I’m delighted to have the opportunity to connect with you for this week’s topic!
So, the short answer is to create a residual income which is large enough to cover your expenses, including your travel experiences.
The long answer is based on my own experience living a travel lifestyle with my wife, Fi Jamieson Folland. Over the last five years, we’ve followed the sun, spending summers in New Zealand, then heading to Bali, Europe and the States. (Recently, I’m very grateful to say we’ve also been to Canada, Mexico, Russia and Poland.)
As we’ve been making our way around the globe, people often ask how we do it and say they’d love to do the same.
So, to have a travel lifestyle, you basically need residual income.
1 Residual income is money that you receive on an ongoing basis for work that you did previously. The standard example is having money in the bank from which you earn interest. You can re-invest this interest, and it can become a way to fund your lifestyle.
Unfortunately, that’s not the most efficient way because you’re taxed at the source of your income, whilst the leftover goes to your expenses. This is one of the reasons that most people aren’t able to save enough to create a residual income that’s large enough to allow them to travel.
So, how do you do it? The answer to that is via businesses that are leveraged so that they produce passive residual income.
Warren Buffett gives the example of buying a pinball machine; setting it up in an arcade; using the profit from that machine to buy another; and so on until the machines start paying for themselves.
If you’d like to find a way to have residual income work for you, I’m happy to have a brief chat.
Until next time, have a fantastic week, and be sure to tune in and join my wonderful wife Fi Jamieson Folland for this week’s #AliveWithFi
1Once you understand the potential of residual income, you see the value over linear income, which “is limited because no matter how much money you get paid you still need to show up to work to earn your money.” “What is Residual Income and Why Do You Want It?” C. Dewe, (n.d.)
Fi Jamieson-Folland D.O, is The LifeStyle Aligner, with over 27 years experience in Europe, Asia and New Zealand as a qualified osteopath, educator, writer, certified raw vegan gluten-free chef, speaker, health mentor and Health Brand Ambassador. She loves to globe-trot with her husband Chris (NZ, Australia, USA, UK + Europe, and Indonesia are current favourites) relishing an outdoor lifestyle and time with family and friends.