This is an article for doers. This is a post on how to travel and make money… not how to travel on the cheap. If you are looking for how to quit your job and be a vagabond, here’s a Thrillist article for you. You are in the wrong place.
This is how to work your ass off while on the road, make bank, and see the world.
I come at this topic from a unique perspective. First, I myself quit my job as a lawyer, travel the world, and make great money from the copy I write. This, in turn, allows me to speak to several entrepreneurs each day about taking their business offshore - out of the US, or into Puerto Rico.
Clients contact me to help them set up shop abroad and maximize the value of the Foreign Earned Income Exclusion. Larger businesses with at least 5 employees that want to cut their tax rate to 4%, use Act 20 in Puerto Rico, go to this US territory. .
THose with smaller businesses of 1 to 4 employees or $80,000 to $350,000 in net profit go offshore. For example, see my post on how to Move Your Internet Business to Cayman Islands.
So, not only do I operate a successful international business, I learn from other's successes and failures every day. I get a unique view into what works and what doesn’t.
I see three types of successful businesses over and over again:
- Affiliate Marketing through Pay Per Click
- Content Marketing (SEO) for Membership and Expert Sites
- Publishing of Business and Fiction Books on Amazon
Of course, there are other solid offshore ventures, but those are the ones I see time and time again that are profitable. These, and all the others share one attribute - they are portable.
If it doesn’t matter where you are while you work, you can go offshore and increase revenues overnight by 40%. The key is to build your business in a way that it can be operated from anywhere
Here’s why going offshore will improve your bottom line by 40% or more overnight.
If you move abroad, and qualify for the Foreign Earned Income Exclusion, you will pay no Federal or State income tax on your first $101,300 in business profits. If a husband and wife both move offshore, this can double to over $200,000 per year tax free.
If you are in a high tax State like California or New York, going offshore can save you 10% in State tax and 30%+ in Federal tax. So, moving offshore can increase your take home 40% overnight.
Of the three business models above, I think content marketing is the most doable for most folks. PPC and other types of non-content based affiliate marketing require capital and a lot of tech know-how.
Publishing business books takes a great deal of in depth knowledge about your subject. I know, I’ve written a few, and it’s hard work! Writing fiction is a unique skill that I will never master, so I’ll leave that to someone else.
Content marketing is where you write about anything and everything that will drive traffic to your website. Anything that will build your mailing list and put eyeballs on your content is a good post. This is where I believe just about anyone with passion and a knowledge can excel… can quit thier job, travel, and make great money.
Before you bounce off of this page, hear me out. You do not need to be a wordsmith to make money writing for the web. In fact, you don’t even need to be a good writer.
Internet writing is the only business I know of where the less talent you have, the better. The less you know about writing, the more you get paid!
What you do need is passion and the ability to motivate through the written word.
Here’s what I mean…
Fiction writing is a painfully meticulous art form. You have to know different literary techniques and understand how to work them into multi-layered stories. You have to be able to write convincing dialogue, create characters, be aware of simile, irony, and a whole barrelful of technical terms I can barely recall from high school.
In other words, writing good literature takes study, time, and a tremendous amount of talent.
Even to write for newspapers and magazines you have to know quite a bit about a lot of things and you need to be able to write in a very distinct style. In fact, just to get a job at a major daily these days, you have to have the right degree, lots of work experience, and the willingness to work like a dog at all hours for a few hundred dollars a week.
Writing internet copy, on the other hand, takes considerably less talent. All you need is an understanding of a few simple SEO rules, the ability to write in the same conversational style most people speak in, and the drive to write each and every day. If you put those together, you stand a good chance at succeeding. Content writing is about volume and connecting with your reader, not about literary technique or knowing each and every rule of grammar.
Once you’re good, and you can consistently drive traffic to your site, you’ll make more in one year than most “real” writers will make in a lifetime. As you improve, the number of hours you put in per week will decline.
- The bible for most expat entrepreneurs is The 4-Hour Workweek.
This is all to say, I believe that the best way to quit your job, travel, and make bank is to build an SEO based marketing website. Find something that you are passionate about and hit it every day, often twice a day. Comit to researching and writing 4 hours a day every day, and do what you do the rest of the time, and you will build traffic in short order.
Stay the course for a few months and you will see your website stats rise constantly. You'll wake up in the morning to orders on the screen and cash in the bank. At the end of the year, if you’ve chosen your product or service well, you will be making more money working a few hours a day than you were in that miserable cubicle at your dead end job.
I hope you’ve found this post inspirational. My passion is international taxation and business, but you need not pick something so regimented. Find what motivates you for the long haul and turn that into a blog. Once the readers come, so will the profits.