Today I’m talking about the costs of working full time in a normal 9-5 versus actually living out your travel dreams and becoming a global nomad and basically being at your travel destination 24/7. You might be surprised to find out that it’s actually not as expensive as you think it will be. So I’ll take a comparison of London, just because that’s where I’ve lived. London is a pretty expensive city, but let’s just run with the average person’s expenses. I’ll do it in pounds, but you can obviously think about it in dollars as well.
So let’s assume that you live in central London, you have a 1-bed flat, potentially with your partner. Your rent is probably about £2,000 a month. Your bills are likely to be around £300 a month; maybe £200-300 on food. It’s pretty easy to get through £100 in a weekend if you have lunch out and dinner out with your friends, let alone going for a big night out. You’ve probably got a gym membership, so let’s say your monthly leisure costs are around £500-£600. You don’t have a car, but you do have an annual tube pass to get to work and maybe sometimes you get taxis home at the weekends. So let’s say travel is around £200 a month, so overall we’re talking about £3,200 of expenses.
So what would that look like if you quit your job and you were actually traveling full time? Let’s look at that now. First, you would need accommodation. If you AirBnB, let’s say you moved initially to a city in Europe, we’ll take Florence, for example, because I’ve spent some time there. You could actually rent a 3-bedroom apartment on AirBnB for around 80 euros a night, which is around £1,850 per month – and that’s not including any long-stay discount you might get with AirBnB. So £1,850 a month, you’re already saving a little bit of money versus London.
If you were to look at flights, wherever you go, you’re going to obviously have to buy a flight to get there, and it will become more expensive depending on how many long-distance flights you’re going to book throughout the year. Let’s say you stay somewhere two months at a time and you’ve got six flights to book for the year. And you can do one long-haul trip and then move within cities. So let’s say you move from Florence to Madrid to Paris over six months, and then New York to Wyoming to LA, for example – maybe moving over ground there – that would even cost less.
But even if you did a long-distance flight to each place throughout the year, it wouldn’t be more than maybe like £5,000 for the year – about £400 a month. I mean, that’s pretty much someone’s car payments back home, with some fuel costs. So again, it’s not that much money compared to what you’re spending for similar transportation back home. It could be even less if you are traveling over land between stops. So let’s stick with £400 for that for now.
Food and bills: if you’ve got an apartment that you’re staying in, you’ll have a kitchen, so you can cook at home sometimes, and it’s nicer and healthier than just living out of restaurants all the time. It shouldn’t be more expensive than back home unless you’re somewhere ridiculously remote, which normally you probably wouldn’t be. And depending on the cost of living wherever you go, it may be less or more. New York, for example, would be more expensive than a more agricultural area of Italy.
But think of all the amazingly delicious vegetables you can buy in these warmer countries, all the nice, local dishes you can make. And that in itself is an experience and is worth some money as well. So it’s probably not going to be more than what you pay at home, so let’s put about £200-£300 on that as well.
Even if you have specific meal requirements, if you’re allergic to something, you’d be very surprised at how easy it is to find specific foods wherever you go. I’m a celiac, so I need gluten-free food: in Italy, Argentina, and Spain, they actually take celiac disease way more seriously than they do here in the UK. It’s much easier to eat out and find gluten-free food. And similarly, in Beirut, there’s actually a far greater selection of gluten-free food in the supermarkets than there is back home. So I’ve never had trouble going places and having to deal with that, so again don’t worry about that side of things either.
Thinking about activities: you’re abroad, you probably want to try things out, and if you’re changing up where you live – maybe if you’re moving to the countryside for a while, you might want to take up something cool like horseback riding, or maybe if you’re moving to the beach, you could take up a water sport. So there may be things that you want to do, but if you’ve got a gym membership back home, back in London that can cost you over £100 a month. Even just doing things like catching up with friends at restaurants, you won’t have those kinds of costs, so I bet your leisure costs aren’t going to be anything more than they would have been back home as well.
Traveling around and commuting and things: if you live in a big city, you maybe don’t need a car. In London, I’ve never had a car, for example. And if you go to a European city, again, you’re not going to need one. The public transport is normally good, so you don’t need to do more than buy a tube pass or even just walk around a lot of cities.
But even if you want a car, you could sign up to a service like Zipcar, which operates across the US and across the UK at least – I think it’s in Europe as well. You can Uber really, really cheaply, especially in the States. And you can even do what some people do if they want to go for longer distances and buy a secondhand car there, and then sell it on when they’re ready to move on a few months later.
So when I tallied all of that up, I ended up at £3,150 of expenses per month, so it’s actually £50 cheaper than living at home, and you’re basically living in your dream destination 24/7. So that is really exciting; it’s not actually going to cost you any more money than it would living in your home town – whether that’s London or New York or wherever. And you’ve actually upgraded your standard of living, so you’re taking flights every couple of months; you’ve got a 3-bedroom apartment versus a 1-bedroom back home. You’re still getting out and doing things: you’re trying new sports, you’re doing new things, so you’re actually living a better standard of living than you are back home. And, of course, you’re not going to the office, either.
What if you aren't earning £3,000 per month?
And this is the part that I actually love. See, you may be thinking, “Well, my salary is not £3,000 month,” and I totally got you there, but that’s the thing: with a freedom business, it’s totally irrelevant what your salary was before, because you’re now creating a new income in your business.
So if you follow the model that I would teach you in my programme, Become Your Own Boss, which is that you focus on selling service-based premium products/packages, you would only need to sell around two or three or four of them a month at around £2,000/$2,000 price point to be able to make $4/$6/$8,000 a month – or pounds a month. And then you only need to sell two of them to cover your expenses and more, which would then allow you to save or pay taxes, etc.
So you can see how with just two clients a month, you’d actually be able to live that dream, and then if you got three or four clients a month, it could even be bigger than that. So it’s really feasible and possible to live even the most amazing dream life on your own terms without having to become a millionaire or anything else in the process.
So I would love to know: if you could travel anywhere and be a global nomad, where would be your trips across the year? Where would you love to travel to? Would it be Paris or Rome or New York or Singapore or the French Alps or a beach in Thailand? Where would you love to go on your dream year? Let me know in the comments below. I’ll speak to you next week. Bye, guys!
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