26
Mar-2014

How Much Money Do You Really Need To Get What You Want?

I get asked often, “how are you able to travel the world all the time?” Everyone wants to know how to travel the world indefinitely, but many times I find that’s not truly what they’re looking for. A life of constant travel isn’t for everyone. Of course it’s exciting to experience different places, cultures and ways of life, but you’re also away from your family all the time, you need to be able to adapt and change your lifestyle constantly, and it’s difficult to build a business or develop a relationship when you’re always moving around. I promise you, in those exciting foreign countries, there will be times when you just REALLY wish you could drink out of the tap.

I think when people ask about how to travel indefinitely, what they’re really asking is “how do I work remotely so that I can go wherever I want, whenever I want.” I think what people really want to know is how to fire their boss, work from an ‘office’ of their choosing, and set their own schedule and pace of life.

I’ve talked about creating a residual income that will keep paying you again and again. Focus on creating an income that allows you to work remotely. Meaning, doesn’t require a corporate office, or special equipment that is hard to move around. For example, you could design simple websites for people using a design template in WordPress.org. You could write content for blogs and other people’s books. This is called “ghost writing.” You can find freelance gigs on websites such as www.elance.com or www.freelancer.com . You can create something that you sell, such as paintings, drawings, or jewelry. You can even do something unique that no one else is doing. Send someone a postcard from your city, or write someone’s company logo on your forehead. Sound strange? Check out www.Fiverr.com to see what I mean.

Taking time to do some "income planning" in Langkawi, Malaysia

Taking time to do some “income planning” in Langkawi, Malaysia

Once you’ve created a way to produce remote income, the question is, how much you need to make to sustain your ideal lifestyle?

With a little time and effort, I think you can earn a remote income of 1000 per month , but is that enough?

How much do you really need to live the life that you’re dreaming of?

Break it down to the basics. Make a list of all your basic expenses, cut out what you can sacrifice (really, if you’re living your perfect life, do you really need cable tv and 500 premium movie channels? Netflix is $10/month. The internet is free.)

Include rent, utilities, credit card or loan payments, entertainment, food, alcohol, eating out, shopping (you still need clothes), emergency savings if something goes wrong, and any other money you spend living your life. A good way to see what your REALLY spending is to keep your receipts, and track your bank account for an entire 2 or 3 months. You can use budget management websites such as www.mint.com to do this for you. They’ll even create graphs and charts to visually show you how and where your money is going.

Once you know how much your spending, be brutal, and cut out what you don’t really need. Remember, this isn’t a forever budget. This is a real, strategic plan to accomplish a goal you’ve been dreaming of. Want to build a business that will run by itself? Want to travel the world and work remotely? Want to write and publish a novel? You’ve got to sacrifice things that you don’t need (and probably don’t even use as much as you think you do), in order to create space for something better.

The motorbike definitely goes in my "must have" list of expenses. But I COULD cut it out if taxis and tuk tuks were cheaper (they're not).

The motorbike definitely goes in my “must have” list of expenses. But I COULD cut it out if taxis and tuk tuks were cheaper (they’re not).

Don’t want to make sacrifices? You can earn more money, or you can spend less money. Choose one, or both.

Once you’ve stripped down your expenses and know how much money you have coming in, you can make a plan to see exactly what you need to do to accomplish your goals. For example, lets say you want to live and work in Southeast Asia. You’ve done your research, and find that you can live comfortably on around $1000/month if you stay away from tourist-trap cities.

Now what do you need to get there ?

50 network marketing distributors meeting their basic earning requirements?

5 new websites to create per month?

3 large ghost-writing jobs?

Sell 4 original paintings?

6 consistent tenants in your public storage unit?

 

Break it down. However you are making your income, determine EXACTLY what you need to do to achieve your goals. Now you have a plan to make it happen. It’s not a just a dream, it’s a step-by-step instruction manual on how to get what you want in life. You know it’s not impossible, because other people have done it. There’s a great book I highly recommend about building your life your own way, even when no one else things you can. If you want to read a great story, about a man who started with little more than some ideas and a burning hunger to build something big, then check out Richard Branson’s Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way.

So tell me, what do you REALLY want?

What would it take to get you there?

 

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