The 4 Cornerstones
2) Passive Income
Note: nowhere in my writings or in my Location Independent Guide do I state that any of the following factors are critical to Location Independence:
1) Language Skills
Arbitrage is the ability to live in a cheap market but earn in an expensive one. You can live a millionaire lifestyle at a snip.
If you are location dependent, you are paying a premium for your lifestyle. You are paying double for your house, utilities and cost of living. You have to maintain an expensive car and travel to work. These costs all add up and are just an extra tax on your income.
Without these overheads you can not only save more money but live a better lifestyle. What if you could live in a luxury 4 bedroom villa by the sea with pool for the price you’re paying for a 1 bedroom apartment back home?
Now we’re talking. This is the power of arbitrage and I’ll explain how it works in my Guide to Location Independence.
Full Location Independence needs Passive Income. I mean the ability to make money while you sleep. If you have a well paid job, what happens when you stop working, take time out or want to travel? You lose the money. But Passive Income keeps on rolling.
In “Fire Your Boss Sell Your Car Travel the World” I’ll show you how to start building your base of Passive Income.
Using the internet there are many sources of Passive Income available today from online publishing to teaching. Use your existing skills to start building a small base of Passive Income right now and you also start your journey towards Location Independence.
You will need access to the internet above everything else. Flights, shopping and entertainment are important but without the internet you are stuck.
Location Independence requires good internet connections but there are many places you could live.
In my book Fire Your Boss Sell Your Car Travel the World, I’ll show you where the best places for internet connectivity are, what to expect and how fast you really need it.
You can’t be Location Independent if the place you want to live won’t let you live there. You don’t want to be hopping around like a tourist, never connecting with the local culture. You might be able to live for a short term under tourist visa allowances, but the goal is to stay longer, enjoy the culture and immerse.
You need to know about visa and residency requirements beyond the standard tourist visa. Some countries are easier than others. Some are downright headaches. I’ll share with you what I know about the processes and pitfalls of living beyond the tourist visa in my Location Independent Guide.
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