Investigating 5 Ways to Make a Location Independent Income
5 options for earning a location independent income are tested and reviewed in a 12 month quest to build a location independent income.
I am not the typical image of a person looking to make a location independent income and live a location independent lifestyle. That lifestyle is usually associated with young professionals who have learned that the 9am-5pm office shuffle is not for them – and do something about it. Typically this lifestyle involves a laptop, internet connection, passport and a copy of Tim Ferris’s The 4-Hour Workweek (probably digital) as one of the 50 items packed minimalist style into a backpack.
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Not your typical digital nomad...
or can you be a digital nomad and a homebody at the same time?
If I was younger and could have my time again, that is probably how I would live my life. But I chose another path; one that did involve minimalist packing – just as a corporate road warrior. Now the plan is changing again. I have a daughter. She doesn’t attend school yet, but will in a couple of years. When that happens, I would like to be free during school holidays to travel with her, or just enjoy spending time with her. That I guess would make me a semi-nomad with a home base.
That means a job with lots of time off – teaching for example, or building an income stream that can be earned from anywhere there is an internet connection. For many reasons, I’ve chosen the latter.
Traditional and non-traditional passive income
So as 2012 begins, I’m relooking at passive income sources I’ve found success with in the past and investigating a whole host of new options that have sprung into existence over the past 5 years with the explosion of online opportunities.
My journey in the search and investigation for 5 location independent income sources that suit me will be documented on my blog Centsable Chicks. It’s important to note, that the income streams I end up with will be income streams that suit me based on my personality, my strengths and my weaknesses. They may not suit you. Or in the case of scams – they may suit no one. I suspect I’ll come across at least a few of those in this quest.
The initial list of location independent income sources I will be test driving include: Dividend and Fixed Interest investing, blogging, writing for content mills, affiliate income such as from Amazon sales and self-publishing via Amazon’s Kindle eBook platform.
Same lifestyle on less money
Since the location independent lifestyle, even a nontraditional version thereof involves making the most of the money you earn, I will at the same time be looking for ways to save money and find alternate cheaper ways of getting to the same (or very similar) end result. I don’t like doing without things like my favorite magazines and books, so I’ll be looking to source those items at the best price I can find.
That may mean considering a change of format. The digital age has brought with it a great boon for the minimalist packer – eBooks, Kindles, iPads, streaming movie and television content. Save for the hardware required the digital nomad can have a complete library available with zero packing space sacrificed.
If you’re interested in my continuing journey in lifestyle design (with a heavy focus on financial matters) join me on Centsable Chicks for updates, reviews and what I learn along the way…
Building a location independent income - the plan and the progress reports
List updated Monthly!
Builidng a location independent income - the vision
Read the expanded vision for buidling a location independent income consisteing of 5 streams of location independent income
January 2012 Results - Building a Location Independent Income
Check out the first months results in this 12 month experiment into making a location independent income...
February 2012 - Location Independent Income Progress Report
A short month that resulted in a drop in income in all categories save one - Blogging.