250k subscribers on youtube only equals $600 a month income? I'm not sure I believe that. That seems obscenely low.
What are the steps towards location independance ?
YouTube payouts are determined largely by views, not subscribers.
Maine and Canadian lobsters are the same animal. Prove me wrong.
My personal steps.
1. Walked away from my business with 20% of the shares. Dividends come in around June/July.
2. Sold everything I.E. car furniture etc.
3. Dumped all of it into my trading account.
4. Went 56 and 40 my first month for a 33% drawdown. Slight panic.
5. Learnt from mistakes. Haven't had a losing month since.
6. Anywhere live poker was available, grinded 1/2 and 2/5.
1. Walked away from my business with 20% of the shares. Dividends come in around June/July.
2. Sold everything I.E. car furniture etc.
3. Dumped all of it into my trading account.
4. Went 56 and 40 my first month for a 33% drawdown. Slight panic.
5. Learnt from mistakes. Haven't had a losing month since.
6. Anywhere live poker was available, grinded 1/2 and 2/5.
Check out Tropical MBA podcast. They focus on location independent entrepreneurs. You're gonna need to learn about business models and cash flow planning.
The common theme I've found is to have a list of people who know you (your brand) and the key is to monetize that list. How you build that list and how you monetize is are the two questions you need to answer. If you have a list and your product is dependent on you shining their shoes, well then, it's not really location independent so you need to have a product where you are not required to meet your client in person. It can be an information product like an ebook but like somebody else mentioned, that market is saturated although to be fair, who knows? There's always some market who has a need for some information and is willing to pay for it so now your marketing skills come into play. I have NO experience with copyrighting but there's an art to it. What freaking font to use and where the specific email signup button should be with lead magnet, etc I'd recommend Digital Marketer and ClickFunnels as two companies to check out to learn more about that type of stuff.
You can also do affiliate marketing where if you, say, know a lot about basketballs, you could write a blog about basketballs and be everything basketball and I'm guessing you don't know how to make a basketball, you could sell basketballs by putting a link on your website where any person who buys a basketball that maybe you've reviewed, can click on that link to order and you get a % of it.
But now this is where your cash flow analysis has to be good because if you're selling 100 basketballs per month and let's say you're making $2 per ball, you have $200 per month but that ain't shit anywhere in the US, which is why so many digital nomads live in Thailand or Phillipines or other low cost country. But let's say you also offer a $1 special report on top 10 things you need to know to improve your basketball game, maybe those same 100 ppl who bought your ball might also buy that so add another $100 to your income. And then, you offer a $47 webinar where they can learn xyz to play basketball and maybe not all 100 ppl buy it, but maybe 10 ppl do (10% conversion ratio) so now you have $470 from that plus the $100 for the report plus the $200 from the ball sales and now you've got $770.
See the game??
My personal challenge with this is I'm trying to live my life to be in a constant state of flow and while learning internet marketing has been interesting, doing it on a regular basis is not something that genuinely excites me. Plus, I just remembered one other dude you should check out, Gary Vaynerchuk, who is like this multi-millionaire from utilizing social media. He said something along the lines of always providing value to your client first. So if you really are providing value, would one really need to splinter off the costs of the webinar, book and ball and maybe just package it together? Or at least that's the way I've been defining it plus there have been some hucksters out there who've gone to jail for overpromising what someone can accomplish with internet marketing so learn it but take it with a grain of salt.
Good luck man
The common theme I've found is to have a list of people who know you (your brand) and the key is to monetize that list. How you build that list and how you monetize is are the two questions you need to answer. If you have a list and your product is dependent on you shining their shoes, well then, it's not really location independent so you need to have a product where you are not required to meet your client in person. It can be an information product like an ebook but like somebody else mentioned, that market is saturated although to be fair, who knows? There's always some market who has a need for some information and is willing to pay for it so now your marketing skills come into play. I have NO experience with copyrighting but there's an art to it. What freaking font to use and where the specific email signup button should be with lead magnet, etc I'd recommend Digital Marketer and ClickFunnels as two companies to check out to learn more about that type of stuff.
You can also do affiliate marketing where if you, say, know a lot about basketballs, you could write a blog about basketballs and be everything basketball and I'm guessing you don't know how to make a basketball, you could sell basketballs by putting a link on your website where any person who buys a basketball that maybe you've reviewed, can click on that link to order and you get a % of it.
But now this is where your cash flow analysis has to be good because if you're selling 100 basketballs per month and let's say you're making $2 per ball, you have $200 per month but that ain't shit anywhere in the US, which is why so many digital nomads live in Thailand or Phillipines or other low cost country. But let's say you also offer a $1 special report on top 10 things you need to know to improve your basketball game, maybe those same 100 ppl who bought your ball might also buy that so add another $100 to your income. And then, you offer a $47 webinar where they can learn xyz to play basketball and maybe not all 100 ppl buy it, but maybe 10 ppl do (10% conversion ratio) so now you have $470 from that plus the $100 for the report plus the $200 from the ball sales and now you've got $770.
See the game??
My personal challenge with this is I'm trying to live my life to be in a constant state of flow and while learning internet marketing has been interesting, doing it on a regular basis is not something that genuinely excites me. Plus, I just remembered one other dude you should check out, Gary Vaynerchuk, who is like this multi-millionaire from utilizing social media. He said something along the lines of always providing value to your client first. So if you really are providing value, would one really need to splinter off the costs of the webinar, book and ball and maybe just package it together? Or at least that's the way I've been defining it plus there have been some hucksters out there who've gone to jail for overpromising what someone can accomplish with internet marketing so learn it but take it with a grain of salt.
Good luck man
Quote: (10-06-2016 11:30 AM)Edmaster Wrote:
... a better picture of what's the "digital nomad" and its cons also that no one ever talk about.
Here's a thoughtful look at the downside of becoming a digital nomad. A lot of it rings true for me.
Why Becoming a Digital Nomad Was a Bad Idea
Quote:Quote:
What was meant to be a semi-permanent move to Mexico City did not work out as planned. Upon arriving, I had big dreams. I was going to network, do some freelance journalism, maybe start up an off-the-books business. My online copyediting and copywriting gigs were just meant to keep me afloat while I was hunting for bigger and better things and establishing myself in the city; a means to an end.
But I learned that making money online was no walk in the park. Even in a developing country, I had to hustle hard to make ends meet. Between unsteady and unpredictable workloads, late pay checks and occasionally getting fucked over by clients, figuring out how to break three figures a month was turning into a full-time endeavour.
I soon forgot about my offline goals for the city. In order not to go into debt, I had to focus 100% of my energy on the only things that were actually making me money.
Quote: (06-13-2017 08:19 PM)ElFlaco Wrote:
Quote: (10-06-2016 11:30 AM)Edmaster Wrote:
... a better picture of what's the "digital nomad" and its cons also that no one ever talk about.
Here's a thoughtful look at the downside of becoming a digital nomad. A lot of it rings true for me.
Why Becoming a Digital Nomad Was a Bad Idea
He makes some good points, which I disagree and agree with.
I disagree with starting a brick and mortar business and then delegating everything. There's a very high chance it would fail, which may be fine for someone who is 25, but it's not okay for someone pushing 40.
The older you get, the less time you have, and the last thing I would have wanted to do is put 3-5 years building a brick and mortar business in hopes of obtaining location independent income -- only to have it fail. Then I would have wasted 3-5 years with nothing to show for it. That doesn't appeal to me at all.
I like his recommendation to start a service-based business like freelance writing. But the success that comes with it depends on the execution. He talks about waiting for new projects to be the first to bid on -- sounds like he's spending all his time on Upwork, Fiverr or freelancer.com.
He had the right idea, but his approach was all wrong.
It also sounds like he pulled the trigger when he had little savings. In fact, I don't recommend anyone pulling the plug without 18-24 months of living expenses saved up. Even 24 months may be too little! I would probably revise my recommendation to save up to 24-36 months of living expenses before you can even THINK about expatriation. The only exception to this would be if you already have passive income in the four figures.
He also set his bar way too low -- aiming to earn three figures a month? That's what, anywhere between $100-999 a month? At the very least, he should have aimed for mid-four figures a month, or better, five figures a month.
Although he learned some good lessons and made good recommendations, I think he pulled the trigger way too soon and way too fast. Because he had a poor experience doesn't mean it isn't the right thing to do for other people.
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