Like it or love it, most of us have to work for a living. This is the place to commiserate with other cube-dwellers and get tips from other business travelers. Talk about how the daily grind will one day allow you to realize your vagabond dreams. Share tips for turning travel you have to do into travel you want to do.

Residual Income to Travel

Stacks79

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Thorn Tree Refugee
 
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Joined: June 1st, 2009
Location: Indiana, United States

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  • Added on: June 1st, 2009
Hey Everyone,
I'm new to the board as a poster, but not new to reading the posts. Good info on here.
My question is: Has anyone developed successful systems in which to create residual income so you can travel for long periods of time. I'm primarily talking about businesses that can be run from a laptop with an internet connection, or a cell phone. I have multiple rental properties that create a residual income and also work for a big bank as a mortgage consultant (pretty flexible and allows me to travel a lot). I've been trying to save money, and also buy more properties to have a property manager take care of for me (creating residual income, doesn't require my presence). I have online payment options set up and the mortgages are at about 50-60% of the value of the home. Sorry for all the technicalities but just curious if anyone has done this and any advice you can give me. Thanks in advance and feel free to be very candid. I guess I'm just trying to justify my need to travel and am looking for accreditation with my approach. :-)

Stacks79

travelologist

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Posts: 23
Joined: December 14th, 2006

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  • Added on: July 18th, 2009
I haven't done this, though I would love to and have met several people who do it. My only recommendation is to check out the book The 4-Hour Workweek by Tim Ferriss if you haven't already. Obviously, I can't guarantee from personal experience(yet) that his advice works but the book is pretty compelling and it has some brilliant stuff to say about streamlining your life and understanding your goals, which applies to anybody, in addition to the more practical advice about creating residual income. He also has this awesome concept about mini retirements.

Best of Luck

Stacks79

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Joined: June 1st, 2009
Location: Indiana, United States

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  • Added on: July 22nd, 2009
Thanks travelologist. I have actually read "The 4 hour Work Week." There is some good info in there about creating businesses that can be run remotely. I am currently working on a website business as well as the real estate stuff. Just trying to grow these options as much as possible so I can begin doing some more long term travel. I've been traveling for years, but only in 2 week intervals. Can't wait to begin a "mini retirement."

SoloTraveller

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Holds PhD in Packing
 
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Joined: November 5th, 2004

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  • Added on: July 26th, 2009
It is possible to work and travel, websites are the way to go, it is competitive but possible if you pick a niche topic.
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Travel insurance - Travel Africa

GoBackpacking

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Holds PhD in Packing
 
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Joined: March 12th, 2006
Location: Fairfax, Virginia

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  • Added on: August 11th, 2009
Making money from websites and blogs is definitely doable, but it takes A LOT of work. The good news is most people are self-taught from the loads of free information available on the internet.

But it takes A LOT of work to start earning an amount that will affect your travels. I reached that point on my RTW trip, but it is probably not for everyone. There is no denying it takes time away from your actual travel experience.

VagaJohn

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Joined: October 15th, 2008

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  • Added on: January 28th, 2010
Hey Stacks,

You know it really just depends on what your talents are.

There is a blog I check with a forum called "The Working Nomad," that has quite a few "remote workers" who run businesses completely online. The guy who owns the site builds websites with google adsense on it so he gets paid when people visit his websites.

Another person gets jobs on elance from American companies and outsources them to people in Indonesia and takes a % of the difference.

Me, I write software and sell it online, so I'm currently setting up my business to be doable from a laptop only. Once it makes enough I'll be completely remote as well.

But, like I said, it depends on YOUR talents. If you're good at real estate and can make money online that way, then I say go for it. You'll make more money and enjoy it more if you do something your already good at or have passion for as opposed to doing something that other people have made work online.

Good luck.

Felix the Hat

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Joined: June 17th, 2002
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  • Added on: February 10th, 2010
I've been toying with the idea of setting up a debt counseling business. I'm an attorney, so I can write letters to creditors and give legal advice - the only catch would be avoiding matters where I would have to appear in court. It would be pretty sweet to be able to practice law barefoot from the beach in Colombia.

Rogerio

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Posts: 780
Joined: February 25th, 2002

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  • Added on: May 28th, 2010
I travelled a year round europe on website (adsense) income back in 2005. Ultimately it wasn't sustainable so I came back and rejoined the workforce. Now, four years later(gosh time flies!), I'm on the verge of being able to do this again, with a much higher income and a lot more stable. I also have a business partner, so the business can always be looked after if I'm somewhere with spotty internet connection. If you have to work, online business is imho one of the best types of work one can have.



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