Sharon Tseung is the founder of Digital Nomad Quest. Key Points “Having these different income streams allows me to build my wealth faster, live intentionally without making fear-based decisions, and enjoy a sense of security,” writes Digital Nomad Question founder Sharon Tseung.
“During my time abroad, developing my passive income streams and investments allowed me to increase my net worth, even with my travel expenses.”
“This did not happen overnight. But the time I spent has been worth it, because of the time I have now to do the things that matter most to me.”
In 2014, a month-long solo trip to Europe inspired me to pursue my version of financial freedom. I spoke with people from all walks of life who were so passionate and in the moment, and it made me realize all the life I was missing out on. I wanted to not feel limited by my finances or feel stuck in an office job. I wanted to see the world.
I started researching digital nomads and ways to earn passive income and, by May of 2016, after saving enough money to cover travel for a year, I quit my digital marketing job to travel all over Europe, Asia, the United States, and Canada, all while building my own passive income streams.
Over the course of two years, I worked in cafes, explored my surroundings and learned about the kind of life I wanted for myself. Developing my passive income streams and investments allowed me to increase my net worth, even with my travel expenses .
Since this life-changing stint, I’ve come back to a full-time position that I enjoy and learn a lot from. But as a side hustle, I’m building a brand called Digital Nomad Quest to teach people what I have learned about personal finance and financial freedom. I’m investing in rental properties and growing my portfolio as well.
In 2021, the passive income from my side hustles and investments actually exceeded the income from my six figure, 9-to-5 salary job.
Here are some of the ways I make passive income, and my top tips to help inspire you to build multiple income streams for yourself. Create an online shop
I got my first taste of passive income with my Etsy shop. I was browsing the marketplace to find people selling digital products, and I thought, “I could try this out!”
So in 2015, having taught myself Photoshop, I began selling digital products like templates of resumes, save the dates, wedding cards, photography mini session ads, and more. Within a few months, I was actually making sales on my digital products.
By selling digital products, I was able to make money passively without having to ship and fulfill orders. I still make passive income from this method, sometimes even on products I created many years ago.
Video by Tala Hadavi
Merch by Amazon is another passive income stream you can pursue that requires $0 to low capital to start. I started my Merch by Amazon store in 2017. You can sell custom apparel by uploading designs placed on their hoodies, shirts, and other products, which will be listed on Amazon.
Whenever people buy from your listings, you receive royalties and Amazon will print and fulfill your orders for you.
Everything is very passive with this income stream , because there is no customer support involved and everything is paid out in royalties. Build an online course
Online courses are one of my favorite ways to make passive income because you can create something impactful that helps people, with an ability to scale. People can access your content globally versus merely reaching people one-on-one through services or coaching.
To create a course, you can build video, audio, or even text content into a comprehensive curriculum getting a student from A to B. You want to make sure your students receive value from the course and you’re helping them achieve a certain goal.
Once you’ve built the content, you can sell your course on marketplaces like Udemy or on platforms like Teachable. I currently have three courses that I created inspired by my own experience: The Etsy Entrepreneur, Remote Rental Riches, and Blog Launch Profit. Earn ad revenue through a YouTube channel YouTube can be a very fulfilling side hustle and a lucrative one at that. Up until recently, I never realized how doable it is to make a decent income through the platform. In the past I made a couple YouTube channels for music, as I used to sing and play instruments, […]
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