This is the last step I’m covering, but really this segment could be completed at any point. In order to know if your business is making enough for you to survive remotely, you will need to know how much you will be spending on the road—duh. If you are in the US, Canada or Europe you have a much higher cost of living than just about everyone else in the entire world, and it will probably be much cheaper for you to live in another part of the world, as compared to any of the aforementioned.
That being said, only you can determine just how much money you will be burning through. It is going to depend on where you want to live and how you want to live. Let me give you some examples, and I will start with my current position right now in July of 2013.
I moved from Florida, USA to Bangkok, Thailand. My quality of life is higher now than when I lived in FL, yet my monthly expenses are about 40% of what they used to be. I rent a modern, one-bedroom furnished apartment on the outskirts of the city. It cost me $380 a month in rent. In FL, I rented a single bedroom in a two-bedroom house, and my rent was $575. I use public transportation here, and I spend about $100 a month on said transportation. In the US, I spent $600 a month to own, maintain, fuel, and insure my ’07 Mazda 3—Florida’s public transit is a complete joke so a car is a requirement. A cheap dinner in Sarasota, FL would cost me about $20, and a nice dinner would run about $100. In Bangkok, a cheap dinner is about $1.50 and a nice dinner is under $20. Under the new “Affordable” Healthcare Act, my mandatory health insurance policy would run about $200 a month; I paid $250 for a decent one-year travel policy through Allianz. My cell phone, cable and internet in the US totaled over $200 monthly. Those three services in Bangkok are about $50.
I could go on and on, but the point I’m trying to make is that if the remotely-operated portion of my business were only able to produce profits equal to 50% of my living expenses in Florida, that would equal all of my living expenses somewhere else. This is the beauty of location independence.
Now if you want to move from Europe or the US to Tokyo or Singapore and buy a car, have a nice two-bedroom house, etc… you better be making seven figure profits off that remotely operated business. So it all comes down to where you want to be, and how you want to live.
I personally, would recommend starting in Asia. The rent is cheap, the buildings are modern, the infrastructure is new, and the internet is quick & stable. Did I mention the food? Simply delicious. Central and South America are cheaper than Europe or the US, but not as cheap as Asia. Additionally, Latin America has some very rough internet issues. Trust me; I just spent two months traveling from Guatemala down to Panama, and a week into the trip I just gave up on trying to get any work done. You will stress yourself out trying to get a quality connection, and you will lose clients when it inevitably doesn’t happen.
In conclusion becoming location independent, being happy, pursuing your dreams, escaping the rat race and really living life is not this totally out of reach fantasy. You can do it, but it won’t be easy. There is no magic formula, and there is no free ride. The difference is that you will find a way to make money doing something that you are passionate about, and you will be working towards a goal you love while just about everyone else is making money doing something they hate and working only to survive. It all starts with setting that ever important GOAL, which takes us back to Step 1.
There you have it. I hope you enjoyed that brief run-through on location independence, and if you have any questions PLEASE comment or shoot me a message through the “contact” page. Best of luck!