Let me be honest…
None of you asked me this question.
So, why would I spend an entire once-a-week-blog-post answering a question that none of you asked me?
It’s absolutely critical to the fulfillment of your freedom-traveling dreams that you start thinking differently about money than you do now.
Of course, you’re probably thinking…
What do you mean? I have a fine relationship with money — I don’t have to think any differently.
Okay — fair enough.
Let me prove it to you.
How much money do you have in savings?
Most of you are going to say one of two things…
- You have some money in savings that you’re holding on to for a “rainy day.”
- Or you live paycheck to paycheck and don’t have any money in savings.
This might surprise you, but both of those situations represent a misguided way of thinking about money.
You have some money in savings that you’re holding on to for a “rainy day.”
Problem with this is, you don’t have enough money to be putting away in savings. Not, at least, if you want to chase after your dream of traveling the world and making money while you sleep.
Here’s the deal: in the early stages of building your freedom-traveler lifestyle, you’ll need money.
Because building new streams of income will always be an investment. Some types of streams are more expensive than others, but it’ll always dip into your wallet or purse.
That mindset shift, though, is easier said than learned.
Everyone has taught you (thanks Dave Ramsey) that you need to be debt free, that you need to have at least 6 months of income in a bank account, that you need to put away 10% of your money every single month…
Problem is, that takes foreverrrrrrrr…
Think about this.
What if, instead of paying off your debt over the next 10 years from your 9–5 job, you built 3 new streams of income that helped you pay that debt off in just 2 years?
What if you made so much money from those new streams of income that you could pay off your debt in just 6 months?
And here’s the kicker question…
What if, instead of putting money into savings every month, you invested that money into a new stream of income, giving it the chance to multiply itself?
For example, my wife and I invested $500 into an Amazon selling training 3 months ago. Since then, that training has made us $3,514.74.
But I know what you’re thinking…
What if I lose my job and I don’t have anything in savings?
That’s always the fear, isn’t it?
That your boss is going to fire you, cold turkey (or you’ll get laid off) and you’ll have to go buy a good ol’ cardboard box for you and the family…
Except that’s a false fear.
Let me ask you this…
If you lost your job tomorrow, what would you do?
Would you sit at home and mope about it for two months without applying for any other jobs?
Would you give up, eating Doritos in the evenings and watching Wheel of Fortune during the day, all day?
Because that’s exactly what it would take for you to start living in a cardboard box if you lost your job tomorrow.
Let me say that again…
In order for your cardboard-box fears of losing your job and being the next street hobo to come true, you’d have to become a fundamentally different person.
Because there’s always a new temporary job to get.
And if one job won’t pay the bills, you’d get a second job.
The reality is, in that terrible situation, you’d do what it takes to pay the bills…
Even if that meant going door-to-door, mowing lawns.
You’d figure it out.
And chances are, you’re not going to get blindsided by your work…
And you’re definitely not going to become infinitely lazy or drug-addicted overnight…
You’re willing to work for it, which means you’ll never be out of a job for very long.
If you are, you’ll find a new one.
So, how should you think about money differently?
Well, if you already have money in savings, then — instead of saving it for the rainy day that’ll never come — consider investing it in creating a new stream of income where you give that money the potential to multiply itself.
You live paycheck to paycheck and don’t have any money in savings.
If you don’t have anything in savings, then look at your finances and figure out where you’re spending your luxury money…
Do you buy a coffee every day? Do you go out to dinner most nights? Do you rent movies a lot? Do you buy a lot of video games?
Then cut something out so you can save a bit up for startup capital.
Now you have another concern, though…
What if the new stream of income doesn’t work out and you lose your money?
My answer is going to sound a bit unhelpful at first, but follow me here…
Who cares if you try to invest money into yourself and your first stream of remote income doesn’t work out?
Who cares if you “fail”?
After all, would you pay $500, $1,000, or $1,500 to learn something about yourself and your business-building skills that you’ve never learned before?
I would. Every. Single. Time.
And you should be willing to, as well.
Because the more that you fail, the closer you are to succeeding.
Cue a cliché graphic about entrepreneurship and failure…
Point is, you have to stop being afraid of failure, because it isn’t failure, it’s a learning experience.
When you invest in a new remote stream of income, try to make your money back, but don’t be heartbroken if it doesn’t work out. Take a deep breathe, figure out where it went wrong, save up, and try something else.
I literally can’t count on one hand the number of things I’ve tried to do that completely failed…
Here’s a list of my own failures off the top of my head.
- Quest — A church I was trying to grow.
- Booktrep — An email list I was trying to build.
- Swanky Sweetums — An e-commerce store I was trying to start.
- MB Content — A content-creation business I tried to get off the ground.
- New Life Church — Another church I tried to help grow (it never did).
- Codeless — A job I thought would work out but didn’t.
- Paper route — This was a terrible idea from the beginning and I’m not going to go into detail here.
- AngleTangle — A blog I tried to get off the ground.
- Facebook Ads Business — This didn’t last long at all.
And there’s plenty more (just ask my wife).
But here’s the thing: even though every one of those undertakings failed, I learned something valuable.
Booktrep taught me, for instance, that I always need to try and make money from the beginning of starting a blog.
Codeless taught me that I’m more interested in quality of life than I an in hours worked and money earned.
And Swanky Sweetums taught me that, in e-commerce, you should always order your own products before delivering them to a customer (I know… seems like a no-brainer).
We’re all going to have failures…
But the trick is to let those failures teach us a lesson rather than using them as an excuse to quit altogether.
Truthfully, they’re just an important stepping stone along your journey to financial independence…
To traveling the world.
And you have to embrace them just as much as you do your successes.
So, in a nutshell…
- Don’t save. Invest.
- When things don’t work out, learn from your mistakes and try again.
And lastly, view your money as an asset to building the life of your dreams.