There are many different types of travelers in this world, from those who can be classed as pure tourists to those who seek a more authentic travel experience that incorporates some serious sampling of the local culture in the destination they visit. There are travelers who look forward to going away on vacation once a year and there are eleutheromaniacs who’ll fly in relative discomfort if it means they can get a really cheap ticket, but still get to see as much of the world as possible.
Either way, every type of traveler should try to establish a passive, remote income stream, much like how those frequent travelers who refer to themselves as digital nomads do. Here’s why…
You get to actually enjoy the destination you’re visiting
Okay, so this one is probably aimed more at those who are already traveling and earning while traveling (digital nomads), but more so the ones who actually earn their remote income through some work they actually do as opposed to via a remotely run business that brings in passive income. Often the remote-working traveler actually has to put in crazy hours into their work, sometimes even more than what full-time, in-house employees do. As a result you might find that you miss out on a lot that the destination you’re visiting has to offer, because you have work to complete.
Sometimes it can get so hectic that by the time it’s time to leave you find that you really spent most of your time working, something which makes for a real danger of happening when you’re freelancing in particular. Work can be erratic, so when it comes around you find that you can’t say “no” to any of it.
A passive income will free you up to enjoy the destination more.
Passive income is generally a major advantage
Beyond funding your travels, a passive income is generally the best way through which to earn a living. In the specific case of being a traveler though, it comes back down to the freedom to fully take in all which the destination you’re visiting has to offer, but at times you might want to expand on your business horizons and perhaps network with other business persons, strike up some deals and further consolidate your passive income.
Continuous access to your money
In preparation of the worst that could happen, travelers who earn their income online, whether passively or actively, have all manner of plans to access that money while abroad. It’s somewhat of a skill, which can come in handy should you find yourself in some trouble, such as needing to hire the services of a criminal defense lawyer in Rochester, MN if you’re in that part of the world. It can be difficult to organize your life according to some restrictions which are naturally enforced around something like having to attend a court case in a foreign country, in which case you’re at least at an advantage if you can enjoy continuous access to your funds.
Not only that, if the income is remote and passive then anything which takes up your time doesn’t stem the flow of your income.