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Thought of the Week

In this Week’s Newsletter:

Up Front: Fierce Finances

This Week’s Quiz: Will We Stump You This Time?

Consider This: Get Back to Basics or Be Invisible

Something Special: Financial Security Regardless of the Economy

UP FRONT:

Fierce Finances: What to Do Before You Hit the Road

Ready to take off and explore the planet on your own terms for an extended period (ie become a digital nomad for a while!)?

Not so fast, grasshopper!

Let’s be sure that you’re in shape before you go. Just as you want to get toned for your summer beach body reveal, or get your legs in shape for ski season, you’d better prepare for your life as a laptop entrepreneur aka Digital Nomad..

Here are essential steps to get your finances in order before you start your global trek.

1. Obtain Local Currency

Before you leave, make sure you have some local currency for your destination. Although many places accept credit cards, having cash on hand is crucial for immediate expenses, such as transportation, tips, and places that don't accept cards. Use a currency exchange service with low fees, or withdraw cash from an ATM at your destination (our choice) to get a better exchange rate.

Note that the local currency may not be what you expect. For instance, before my first visit to Myanmar, I discovered that they only accept crisp, brand-new US dollars—and that I’d better bring a lot of them, as there were NO ATM’s in the country. I’ll share the story of what happened when I ran out of those dollars another time!

2. Notify Banks of Travel Plans

Notify your banks and credit card companies about your travel plans to avoid issues accessing your funds abroad. If you don’t, you risk having your accounts flagged for suspicious activity, which could temporarily freeze your access to cash and credit.

3. Pack a Backup Credit Card Separately

Always have a backup credit card in case your primary card is lost, stolen, or compromised. Pack it separately from your main wallet to reduce the risk of both being lost or stolen at the same time. Choose a card with no foreign transaction fees and is widely accepted internationally.

4. Plan Your Budget for the Duration of Stay

Create a comprehensive budget that accounts for all potential expenses, including accommodation, food, transportation, insurance, entertainment, and unexpected costs. Track your spending to ensure you stay within your budget. Use budgeting apps like Mint or YNAB to help manage and monitor your finances.

5. Research Local Tax Implications of Remote Work

Working remotely in different countries can have tax implications both in your home country and in the countries you visit. Research the tax laws of your destination countries to understand your obligations. Consider consulting with a tax professional who specializes in expat or digital nomad tax issues to avoid surprises.

6. Open an International-Friendly Bank Account

Choose a bank account that offers benefits for international travelers, such as low or no foreign transaction fees, access to a global ATM network, and efficient online banking services. Banks like Charles Schwab and Revolut offer accounts tailored for travelers and digital nomads. For Americans, Mercury now has personal accounts, which offer rebates on ATM fees anywhere in the world.

7. Secure Reliable Health and Travel Insurance

Ensure you have adequate health and travel insurance that covers medical emergencies, trip cancellations, and lost or stolen belongings. Look for policies that offer global coverage and understand what is included and excluded in your plan. We’re big fans of SafetyWing but do shop around.

8. Set Up an Emergency Fund

Having an emergency fund is crucial for you. Aim to save at least three to six months of living expenses in reserve before you travel. This fund will provide a financial cushion in case of unexpected events, such as job loss, medical emergencies, or urgent travel needs.

9. Automate Your Finances

Automate your financial tasks such as bill payments, savings contributions, and investment transfers. This will help you manage your finances efficiently while on the move and ensure you don’t miss any critical payments. Keep in mind that time zones may differ from where your payments are due, so avoid leaving things to the last minute.

10. Monitor Exchange Rates

Keep an eye on exchange rates and use tools like XE or OANDA to get the best rates when converting money. This can help you save a significant amount over time, especially if you’re traveling to countries with volatile currencies. FYI—NEVER let a retailer or ATM do a currency conversion for you—always let your home bank do it.

11. Consider Multiple Income Streams

Diversifying your income streams can provide financial stability and confidence. Look into freelance work, remote employment, and passive income sources such as investments (we have a couple of resources below for you), rental properties, or selling digital products. This has always been our philosophy regardless of any travel plans.

12. Join Digital Nomad Communities

Connecting with other digital nomads can provide valuable insights and support. This can be a priceless lifeline for you should things get “challenging” for you (remember the Myanmar money situation from above? I had a local resource to help get me through the challenge. This is critical for you!).

13. Backup Important Documents

Ensure you have digital and physical copies of important documents such as your passport, visas, insurance policies, and financial records. Store these in a secure cloud service and carry physical copies in a separate, safe location. Keep photos of them in your phone for immediate access.

The Bottom Line

Financial preparation is the foundation of your thriving laptop lifestyle. By saving ahead, diversifying your income, creating a budget, understanding tax implications, and taking practical steps to secure your finances now, you can enjoy the freedom of working and traveling the world without financial stress. And when you do that, you’ll be the envy of all your friends!

Oh…and when should you get started? How about yesterday?

What are your thoughts on this? Respond to today’s email and let us know!

THIS WEEK’S QUIZ:

SPONSORED MESSAGE:

Time to Create Your Own Economy (and Can Create Generational Wealth)

Everyone seems to worry about the economy—will things get better or worse? What will the upcoming election mean to you?

Guess what? With the right investment strategy, none of that matters…because you can generate dependable wealth regardless of what the news media tells you about the economy.

Now’s the time for you tocreate a steady stream of cashflow to support your lifestyle.

In other words, you need MULTIPLE streams of income to protect your financial position.

For instance, if you want to help people AND generate some significant cash, you might want to check out this presentation I did with Jason Palliser recently.

He’s got a revenue-generating system that is pretty remarkable. In fact, if you’re struggling with a business that simply isn’t going anywhere, this system could be more than investment—it could relieve the pain on a permanent basis!

We created the presentation for my PrideNomad community, but it applies to everyone who wants to create a location-free revenue stream.

I’ve been a real estate investor (and have trained real estate investors for over 3 decades) and I believe that there’s no better way (aside from your own businesss) to generate generational wealth than real estate.

Watch the presentation and see if you agree!

CONSIDER THIS:

Today’s Rant. Fasten Your Seatbelt!

These days, capturing your audience's attention requires more than the same old tactics. With so much distraction, you need to do something unique and captivating, or your message will get lost.

So, how do you stand out? How do you become irresistible to your audience? How do you go from invisible to desired?

Get Back to Basics!!

Know Your Audience

First, understand who your audience is. You might think, "I already know that." But here’s a new idea: Forget the new ideas and focus on what’s always worked. Personal connections. Yes, Grasshopper, get back to basics!

Focus on Results

What's most important is creating results and making a positive difference for your clients and community. If you focus on yourself, you won’t get far. But if you focus on the reader, listener, or viewer and speak their language, you’ll stand out.

Do the Work

You can’t “phone it in.” Here’s an example: I wanted to write an article about email sequences for this week’s issue. I asked ChatGPT to help, hoping for compelling and fun copy. What I got was terrible—the AI produced exactly what I tell my students NOT to do!

Consider this—YOU are the secret sauce that brings value to the table. It’s your personality and style that set you apart…so don’t give it up to an AI tool!

Be “You” Centric

Your communication should be “you” centric. When you write an email, count how many times you use “I.” It’s probably more than you think. Those “I’s” make you appear self-centered. Instead, make your reader the hero. Talk to them so they feel they are the center of attention. That starts with “You”, not “I”.

Personalize Your Videos

When making videos, don’t say, “Hey Guys.” Speak as if you’re talking to one person. When someone watches your video alone, they need to feel a personal connection. This goes for emails too. Starting an email with “Hey Guys” screams mass mailing and makes the reader feel unimportant. Do you agree?

Connect Personally

Instead of chasing the latest marketing tactics, focus on how you communicate and connect with your audience. You might be surprised how much you’re getting in your own way—and how easy it is to fix (once you realize what your habits have been).

The Bottom Line

Did you get inspired to be more personal? I hope so. The more personal you are with your audience, the stronger the connection you’ll make. And that’s the first step to ensuring a successful sales process and guaranteeing long-term growth!

On another note, our research team can create detailed avatars that will transform your marketing strategy and allow you to easily speak your customer’s language. If you’d prefer a reliable done for you solution, simply click here or the link below we’ll set something up right away.

RESOURCES:

We’re big believers in diversified income generation. We want to work less and play more…so we enthusiastically advocate that you consider investing (wisely) in a variety of areas.

Two of our favorites are below (with deals just for us!)

The Crypto Mastermind. This program, by long-term friend John Limbocker is a gift to us. John wants to get you educated about the right, safe way to invest in the crypto markets. He’s making an irresistible offer to the PrideNomad community, which he’s agreed to extend to Business Impact subscribers as well.

Access the Crypto Mastermind here»

The Surprising Real Estate Strategy. We mentioned this one recently (above, in fact), and it’s a unique and timeless strategy to help you create significant income streams.

Watch the presentation here »

Quiz Answer