How do you make money after leaving your corporate job to be a nomad? JoburgRudolph gives some insight into;
Passive, Residual and Freelancing Digital Nomad Income.
I’m not sure if I am the most typical digital nomad. At 39, most nomads are younger and don’t have as many years of working in corporate behind them. Those years in corporate and a freakish obsession with real estate investment have given me a nice passive income buffer.
But, even with less income from investments, it really is possible to make ends meet as a digital nomad. You’ll just have to rely more heavily on freelancing and residual income. Nomadic You has you covered; Find a marketable skill you are good at and improve your skill with our post on Remote Working All in one for Dummies.
To show how all of this can be done in practice, here are my seven multiple income streams for 2017;
The IRS defines passive income as coming from rental activity or trade in which you do not materially participate. I probably don’t have enough share investments as part of my passive income. But, these are my three main passive income sources
#1 Furnished Holiday Letting Cape Town
Cape Town is a hugely popular tourist destination. I am so glad I purchased an apartment in Cape Town for holiday letting. The capital growth has been tremendous. If you choose wisely you can expect to earn around 13% per annum on your investment.
#2 Unfurnished Residential Letting Johannesburg
Cape Town property gets more expensive by the day. Property in Johannesburg is much cheaper though. I earn around 10% per annum on my investment for unfurnished letting. But if business activity improves, I may consider furnished letting to corporates for their employees.
#3 Interest Income
In most countries interest rates are so low that living off interest from your investments is not viable. In South Africa however, you can earn above 7% per annum on a 32 day notice deposit.
Being a landlord can be tricky and freelancing gigs are quite time consuming. Residual income is a good alternative; where you create an asset like a book, a patent or a song and collect royalties for many happy years thereafter.
#4 “Escaping Corporate” Book
Now that I’ve left corporate I am researching all my digital nomad and downshifting options. And turning this into an e-book that I expect to publish in April.
#5 Nomadic You Affiliate Income
The articles that form the basis of my “Escaping Corporate” book form the basis for the Nomadic You website. I’m not too keen on adding Google Ads to the website. But with an increase in visits to the website, there is good potential for affiliate income.
In my first couple of months outside corporate I studied “Big Data” and did some data analysis for a company that manufacturers snacks. There is a lot of buzz about data analysis being a career of the future. But, I regret studying big data. Only the largest of corporates have the scale to analyze data in real time. In my opinion, if you want to escape corporate, studying big data is not the best option.
Instead, inspired by writing my own e-book and helping my brother publishing his book on philosophy, I’ll be focusing my freelancing efforts on these two;
#6 Social Media Marketing Cat and Keyboard
I have learned new skills working with WordPress and doing social media marketing for my Nomadic You blog. I’m already doing social media marketing for an editing and manuscript evaluation blog called Cat and Keyboard.
#7 e-Book Cover Design
Several Shaw Academy Digital Marketing, Graphic design and Photoshop diplomas later, I’m feeling confident to start helping other self-publishing authors with their e-book covers. I’m finding Photoshop to be a lot of fun and quite addictive!