In today’s uncertain times, more and more people are looking for alternative ways of living that allow them to pursue their lifestyle dreams alongside financial independence. Lifelong employment with the same company is a thing for many people, but working for yourself may also seem like less of a solution than another way to tie yourself to long hours and uncertain pay. Fortunately, there are other options. If you enjoy travel podcasts, spend time scrolling social media, drooling over top destinations, and long to travel. Still, you also want a stable income; several business ventures will allow you to pursue that.
Real Estate Investment
One of the traditional solutions to generating passive income remains one of the best: investing in real estate. This can take many forms, including renting out a property that you already own or one that you purchase as a vacation home. Another option is putting the property on Airbnb, which can attract short- and medium-term tenants outside the usual vacation demographic without tying you down to some of the complexities of being a full-time landlord. At the same time, you need to be familiar with local and state ordinances and tax regulations. You can review tax details and ensure that you are also aware of your rights and obligations for this type of tenancy.
An increasing number of businesses can be run online. If you are seeking to generate passive income in this way, this can be a great deal more challenging. Still, if you’re willing to continue working 30 or 40 hours per week, you may be able to maintain a regular business from wherever you are in the world. Even if your background is in something that you think requires a physical presence, such as cooking or car repair, think about how you could build an audience or a community online around what it is that you’re good at. The number of tools available to remotely manage a business and a team is proliferating. You can also talk to other entrepreneurs to see how they are handling what is quickly becoming a digital revolution in how we work. Keep in mind that you can also run an online business either full or part-time alongside owning one or more rental properties.
Yet another venture that is compatible with both of the above is investing in other ways. Of course, you should be contributing aggressively to a retirement account, which can allow you to retire early. This is a great option even if you want to continue working since it will enable you to choose what you want to do rather than worrying about what you’ll get paid. However, several other types of investments can help you build wealth and generate income. While you can check out books and blog posts and even set up your account with an online brokerage to start investing, meeting with a financial professional might be a good idea to discuss your goals and the best investments for your situation.