They’re not all investments
Louise introduced me to online courses. We made one together. This course was my first taste of making money online.
Three years later, I’m now a full-time writer.
My current clients are based in the US and Australia, and I get to work from anywhere, anytime.
Earlier this year, I spent two months in Budapest, two months in Southeast Asia, and two weeks in Paris and NYC.
To do this, I made three deliberate financial moves.
These moves can help you, too:
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Build digital assets
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Automate investments
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Spend consciously
Let’s break them down.
BUILD DIGITAL ASSETS
“Run the f*cking marathon. Keep it humble. Put out good content.”
— Gary Vee
Digital assets put money in your pocket without lifting a finger.
Last month, I received this payout:
It’s a result of my affiliate partnership with Semrush. I’ve been using their tools since 2018, and I regularly promote them in my articles and online courses.
My average monthly payout from affiliate partnerships is $200 — $300.
The same goes for my online courses. I published my first in November 2020, and they average $500 a month in passive income. All I have to do is:
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Update my products once a year (about 20 hours of work)
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Respond to student questions (< 1 hour a week)
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Write on Medium (which isn’t really work)
These aren’t the only assets I’ve been building.
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Content — I’ve written over 250 articles since September 2020. It’s a digital library that makes me money.
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Email list — By adding CTAs at the end of articles, I’ve been able to grow my list to just under 1,000 subscribers. So it’s on the small side, but it creates opportunities.
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Podcast — Although I’ve taken a break, I’ve published 150 episodes of Entrepreneurs Can Party. This has led to coaching and other paid opportunities.
None of this happens overnight.
I’ve been creating content — week in, week out — since September 2018. Nothing happened in year one. My first £1.86 came nearly two years later.
With time and practice, your content can become an asset.
AUTOMATE INVESTMENTS
“People’s lives are forever controlled by two emotions: fear and greed.” — Robert T. Kiyosaki
I’ve read countless finance books. Without fail, they all say you should pay yourself first.
What does this mean?
Think of it as a self-imposed tax. You deduct money from your earnings and pay your future self before anyone else — companies included.
First, decide how much you want to pay yourself. I recently bumped my savings rate up to ~60% of my monthly earnings.
Next, automatically transfer this money into your investments with a standing order. Where you invest is up to you.
I split my 60% into four categories:
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Pension
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Wedding Savings
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UK LISA to buy my first property
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Personal R&D
I set up my pension with Vanguard and put money into one of their Target Retirement funds. Ramit Sethi recommended it in a conversation with Tim Ferriss. Warren Buffett likes them too.
These guys know more about finance than me.
“I recommend the S&P 500 index fund and have for a long, long time to people.” — Warren Buffett
I pay into my pension straight from my business bank account. Doing so reduces my end-of-year tax bill. I recommend speaking to an accountant to get this set up, like I did.
My Personal R&D is for investing in courses, books, and learning materials. I like to think of it as an MBA.
If I want to buy a book, I buy it.
All these investments happen automatically.
SPEND CONSCIOUSLY
“Conscious spending isn’t about cutting your spending on everything […] It’s about choosing the things you love enough to spend extravagantly on — and then cutting costs mercilessly on the things you don’t love.”
— Ramit Sethi, Author of I Will Teach You To Be Rich
There are two things I splurge on:
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My friends & family
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My health (eating healthily, a fancy gym)
For clothing, I follow Mark Manson’s advice in Models. A few good shirts, two pairs of jeans, and a pair of nice boots can form 80% of your wardrobe (if you’re a guy).
Quality lasts and rarely goes out of style.
If something doesn’t improve my happiness, I’ll go for the cheapest option. Take tinned tomatoes. I can’t taste the difference between cheap and expensive ones.
Takeaways
Working from anywhere, anytime, isn’t about making loads of money.
It’s about making your money work harder.
Here’s a summary of the three financial moves that have helped me do this:
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#1: Build Digital Assets — They won’t put money in your pocket straight away. They’re seeds you’ve got to plant and water. Once they’re ready, they’ll grow like bamboo.
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#2: Automate Investments — Pay yourself first and take emotional decision-making away from your investments.
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#3: Spend Consciously — Splurge on the stuff that’s important. Cut back on the things that don’t matter.
Want to ditch the 9–5? Get my free 19-page guide: Everything I Did to Quit My 9–5 Job & Transition Into Profitable, Sustainable Solopreneuring 🙂