7 Travel Questions: 1) How Do You Support Yourselves and Fund Your Travels As You Move From Place to Place?
A friend of mine from high school asked me a few questions about how we afford to travel and do what we do. I realized that these are questions Carrie and I get asked pretty frequently. So I’m posting the answers to her seven questions in a series of posts on our site here.
Every person has to find their own path to getting whatever they want from life. At the same time, it’s helpful in that path to have the knowledge and experience of others. Some of this is worded pretty strongly, but as always, take what works for you and leave the rest for someone else.
Most people don’t want to know the actual answers to this question…
They want the 30 second elevator speech, so that they can move on to other things. Or, once they learn that there is no “magic bullet” or “Secret”, they don’t want to do the work necessary to make it a reality in their lives.
However, since you seem legitimately interested, I’m going to spend some time responding to your questions. I hope you’ll take the time not just to read what I’m sending you, but to do the homework and actually apply these things.
If traveling the world and having the money to do it on more than $5/day (or even extravagantly – though we’re not yet at that level) are things you want to do, this should be very helpful for you.
Heck, this will even be good just for being able to have a good and enjoyable life.
- I read a book called Rich Dad, Poor Dad by Robert Kiyosaki. I HIGHLY recommend it.
- Once you’ve read “Rich Dad, Poor Dad”, read the follow up called “Cashflow Quadrant”.
- For extra credit, and only AFTER you’ve read the previous two books, read a book called “The Four Hour Workweek” by Tim Ferriss.
- STOP HERE. GO BUY THE BOOKS. I’m not even kidding.
- DID YOU BUY THE BOOKS?
- They’re available on Amazon.com.
- Go get them.
- At least get Rich Dad, Poor Dad.
- If you’ve already read it, go buy Cashflow Quadrant.
- I bought Rich Dad, Poor Dad for a friend of Carrie’s one time.
- She promised me that if I bought it for her, she would read it.
- She didn’t read it.
- HAVE YOU GOT THE BOOK? (I bet not. But if you did, then GOOD.) If you’ve got it ordered and on it’s way, then we can move on…
- The Internet: Without access to manage things, communicate, and build content via the web, we wouldn’t be traveling. I’ve spent untold hours learning how to market and communicate using the most powerful tool ever invented, the Internet. Carrie’s really good at using the Internet effectively as well.
- Passive income: Passive income is money that comes to you whether you’re currently putting in the time or effort for it or not. This is usually income that comes to you for work you did at some point in the past.
- (I used to be a teacher. I haven’t seen most of my former students since 2004. If I could somehow be financially rewarded every time a student used some piece of knowledge I gave him/her, I would be getting passive income. Credit card interest is another example. You buy something, but you don’t pay it off. When you do, you pay it back with interest. You are a source of passive income for the credit card company.
- Residual income. Residual Income is money that comes in every month, every year, or at some other specified interval.
- How long have you had your TV service? When did you get sold on cable/dish? As long as they keep providing the service you bought, you keep paying them. They have a residual income source from you.
The biggest problem people have when trying to think about passive and residual income is changing their mind.
I’m very much still guilty of this. If there are people who passively, or residually, earn $50,000/month or $100,000/month, then why not me? Because sometimes, $100,000/month seems like an insurmountable amount of money.
But I’m getting ahead of myself.
Learn about passive income. Learn about residual income. A mindset of working for passive and residual income is, first and foremost, what allows us to travel.
Again, more than any strategy or tactic or method, the thing which allows us to travel is having a mindset of working for passive and residual income.
If you want to travel the way we do, you will want to discover ways to earn passive income and residual income. Maybe your ways will or won’t have something to do with the Internet. But I can tell you about 200 or more things I’ve tried in an attempt to earn passive and residual income, and maybe 15-20 that have actually worked.
Sites we earn money through right now:
- Various coupon sites
- MySpace videos
- Sites listed on our ventures page
I also own 112 web addresses in total, and many of them produce no revenue.
So I’m hit or miss on the methods and strategies.
However, the best answer I can give you for question #1 is learn everything you can about passive income, and residual income.
Apply yourself, full-force, to finding ways of getting that kind of income flowing into your life.
June 7th, 2010
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