How I Make Money While Sleeping
Money – A few days ago, I began a conversation about money.
I told you what my budget for while traveling and what I pay for things like health insurance, website hosting, phone bills, and housing. And I try to give a bit of perspective.
Because, when it comes to travel, we often think we need more money than we really. And by chance that I spend the same amount or less than the travel money than I did when I lived full time in Colorado.
I hope that the posting help (and if you have not read and are interested in on-the-road finance, may I suggest you give it a read?).
Today I want to continue the conversation. Because there is another side of traveling-the-world-full-time-on-a-budget I coin … and the revenue side.
How full-time nomad make a living?
Now, many immigrants keep their money, take a year (or six months or two years off) to travel the world, and then returned to their home base to take another job.
If you’ve been following me for a while, you know that my case is a little different.
With about a year and a half of entrepreneurs under my belt before I go to travel, I take a revenue stream that is with me on the road.
At the time, that is a revenue stream for the Content business called Do-gooders. The idea is this: I provided a content strategy, copywriting, web writing, and other content related services for a company with a conscience. Some of them are non-profit. Others are just for-profits with people, companies, and agencies that prefer to work with someone that gives 10% of its profits back into the charity.
When I started my business, I have been working with words in one form or another (off and on) for about 10 years and I have worked for an ad agency (and then the advertising department of internal company) as full a time copy strategies author/content for about three and a half years.
I ran this business from my small ranch house in the center of Denver for one year (ish), working with clients in Florida, Colorado, Mexico, and various locations American and Central American. And just when I was ready to take a trip, I’ve worked with a number of long-term clients and made about as much as I had while working full time.
In other words, I’ve worked alone for a while and I was in a stable holding pattern with the business when I took and left the States.
However, it is scary to take the business on the road. I still have all sorts of worries about me ditching my clients or prospective clients my pool is growing smaller. In fact, I only planned one month of my trip at a time because I want to be able, at the time, flew back at sea and continue business as usual, just in case things start heading south.
Fortunately, what I found was the opposite. Being in Europe, five to eight hours in front of my clients, meant that I am suddenly wildly productive. Nothing bothers me in the morning (my most productive time), because they were all asleep. And by the time they woke up, like magic, I have delivered their finished product via email.
I also found that I continue to make contacts and meet potential clients at a fast clip. In fact, I met more prospects while I was traveling. And soon I was working for a company on two continents, making a living in a variety of currencies, and working with people who see life in the same way.
In the first year or so down the road, I do not make a ton more money than I did in the United States, but I kept stable. If you look at the tax returns in 2011, 2012 (when I started traveling mid-year), and soon in 2013, they all look pretty darn similar.
Changing careers on the road
As many of you know, in 2013 I waved to a friendly farewell Content for Do-gooders and began to devote himself full time to travel and write inspiration.
When I “quit” my business, I own several online and print publications that I work with on a regular basis. I also chose to keep two old clients of mine who still fit the new vision I (both client that I wrote an article for the sound of my own and with my byline own, just about the content and marketing rather than driving) and who will help me make at least a little money every month while I was getting my new career at his feet.
That said, my monthly income did dip below the break-even point me during the first few months, but it seems to start building. (My goal is to at least break even in March.)
And, for me, make a career change while traveling tasted the same (actually, scratch that: noticeably better than) make a temporary change in the United States. My expenses are equal to or less than the cost of my US life. Just like when I started my business, I made this change with some clients/publications already in hand. And, in my case, because the inspiration is traveling and writing a dream career, being abroad is actually a big help.
The things I do to keep my business profitable on the road
- Well. So hopefully that answers common questions about how my super makes my life while traveling. I thought it might help to end with some concrete things that I do to keep my business running smoothly while on the road. As always, keep in mind that my way is not the way.
I started the business with my existing capabilities and contacts and make sure I have a financial buffer in place while I got it up and running.
- I waited until I was almost breaking even before I quit my full-time job and I waited until I was more than breaking even before I started traveling.
- I was traveling slowly and prioritize my work. (If you are traveling too fast, your life becomes a series of well-or; well I can explore Paris or I could make my deadline. It is better to travel slowly and do both)
- I lead a normal life on the road, as I usually budgeting, dealing with a fast or slow month like me normally, learning to balance work and life against the background of rocks, white sand beaches, or the jagged peaks.
- I consider each new contacts and potential contacts friends and I talk about what I’m doing business-wise. Many. You never know when you will meet amazing interview subject, editor, or a new client.
- I weigh the value of the odds against the cost of energy, happiness, and time. After a few months off, you begin to be able to place a difficult client miles away. And if you know that the client will demand a lot of your time, assurance, energy, etc., make sure you feel up to the challenge and that you get paid enough to give clients what they need.
Do you think this is too difficult to do? Let me know by commenting below.