10 Ways to Earn Money While Traveling or Living Abroad (Active and Passive Income)

10 Ways to Earn Money While Traveling or Living Abroad

In this video we will discuss a number of ways to earn money while living or traveling abroad.

00:00 Intro
Active ways to earn income while traveling or moving abroad

01:11 1 - Getting an offline job

One of the easiest ways to earn money while living abroad is just by getting a job in the country you are planning to live in. However this has a huge disadvantage which is, as long as you have a job you will actually have to be in that location most of the time and show up at your workplace constantly.

Jobs that are in high demand in most countries are: those in healthcare (doctors, nurses, etc) those in IT (developers, UX designers, marketing, data engineers etc) and those in hospitality (cooks and chefs as well as staff in hotels or bars).

02:20 2 - Getting an online job (Software development, marketing, design)

The second option to earn money as you travel and move abroad is getting an online job. An online job will have a number of advantages and disadvantages compared to an offline job so to speak, and I can’t really say one option is better than the other, it really depends on your personal needs and goals.
The main advantage of an online job is that you can apply to a job for a company anywhere in the world, as long as they are hiring remotely. This means, if you live in a low income country, you can get a job from a company in a high income country. Then you can earn well and live cheaply.
Examples of remote jobs with high demand are usually related to IT and marketing.

03:24 3 - Starting an offline business

Starting an offline business is another option if you want to move to a different country and have a source of income there.
Many countries will grant you a residence permit if you start a business, but the requirements are different from country to country.

04:11 4 - Starting an online business (Amazon, consultancy, teaching english, courses, ecommerce, affiliate marketing)

Starting an online business is also another way to earn money while you travel and live abroad, and of course it is one of the ways I use myself to earn money while living abroad.
Good examples of online businesses are: (Amazon FBA, consultancy, teaching english, selling courses, ecommerce, affiliate marketing, YouTube, SaaS).

Passive ways to earn money while traveling or moving abroad

05:14 5 - Stocks

We will start with what is, in my opinion, the best way to earn money passively which is by investing in stocks. Stocks have a number of advantages compared to most other forms of passive income. Even though every kind of investment involves some type of risk, I still consider large cap stocks to be the safest option with the lowest amount of time commitment.
Two strategies that I personally like are buy and hold and option trading, mostly specifically selling covered calls and cash secured puts.

06:14 6 - ETFs

Another interesting strategy for passive investments are ETFs, or exchange traded funds. Investing in ETFs compared to individual stocks has some advantages and also some disadvantages. But basically, you can reduce your risk exposure by choosing an index ETF or an ETF tracking some specific sector, as opposed to just one company in one given sector.
The majority of individual investors and funds fail to beat the SP500’s performance long term, therefore, if you want to be on the safe side, an ETF that tracks the SP500 like SPY or IVV is probably a good idea.

06:50 7 - Real Estate

The next option is investing in real estate. Real estate definitely deserves a video or even several videos just for analyzing the various ways it can be used as an investment, but I will try to keep it simple. My personal choice are REITs, which stand for real estate investment trusts. They are publicly traded, available in many countries, and they are completely passive and highly liquid.

07:35 8 - Crypto

Crypto is also a great option to earn money passively. You can buy and hold, or trade NFTs or use any DeFi platform and earn decent yields on your crypto. Apart from that, a number of tokens can be also staked, allowing the owner of the coins to earn more coins as you keep holding it.
Two strategies that I find quite interesting are providing liquidity and also margin lending.

08:08 9 - Small Business (non-active role)

Another option to earn passive money is by investing in a non publicly listed business in which you do not have an active role.

08:40 10 - Peer to peer lending

Peer to peer lending is another option to earn money in a passive manner. Usually in peer to peer platforms you can invest money in different types of projects, from real estate to start-ups to business loans.
Tax residency

09:15 Tax Residence

Once you have your income to live or travel abroad sorted out, you should consider the tax implications of your new place of residence.