8 Steps to a Location Independent Lifestyle
Have you made the decision to quit your job, live on the beach, eat mangos and drink rainbow colored alcoholic drinks all day? Well before you turn in your two week notice or just decide to give your boss one day notice cause you just can’t take it anymore there are some things to consider and put in place before you cash in the 401k and buy a one way ticket to paradise. These 8 tips will help anyone to start setting up the life they desire.
You don’t have to wait until your retired, you can travel and enjoy life anyway you chose now if you put a little planning into place and stay focused on your goals. It takes less money than you think to start enjoying the life you desire. Dream big and believe that can change your life.
Set clear goals with a deadline.
Just setting a goal puts you ahead of the crowd
Write down your passions, what you like to do and what you are good at
How you achieve your goals may change over time, that’s life.
• Time and Productivity
Time is not a renewable resource.
How are your spending your time?
Track how you are spending your time. You can use a calendar or excel spreadsheet to track how your activities. Figure out what your wasting time on and start doing activities that help you achieve your goals.
Create a vision of how you would ideally spend your time for a day, week or month.
Have fun with this exercise by writing it down and be as detailed as possible.
• Money and Finances
Stop buying things you don’t need- If you want to live a location independent lifestyle you must get control of your spending. Think about all the things you spend money on that you really don’t need. Do you really need the latest smartphone, flat screen TV or $6 cups of coffee?
• Track your expenses
Write down everything you spend money on for a month.
Create a budget after tracking your expenses for a month figure out where you can cut back on your spending. Create a budget for your monthly living needs, long and short term saving, retirement, and money to buy doo-dads and splurge every once and a while. Living expenses should be 50-60% of net, all other categories should be at least 10% of net each.
• Get out of debt
Pay off the smallest balances first, when they are paid off add that money to the minimum payment of the next balance and repeat until your debt load is more manageable.
• Optimize your accounts
Set up bank accounts that pay you interest, get rid of high interest credit cards, choose credit cards that give you travel awards or some other type of incentive.
• Start an emergency fund
Once you have your financial situation in order try to put away a set amount of money every time you get paid. Strive to have at least six months living expenses in the bank for emergencies.
Making the decision to become a lifestyle entrepreneur can be a scary and adventurous path to follow. To make the transition from being a cubicle drone to a world traveling mobile business owner there are a few things to consider and vital steps you must take to make the journey a little easier. Working on your mindset to change your thinking is the first and biggest step.