I’ve been a laptop traveler for about 15 years now. The last job I had, paid $160,000 a year; full medical, vision, and the whole nine yards, but I gave up all of that to become a laptop traveler and I’ve never turned back since.
In fact, I’m so rusty in terms of looking for a job. It’s like a foreign language to me. Writing a resume now is like pulling teeth. It does have its advantages.
First of all, you get a tremendous amount of freedom. You determine when you work. What you’re going to be working on, and how you work. A lot of people might be thinking that this is small stuff compared to the amount of money that you’d make from a stable job. Well, keep in mind that if you are working for a stable company, you don’t have a choice.
You have to do what they tell you to do. You have to handle the projects that they give you. Also, you have to do it a certain way by a certain time and it can get so constricting that all your creative juices, regardless of their initial level, can quickly dry up.
So, when I shifted to a digital nomad lifestyle, it really allowed me to do so many different things. I’ve written dozens of books. I’ve traveled extensively. I’ve met a lot of interesting people and most importantly, I’ve come across many important and significant personal insights. I don’t think I would have reached that stage if I contented myself living in 4×4 steel and glass cubicle somewhere in San Francisco.
Of course, there is the downside which is you have to have reliable streams of income. While freelancing, can and does pay off, it takes quite a while to build such a reputation that you can consistently charge top dollar. That is the secret to successful freelancing.
It’s anybody’s guess. Maybe if you get the right clients, you can establish such a reputation after 5 years, then you can start charging the holy grail rate of consultants which is of course $1000 or more per hour, but that is an outlier. The better approach would be to create many different online passive income streams.
What is passive income? It is an asset that you build that took up your time and some money, but you build it once then it generates income. The idea is to build once make money many times over. It can take many different forms. It can be a blog. It can be an online list of links. It can be a resource site. It can be a platform where people trade or exchange information.
Whatever the case may be, a lot of this digital passive online systems are powered by two things. Either you make money through ads or you make money when you sell products or services through this site. Regardless of how you cut it, the key here is to work only once. You’re not doing it right when you’re constantly working to earn money. That’s active income. You might as well put on a tie and a coat, sit your ass on a chair, and work for someone 8 hours a day in a regular job.
Being a digital nomad involves either freelancing or creating passive income assets or both. At first I started off with freelancing, it’s gotten old quickly, so now I’ve moved on to passive income assets and I haven’t turned back since. Now, here is the secret. Don’t get too excited about each asset. Each one might generate maybe $5 a day. You may be thinking, how do I live with $5 a day when the rent and my neck of the woods is $5000? This is definitely true when you look at the San Francisco Bay area. Well, the answer is simple. Build tons of assets.
If you build an asset and you are sure that it generates let’s say $5 a day, there’s really nothing holding you back from building 1000 such assets because a domain name only costs 8 bucks. So, do yourself a big favor and understand that seemingly small trickles of income when added together can translate into a river of income. It allows digital nomads make 5 or even 10 times the money than their friends who work at traditional jobs make.
It really all boils down to how imaginative and creative you are. Also, it comes to how much value you put into your freedom. You can spend that time raising children, becoming a more self aware person, or in other words, you can spend that time living. It’s your choice but the digital nomad lifestyle requires passive income. It’s not a question of if. It’s not an option. You need to do it because if your ultimate goal is to be a well paid consultant, please understand that it could take a while to get there. So, build assets every single day.