And as you can see from my Instagram you can see that I have been EVERYWHERE.
But as awesome as this “nomadic passive income” is, its not as sexy as it sounds.
So today my fellow freedom fighters we are going to go over the 5 ugly truths realized after one year of nomadic passive income.
Here are the five ugly truths that I learned about passive income while traveling.
UGLY TRUTH #1: The Void Sucks
My entire life, I’ve always been told what to do.
In school, I was always told what to do from 8 AM to 3 PM. In work, I was told to do from 9 to 5.
Since the entire time, it kinda programmed my brain to be lazy. . To a point that I didn’t have to take initiative for my actions because that decision was already made by “my superiors”.
But then I’ve read this book, The 4-Hour Workweek, so I made my own little 4-hour workweek.
All of us a sudden, I have this new found freedom that I didn’t know what to do with.
Let me tell you this my fellow freedom fighters.. This is what no one will tell you online:
When you get to that point, YOU GET BORED!
And this is the same boredom that causes depression in the retirees that end up killing themselves way before their friends that have retired yet.
This boredom or state of depression is what is known as THE VOID.
It is the most anti-climactic thing to experience for people that have retired at the age of 65, or to anyone that has became successful in a business.
I, for one, didn’t want to die at the hands of the void.
So instead of finding more ways to make money and falling into the trap of working for working’s sake.. I BEGAN FILLING IT WITH THINGS THAT I LOVE TO DO.
Some of these are Muay Thai, learning a new language…
And even going out of my way to take salsa lessons. All of it in my never ending attempt to feed the void that now exists in my life.
It’s important to fill the void before taking on new projects so that you don’t get stuck on the entrepreneurial hamster wheel and you can begin to actually enjoy your success.
UGLY TRUTH #2: Being Busy Does Not Equal Being Productive
So many people out there like Gary Vaynerchuk and Grant Cardone will tell you to work 24 hours a day, 7 days a week.
Don’t get me wrong, because that’s exactly what you should do when you start getting into your business, (which you can get in the link below).
But working that much for an extended period of time is (1) not sustainable and (2) not enjoyable.
Just because you work 8 hours a day in your business does that necessarily make you productive.
I remember when I was at work, all I had to do was “look busy” and I would get paid. But business is not like that. There’s a difference between being productive and just being “busy.”
What you should do instead is find out the 20% that make 80% of your revenue and just focus on that.
Right now from my Mike Vestil brand, all the back end funnels are already in place.
And because I put in the initial work, all I have to do now to bring in 80% of the results. .
Is to simply make two YouTube videos a week.
One day a week, I will create two entire scripts of what I have to say on my YouTube videos.
And I take the script that I record each one for 20 minutes. Afterwards, I then transcribe it into a blog post. So from that one day of work, I created two pieces of content that are highly actionable..
Filled with extreme value for you guys to take action on!
And if I try focusing on anything else. . That’ll be another form of laziness on my part and not focusing on creating ways to make quality content.
So I ended up cutting out and not doing anything that doesn’t increase the bottom line. For those other jobs, I just hire them out and have my team of virtual assistants do them for me. That way I can focus on what I should be focusing on.
So after you have of gone through the 24/7 grind and hustle like the Gary-Vaynerchuk-Grant-Cardone stage…
Start hammering down on the 80/20 in your business. Focus on the 20% of things that cost 80% of the results. That way you can be productive with your time instead of being busy in putting more work into small amount of time frame.
Thus, saving you more time and money and allowing you to actually enjoy your nomadic passive income!
UGLY TRUTH #3: More Money Is Not Always a Good Thing
Now YES. . .
I can only go to my team and tell them to increase ad spend to the various drop shipping stores that we run on the back end.
And yes, if we do decide to put more money into the ads, we will generate more income. But seriously, what is the point if it also increases the amount of our company’s headaches?
If sales gets too high for dropshipping, we would have more support tickets, more refunds, and we might have to expand the current team to handle the workload.
I, for one, want less headache so I’ll be willing to sacrifice sales for some peace of mind.
There are so many people in the e-commerce space that make absolutely way more money than I do, but many of them don’t have the free time that I have.
It’s like a lawyer who makes $100K a year but lives in New York with high living expenses compared to someone who makes $30K a year. . on their laptops in Thailand working 2 hours a day with low living costs.
More money in that scenario is not always a good thing if it means sacrificing your entire day.
And I’d take more FREEDOM over the MONEY any day.
UGLY TRUTH #4: Mini Retirements are Better than Binge Traveling
So my initial idea of nomadic passive income was to use that money to travel as much as I can, as fast as I can, and as long as possible.
And because of that, I was literally in and out of cities within two or three days.
Much of the time, binge travelling was a drunken blur and it was not sustainable nor did it actually help me grow as a person or as an entrepreneur.
So what I did was do mini-retirements instead.
I pick up places on Nomad List. It’s a website that shows the top places to live as a digital nomad. It also includes how much it costs to live there and the speed of their Wi-Fi.
Instead of visiting the places for couple of days, I would end up staying for a couple of months before I actually move on to the next city.
That way I have the time and ability to learn a new skill. Perhaps a new language and even create a network of friends to whom I can come back making it another home for me.
My first mini-retirement was here in Chiang Mai where I focused on learning a little bit of Thai, Muay Thai, & Salsa.
I’m going to take maybe a one-month mini-retirement in Poland where I’m gonna learn how to make pierogies.
Not only that, I have future plans for Bali so I can learn how to surf. Also in Spain so I can learn Spanish, and in Budapest, (because Eastern European girls are so pretty!)
The goal for every single time I have these mini-retirements are not to ESCAPE life. It is to RE-EXAMINE the life that I am currently living.
The problem with staying in one place is that you are psychologically anchored to everything around you.
Which makes it very hard to change and to grow as person when everything else around you is reminding you of the person that you used to be.
With the mini-retirement, this one forces you to ask yourself the questions that you have been avoiding to ask yourself. .
And ultimately helps you grow as a human being.
Now as everything else surround you will begin to change, the one thing that will stay consistent is your MINDSET..
Most especially your ability to learn, to grow, and your ability to actually go out there and get what it is that you want out of life.
UGLY TRUTH #5: Mastery Is All That Matters
Understand this one thing: YOU DO NOT OWN YOUR POSSESSIONS. It is your possessions that own you.
So stop buying crap!
- It fixes you in one location with that house and furniture you bought.
- It slows down your speed towards building up a huge nest egg to make passive income from your investments.
- And it almost never actually enriches your life in any way.
Understand that THE LESS YOU OWN, THE BETTER.
So instead of me focusing on buying a house and a car which would tie me down to one physical location, I did the same thing..
I’m using my nomadic passive income to FOCUS on MASTERING the 4 pillars of the good life namely, the health, wealth, love, and happiness which I talked about in my book: The Lazy Man’s Guide To Living the Good Life.
That’s all that matters.
So hopefully that helps, my fellow freedom fighters!
QUESTION: What city from nomads’ list would you like to take a mini-retirement in to focus on mastery? Comment below, it would be really cool finding out the place that you guys want to go to!
For anyone else that want more, get my FREE Financial Freedom Resources from this link right HERE!
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