How you make your money is more important than how much you make — especially if the freedom of travelling around the world full time is your goal.
Having the ability to work from your laptop provides you with the flexibility to work from anywhere as long as you have an internet connection.
It’s important to take into consideration the cost of living in the places where you decide to travel/live in.
My income from working on my laptop stays the same, however depending on where I choose to live or travel to, my expenses can change dramatically.
For example, one month of living expenses in Melbourne, Australia(where I grew up) would allow me to live in countries like Poland, Thailand, India, Turkey, etc for three to six months (and sometimes the quality of life was even much higher than I had in Melbourne)!
By consciously choosing to live abroad in places with lower costs of living (and higher quality of life), I also manage to save a lot more which goes towards investments and building up passive income streams.
How I Make My Money:
I’ve been running my own businesses since 2006 and dabbling in almost every legitimate way of making money online that you can think of since 2008.
From blogging, affiliate marketing, dropshipping, manufacturing and selling physical products, Software-as-a-Service, selling services, CPA, SEO, Google Adwords, freelancing, selling my own ebooks and courses, and more…
Having dipped my toes into so many different ways of making money and gaining experience from running businesses in many different niches, I’ve learned that the freedom and quality of how I earn is much more valuable than the quantity I earn.
My philosophy in business and making money is to ‘Automate or Delegate’.
Where ever possible I’ll use software and processes to automate a system or task and whenever I can’t then I’d delegate the tasks to someone else in a fair, win-win way. This allows me to quickly diversify my income sources and free up my time.
I usually spend about 2–3 hours a day working and every once in a while I’d take a few days, weeks or even months off to enjoy life or focus on new projects.
I currently have 4 sources of income streams…
1. SaaS (Software as a Service):
This is by far my favourite source of income.
We put in the work in the beginning to plan things out, build the software and then it runs on its own while allowing us to earn consistently through monthly subscriptions.
2. Dividends and interest from savings and investments in Blockchain projects:
Blockchain is such a new technology that most people don’t quite understand it yet and it’s still common for most to err on the side of caution.
Several of the projects I’ve invested in pay out daily dividends from their profits or for being part of securing or participation in their blockchain.
There are also P2P lending services and high yield interest accounts where I store a portion of funds and compound interest (if you’re not familiar with compound interest, look it up — it might just change your life).
Sometimes I’d convert some of the dividends/interest earned into regular fiat money that I use in everyday life however I rarely do this and prefer to compound interest.
3. Profit Split From Businesses I’ve Helped
Having worked online since 2008, an area that anybody who wishes to succeed online needs is marketing. I devoted a lot of time to learning and refining marketing strategies over the years for a variety of my own businesses and became quite good at it!
Eventually I kept getting word of mouth referrals to help friends, and friends of friends to help with marketing campaigns and automations for their businesses.
For some of these companies, I didn’t take any pay and in exchange received an agreed upon small portion of profit share or set amount each month.
Some of these companies also signed up for services they needed using my affiliate links so that provides me with additional income.
4. Email Marketing & Facebook Advertising:
This is the only active work that I still do sometimes for existing clients and new referrals.
Some times I get to connect with amazing people from all over the world in various industries and be part of fascinating projects from eCommerce stores, meal delivery companies to music festivals and more.
Here are a few final quotes that sum up my mindset of how I approach business and finances:
“During the gold rush it’s a good time to be in the pick and shovel business”
“Work smarter, not harder”
“Less is more”
“You can do anything, but not everything”
“Sometimes what you don’t do is just as important as what you do.”
“Essentialism is not about how to get more things done; it’s about how to get the right things done. It doesn’t mean just doing less for the sake of less either. It is about making the wisest possible investment of your time and energy in order to operate at our highest point of contribution by doing only what is essential.”
Seven books that have helped me the most for business & finances:
- Rich Dad Poor Dad — Robert Kiyosaki
- Essentialism: The Disciplined Pursuit of Less
- Rich Dad’s Increase Your Financial IQ: Get Smarter with Your Money
- Think and Grow Rich
- The Richest Man in Babylon
- The 7 Habits of Highly Effective People
- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones
Want to know how to travel the world on a budget?
To live a life of freedom where you can travel and work in your own time, you don’t really need to be earning as much as you may think, in fact I’ve met many people who travel and explore the world full time that earn between $800 — $1000 USD per month and live comfortable lives (even those from countries such as Philippines, India, Vietnam, etc)
I myself live comfortably in most parts of the world and usually spend between $500 USD — $1500 USD per month depending on where I stay.
Read my 9th tip about my F.A.T method in this article here: 14 Tips Every Digital Nomad Should Know