Sharon Tseung Digital Nomad Quest begin a passive earnings facet hustle

In 2014, a month-long solo journey to Europe impressed me to pursue my model of monetary freedom. I spoke with individuals from all walks of life who had been so passionate and within the second, and it made me understand all of the life I used to be lacking out on. I needed to not really feel restricted by my funds or really feel caught in an workplace job. I needed to see the world.

I began researching digital nomads and methods to earn passive earnings and, by Might of 2016, after saving sufficient cash to cowl journey for a 12 months, I stop my digital advertising and marketing job to journey throughout Europe, Asia, the US, and Canada, all whereas constructing my very own passive earnings streams. 

Over the course of two years, I labored in cafes, explored my environment and discovered in regards to the form of life I needed for myself. Growing my passive earnings streams and investments allowed me to extend my internet price, even with my journey bills.

Since this life-changing stint, I’ve come again to a full-time place that I take pleasure in and study so much from. However as a facet hustle, I am constructing a model known as Digital Nomad Quest to show individuals what I’ve discovered about private finance and monetary freedom. I am investing in rental properties and rising my portfolio as nicely. 

In 2021, the passive earnings from my facet hustles and investments really exceeded the earnings from my six determine, 9-to-5 wage job.

Listed below are a number of the methods I make passive earnings, and my prime ideas to assist encourage you to construct a number of earnings streams for your self.

Create an internet store

I obtained my first style of passive earnings with my Etsy store. I used to be searching {the marketplace} to seek out individuals promoting digital merchandise, and I believed, “I might do this out!”

So in 2015, having taught myself Photoshop, I started promoting digital merchandise like templates of resumes, save the dates, marriage ceremony playing cards, images mini session advertisements, and extra. Inside just a few months, I used to be really making gross sales on my digital merchandise.

By promoting digital merchandise, I used to be in a position to earn money passively with out having to ship and fulfill orders. I nonetheless make passive earnings from this methodology, generally even on merchandise I created a few years in the past.

Video by Tala Hadavi

Merch by Amazon is one other passive earnings stream you may pursue that requires $0 to low capital to begin. I began my Merch by Amazon retailer in 2017. You possibly can promote customized attire by importing designs positioned on their hoodies, shirts, and different merchandise, which can be listed on Amazon.

Each time individuals purchase out of your listings, you obtain royalties and Amazon will print and fulfill your orders for you.

All the things may be very passive with this earnings stream, as a result of there isn’t any buyer help concerned and all the pieces is paid out in royalties.

Construct an internet course

On-line programs are certainly one of my favourite methods to make passive earnings as a result of you may create one thing impactful that helps individuals, with a capability to scale. Individuals can entry your content material globally versus merely reaching individuals one-on-one by companies or teaching. 

To create a course, you may construct video, audio, and even textual content content material right into a complete curriculum getting a scholar from A to B. You wish to be sure your college students obtain worth from the course and also you’re serving to them obtain a sure aim. 

As soon as you’ve got constructed the content material, you may promote your course on marketplaces like Udemy or on platforms like Teachable. I at present have three programs that I created impressed by my very own expertise: The Etsy Entrepreneur, Distant Rental Riches, and Weblog Launch Revenue. 

Earn advert income by a YouTube channel

YouTube generally is a very fulfilling facet hustle and a profitable one at that. Up till just lately, I by no means realized how doable it’s to make an honest earnings by the platform. Prior to now I made a pair YouTube channels for music, as I used to sing and play devices, however they by no means actually made a lot cash. 

My present channel, the place I make movies about entrepreneurship, investing, and monetary freedom each week, at present averages round $4,000/month in advert income alone. 

Video by Lauren Shamo

To earn extra in advert income, garnering extra views is vital. I’ve discovered that there are a selection of how you are able to do this: utilizing web optimization to make eye-catching video titles, creating thumbnails that entice customers to click on, and producing worthwhile content material that makes customers wish to watch during. 

Sometimes, firms will bid on inserting their advertisements in your movies, and YouTube will take 45% of these bids, and you’ll be paid 55% of that. 

Earn commissions by internet online affiliate marketing

In case you create a web site or YouTube channel, you too can earn money by internet online affiliate marketing. With internet online affiliate marketing, you are recommending merchandise you employ and love. Each time individuals buy by your distinctive referral hyperlinks, you will make a fee.

This technique generally is a win-win for everybody: Your viewers receives worth, you obtain a fee, and the product proprietor will get gross sales. 

I’ve discovered that one of the simplest ways to method internet online affiliate marketing is to just be sure you’re constructing belief and offering worthwhile content material to your viewers, quite than spamming them with unhelpful hyperlinks. 

You are able to do this by creating complete tutorials or product comparability movies as an instance the importance of the product or software you advocate, for instance. Your viewers can inform while you use and consider within the merchandise, so search for merchandise that you may actually and genuinely promote. 

Spend money on actual property

I bought my first rental property once I was 23, and after getting back from my travels, I needed to get again into it. Actual property can construct your wealth exponentially by money move, appreciation, debt paydown, and tax advantages. 

One of many benefits of actual property is that you do not have to pay all the buy worth out-of-pocket as you may leverage borrowed cash. So long as you are not overleveraged, you should use this to your benefit and develop your actual property portfolio rapidly.

My husband and I at present personal 32 rental items, and we have now been in a position to rent property managers to assist run issues each day and deal with any tenant considerations or points. 

There are prices hooked up to actual property investing: mortgages, property administration charges, owners insurance coverage, property taxes, future repairs, and vacancies. However with some planning and evaluation, rental earnings might help cowl these prices and be a constant money move for you.

Final 12 months, I used to be in a position to hit six-figures in passive earnings. This didn’t occur in a single day. However the time I spent has been price it, due to the time I’ve now to do the issues that matter most to me.

Having these completely different earnings streams permits me to construct my wealth quicker, stay deliberately with out making fear-based choices, and revel in a way of safety.

Sharon Tseung is an investor and creator who teaches individuals learn how to construct passive earnings, develop into financially free, and design their greatest lives by her YouTube channel, Instagram, TikTok, and weblog. She enjoys speaking about investing and facet hustles. Prior to now, she graduated from UC Berkeley and labored in Advertising and marketing for 10 years at Google and different firms. She stop her job and traveled the world as a digital nomad for 2 years, all whereas rising a number of earnings streams on-line and thru actual property. 

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