2020 is a wake up call. If you are not making money online, location independent, and capable of packing up and moving abroad; you are screwed. Every country in the world, including the United States, can lock you in your house whenever they want. This means most traditional businesses are doomed.
If you want to survive, you need to to move your operations online. Preferably by the end of the year.
Get Any Online Work You Can Find
Making money online is one of the few ways to become location independent. Leverage the Internet for business and you’re free to work anywhere in the world. Want to sell eBooks from a cabin in Alaska? Cool, that’s 100% possible. Same with freelance writing from Brazil. Or trading crypto currencies in Cambodia.
Becoming location independent provides two major advantages.
The first? You can pack up and move when things get too dangerous or oppressive. If riots break out or threats of lock down emerge, you can be the next flight out of town. People who are not making money online miss out on this luxury. They’re the ones left behind, dealing with unrest.
The second advantage? Geoarbitrage. You can move somewhere with a lower cost of living, allowing you to save more money and build your wealth as fast as possible. Make $50,000 in the United States and you’re struggling. Make $50,000 in Thailand and you’re balling out with money leftover. In fact, moving abroad and working online is one of the easiest ways to “beat the system” and become wealthy.
Like anything, Internet businesses take time.
Start out by doing whatever it takes to win. Become a freelance writer, do consultations through Zoom or Skye. You could even teach English online (not a very good gig) in the evenings and bank that money, just as a starting point.
Whatever your options do something.
Start Affiliate Marketing Or Selling Information Products
Freelancing and coaching are nice. but there’s a ceiling to what you earn.
If you want to start making big bucks, you need to move towards larger markets. Affiliate marketing and selling information products are two of the best.
Freelancing might net you $12 – $50 per article, while affiliate marketing pulls in thousands of dollars for sales letters of the same length.
Not every sales letter you write ends up a home run, but stick with it and the winners start adding up.
Once you get the hang of this, create your own eBooks or courses and sell those. You get better profit margins and full control over how and when you get paid. If you think there’s no money in selling information, just remember that Ramon Van Meer became a multi millionaire running a soap opera blog. His start-up costs? $49.
If you start with affiliate marketing, check out Affilorama. They’re one of the best training programs around, and walk you through the steps to creating a livable income online.
And if you’re curious about information businesses (like eBooks), give How To Write And Sell Simple Information For Fun And Profit a look.
Reinvest That Money Into Buying Assets
The only thing better than making money online is making money while doing absolutely nothing.
Pure passive income is what allows you to live however you want, without having to do any work whatsoever.
You’ve probably heard that old personal finance mantra “Buy assets, not liabilities.” It is 100% correct. While there’s nothing wrong with buying fun, flashy things (like cool clothes or a boat), the bulk of your money should be reinvested back into itself.
Doing this allows you to compound your wealth, enabling you to live off interest and dividends.
How much you need to cover your bills will very wildly. I’ve seen some people say that you need at least $1 – $3 million. While others claim you only need about $100,000.
Personally, the $500,000 – $1 million zone is probably a good starting place. But, you could always live off a little less if you’re someplace cheap like Vietnam or Thailand. Owning quality high-yielding dividend stocks (for example), could net you a 5% – 6% annual cash flow. So having $300,000 invested would pay you $18,000.
Of course, buying high-yield stocks is risky if you don’t know what you’re doing.
Because of this, I suggest doing your homework. Read free reports on sites like Market Watch or Seeking Alpha. Or subscribe to a dividend advisory service like Top Dividend Stocks.
I use Top Dividend Stocks quite a bit and have discovered several quality assets this way, including two of my favorite holdings: AbbVie and W.P. Carey Inc. I buy about 25 shares of both during each quarter, and this nets me an extra $1,100 per year. I highly suggest subscribing if you want to find winning stocks to build your passive income too.
(Quarterly AbbVie Purchase)
If you’re not making money online, you also miss out on a lot of major technological breakthroughs. The average person has completely forgotten about Bitcoin, yet it’s doing very well as a payment method for many affiliate programs.
Some of my Bitcoin goes into a special Block Fi savings account each month. This generates 6% annual interest, and that interest is paid out in crypto currencies.
This is an easy way to earn free Bitcoin, and it builds up your crypto holdings as you wait for the market to take off again.
Like anything, success compounds. When you’re running an Internet business, you can reinvest those profits. When you’re dependent on a job, you’re never making enough to break free.
Final Thought: The Future For Anyone Who Is Not Making Online
(Depression Era Breadline)
It’s a new day for America. We’ve seen the United States government shutter businesses at will, and we’ve seen many traditional stores and shops get obliterated during the recent pandemic. During this time many workers have been laid off or forced into working longer hours for less pay.
And when the whole situation is over, many millions of Americans will remain unemployed forever,
It’s unlikely that brick-and-mortar small business will ever recover. Same with a lot of office work. So don’t risk your financial future by working for someone else. Instead, make it a point to start a business online and achieve financial freedom as soon as possible. Doing so allows you to reinvest your profits and enjoy location independence.
Take advantage of the situation now, while there’s still time. Or else risk becoming a slave to poverty and martial law for the rest of your life.