Once you’ve been bitten by the travel bug, it’s difficult to keep yourself plodding away in the daily grind. But for many people, their job is the primary way that they finance their adventures. Striking a balance between hours worked and hours spent on life-changing trips is usually dependent on how much money you earn. But what if there was a way to boost the income that you already have, so that it keeps working for you even when you’re away from the office? Here are 5 ways to do just that.
Learning to trade in Foreign Currency Exchange is a great way to make money. Some people even manage to make enough by doing this to not have to work at all. There are several tutorials available to help you learn how to make money through Forex trading, with minimal investment. Of course, as with any investment, the more you have to put in up front, the higher your earning potential.
One of the best ways to both save money and boost your income while traveling is to become a house-sitter. Instead of paying for hotel rooms, someone else will pay you to take care of their home and pets while they are traveling. The added benefit is that you have access to a full kitchen, laundry facilities, and sometimes even a car. This further reduces your travel expenses by saving your from eating out and from having to pay for public transportation while you’re visiting.
There is a lot to be said for the new forms of lending clubs, where you can loan small amounts of money to other individuals at a better interest rate than banks normally would. These platforms perform better than banks because they eliminate much of the overhead that is involved in running a bank, so they can operate with much lower profit margins. The savings is passed on in the form of better returns for the lender, and lower interest rates for the borrower. There is an increased risk of borrowers defaulting, but if you properly balance your portfolio, any losses that you incur should easily be made up by the interest that you earn on the rest of your investment.
If you have a decent amount of money to invest, you should consider purchasing stocks that pay out a regular quarterly dividend. Dividend income is the truest form of passive income that exists today. Instead of putting your money into a bank account, talk with a broker about putting your money to work for you. A payment will be sent to you each period for as long as you keep the money invested in that particular stock.
Cash Back Rewards on Credit Cards
This is a great way to simplify your bills while on the road and earn some extra money simply by doing things that you already do. The trick is to put every expense you have like food, transportation, lodging, gas, etc., on a card with a high cash back reward, and then pay it off every month. If you carry a balance from month to month you will wind up paying interest, but if you pay it off before the due date, it will cost you nothing and the rewards can really add up.
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