How to Make Money to Pay for Long Term Travel?
There are many ways to make money to pay for long term family travel and lots of resources to find ways to make money and finance your trip(s) It’s not generally an easy process for most people but with some thinking outside the box and hard work – it can be done. I have written a list of some of the more common ways people pay for travel as well as some great advice from other frequent travelers.
Step 1 – Set your Priorities and Decide if Travel is High on that List
This is really an important step. You have to decide travel is important to you and having income to support that travel is important. I find that it’s really helpful to physically write down a list of priorities. I like to write both short-term and long term goals then I adjust plans based on those goals. If the fancy purse is more important or having more time now is more important than having time later then adjust your priorities to fit. Write down what is important and your goals and put them in a visible place. Then come up with a realistic plan to reach those goals and believe in yourself. If you don’t really believe that you can do it then you’ll get in your own way. Sometimes the main thing that stops us from getting what we want is ourselves. So, be prepared, do the work but most important but get out of your own way.
(for more information on affiliate links please see disclosure below)
Looking for some inspiration (or a swift kick in the pants) – then check out these Great books to get you started:
Step 2 – Get Your Current Finances in Order
The most important thing you can do before you travel is to get your finances in order. Try to cut down your bills and remove as much revolving debt as possible. Pay off as many loans as possible. I highly recommend taking finance classes from the local community college, online or through community organizations. Also consider reading financial books (free at the library), seeing an financial advisor and even consider getting a pay per hour financial coach. Financial coaching may seem like a big investment up front but it could save you thousands by putting yourself in a better financial situation.
Step 3 – Make A Financial Plan
Most people will use a combination of methods to make everything fall in place. Every traveler has unique financial situations and different ways to to solve financial problems. It’s important that you run your numbers, find your strengths and make your own plan.
We are living off of my husband’s normal IT job income (he works remote and logs in during US time zones) and some rental property income. One day (far far away :-)) if this blog generates any money we’ll use that too.
I do highly recommend having an income established before you get going. You can increase that income on the road but most projects will need a few months before they become profitable. If you end up getting a traditional job that is remote, give it a trail at home before hitting the road. You want to get all the kinks out before you leave.
4 Hour Work Week
This is one of the most popular books for long term travelers and it has some great advice. The first version of this book I downloaded and only made it through the first few chapters – all I could think was this writer is such a prick. I tried again with a library copy (refusing to give this dude more money) and guess what – it’s a good book. I don’t know if the first one I read has been updated or if I just skipped all the self important parts the second time but I got a lot of specific and helpful information I now think it’s one that belongs on your shelf as a reference. So check it out at the library or go ahead and get your copy through my link. Regardless give it a try (even if you’re just trying to cut down workload and stress at your current job).
Step 4 – Go for it !
It doesn’t matter how much you plan if you don’t actually make the jump it’s not going to work out. You need to believe that you can do it. Make appropriate plans but don’t go in to something thinking you will fail because you will doom yourself to failing. It’s scary but make the leap – do your research and think good thoughts.
Ready for some good motivational quotes – check out my list of the Best Inspirational Travel Quotes on the internet.
Step 5 – Follow Through
This is a big one. If at first you don’t succeed keep trying. Don’t give up at your first road block. Follow through with whatever you start. Focus on just 1-2 projects and finish them. I didn’t say everything will always be easy and smooth but the people that are the most likely to success are the ones that keep trying and don’t give up.
So Now Let’s Explore the 5 (or 7) Ways to Pay for Travel
The 5 Main ways People make Money in order to Travel
Sources of making money to travel generally fall in to 6 main categories. They are:
1) Using Savings
2 )Passive Income Streams
3) Working Remote
4)Freelance Work
5) Selling Something
6) Decreasing Living Expenses.
7) Win the Lottery (good luck with that one)
8) Go back in time and buy Bit Coin (you remember how to do that that from science class … right?)
Using Savings to Pay for Travel
If you’re one of those fortunate people who are just good with money and have built up a nice nest egg then using your savings to travel is an option. I’ve heard of people making some money from the sale of a house and taking a year trip (especially if you are changing to a less competitive market).
May be instead of paying for a big wedding, take a trip instead? Also it’s wonderful to pay for college for your kids but it would also be really nice for the family to take a gap year together and travel. You can save money on college by going to community college first and then there are student loans (yes, student loans suck but having the experience of world travel in your early 20’s may be worth more student loans … may be). If you have the time to plan ahead and set money aside that’s great as well. Generally you can save more when you “pay yourself first.” If you make increasing your savings is a priority you are more likely to be able to make it happen.
Ways to grow your vacation fund.
Our family affords travel by saving like mad! We – the hubs, toddler and I – live super cheap specifically so we have money to spend on travel. We don’t allow ourselves frivolous purchases (at least, frivolous to us) like the latest electronics, newest cars, trendiest clothes, etc. It’s amazing how much extra you have at the end of the month/year when you don’t buy $5 coffees or get absorbed in “Keeping up with the Joneses.”
We buy home brand instead of name brand items, we buy clothing (only if it’s a necessity!) at overstock or consignment stores, and we buy used cars that we drive until they die. “Things” are much less important to us than experiences, so we make our budget with that in mind. We put all the resulting savings toward travel or other novel experiences… and wouldn’t have it any other way!
Contributed by:
MB Sees – Follow her on Facebook
Set up Passive Income Sources
When I’m talking about passive income sources I’m not necessarily talking about no work and no stress. Passive income does take work to set up but then in theory it takes less time and less work (and because it becomes more automatic you have the ability to make more money).
Real Estate:
The most common source of passive income and probably the most common way people make extra money is through real estate. If you’re thinking about investing in real estate there are a lot of ways to start. Taking courses and reading books is a great place to begin. One of the best things you can do to get started in real estate is to go to real estate investor meet-ups. It’s a great opportunity to mingle, meet contacts, and find deals.
Investments include purchasing rental properties, fix and flip properties, purchase commercial buildings or just look for good deals that you expect to increase in value. Do your research and try to predict or prepare for market changes. You make your money when you buy low so watch out for bubbles and crazy markets. Another big thing to think about in real estate is that just 1 or 2 houses is not going to be enough to finance long term travel. You will need to keep investing in good choices until you have a higher income. It’s important to keep moving up.
IF you are planning on rental income to support our travel then consider finding a good property manager. It’s really difficult to manage properties from large distances and this is supposed to be passive income – right?
Rental Income
Renting a house or at least an apartment can be a great source of passive income. If you have or have inherited an extra apartment or house, see it as a great source of passive income and redirect all that income in your travel account. You will have to do all the work only at the beginning: renovate the house, search for tenants, work with real estate agencies. But once you have found the ‘perfect’ tenant (have a bit of patience and rent only after having a few options), you will see how that amount of money will come to you every month without doing nothing. Make sure that the tenants are paying their rent and additional expenses every month and this way you will save money for coming travels every month.
Thanks to:
Authentic Travels– Follow on Facebook
Stock’s and Dividends:
In hospital systems it’s not uncommon for rounding specialist to say ” it’s not my organ” well… when it comes to stocks I can confidently state “not my organ.” I’m totally out of my element here. I should take classes and be more confident in my investments but – I’m not. We have a 401k and some other stock investments but really it’s all greek. However, just because it’s not my area doesn’t mean that it can’t be yours. Here are some resources to start with.
Write a Book
It’s a lot of up front work but can make some pretty good income. The writing part is not really the hard part. It’s the marketing. The competition for new books is fierce and making sales can be tricky. If you continue have the right marketing tools you can make a good passive income with books. If you expect to just write a book and watch the dollars roll in you may get an unwelcome surprise.
For more ideas and information about passive income please check out these books.
Start a Blog or Website:
Starting a blog or website is a lot of work. It generally takes 2 years to become profitable and to get that far it takes a lot of man hours (if I ever get there I will let you know – 🙂 ). Most blogs don’t end up making money but if you are determined, persistent and figure out they system can make a nice secondary (or even primary) income. Once you get some income coming in then you could farm out a lot of the work and have a more passive income. So really you could make some money from a website but it’s not that easy (but you can do it from almost anywhere).
Blogging Income:
I can honestly say that I couldn’t afford all the amazing places I have been and trips I have taken without to passive income of my blog. Blogging might seem like one source of income, but through my blog I have diversified my income streams to help make sure that revenue is always coming in. Through my blog I get income through ads, affiliate marketing, paid posts, product, and e-course sales. Once I put in the work up front, I earn income literally in my sleep from my blog! Beyond just income, in return for promotion on my blog I have received discounted and free tickets to events, hotel stays, and transportation. If you’re interested in starting a lucrative blog to help fund your travels or any other expenses in your life, check out my post on how to start a blog in four easy steps!
Contribution from:
Stop, Drop and Trek – Follow on Instagram
I like the idea of trying to get at least a little bit of a somewhat passive income established so that you are not depended on just one source. The chances of you becoming overnight wealthy are small but with good choices and up front work you may be able to give yourself more security and flexibility.
Remote Work
Keep your Current Job
If your current job has the option to work from home then changing to remote work may be an easy jump. Four hour work week has some pretty decent advice to make that happen. First make sure you have all the answers for logistical questions including cell phone access and internet access. Then start with smaller breaks from home. Slowly change to more remote work and then at some time make the break to international travel. The less obvious you make it that you are overseas the better. We honestly did not do a great job preparing when we travelled but it all worked out well. Generally most places will have good internet and you can find affordable phone plans. The time change (in Europe at least ) is very manageable. Four Hour Work Week also has some good resources for changing to remote work.
Remote Work with Current Job
My husband works for a company in the UK (where we are from) as a Digital Marketing Manager. He was already working from home a fair amount and his workplace was very flexible in when and where he could work. After we had dreamt about becoming a travelling family we decided that the best option would be to ask his boss if he could work remotely. Luckily for us, his boss was really supportive! We’ve now been travelling for 2 and a half years with no plans to stop.
Get a New Remote Job:
If you can’t keep your new job, search for a remote job in your field. If you have a specific location you are interested in you can also try for an international job or a relocation.
Websites to find a new job include:
Remote Jobs Include:
IT JOBS
Lots of choices here. If you’re in a computer related position and your’re not already working at least part time from home then what are you waiting for?
TEACHING
There is some opportunity for teaching college classes remotely as well as quiet a bit of freelance work. Some travelers teach on location and others have good success signing up for programs like VIP kid and teaching through video conferencing.
Teach Abroad
I have always wanted a job that will allow me to travel, and found a wonderful opportunity when I discovered teaching English abroad. In 2015, I applied to the JET Programme, a program that sends native English speakers to become Assistant Language Teachers in Japan. I ended up living in “the land of the rising sun” for two years, during which time I really got to know the culture and become a part of the local community. During the week, I taught in a public junior high school and an elementary school. And on the weekends and holidays, I visited other cities in Japan as well as neighbouring countries in Asia. Teaching English abroad is perfect for those who enjoy slow and immersive travel. I especially recommend the JET Programme. It is well paid and highly organized. The experience I gained on this program was immeasurable. It opened many doors for my future and taught me lessons that forever changed my life.
Thanks to
The Blessing Bucket – Follow on Instagram
Get a New Remote Job:
If you can’t keep your new job, search for a remote job in your field. If you have a specific location you are interested in you can also try for an international job or a relocation.
Websites to find a new job include:
Remote Jobs Include:
IT Jobs
Lots of choices here. If you’re in a computer related position and your’re not already working at least part time from home then what are you waiting for?
Teaching
There is some opportunity for teaching college classes remotely as well as quiet a bit of freelance work.
WEbsite Design
If you want to learn a skill that can be used remotely then web design is a good place to start.
Social Media Managing
This is a good one. Consider picking up lesser paying jobs to start then increase your skills a fees.
Medical:
I’ve seen work for RN’s and work for insurance companies. I’ve also seen Tele-medicine jobs for physicians but they’re harder to come by for mid-levels.
Also there are some technical writing jobs available as well. If this is the route that you would like to take, start writing as soon as you can to build up your resume.
Sell Something
AMAZON
Amazon is a very common income source for travelers . With Amazon’s drop ship services, selling products remotely is a much simpler process. There are many tutorial son how to pick a good product, how to market it and how to make money with drop-shipping. Research and follow through is very important.
MULTI-LEVEL MARKETING
ML Marketing is a favorite of stay at home mom’s. Some companies are pretty reputable and others are not. Again, do your research then you will have to make sure you can get clients and fulfil all your orders remotely.
MAKE YOUR OWN PRODUCTS
Set up a website and sell your own products.
Freelance Work
TEACHING
A popular source of remote income is on-line teaching. VIP kids is a well-known platform. You don’t have to be a certified teacher but they do prefer some experience. Teaching English to foreign students is their bread and butter.
WRITING
Finding paying freelance work can be tricky but it can be done. Upwork is a popular way to find work.
SOCIAL MEDIA MARKETING/ WEBSITE DESIGN
If you learn enough about website design and social media management you can pick up jobs for extra income.
OTHER FREELANCE WORK
Check out Upwork for other suggestions for freelance and remote work. It will take time to get your profile up to a reputable level but then you may be able to make a decent income.
COACHING
Coaching (life, financial and mentoring ) is also popular with travelers. It can be easy to reach clients though Skye and being a traveler can give you a different perspective.
How to make Money while Traveling
Decreasing your Living Expenses and Find Deals
When you travel to other countries your expenses may not be as high as they are in your home country. Our living expenses were generally less most places we went . You may also consider work-away stays to help keep your costs low. House swapping is also popular.
You can also save money by staying in one place longer than a month or using points or other savings programs. If you do your research you may find many ways to save money on travel.
Traveling with No Hotel Costs
We have been traveling for two and a half years with no hotel costs. What are we doing? We are house sitting. In most cases, house sitting means pet sitting. We are helping people who are pet owners that want to be able to travel too. We allow them to feel good about leaving their pets at home while they are away.
In addition, I also write for a luxury website and can write hotel reviews when we have a small gap between sits. When we housesit, we usually stay for several weeks in one location. This allows us to live like locals (in seven countries and counting) and have written several magazine articles about our experiences.
House sitting is not for everyone, but it has been a fantastic way for us to travel the world.
Special Thanks to:
Blue Bag Nomads – follow them on Twitter
Like this Article? Then you may enjoy this one too.
If you enjoyed this article then please pin and share. Thanks and Happy Travels!!!
More about Us:
We’re a family of 5 (Physician Assistant mom, IT Project Manager Dad, and kids age 4, 7, and 11) taking a gap year from normal life to travel. For blog posts, locations, and more information on how we did it and how you can to click here..
