Having the flexibility to work from anywhere in the world is becoming very desirable in the modern age.
There are many pros and cons to working from home or being a nomad.
You can choose to work from home, a co-working space, or anywhere your heart desires.
Before you go nomadic, here are the most important things to consider:
Step 1: Save – You should have a runway of at least 1-2 years saved up and no debt. If you’re planning to move to a nomadic hub like Bali or Thailand, budget for at least $1,500 USD/month. This means you should save up at least $36,000 USD before you pull the trigger, and have no debt. Ideally you should have at least $50,000-$100,000 USD in savings to be comfortable.
Step 2: Build High Income Skills – You do not want to move to a new country and be left stranded with no skills, no clients, and no income. The best services to offer are ones that can be done remotely, such as coding, investing, trading, web development, copywriting, sales, marketing, or anything digital related. Even if you hate sales and marketing, I highly recommend you learn about them as they are the engine that drives every business. Consider speaking with your current employer or client and discuss if working remotely is a possibility. Many employers are becoming more open minded about remote work.
Step 3: Offer A Service – The fastest way to generate cash flow quickly is to offer a service. I don’t recommend selling your time for money in perpetuity as it will not make you wealthy. However, starting a service based business and charging for a high income skill is in my opinion one of the best ways to start out. You can generate $50-150$K+/year working from home or remotely while spending less than $15-25K/ year. This leaves you with $30-120K/year after tax of extra cash to invest back into your business and other profitable investments like stocks, real estate, or cryptocurrencies.
Step 4: Work From Home – I worked from home for over 1 year before deciding to sell all my things and move to South East Asia. It’s a great way to build up your skills and experiment with the lifestyle. Not everyone enjoys working alone. I don’t enjoy working in office buildings or shared co-working spaces. Working from home and setting up my own work flow is ideal. If you don’t like working alone, there are many co-working spaces and co-living spaces in digital nomad hubs.
Step 5: Book Your Ticket – Now that you have enough money saved up, a service to offer, and at least 1 or 2 paying clients, you’re ready to pull the trigger. If you want to ensure something gets done, give it a deadline. Once you have your ticket booked, you have a countdown to prepare for the adventure ahead.
One of the best ways to become location independent is to hire a mentor or work alongside someone who is already living the lifestyle you desire.
A mentor can help speed up your learning curve and you will absorb the right mindset, knowledge, and connections.
A mentor can also help you overcome roadblocks and avoid expensive mistakes.
Make a list of the top 10 businesses and people that inspire you and reach out to them. I suggest starting with business owners and friends within your network.
You can also use the contact form if you’re looking for personal mentorship and are ready to invest in yourself.
Doing anything worthwhile is not easy, otherwise everyone would be doing it.
Imagine never having to take a vacation again because every day feels like a vacation.