Can you imagine exploring exotic destinations like Thailand or Madagascar all while building wealth? It’s possible, but first you need to understand one important thing. There’s a difference between just making money and actually building sustainable wealth.
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Making money usually requires you to put in a lot of work, with the outcome being a paycheck. Building wealth is about making smart decisions and watching your money work for you.
Keep reading to learn how you can hop around the world while building wealth.
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Create Passive Income Streams
One of the easiest ways to build wealth is to create passive income streams. Passive income can come in all different forms. You could create a digital product like an ebook or online course. You’ll put in a significant amount of work to build the product, but then you’ll get paid each time someone purchases it in the future.
Real estate is another popular passive income stream. Investors purchase rental properties and then collect rent checks each month from their tenants.
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Investing While Traveling
Another great way to build wealth is to invest your money. Whether you’re interested in real estate, exchange traded funds (ETFs) or stocks, this is a great way to have your money work for you. There are many platforms that make it easy to get started with investing, such as:
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Robinhood
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Webull
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Charles Schwab
Make sure to set up your investments to withdraw from your account automatically. This makes it easier to stick to your investing plan and ensures that you are consistently saving for your future even when you’re trying to catch your next flight.
Manage Your Spending
Being able to stick to a budget is essential when traveling, as it makes sure you’re not overspending or getting into financial trouble. If you are overspending, you won’t be able to invest your money or help yourself grow wealth. Some great ways to manage your spending while traveling include:
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Budget: Set a daily budget for yourself. This can include groceries, daily living expenses and transportation
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Travel to Inexpensive Areas: When planning where you want to travel, stick with areas with lower costs of living that will minimize your expenses.
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Track Your Spending: Use a spreadsheet or budgeting app to understand your spending. This will allow you to make necessary cuts to avoid spending too much.
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Use a Kitchen: Choose accommodations with a kitchen so you can buy groceries and avoid eating out every day.
Building wealth while traveling the world may seem a little out of reach, but it’s not. Anyone can do it, regardless of their income. Following our tips above, you can start today and create a financially-sustainable lifestyle.
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This article originally appeared on GOBankingRates.com: What If You Could Build Wealth While Traveling the World?
