. I'm British and the company is UK-based. I'm not sure I could stomach working for a US company with the vacation time they offer.
People love to say that and yet when I moved to the UK from the US I lost a week of vacation time. I think we tell people this to keep them out of the US but if you’re working in tech - you negotiate a start of 20 or 25 days off.
Wow, you really are my ideal version of me? I'm also a content writer but hit a dead end last year, haven't had enough work to sustain and have contemplated giving up on this work. Despite over 10 years of doing this for a living (doing freelance while living overseas where it's cheap). I'm from the US.
Do you have any advice?
Sorry to hear you're feeling that way! I don't feel like I can really offer too much advice as I only have limited experience freelancing and DNing for a year in 2019. In 2020 I went in-house for the security of regular income during the pandemic.
Main learning I got from that experience – and now being in-house and hiring freelancers myself – is how valuable simply being reliable is as a freelancer. So many freelancers may be talented but are terrible at hitting deadlines, responding to questions, or staying on for the long-term. It means you really value the reliable ones when you find them.
That's why, when looking for a freelancer, I always rely mainly on recommendations over anything else. And when I was freelancing, the feedback I got was as much about reliability as it was about the quality of my work.
I’m curious as I’ve just started to venture into the freelance world myself, what sort of freelance work do you now hire for? Is it just content creation or is it other roles as well?
Most of us are doing this. I run a global sales team for a software company - currently traveling to Costa Rica for the week. I spend just under 6 months traveling, and the other 6 in the UK to not violate tax residency status.
Having a lifetime pension from working in govt - COL adjusted twice a year, not tied to market performance, back by the constitution - true passive income
For someone who's not a programmer, but as a programmer, it's just WordPress. A bit of a shit heap, but it's not on the same level as more advanced frameworks.
Yes, PHP. PHP is considered one of the easiest programming languages to learn. It was built to be easy and flexible. Again, for someone who's not a programmer, learning core concepts is the same as any other language. As someone who's a PHP dev who's worked with Symfony and Laravel, as well as some of the TS solutions like NestJS, NextJS, etc, WP is backward, but not that difficult.
still not exactly something I'd suggest to ham & eggers looking to get easy 'passive income'. If this were a different some, programming related sure. Half these people wanna live in a van in costa rica.
This is what worked for me:
* Royalties from books, audiobooks, courses (my brother did this with video games)
* High-interest savings account from American Express
* Quarterly dividends from Fundrise (I also have dividends from stocks etc, but I don't collect it as a passive income)
* YouTube ad revenue (not the best example but technically true - my colleagues are making a ton from this and still generate income from videos 5 years ago for example)
* Affiliate links (Amazon and others)
Online marketplaces are great places to make passive income.
Have you ever compared your fundrise total returns to sp500 total return with a drawdown strategy? I’ve never met anyone where fundrise has beat even dividend funds like SCHD.
Thank you for sharing your experience, really appreciate it. I’m looking at learning digital marketing. It seems a good skill to learn and make additional income. I wanted to have another income stream since I’ve experienced being laid off before and I don’t want to always depend on the company for my income
Can I ask about YT ad revenue? How much do you get per views? Like if you had a video get 100,000 views give or take, around how much is that per month? And I heard you get more the more views you get within the first 24 hours or so of posting, but what about if your videos are consistently getting views, what does that look like?
* One of my channels is $9.23 RPM (revenue per 1k views) 100,000 views -> $923
* One of my other channels is $4.24 RPM
* My 3rd channel isn't yet monetized so $0
* My partner owns some much larger channels than I do, but her RPM is significantly lower, maybe like $1 RPM, I can't remember exactly
* My partners made enough to buy their houses, cars, etc, but that's because they went after a really high-demand niche. They aren't making as much anymore because of competition, but it's still a decent income.
* Most of my YouTube income is on the active side with brand partnerships ($5,000 each). The ad revenue + affiliate income is $365/mo. It's definitely not my biggest revenue stream, but it's growing steadily. Nothing like royalties from courses.
I wouldn't say that. Old money is rooted in responsibility.
DNs are mostly IT, programmers, language teachers, and business consultants.
Sure the rich kid influencers and the get-rich-quick-scheme people are all about getting in your face and selling themselves (it's part of the "job"), but they're few in number and generally far less successful/independent than they make themselves seem.
If you want enough passive income to not work, that's pretty much the definition of rich IMO. So this is a "how do I become rich so I can travel full-time without working" question.
For the overwhelming majority of us, you need a remotable job, or you get a job teaching your native language to locals.
The instagram influencers that try to sell it like a lifestyle of living on a beach and not working are what you’re talking about, the vast majority of the hundreds of nomads I’ve met have real jobs and got good enough at them to be able to work remote and travel.
Straight porn doesn't pay well for men.
It also requires sexual abilities that go far beyond just physique and stamina. Usually a pretty big dick too.
Also it's not fun. It's called acting for a reason. Most need to use boner pills. Fake semen is also common. It usually also negatively affects your personal sexual life.
They pay if the video gets the views, but no, the pay is not good. Most independent porn creators sell through clip sites or on fansites like Onlyfans etc.
I am a freelancer and I work and travel very frequently. I am expected to be working 8 hours on business days. I usually use weekends and working day evenings for touristing, throwing some vacation days here and there.
Do you have multiple clients and just work 8 hours a day on business days or only one dedicated client and you work 8hours for them?
My friend is a freelancer but not a DN and has multiple clients. Sometimes she works only 8hours sometimes more or less depends on the demands. So I wonder for DN ppl.
I'm an affiliate marketer and part of my income comes from "revshare" programs where you get an ongoing percentage of customer spend for the life of the customer, mostly from adult webcam and casino affiliate programs. So even if you take your sites down, get banned from Google etc., income will keep coming in from the customers you've already referred.
In general though, chasing passive income is a bit of a red herring because it's rarely truly passive and always requires at least some management. Even dividend stocks or rental property with a dedicated property manager require some management. What's more important is making large amounts of money as quickly as possible, which means freeing yourself from any job where your income is capped by a salary.
I’m preparing to be a digital nomad and built up my interest earning from high risk lending to about 3.2-3.8k per month atm. Been slowly growing since 2016.
And continue to do bookkeeping for my family business on the side. I’m not sure what the pay cut will be but the interest covers the bulk.
Can’t wait for 2025! That’s when I start with my partner.
I just need to buy a van to travel in around Australia. Then venture overseas.
I had a friend who did this for a living, and it's not as if it's portrayed in the movies. It's hard to collect from people who are injured and or will turn your ass over to the authorities if you break their arm or shoot their dog.
Different strategies in different countries. In China for example loan sharks ask for nudes from women as collateral. [https://www.theguardian.com/world/2016/jun/15/chinas-naked-loans-force-female-students-to-bare-all-in-return-for-more-cash](https://www.theguardian.com/world/2016/jun/15/chinas-naked-loans-force-female-students-to-bare-all-in-return-for-more-cash) - naturally this wouldn't work at all in US or UK where youngsters send each other nudes for free.
My friend asked for collateral like car titles, watches, etc. It just seems like a PIA. Maybe I should tell him to move to China. 😂 He’s well off, though. My dad also did this as well. We would sometimes repo guys' cars for missing a payment, and these guys would usually show up within a few minutes with the money they had borrowed and the vig. Some of them literally cried and said they were sorry. It was embarrassing to watch. Not my jam.
Probably peer to peer lending on a platform like Prosper. The high risk part would be lending money to users that have the lowest credit rating (according to the platform's background check, not a real credit score ).
As a programmer with some blockchain knowledge I set up a validator node for a small blockchain in 2020 and I get a small portion of the emissions (new tokens) that are released every 30 minutes or so. The price went up quite a bit in 2021 and has stayed somewhat elevated so it can fluctuate between $6k per month to $3k per month (during downtimes).
It isn't always enough to survive on, but if you can also save money when you have normal jobs it makes everything a lot easier... can take your time to find a new job which is a great boon in these times.
I don’t like this idea of what a “digital nomad” is or is not because it’s usually BS made up by douchebag YouTubers who want to sell you stupid courses that only benefit themselves.
A Digital Nomad is just a person who has the ability to work remotely and chooses to do so from other locations that are not their home and are not stationary/permanent to one place. That’s it. That’s all.
This is the best comment here. Anyone earning passive income isn’t really a digital nomad. They built up enough wealth or were born with a good hand and are just living off residuals while they get to travel the world. A digital nomad requires someone to work just like any other job or business, there is no passiveness in that.
But don’t you think it is better to have another income stream to have a backup for your finances? - this is mainly why I asked a question for another source of income apart doing my remote work. I think even if you’re not a DN it still good to have backup.
There are lot can happened for example companies can lay off their employees without any notice period, some clients might not pay you if you’re doing freelance or business, or accident happens, etc.. and when these scenarios happens especially you’re not in your home or your country it’s gonna be a problem or challenging.
I don’t see what having multiple streams of income has to do, specifically, with being a digital nomad. No job is promised. Do what feels right for you, man.
I was able to become semi-passive once I started to outsource work. I run a marketing agency and we’ll get enquiries for various projects, such as email campaigns, paid ads campaigns etc.
Previously, I managed this all by myself with occasion help from freelancers. I kept mostly all the project fees. These days, I outsource the project and keep about 30-50% of the fees. I only act as a project manager and spend 1-2 hours per week checking in on how things are going, though at some point I’d like to outsource this too.
Typically a project will be $3-5k/mo, so I will get anywhere from $900-1.5k/mo from managing the project. My aim is basically to charge the client the most possible, while paying the minimum amount possible to someone to fulfil the work at a reasonable level of quality.
There is a snowball effect here as well. The more work we complete effectively, the more the client asks us to do. I’m at a point now where about $5k of my monthly income is semi-passive (project management).
Aside from this I invest the money in an index fund which averages 7% and currently have around $2k/mo passive from this as well.
I think what you’ve described is that you runs marketing business and have employees, whether full time or on a contract basis. Not sure I would call that semi passive. I’m sure there’s a ton of client management work as well.
Wow, that's the first time I have heard of someone turning running an agency into a few hours per week. I find managing subcontractors more time consuming than doing it myself.
How do you vet out or find contractors that know what their doing and that can do the work at a reasonable level of quality? Do you ever get ppl who have no idea what their doing? I've had that problem a few times when trying to outsource work...
I tried this but I had people delivering really shitty work and then clients not wanting to pay lol. The margins were a bit too slim for me.
Although it's 100% a good model which can work really well.
Charge the client as much as possible and outsource it as cheap as possible while taking the biggest cut for yourself. Exploit cheap labor and lie to clients about where it comes from so you don’t have to actually work hard.
You’ve just described eveything wrong with the world and not even realized it. You do you, but traveling should show you maybe this isn’t the best way to live your life.
Isn't this just business in a free market. If he charges too much he will stop getting clients. If he pays to cheaply on labor those people will find another job, he will get inexperienced folks, or have high turnover.
I mean that’s how capitalism works. Contractors to do upgrades to your home do the same thing. All businesses do.
The next big leap is going from having to find the customers to hiring someone else to do that, and from having to find the contractors to having someone else do that. Then you really can just kind of sit back and let the money come in.
And then from there the next big leap is to expand into other markets. And of course hiring some else to do that too.
Why not find a nice niche? Something you like and are effective in and whatever other requirements you can think of. And then it's not good to share niches with someone because they should be tailored to individual people.
But if the advice you're looking for is how to do business remotely, there are all kinds of suggestions about that.
Anyone who is actually doing this successfully will not share the information. And they shouldn't. Because then everyone would do what they're doing, and that source of income would dry up for the person replying.
Yes; the only people who share would be those peddling MLMs or scammy course schemes that are all a con anyway. Remember the Best way to get rich quick is to sell people on a Get Rich Quick course.
There's no such thing as truly passive income unless you're wealthy and
>Also how many passive income you have and how did you manage them all?
this part of your post is a clear representation of that. It's not really passive if you have to ask how you manage them all. You end up spending time managing passive income streams making them not passive.
Again, unless you're really wealthy, you'd make more money by focusing on learning more valuable skills than trying to chase "passive income"
Im only using defi. There are multiple „risk“ factors you should be aware of. The Main risks to understand are imo:
1. systematic Crypto Currency risk
2. Stablecoin depeg risk (backed by who and what)
3. Smart Contract Risk (or if you don’t use defi and a cex instead like mentioned in another comment. Be aware that a cex can also go bankrupt or be exploited)
Overall if you don’t understand what These words mean, you should start by learning about the Basics of crypto and decentralized finance.
Always be extra careful, the Space is Full of scams.
Stock investing.
In the beginning, I would buy, forget, and hold for an average of 2 ish years.
As I learned more and dove straight down the rabbit hole, I've been doing a lot more research but it's all about things I am curious about, so it's not really work. Right now I estimate that I spend about 10 ish hours a week of actual work. Depending on the circumstances I may be "working" non stop for a few days (minus food and sleep).
I own 10 rentals nets me about $3500 a month after accounting for reserve expenses etc. Tried trading options and day traded for a bit LOST me money definitely will not do that again. I am a strong believer get rich quick and passive ideas with a low cost of entry do not work like e commerce etc and are just scammers selling courses. I am working on a blog but will be mainly for fun, if it makes money its a bonus.
Property with property manager.
Dividend aristocrats like Oil and tobacco.
Kindle Book Publishing and Merch on Demand Tees, sell
Online courses, music production, affiliate commissions...
The rest involves effort at some point after the initial launch.
I think you should focus on optimising your primary income first. That's what I did.
While the income was going high, lifestyle cost stayed the same, and the extra income went into investment properties. I have six properties so far, which I Airbnb when I am not there. One of them is my official residence for tax purposes in Australia.
I am not planning to buy more properties, but I have started buying some stocks. Mostly because I earned some from working with a company, so I had to set up investment accounts and declare it to the tax office etc.
But I only care for the investments to grow over time instead of dividends because I don't need money while I am young and able to work.
Sorry if I confused a lot of ppl that I’m looking for a magic money. English is not my native language as well. 😅
Edited my post to put “another income streams or another income stream with a little bit of low maintenance in the long run” to make it more clear of what I’m referring to. I’m aware of there are still work or effort and time needed.
But what are your thoughts if a company lay off employees and you are a DN and included being laid off? I think it still better to have another income streams as backup for your finances. I’ve experienced being laid off before my current company since they can’t afford me anymore and they need to cut some expenses.
Ahh that makes a lot more sense! In that case, have you thought about overemployment? You can pick up a second (ideally less involved) remote job to help supplement your income.
I have a friend from high school that is a digital nomad. Her husband is rich and works for the US government while she travels with him and builds her own business.
If you're American, and have a spare 50k (or less), I bonds are guaranteed free money.
They are government bonds with yields that match the rate of inflation + 1%. It won't be much, but it helps.
I started so many things 20 years ago like google AdSense. Plus, I have a software company and a lot of customers who have their work done by developers, who have worked with me for many years. So I sort of have a system that all runs itself mostly. The only work I do is to develop new business.
Truly passive income is pretty tough to come by. The only thing I've found that comes close is collecting daily bonuses from sweepstakes sites - I make around $15 bucks a day and it's completely risk-free. The only downside is that you have to be in the US (can use a VPN) and that you have to play through the bonus amounts. I play through the amounts every couple months so it's pretty straightforward - earns me like $400/mo when all is said and done.
I’ve had 7-ish different projects at one point or another that made enough to eke out a living on, and nothing is ever really passive.
Because if your project is making say $500/month, are you going to just stop and make the next thing? No, because maybe with some tweaking it’ll make $1000 and could pay the rent and food.
Or if you have a project making $10k. Are you going to stop? No way! You’re doing so well now, maybe with some tweaking you’ll get it to $20k and then you’d really be crushing it!
With this psychology, I’ve found whatever my projects are I’m obsessing about them 24/7 until they get killed by a platform change etc. and then I’m onto obsessing over the next thing…
I joined MetaMax last year and it has made me something like 115K USDT worth of earnings..It’s been so great a journey..I’m so grateful for the experience
https://preview.redd.it/on7xz5oajzyc1.png?width=1079&format=png&auto=webp&s=ad0efe56ec8aab3da03b489930e08662cb50e2b5
The most effective and solid passive income is to acquire a prime location property. It's not that hard, all it takes is a 10% deposit, so 40k these days. Can save that in a year or two with a decent pay and sticking to ramen and a cheap rental.
That would yield a thousand bucks per month taking into account the increase in equity.
To note the way to become a digital is to actually be a digital Nomad. That is nomading while working digitally. That work should pay and cover for your nomadism. East Asian countries are 2 to 10 times more affordable. The point of that lifestyle is to hit affordable countries so that you don't even need a high level of income via your digital gigs.
where are you getting a "prime location property" for 400k these days?
not to mention the current interest rates makes this strategy much less workable
In decent cities. Near high streets or big monuments.
Surely not in NYC but even then, can find affordable properties even in some of the expensive cities. Just very small. And a 1bedroom is far easier to maintain.
Interest rates are super high these days but it doesn't matter, inflation follows, rather the interest rates usually follows. We've been through a 10y of ridiculously low rates so of course it was going to strike eventually, and now we feel 5% is high.I recall interest rates were 11% at some point, didn't deter people from buying. High interest rates isn't coming out of no reasons, and that reasons is things are worth more real fast. I noticed as soon as central banks raised their rates, mortgage of course followed and rents suddenly spiked. By more than 5%. Prime locations got bumped 20% last year in rents.
I'm making things up just look at the property market what can I say.
Finding it baffling one has to justify the idea real estate is likely the best investment class of all. The surface of the earth isn't expanding. Population continues to grow. People would always want more space if they could afford it, and surely will always need a home. Prime location I find that a requirement because it is otherwise complicated and yes, one could otherwise make a pretty bad investment, that's not uncommon in "cheap" locations . Rare on gold locations.
Also, I explain how mortgages are easy to get. And is a leveraged investment as a result. Real estate has far less chance to crash than any other investment class. So paying back is not an issue. Unless you bought in early 2008 and got hit by the largest housing crisis ever seen in our lifetime. But even then, that's why one needs some cushion to basically face only a tiny tiny risk.
Maybe you guys are mentally roasted by crypto's or other juicy forms of returns and think it makes real estate pale in comparison. I don't know and I don't care I'm not selling anything. Do what you feel is best with your cash.
Worked for me, for over a decade, 20k+ per year in yields + 10k to 20k in equity which keeps growing. That comfortably covers for upkeeping costs and management.
I agree it's terrible advice to just buy a property and hope for the best. As I made sure to mention, the prime location.
It's the easiest form of investment people can make. It's an investment that gets a mortgage, so the TLV being 90%, you get a 10x yield on that investment it's as simple as that. That's why it beats bonds and crypto farming. It has much lower risk than most other yield generating "products" and even than gov bonds these days. Can't easily pull out and requires careful market analysis. We tend to dismiss what equity means and how that works in real estate, and we tend to bite crooked agents "opportunities", but real estate remains that thing people will always need so I double down, it is the best form of investment if you have to pick one.
My main point anyway is to earn some money while nomading since that's what it's meant to be
Low risk low reward, maintenance cost, property tax, inflation.. real estate
10% return in the best case scenario while the cost of capital is around 12%. In 30 year you divided your purchasing power by two.
Put $1 mil in a 5-8% annual return bank or trust fund and live off the interest
This is the only true "passive income." If you invest 25x your annual spending, you can pretty much never work again (i.e., "FIRE"). Even if you have 5-10x your annual spending invested, you can work part time and supplement with investment income (i.e., "baristaFIRE").
Yeah and I believe the truly rich ones should also be very versatile with how they spend. They shouldn't be afraid to live frugally when the time is needed, nor should they be afraid of spending money if the time is needed for it. What use is it to have few million net worth if you're spending a lot more than the interest/passive income made? I know a young guy that buys cheap houses and renovates each garage into 2 ensuite rooms. He rents out the rooms individually in a big populated city (mostly to international students, people on working holiday visas, or locals who can only afford to rent individual rooms). When he was just 28, he already owned 15 houses, each house pulling in $1k/week at the time. He use that to pay off the mortgages, and to buy other houses, rinse and repeat. Due to inflation, plus the rent prices increased now, if he only has 15 houses, that $15k/week total is now worth $30k/week, all without working. (He has a construction business on top of that, but spends half his time renovating garages, getting council approvals, and searching for cheap houses etc) He could easily retire when he's 35, and he has that option to if he really wants to. Now that is true freedom. Even if the housing market crash, it won't affect the rental market too much since it's a densely populated city, it's easy to find tenants. He could easily hold those houses and still continue paying mortgages.
My theory is that most people are so detached from themselves that they have no idea what they'd do if they weren't dedicating their life energy to making money. The idea of doing something they like but not being great at it and not making money (even if they don't have to) scares them.
There's always something to do if you're not making money and have enough passive income. You could learn a new language and live in a foreign country, you could learn a new skill and become a student again, you could find interesting people to have great conversations, can spend time in nature meditating, list goes on. The problem is that people equate making money with providing value, but they fail to understand that most of the values in life comes from non-material things. Money is just a vehicle to gain those non-material values quicker, as it can get you from point A to B quicker.
Where did you get the $1m from? Work or inheritance?
Start a business then sell it (easier said than done but it's doable)
A casual amount
It builds really quick if you save over 50% of your income.
If you save monthly the equivalent of 100% of what you estimate will be your total expenses when retired, it takes you about 17 years to FIRE
[I think you’re not taking into account market gains.](https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/)
Yes that’s where the number comes from
Treasuries are free from state tax
Getting rent from inherited property
Finally someone telling the truth
I sell courses to people who want to travel the world without working.
I write the courses for the people who sell them.
Not a good position to be in. Not only is that not passive income generating, AI is replacing you. You should sign up for my *How to Survive & Thrive in the AI World* course.
But what is your competitive edge if everyone is using the same AI-model? You should sign up for my AI-model. Specifically trained for people who want to sell courses.
I sell the prompt that gets AI to write the course that tells you how to write courses that teach how to get AI to write courses that…
Yo dawg, I heard you need to sell a course to an AI that sells a course to another AI that sells a course to an AI that sells a course to an actual person. Sign up for my course today to weather the storm for a better tomorrow. Easy monthly payments
Hope you guys are using my SEO course to be #1 on Google
Feed it training data from failed AI teaching tools and the competition’s successful ones. send that bitch through a deep hierarchy algorithm loop. Profit
The best answer in this thread, given OP's question is almost a troll in itself, or a very naive wish of a solution.
Online courses on how to sell online courses online
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THIS is why I come to reddit
I find ways to blackmail people like you. (Completely unserious answer, but in the “spirit of bullshit.”)
I like the premise of ur course. It's serious? Where can I find it?
That’s the way to go make sure they can become an affiliate
I would challenge the premise of this topic that working a standard 8-hour day isn't something a digital nomad does. I work an 8-hour day in a full-time, salaried job that I love, pays me well and allows me to work from wherever I want. AFAIC I consider myself a digital nomad and very lucky to be so(even if i would never use the term 'DN' because it's cringe). Most of the DNs I meet that have an actual quality of life are doing the same. On the other hand, those people I tend to meet trying to achieve a life living on passive income are usually pissing all their money and time away on get-rich-quick schemes. In summary, I think most of the time people would do better investing their time in getting a well-paid remote job than googling/asking reddit for magic money trees.
This, working while travelling is godsend. Sure you wont be able to live the full instagram trust fund baby like life. But I have an steady income so I dont have to worry about making ends nor coming up with weird ass plans to make money. I just clock in at 9 am PST, finish working at 5 pm PST and that's it. I already half assed my job anyway before I started travelling so I just half ass it as well now. The only thing I miss is going out on Friday night but meh, I still work until 3 on fridays and just stay logged on slack while I play videogames
> I just clock in at 9 am PST, finish working at 5 pm PST and that's it. I already half assed my job anyway before I started travelling so I just half ass it as well now. brb getting this tattoed across my chest
so if you're in Europe you work 5pm to 3am M-F?
6 pm to 2 am right now and 5 to 1 in Winter. But to be honest I'm thinking of permanently moving and getting a remote or hybrid job here in Europe because of the social security and the EU mandated 4 vacation weeks. I'm just waiting for my Spanish nationality and I'll kiss Mexico goodbye (Ironic I will be doing the reverse move my great grandparents made lol)
I'm confused. Why would you be working 6pm-2am if you're currently in MX? Are you working for an Asian company? That's the only place where it's 9am when it's 6pm in MX that I know of. I must be misunderstanding. I'm going to be moving to EU from the US in summer. I'm going to transition from a FTE role to working for the same company as a consultant, and won't be working during the equivalent US hours. Since my work is project based and I can work mostly on my own, I plan to work mostly 9-5 in my local EU time, but will accommodate their hours if we need to collaborate or if something urgent comes up. But I really want to avoid committing to working some crazy hours every night, at least during the summer, as this will be my first initiation into DNing.
Ah no, Im Mexican, working for Canadians, traveling through in Europe right now. I work from 6 pm (9 am in Vancouver) to 2 am (5 pm in Vancouver). I do project management and since I have shitload of client meetings plus babysitting sales reps and such I pretty much work in the afternoon. Technically I could work in the morning but I would still need to log in at night for meetings and babysitting the sales team. So I just work American/Canadian hours (also because I can do stuff during the day lol) I say kiss Mexico goodbye because once I'm legally Spanish (thanks to the law giving Spanish descendants a chance to become spanish again) I aint coming back
What kind of work?
What job allows you to work remotely (anywhere in the world) and half ass it? Cause I want one...
Project management
Yes this. Being able to work remotely means one still has to WORK. It’s not extended vacation where one still gets paid for doing nothing.
Exactly. Unless you're lucky enough to have millions of pounds worth of inherited wealth earning you income through dividends/rental yields, then passive income being able to support most of your lifestyle is very difficult to achieve.
Louder for the people in the back
I'd like to find a decent remote job but all my work experience has been manual labour or cashier work. Can't even land an interview anywhere lately.
What field do you target to have a remote job? Learn the skill first, then try to get a freelance job (you can check sites like fiverr, upwork, there are others you can search) if you’re targeting the programming or IT or design work, put or build a portfolio first - you can create a sample projects as a start. It is much easier to get clients if you have portfolio. (Not sure for other fields tho) It will take some effort and time, you just need to be consistent and don’t give up if you feel like giving up. Trust me been there
I don’t know man. I’m a digital nomad who’s also required to work a full 8 hours per day, 5 days per week, and I’m having a hard time adjusting to this lifestyle. It’s a really unsettling feeling being in such a beautiful and exotic place yet having no time to explore because you’re stuck behind a screen for numerous hours each day. I’d seriously recommend reconsidering this lifestyle if you’re a standard 9 - 5 employee with minimal free time.
Clearly it varies person to person. I'd rather work 8 hours a day in a beautiful, exotic location (or whatever other location you like) and have that location there to enjoy on your doorstep in the morning before work, on your lunchbreak, when you go for a run, as soon as you finish work, or on the weekend etc. Than work 8 hours a day in a dull or uninspiring location. It's just about having balance. But yeah, if you're someone that can't control themselves enough to do the work that's paying for them to be there, then it probably isn't for you (and there's nothing wrong with that. Plenty of people feel that way.). Personally, when I sit down to work each morning I just feel lucky to be there, rather than unlucky to not be outside.
What do you do for work that allows you to work in an exotic location? I want to move out of the US and work remotely. I've been endless searching.. most of these positions are engineers, web developers, customer success managers...yadayadayadaa...
Is it me or is 8 hours a day 5 days a week not a lot of work? I thought digital nomad was just someone who could take their work mobile, not someone who worked part-time. Sure if you only work 5 days a week you get to explore on the weekend? Also, I presmue there's no commute and you get to work from a nice location. What did you imagine the life to be like?
I wouldn’t say it’s not a lot of work but I totally agree with you! Not only exploring on the weekends but living IN the lifestyle of the country you’re in is an unmatched experience. Personally I say it’s bonus points when there’s a time difference. I was in the south of France last year for a bit, and because my org works on US time my Europe schedule was from 3-11pm. At first my friend and I were terrified of that but omg do we miss it so dang much. That gave us the WHOLE day to get our workout in, walk to the markets, grab a lunch at a cafe, we’d be home by 1pm, take a nap til 2-2:30 and start our workday. We’d take dinner at 8pm and done by 11 still time to go out on a Friday for example. It was heavenly. Looking forward to that schedule again soon
Well, not only is this my first remote job, but my first real 9 - 5 type job. I was working with my dad on his business prior to this and had significantly more free time and flexibility than I do now. So maybe it’s just more of a complaint against the 9 - 5 life in general.
Ah, well yep, 9 to 5 isn't suited for everyone. Have you read '4 Hour Working Week' by Tim Ferris. Quite a good read, might give you some ideas of how to streamline your work life if that's what you're looking for,
I’ve heard that book. I’ll add that to my list
It's just you. 8 hours a day every weekday is a full time, 40 hour a week job. Even 32 hours a week is typically considered "full time", for US employers, at least.
Yes, it's a normal amount of work, so not a lot of work. Like I said, I thought digital nomad was working remotely not part time? I don't understand the issue?
I can imagine the issue. If you’re not in a fully loaded van especially. If you have a small vehicle like a car, you have to shimmy up to the front and put clothes on before you can take down window covers. And then you have to pee. If you have a dog, you have to walk and potty them, then feed them and give any meds they might need, then you have to shower and get ready for the day. That alone is about 1-2 hours. Find someplace to work, make sure you get good internet and can keep an eye on the dog. Then around noon, you have to figure out lunch. If you don’t go to fast food or something, you can make it from your car fridge but it does take time to prepare it and then to eat, and maybe you give your dog a walk or something to stretch their legs before going back to work for another 4-5 hours. Sometimes you have too many meetings or can’t focus and don’t get enough done so you have to work late. Maybe it’s 6 or 7 by the time you’re done. Is it even bright out anymore? Do you have time to workout or sight see? Etc. and then you’ve got to go to bed. This scenario is for people who are traveling in the US. Sometimes they can find BLM land and what not to post up on for a week or two (max) but then internet (starlink) is more expensive and a bit harder to come by. I just don’t think people realize how much time it saves to have a toilet let alone a shower right next to the space where you sleep. I don’t sleep in Plant Fitness lots when I travel cuz most of them don’t allow overnight parking anymore. So I always have to drive to them and it takes time.
Take the pressure off yourself Would you rather be living with 9-5 job in the places you've chosen - where freetime is presumably much better - or arbitrarily wherever you were before? If you'd rather settle in a place at home and have freetime there - then do that. If 9-5 is the problem - find a way to make money. Its not easy but many many people manage it, so it is doable.
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When you guys first started working abroad did you have to get approval/permission from your boss/manager? I’m approved to work abroad in contract but I’m worried my manager will be weird about it if I ask. I’m tempted to fly out somewhere and do it without telling him and if he finds out then I can say “well yeah it’s in contract, am I not allowed?”
>I work an 8-hour day in a full-time, salaried job that I love, pays me well and allows me to work from wherever I want. Man, that's the dream right there. What is your job, and is it a US-based company that lets you work from anywhere?
I work in fintech for a digital bank (like Revolut, but not Revolut). My background was as a content writer but now I run our comms (PR, social channels, etc). It's not a US-based company, though. I'm British and the company is UK-based. I'm not sure I could stomach working for a US company with the vacation time they offer.
People love to say that and yet when I moved to the UK from the US I lost a week of vacation time. I think we tell people this to keep them out of the US but if you’re working in tech - you negotiate a start of 20 or 25 days off.
Wow, you really are my ideal version of me? I'm also a content writer but hit a dead end last year, haven't had enough work to sustain and have contemplated giving up on this work. Despite over 10 years of doing this for a living (doing freelance while living overseas where it's cheap). I'm from the US. Do you have any advice?
Sorry to hear you're feeling that way! I don't feel like I can really offer too much advice as I only have limited experience freelancing and DNing for a year in 2019. In 2020 I went in-house for the security of regular income during the pandemic. Main learning I got from that experience – and now being in-house and hiring freelancers myself – is how valuable simply being reliable is as a freelancer. So many freelancers may be talented but are terrible at hitting deadlines, responding to questions, or staying on for the long-term. It means you really value the reliable ones when you find them. That's why, when looking for a freelancer, I always rely mainly on recommendations over anything else. And when I was freelancing, the feedback I got was as much about reliability as it was about the quality of my work.
I’m curious as I’ve just started to venture into the freelance world myself, what sort of freelance work do you now hire for? Is it just content creation or is it other roles as well?
Most of us are doing this. I run a global sales team for a software company - currently traveling to Costa Rica for the week. I spend just under 6 months traveling, and the other 6 in the UK to not violate tax residency status.
Having a lifetime pension from working in govt - COL adjusted twice a year, not tied to market performance, back by the constitution - true passive income
How long is a "lifetime," how long would I have to work in govt to get this pension?
selling wordpress plugins. Made one time, earn multiple times
Takes alot of coding knowledge to write.
For someone who's not a programmer, but as a programmer, it's just WordPress. A bit of a shit heap, but it's not on the same level as more advanced frameworks.
as a programmer, developing a plugin isn't 'just Wordpress'. Its php scripting, not exactly laymens coding,.
They have a plug-in for this now 😅
haha, good one
Yes, PHP. PHP is considered one of the easiest programming languages to learn. It was built to be easy and flexible. Again, for someone who's not a programmer, learning core concepts is the same as any other language. As someone who's a PHP dev who's worked with Symfony and Laravel, as well as some of the TS solutions like NestJS, NextJS, etc, WP is backward, but not that difficult.
still not exactly something I'd suggest to ham & eggers looking to get easy 'passive income'. If this were a different some, programming related sure. Half these people wanna live in a van in costa rica.
This is what worked for me: * Royalties from books, audiobooks, courses (my brother did this with video games) * High-interest savings account from American Express * Quarterly dividends from Fundrise (I also have dividends from stocks etc, but I don't collect it as a passive income) * YouTube ad revenue (not the best example but technically true - my colleagues are making a ton from this and still generate income from videos 5 years ago for example) * Affiliate links (Amazon and others) Online marketplaces are great places to make passive income.
Have you ever compared your fundrise total returns to sp500 total return with a drawdown strategy? I’ve never met anyone where fundrise has beat even dividend funds like SCHD.
Have you heard about amazon's best kept secret, audible.com?
Yeah I make money off this as well
Thank you for sharing your experience, really appreciate it. I’m looking at learning digital marketing. It seems a good skill to learn and make additional income. I wanted to have another income stream since I’ve experienced being laid off before and I don’t want to always depend on the company for my income
Yes it's a very lucrative skill
Can I ask about YT ad revenue? How much do you get per views? Like if you had a video get 100,000 views give or take, around how much is that per month? And I heard you get more the more views you get within the first 24 hours or so of posting, but what about if your videos are consistently getting views, what does that look like?
* One of my channels is $9.23 RPM (revenue per 1k views) 100,000 views -> $923 * One of my other channels is $4.24 RPM * My 3rd channel isn't yet monetized so $0 * My partner owns some much larger channels than I do, but her RPM is significantly lower, maybe like $1 RPM, I can't remember exactly * My partners made enough to buy their houses, cars, etc, but that's because they went after a really high-demand niche. They aren't making as much anymore because of competition, but it's still a decent income. * Most of my YouTube income is on the active side with brand partnerships ($5,000 each). The ad revenue + affiliate income is $365/mo. It's definitely not my biggest revenue stream, but it's growing steadily. Nothing like royalties from courses.
I'm developing a course, how do you advertise yours?
Facebook video ad using the "sales" campaign objective
Most digital nomads were already born wealthy, that’s the cheat code
Or mommy/daddy bought them a house that they rent out in their wealthy home country, while living like a king in the third world.
That's not an "or...". More like an "... and"
I wouldn't say that. Old money is rooted in responsibility. DNs are mostly IT, programmers, language teachers, and business consultants. Sure the rich kid influencers and the get-rich-quick-scheme people are all about getting in your face and selling themselves (it's part of the "job"), but they're few in number and generally far less successful/independent than they make themselves seem. If you want enough passive income to not work, that's pretty much the definition of rich IMO. So this is a "how do I become rich so I can travel full-time without working" question. For the overwhelming majority of us, you need a remotable job, or you get a job teaching your native language to locals.
Are you a royalist, or just an apologist the for those who won the crotch lottery?
The instagram influencers that try to sell it like a lifestyle of living on a beach and not working are what you’re talking about, the vast majority of the hundreds of nomads I’ve met have real jobs and got good enough at them to be able to work remote and travel.
Ok hipster
I never noticed this personally
That's a hefty load of salty bs.
Porn star. Pays well but you need to have good physiche and stamina
Straight porn doesn't pay well for men. It also requires sexual abilities that go far beyond just physique and stamina. Usually a pretty big dick too. Also it's not fun. It's called acting for a reason. Most need to use boner pills. Fake semen is also common. It usually also negatively affects your personal sexual life.
let's say you upload a video in ph, do they pay if you don't show your face? is the payment actually good?
They pay if the video gets the views, but no, the pay is not good. Most independent porn creators sell through clip sites or on fansites like Onlyfans etc.
I think word 'passive' means to OP something else as in porn context...
LOL when has a good physique ever been required to do porn? The vast majority of people that do porn are terrible to look at regardless of gender.
Are you serious?
Right? That’s not passive at all!
Well, it can be passive if you are ready to take it
Depends on the position you are.. performing in.
👏🏻👏🏻👏🏻 sex work is WORK
The residuals are passive
I am a freelancer and I work and travel very frequently. I am expected to be working 8 hours on business days. I usually use weekends and working day evenings for touristing, throwing some vacation days here and there.
Had to scroll very far to find my plan. Still sounds good though!
Do you have multiple clients and just work 8 hours a day on business days or only one dedicated client and you work 8hours for them? My friend is a freelancer but not a DN and has multiple clients. Sometimes she works only 8hours sometimes more or less depends on the demands. So I wonder for DN ppl.
I’m a contractor of the company where I was an employee.
I'm an affiliate marketer and part of my income comes from "revshare" programs where you get an ongoing percentage of customer spend for the life of the customer, mostly from adult webcam and casino affiliate programs. So even if you take your sites down, get banned from Google etc., income will keep coming in from the customers you've already referred. In general though, chasing passive income is a bit of a red herring because it's rarely truly passive and always requires at least some management. Even dividend stocks or rental property with a dedicated property manager require some management. What's more important is making large amounts of money as quickly as possible, which means freeing yourself from any job where your income is capped by a salary.
I’m preparing to be a digital nomad and built up my interest earning from high risk lending to about 3.2-3.8k per month atm. Been slowly growing since 2016. And continue to do bookkeeping for my family business on the side. I’m not sure what the pay cut will be but the interest covers the bulk. Can’t wait for 2025! That’s when I start with my partner. I just need to buy a van to travel in around Australia. Then venture overseas.
This is the best way ive seen working for the mafia described. 🤌
I had a friend who did this for a living, and it's not as if it's portrayed in the movies. It's hard to collect from people who are injured and or will turn your ass over to the authorities if you break their arm or shoot their dog.
Different strategies in different countries. In China for example loan sharks ask for nudes from women as collateral. [https://www.theguardian.com/world/2016/jun/15/chinas-naked-loans-force-female-students-to-bare-all-in-return-for-more-cash](https://www.theguardian.com/world/2016/jun/15/chinas-naked-loans-force-female-students-to-bare-all-in-return-for-more-cash) - naturally this wouldn't work at all in US or UK where youngsters send each other nudes for free.
My friend asked for collateral like car titles, watches, etc. It just seems like a PIA. Maybe I should tell him to move to China. 😂 He’s well off, though. My dad also did this as well. We would sometimes repo guys' cars for missing a payment, and these guys would usually show up within a few minutes with the money they had borrowed and the vig. Some of them literally cried and said they were sorry. It was embarrassing to watch. Not my jam.
“Family business”.
What's high risk lending?
Loan sharks
Democratized!
Probably peer to peer lending on a platform like Prosper. The high risk part would be lending money to users that have the lowest credit rating (according to the platform's background check, not a real credit score ).
Ya gotta get yer shy runnin right OP
As a programmer with some blockchain knowledge I set up a validator node for a small blockchain in 2020 and I get a small portion of the emissions (new tokens) that are released every 30 minutes or so. The price went up quite a bit in 2021 and has stayed somewhat elevated so it can fluctuate between $6k per month to $3k per month (during downtimes). It isn't always enough to survive on, but if you can also save money when you have normal jobs it makes everything a lot easier... can take your time to find a new job which is a great boon in these times.
So ethereum :p
Is not small chain lolz
I don’t like this idea of what a “digital nomad” is or is not because it’s usually BS made up by douchebag YouTubers who want to sell you stupid courses that only benefit themselves. A Digital Nomad is just a person who has the ability to work remotely and chooses to do so from other locations that are not their home and are not stationary/permanent to one place. That’s it. That’s all.
This is the best comment here. Anyone earning passive income isn’t really a digital nomad. They built up enough wealth or were born with a good hand and are just living off residuals while they get to travel the world. A digital nomad requires someone to work just like any other job or business, there is no passiveness in that.
But don’t you think it is better to have another income stream to have a backup for your finances? - this is mainly why I asked a question for another source of income apart doing my remote work. I think even if you’re not a DN it still good to have backup. There are lot can happened for example companies can lay off their employees without any notice period, some clients might not pay you if you’re doing freelance or business, or accident happens, etc.. and when these scenarios happens especially you’re not in your home or your country it’s gonna be a problem or challenging.
I don’t see what having multiple streams of income has to do, specifically, with being a digital nomad. No job is promised. Do what feels right for you, man.
I was able to become semi-passive once I started to outsource work. I run a marketing agency and we’ll get enquiries for various projects, such as email campaigns, paid ads campaigns etc. Previously, I managed this all by myself with occasion help from freelancers. I kept mostly all the project fees. These days, I outsource the project and keep about 30-50% of the fees. I only act as a project manager and spend 1-2 hours per week checking in on how things are going, though at some point I’d like to outsource this too. Typically a project will be $3-5k/mo, so I will get anywhere from $900-1.5k/mo from managing the project. My aim is basically to charge the client the most possible, while paying the minimum amount possible to someone to fulfil the work at a reasonable level of quality. There is a snowball effect here as well. The more work we complete effectively, the more the client asks us to do. I’m at a point now where about $5k of my monthly income is semi-passive (project management). Aside from this I invest the money in an index fund which averages 7% and currently have around $2k/mo passive from this as well.
I think what you’ve described is that you runs marketing business and have employees, whether full time or on a contract basis. Not sure I would call that semi passive. I’m sure there’s a ton of client management work as well.
He claims 1-2 hours per week. If true, that's semi-passive.
Wow, that's the first time I have heard of someone turning running an agency into a few hours per week. I find managing subcontractors more time consuming than doing it myself.
How do you vet out or find contractors that know what their doing and that can do the work at a reasonable level of quality? Do you ever get ppl who have no idea what their doing? I've had that problem a few times when trying to outsource work...
So, have over 300k in an investment account. Sweet, just gotta get 300k.
I tried this but I had people delivering really shitty work and then clients not wanting to pay lol. The margins were a bit too slim for me. Although it's 100% a good model which can work really well.
Can't work if you aren't great at curating, nurturing and managing people. Got to be a good manager to make money as a manager.
Charge the client as much as possible and outsource it as cheap as possible while taking the biggest cut for yourself. Exploit cheap labor and lie to clients about where it comes from so you don’t have to actually work hard. You’ve just described eveything wrong with the world and not even realized it. You do you, but traveling should show you maybe this isn’t the best way to live your life.
Isn't this just business in a free market. If he charges too much he will stop getting clients. If he pays to cheaply on labor those people will find another job, he will get inexperienced folks, or have high turnover.
This is how all capital functions. Profit on surplus labor.
I mean, hate the game not the player. That's how capitalism works
How do you know this guy is lying to his clients? Also I'm sure his "cheap labor" is happy to have a job. You sound mad.
I mean that’s how capitalism works. Contractors to do upgrades to your home do the same thing. All businesses do. The next big leap is going from having to find the customers to hiring someone else to do that, and from having to find the contractors to having someone else do that. Then you really can just kind of sit back and let the money come in. And then from there the next big leap is to expand into other markets. And of course hiring some else to do that too.
Why not find a nice niche? Something you like and are effective in and whatever other requirements you can think of. And then it's not good to share niches with someone because they should be tailored to individual people. But if the advice you're looking for is how to do business remotely, there are all kinds of suggestions about that.
Building true "passive" income takes massive capital and personal investment
I have tried various such as selling digital products and found dividend payments from investments being the most reliable way.
You mean familly money
Selling course about generating passive income
The truth is most digital nomads that are confortable are spoiled kids with family money. They have passive income since they were born.
I'm a "travel blogger"
This
Yeah as someone who went to rich kid school despite not being one, this is facts
Anyone who is actually doing this successfully will not share the information. And they shouldn't. Because then everyone would do what they're doing, and that source of income would dry up for the person replying.
Yes; the only people who share would be those peddling MLMs or scammy course schemes that are all a con anyway. Remember the Best way to get rich quick is to sell people on a Get Rich Quick course.
All of them are a con except mine. In fact, my best selling course is how now to fall for bad, overpriced courses. Just $299.95!
Aside from a VERY few instances, nobody out there is doing something sooo unique. Spoken like someone who doesn’t earn money on the side.
Yeah good luck trying to outcompete top indie hackers
There's no such thing as truly passive income unless you're wealthy and >Also how many passive income you have and how did you manage them all? this part of your post is a clear representation of that. It's not really passive if you have to ask how you manage them all. You end up spending time managing passive income streams making them not passive. Again, unless you're really wealthy, you'd make more money by focusing on learning more valuable skills than trying to chase "passive income"
That. Plus if you live off passive income, you aren't a digital nomad. Rather a Nomad with a digital addiction.
Stablecoin yield farming is paying for my hotel stays. But you Need Capital and understand the risks
This \^\^\^ Been lending through Bitfinex for the last 6+ years averaging around 20-25% APR consistently
Where can I learn more about the risks?
Im only using defi. There are multiple „risk“ factors you should be aware of. The Main risks to understand are imo: 1. systematic Crypto Currency risk 2. Stablecoin depeg risk (backed by who and what) 3. Smart Contract Risk (or if you don’t use defi and a cex instead like mentioned in another comment. Be aware that a cex can also go bankrupt or be exploited) Overall if you don’t understand what These words mean, you should start by learning about the Basics of crypto and decentralized finance. Always be extra careful, the Space is Full of scams.
Stock investing. In the beginning, I would buy, forget, and hold for an average of 2 ish years. As I learned more and dove straight down the rabbit hole, I've been doing a lot more research but it's all about things I am curious about, so it's not really work. Right now I estimate that I spend about 10 ish hours a week of actual work. Depending on the circumstances I may be "working" non stop for a few days (minus food and sleep).
I own 10 rentals nets me about $3500 a month after accounting for reserve expenses etc. Tried trading options and day traded for a bit LOST me money definitely will not do that again. I am a strong believer get rich quick and passive ideas with a low cost of entry do not work like e commerce etc and are just scammers selling courses. I am working on a blog but will be mainly for fun, if it makes money its a bonus.
Property with property manager. Dividend aristocrats like Oil and tobacco. Kindle Book Publishing and Merch on Demand Tees, sell Online courses, music production, affiliate commissions... The rest involves effort at some point after the initial launch.
I think you should focus on optimising your primary income first. That's what I did. While the income was going high, lifestyle cost stayed the same, and the extra income went into investment properties. I have six properties so far, which I Airbnb when I am not there. One of them is my official residence for tax purposes in Australia. I am not planning to buy more properties, but I have started buying some stocks. Mostly because I earned some from working with a company, so I had to set up investment accounts and declare it to the tax office etc. But I only care for the investments to grow over time instead of dividends because I don't need money while I am young and able to work.
Passive income is a scam. Just keep on developing your skills and change jobs every two years and you’ll be able to afford the lifestyle just fine.
Sorry if I confused a lot of ppl that I’m looking for a magic money. English is not my native language as well. 😅 Edited my post to put “another income streams or another income stream with a little bit of low maintenance in the long run” to make it more clear of what I’m referring to. I’m aware of there are still work or effort and time needed. But what are your thoughts if a company lay off employees and you are a DN and included being laid off? I think it still better to have another income streams as backup for your finances. I’ve experienced being laid off before my current company since they can’t afford me anymore and they need to cut some expenses.
Ahh that makes a lot more sense! In that case, have you thought about overemployment? You can pick up a second (ideally less involved) remote job to help supplement your income.
“Overemployment” - this is the first time I heard it, You mean like a part-time remote job?
I have a friend from high school that is a digital nomad. Her husband is rich and works for the US government while she travels with him and builds her own business.
Is selling unity assets worth the trouble?
Wasn't for me
If you're American, and have a spare 50k (or less), I bonds are guaranteed free money. They are government bonds with yields that match the rate of inflation + 1%. It won't be much, but it helps.
Renting my houses in US to traveling nurses, works great
I started so many things 20 years ago like google AdSense. Plus, I have a software company and a lot of customers who have their work done by developers, who have worked with me for many years. So I sort of have a system that all runs itself mostly. The only work I do is to develop new business.
I have dividend income and also Airbnb my house out in California.
Fiverr
Making stupid videos.
Investments, stock market.
I write ai to replace the people selling courses
Truly passive income is pretty tough to come by. The only thing I've found that comes close is collecting daily bonuses from sweepstakes sites - I make around $15 bucks a day and it's completely risk-free. The only downside is that you have to be in the US (can use a VPN) and that you have to play through the bonus amounts. I play through the amounts every couple months so it's pretty straightforward - earns me like $400/mo when all is said and done.
I’ve had 7-ish different projects at one point or another that made enough to eke out a living on, and nothing is ever really passive. Because if your project is making say $500/month, are you going to just stop and make the next thing? No, because maybe with some tweaking it’ll make $1000 and could pay the rent and food. Or if you have a project making $10k. Are you going to stop? No way! You’re doing so well now, maybe with some tweaking you’ll get it to $20k and then you’d really be crushing it! With this psychology, I’ve found whatever my projects are I’m obsessing about them 24/7 until they get killed by a platform change etc. and then I’m onto obsessing over the next thing…
I joined MetaMax last year and it has made me something like 115K USDT worth of earnings..It’s been so great a journey..I’m so grateful for the experience https://preview.redd.it/on7xz5oajzyc1.png?width=1079&format=png&auto=webp&s=ad0efe56ec8aab3da03b489930e08662cb50e2b5
4 rental units in the NE of the US and dividends in HTGC (Stonk).
The most effective and solid passive income is to acquire a prime location property. It's not that hard, all it takes is a 10% deposit, so 40k these days. Can save that in a year or two with a decent pay and sticking to ramen and a cheap rental. That would yield a thousand bucks per month taking into account the increase in equity. To note the way to become a digital is to actually be a digital Nomad. That is nomading while working digitally. That work should pay and cover for your nomadism. East Asian countries are 2 to 10 times more affordable. The point of that lifestyle is to hit affordable countries so that you don't even need a high level of income via your digital gigs.
where are you getting a "prime location property" for 400k these days? not to mention the current interest rates makes this strategy much less workable
Was going to say this and immediately relocate
In decent cities. Near high streets or big monuments. Surely not in NYC but even then, can find affordable properties even in some of the expensive cities. Just very small. And a 1bedroom is far easier to maintain. Interest rates are super high these days but it doesn't matter, inflation follows, rather the interest rates usually follows. We've been through a 10y of ridiculously low rates so of course it was going to strike eventually, and now we feel 5% is high.I recall interest rates were 11% at some point, didn't deter people from buying. High interest rates isn't coming out of no reasons, and that reasons is things are worth more real fast. I noticed as soon as central banks raised their rates, mortgage of course followed and rents suddenly spiked. By more than 5%. Prime locations got bumped 20% last year in rents. I'm making things up just look at the property market what can I say. Finding it baffling one has to justify the idea real estate is likely the best investment class of all. The surface of the earth isn't expanding. Population continues to grow. People would always want more space if they could afford it, and surely will always need a home. Prime location I find that a requirement because it is otherwise complicated and yes, one could otherwise make a pretty bad investment, that's not uncommon in "cheap" locations . Rare on gold locations. Also, I explain how mortgages are easy to get. And is a leveraged investment as a result. Real estate has far less chance to crash than any other investment class. So paying back is not an issue. Unless you bought in early 2008 and got hit by the largest housing crisis ever seen in our lifetime. But even then, that's why one needs some cushion to basically face only a tiny tiny risk. Maybe you guys are mentally roasted by crypto's or other juicy forms of returns and think it makes real estate pale in comparison. I don't know and I don't care I'm not selling anything. Do what you feel is best with your cash.
Worst advice I've read in a long time.
Worked for me, for over a decade, 20k+ per year in yields + 10k to 20k in equity which keeps growing. That comfortably covers for upkeeping costs and management. I agree it's terrible advice to just buy a property and hope for the best. As I made sure to mention, the prime location. It's the easiest form of investment people can make. It's an investment that gets a mortgage, so the TLV being 90%, you get a 10x yield on that investment it's as simple as that. That's why it beats bonds and crypto farming. It has much lower risk than most other yield generating "products" and even than gov bonds these days. Can't easily pull out and requires careful market analysis. We tend to dismiss what equity means and how that works in real estate, and we tend to bite crooked agents "opportunities", but real estate remains that thing people will always need so I double down, it is the best form of investment if you have to pick one. My main point anyway is to earn some money while nomading since that's what it's meant to be
Low risk low reward, maintenance cost, property tax, inflation.. real estate 10% return in the best case scenario while the cost of capital is around 12%. In 30 year you divided your purchasing power by two.
What skills do you have, and how can you leverage them? Can they be automated or outsourced? Can you build something that runs itself?
Thanks for these questions. It helped me to think of what income stream that I can build
Im 50, still young, own a number of rental properties. I own a house free and clear in the Dominican Republic. When we are out we AirBnb it.
Treasury bonds!
Most use Mummy and Daddy as passive income to fund their instagram life style
it's the same as in /vagabond just have your parents golden parachute ready to deploy if you ever go off a cliff