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I am writing this blog post from Doha, Qatar. Next week I will be in Dubai and Abu Dhabi. And later this month I will be in Bangkok, Phuket and Ko Samui (an island off the coast of Thailand widely regarded as one of the most beautiful locations in the world).
And the ability to choose to spend time in these legendary international locations is not predicated on “having enough money”. In fact, I am paying very little as most of my travel is done on frequent flyer miles and hotel reward points (or staying with friends). Places like Thailand are very inexpensive to eat amazing food too.
The obstacle to most people traveling and living like this is NOT a lack of money. However, “not having enough money” is the convenient excuse that people like to throw out, and that prevents them from making decisions to transcend the real obstacles.
The reality is that money is only one of three currencies required for lifestyle design, and it is the least important of the three because you don’t need that much of it. The other two currencies are:
And those two are the really valuable ones, as Tim Ferriss demonstrated in his book The 4-Hour Workweek.
The mistake that most people make is devaluing the currencies of time and mobility, and trading them away in exchange for a small amount of money.
A primary example of this in the real estate space is people who buy rental properties and decide to do the rehabbing and landlording themselves. They are willing to tie themselves to one geographic location and spend their time working to generate active income. They are willing to trade a large amount of time and mobility in order to try and make (or save) a small amount of money.
Real Estate Lifestyle Designers do the opposite, always trying to trade small amounts of money to get increasing amounts of time and mobility.
The real value is not the sticks and bricks from which the property is built, nor is it even the capital gains that the property may generate. Smart real estate investors understand that creating “passive residual income” is the name of the game with real estate because the “passive” nature of that income eliminates the need to work and thereby increases your time and mobility.
Turnkey real estate investing is a perfect example. Real Estate Lifestyle Designers choose to maximize their time and mobility by buying rental properties that are already performing—new or fully renovated properties with tenants and local property management in place, so they don’t have to be a rehabber or a landlord.
This change in perspective on what your most valuable resources are can have a dramatic affect on your life, and can begin to catapult you forward towards real freedom…the freedom to travel where you want, when you want, spend your time how you want, increasingly financed by passive residual income…so you can start living life on your terms.
We are not legal, tax, or financial professionals. The content on this page is for informational purposes only and should not be construed as individualized advice. It is your duty to consult with your own tax, legal and financial professionals about your individual situation, applicable laws, and the suitability of any investment property for you personally. All real estate investing involves risks, which buyer assumes, and no specific returns can ever be guaranteed by anyone.
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