Rent-free living off passive income. This is something most people dream of, but today’s post shows you how to make this dream into a reality. Below are three different cities in three different parts of the world.
You will see how much it costs to live in each of them.
1. Scranton, Pennsylvania
We’re starting off with the town famous for its role in The Office. Why? Because Scranton is the perfect example of how even living in backwater middle America is still ungodly expensive. You’re paying thousands of dollars per month, and getting terrible weather and a crappy low-quality life in return.
You might think I’m being funny, but I’m not. The average rent in Scranton, Pennsylvania is $1,100. That’s a lot of money wasted on a terrible location.
(Source)
And I’m not picking on Scraton either. It’s the same story if you’re living in Des Moines Iowa, Springfield Illinois, or any number of other small and out of the way cities across America.
If you want to live rent-free in one of these places (why?) you’d need about $1,500 per month in passive income. That comes from either selling about $50 per day in goods and services, or from having between $250,000 – $350,000 in revenue producing assets (like dividend stocks).
That’s not actually too bad. And you can certainly hit that “rent-free living through passive income” goal within a year or so.
Launching a freelance business or learning affiliate marketing (here’s a fantastic guide) could certainly cover your bills in a very short time, and you can always use the money you save on rent to build up more passive income streams. While living in Scranton, Pennsylvania (or any city like it) might not be a dream destination, you can certainly become location independent while living there and move out within 18 – 24 months.
2. Saigon, Vietnam
Vietnam is a Goldilocks country. It’s got just the right combination of everything you’d want. There’s a low-cost but high-quality standard of living; the women are friendly and hot; and the government has things regulated just enough for the country to be safe, without being overly oppressive.
In terms of places to live, it’s hard to think of a better value. Especially if you’re used to America’s high prices and restrictive atmosphere. Heck, even billionaire Marc Faber recommends moving to Vietnam!
So what about cost of living?
Well, it’s very reasonable. You can easily find a new apartment (with maid service) for under $600 per month. And penthouse units cost anywhere from $1,500 – $1,800. Not bad at all, especially when you realize you’re living in a major city with warm weather all year. Saigon is a place where you can live like a king, for less than it costs to eek out a living in Scranton, Pennsylvania.
Saigon is also easy mode for living rent-free off your passive income. A $400 – $600 apartment only requires that you bring in about $15 – $25 per day. That’s one freelance article each morning (on a site like Upwork or Fiverr nonetheless), or $100,000 – $250,000 in revenue producing assets (dividend stocks, real estate, etc).
One big freelance client or good affiliate marketing campaign can even cover all your bills forever.
I remember reading Michael Port’s Book Yourself Solid and getting my first big client, a golf course, and covering an entire summer’s worth of expenses off one week’s worth of effort.
If you’re looking to live an awesome life without having to worry about money, Saigon is your place.
3. Sihanoukville, Cambodia
Ever dreamed of being a cowboy?
Living in Cambodia is he closest thing to living in a modern-day Wild West. Some people might not enjoy it, but adventure seekers are guaranteed to have a good time.
Sihanoukville is an interesting city because it’s on the ocean and gives you a lot of fun beach and water activities to enjoy. You can go swimming, SCUBA diving, play cards at one of the local casinos, or hit up the local bar scene. Additionally, since this is a vacation destination, there are plenty of pizza parlors and Western restaurants to enjoy. It’s a bit more international than other parts of the country.
One interesting thing to note s that Sihanoukville is not as cheap as Vietnam. In fact, Cambodia in generally is more expensive than many of the other Southeast Asian nations.
(Here’s A Two Bedroom Apartment Worth Checking Out)
Still, you can rent a very nice place for well under $2,000 per month. And you can enjoy a nice, stress-free lifestyle for less than $100 per day.
To enjoy rent-free living in Sihanoukville, you’d need a bit more passive income. Affiliate marketing can definitely cover your bills (and if you missed it earlier, here’s another link to learn more about selling other people’s products). But you can also make your own products as well, or invest in real estate and dividend stocks for passive income.
Earning $2,000 – $3,000 per month in passive income is completely doable. And, it’s more likely that you reach this milestone if you’re motivated by a goal like moving to the beach or traveling abroad.
Final Thoughts
Living off passive income is a dream many people have. The idea of money rolling in each month and covering bills and rent is exciting. But it is also something that’s completely achievable if you put you mind to it.
While there are many ways to do this, the affiliate marketing is the easiest. If you can sell one product per day at a $50 – $60 commission, you can live comfortably in 90% of the world. Plus, you aren’t dependent on working a fixed number of hours each day or week. I remember some of my early affiliate successes, where I’d put out an offer in the morning, go out and have fun all day, and come home to profits like I’d worked a full eight hour job.
Affiliate marketing is a fantastic way to generate passive income and enjoy rent-free living all over the world.
P.S. If you’re curious about becoming an affiliate marketer, I highly suggest signing up for Affilorama. This is a fantastic walkthrough on how to start selling goods and services online, and it provides you with everything you need to become a successful marketer. Give it a look.