I love YouTube. In fact, if you still watch normal TV, I highly recommend you buy a Google Chromecast, attach it to your TV, and watch YouTube instead. I watch about two to three hours of YouTube per day while I eat dinner.
If you spend a significant amount of time watching YouTube videos about veganism, entrepreneurship, minimalism, and digital nomadism (as I do nowadays), a recurring theme is that of quitting your job to work on your online business. Most likely the recommendation is that you move to a place with a low cost of living, such as Chiang Mai, the digital nomad capital of the world.
I have recently been reading The Four Hour Work Week by Tim Ferriss, which is described by many as the bible of digital nomadism. This book gets mentioned frequently by digital nomads. This book seems to strongly recommend to its readers that if you don’t love your job, you must move. Two other digital nomad books I’ve read, Johnny FD’s 12 Weeks and Thailand and Life Changes Quick, seem to make similar recommendations. If you hate your 9 to 5 job, then just quit otherwise you are wasting your time, and you’re watching your employer’s time.
Of course, the advice to simply quit initially didn’t resonate with me. Everyone is different. I haven’t finished reading The Four Hour Work Week, but it’s clear based on reading the first few chapters so far that Tim Ferriss is not your average person. He has been starting companies ever since he was young and was likely already well off.
I have read all of Johnny FD’s books via Amazon Kindle, and his situation is slightly different to that of Tim Ferriss. Although Johnny FD makes close to $30k per month now, he spent about four to five years in Thailand not sure what he would do with his life. He dabbled with writing ebooks, Thai boxing, and being a divemaster. He finally started making serious money when he discovered dropshipping.
Everyone is different. If you are young and single, with no mortgage, car loan, or children, it is less risky to simply move to Thailand. If you are renting in a developed country like Australia, you will likely save money on rent. For example, US$1500 per month in Melbourne, Australia would only get you an average place to rent, but in Chiang Mai you can easily rent a place for US$500 or less. Even if you have a mortgage, you can rent your house out and use the rental income from your house to live in Chiang Mai.
As for me, I have not quit my 9 to 5 job yet, which is unfortunate because I hate my job! There are days when I feel like quitting on the spot, but my mood seems to go up and down. I remember I was very unhappy with my job about a month ago, but more recently I feel better. There are days when I wake up and dread going to work, and there are days when it’s not so bad.
My biggest fear with quitting and going to Chiang Mai is that I run out of savings, which means I’ll need to return to Australia and start applying for a job again, which is not ideal. Not only would I not be living my dream as a digital nomad, but it’s also quite shameful chasing your dream in a faraway land only to return defeated.
My advice is to follow Sean Lee’s advice (below), which is to only quit your job and go to Chiang Mai if you have set up at least one online business that is producing money.
I live off dividends
I would even go further. Sean mentioned in his video that you can live like a king in Chiang Mai for US$1000 per month, so you should not only aim to create income from an online business but you should also aim to invest in ETFs and produce US$1000 per month in dividends. This ensures that if your online businesses fails for whatever reason, you can draw upon your dividends, live in Thailand, and continue to keep building your online business. Your dividends should be your safety net.
Personally, I already make more than US$1000 per month in dividends, but I have no online business, and I do admit it’s difficult to get an online business going because there are so many ideas that it’s easy to get lost, but I believe that the first step is to simply devote time to trying different ideas out. If it fails, move on to something else. I am busy during weekdays with my 9 to 5 job, but on weekends I have spare time. I have discovered that I waste far too much time on weekends.
Don’t talk to your coworkers or your family about your digital nomad dreams!
Among just about everyone in a 9 to 5 job, socializing, travelling, and going out are seen as status symbols. On Fridays, everyone asks about what’s up for the weekend, and if you tell them you will stay at home and read The Four Hour Work Week, they think you’re a loser. They ask, “Don’t you have any friends? Don’t you have a girlfriend?” They may even attack you for reading a self-help book. One coworker said to me, “How can you work four hours a week? That cannot possibly work because you’re still working here!”
My advice to 9 to 5 worker is to not talk about your dream at all, and if people ask you what you’ve been doing over the weekend, you don’t need to lie, but you don’t need to be specific either. You can speak generally and tell them you are “relaxing at home, browsing the internet.”
The reality is that there is a crab mentality among most office workers. The office is filled with negative people who are fearful of being fired from their jobs. They are also envious (and fearful) of those higher in the hierarchy.
Most people look down upon status symbols like Ferraris, Rolexes, and Hugo Boss clothing, but personally I find these products cheap, especially since you rarely buy them. The worse status symbols are those accepted by society, e.g. going out with friends, taking a girl to a fancy restaurant, marriage ceremonies, having children, and getting a mortgage. Before you scoff at me calling these “virtuous” expenses status symbols, you must admit to yourself that when people talk about these virtuous expenses at the office kitchen, people are showing off. You can tell when someone is showing off. There is a snobbery vibe they give off. I have felt it, and I’m sure you have as well.
As mentioned above, I am not an expert in online business, but currently I am experimenting on or thinking of the following: blogging, eBay arbitrage, online stores, and buying/selling websites (e.g. using Flippa or Empire Flippers).
What is great about living off dividends is that you can live off dividends forever, which means you have a lifetime to devote to making your dreams a reality. If you simply saved up, quit your job, and moved to Chiang Mai, you’d run out of savings and you’d need to return.