We’re told to make money, but how to we make sure we KEEP it and make good money decisions? As business owners we need to become aware of our money mindset so this week I share how I’ve grown my money mindset along with my business to create financial abundance while I travel the globe!
Prefer to read? Here’s the blog version…
Money Mindset and Money Habits to Master as a Digital Nomad
Money is often one of those taboo subjects. People just expect you to know how to make it. As Digital Nomads and entrepreneurs, it’s time we started to talk about money.
I want you to make a lot of money and I want you to use that money to benefit the greater good and the lives of everyone around you. It may sound like a fantasy but what if I told you that you could make your financial goals a reality?
In this article, we will take a look at the money mindset and how you can use it to reach financial freedom.
Creating Financial Freedom As A Digital Nomad
As Digital Nomads, there is a very wide spectrum of travel styles that exists in this world. From 22-bed dorms to five-star resorts, I have experienced both ends of the spectrum and I’ve got to a point in my life where I know my travel preferences. I know what kinds of accommodation I like to spend my time at, and I am financially in a position where my money allows me to stay wherever I want for however long I want.
If that kind of lifestyle sounds like a far-off dream, it really doesn’t have to be! I wasn’t born into money so if I can do it, you can.
The Money Game: Play To Be Rich
In the book Millionaire Mind, T Harv Ecker explores 17 wealth files and determines that it’s our way of thinking that differentiates the rich from the poor. One of my favorite quotes from the book is “Rich people play the money game to win. Poor people play the money game to not lose.”
Most people play the money game for survival and security instead of creating wealth and abundance. If your aim is to have enough money to pay the bills, chances are you’ll never be rich. But, if your goal is to be rich, chances are you’ll end up mighty comfortable.
To get started, think about what game you are currently playing. When I set up my business, I knew I wanted to make a lot of money. I did not want to backpack my entire life. I wanted to create generational wealth.
If you’re just starting out, then your goals may be slightly smaller but it’s also beneficial to think big. Maybe your end goal is to work five hours a week and earn as much (if not more) as you would on 40 hours a week. Perhaps you want to have a passive income while you sleep. Whatever it is, use these narratives to shape your reality. Those internal beliefs can influence your actions going forward.
You may have smaller visions along the way but these should ultimately feed into a bigger vision in the long term. So, start thinking about what it is you want in life (the bigger, the better!)
Spend As Much Time On Making Money, As Saving Money
Yes, you heard it right! Spend as much of your time, if not more, on making and generating money, as you do on saving it.
If your time and energy is directed towards making even more money, then you will inevitably have the freedom to buy what you want, when you want. Believe me!
In this day and age, you have access to valuable information and online resources to progress your career. Whether you want to learn how to make passive income, set up your own business or to become a digital Nomad, there are tons of online courses and books out there.
When you start focusing on making money, it opens up so many opportunities. Instead of spending hours clipping tokens and cutting out a Starbucks coffee, spend that time on finding more ways to make money.
Increasing Cashflow Through Multiple Income Streams
As a digital Nomad, the habit you want to master is how to increase your cash flow through your business and activities. Even if you’re not a Digital Nomad yet, be receptive to all the different ways you can generate money.
The main thing to remember? You’re not going to make more money through just one income stream. Find a way to become a producer and a service provider. How can you create products and sell them? Maybe you want to set up your own online course or e-book. If you already have products and services, how can you sell them every day?
Increase your prices, increase the number of products that you offer and increase the quantity. The trick is to be really intentional with the amount of work and the type of work you are doing. Where is this going to get you in one year, two years or five years down the line?
As Digital Nomads, we want to constantly be increasing our cash flow, getting into the habit of selling more and making more, while we travel. It’s not a trade off and you don’t have to starve yourself in order to travel. It’s about blending the two together so that you increase your net worth while living your best life.
How To ‘Keep’ The Money You Make
Once you start seeing the money coming in, you need to find ways to keep it. And I don’t mean holding onto every penny and not allowing yourself to indulge in the things you enjoy.
A great starting point is to have a bank account for cash withdrawals that do not charge you a fee when you are traveling internationally. Also, make sure that the card does not charge you a foreign transaction fee. Even better, sign up for credit card rewards so that every time you use your credit card, you are also getting points, miles or cash back.
You’ll also want to create different accounts for your personal and business expenses. Having different accounts and monthly check-ins to assess your business’s financial health and your personal financial health is essential to financial freedom. Bonus points if you have an income and expense tracker, a balance sheet tracker and a net worth tracker.
Most importantly, you need to look at your bank accounts on a regular basis. It may seem simple but many Digital Nomads don’t do it. The money and abundance that comes your way, start with your habits. I have an app on my phone called I Am and it sends me affirmations throughout the day. The one that I want you to repeat is “My business meets and exceeds my needs.” Repeat it, feel it, experience it.
Create A Freedom Fund
Some people might call it an emergency fund but I call it my freedom fund. This is going to look different for everyone depending on where you are in life, where you are in business and what kind of person you are.
My theory is that for every person there is this arbitrary imaginary number that they have in mind, depending on their lifestyle and the people around them and what they’re used to. This arbitrary number means that if they had it in a savings account they will feel less anxious and more empowered to take risks. One example could be six months of living expenses for one person. Other people operate with no savings and they’re completely fine, so this is going to be different for everyone.
Get into the habit of regularly contributing to your freedom fund so that you can live without the anxiety of money running out or your business going under. Pick a percentage that feels right for you and start building your freedom fund today.
My final tip for Digital Nomads looking to change their money mindset is to channel the feeling of abundance. Similar to what I said about this arbitrary number, you have the power to control how you feel about your financial situation.
I’m going to take a stab in the dark and say that you are somewhat in a comfortable situation right now. At this very moment you might be sitting or standing or even laying down. You’re probably not in danger and you probably have a handful of blessings that you can count. With that, you have the power to channel the feeling of abundance and massive wealth. Instead of focusing on what could go wrong, you have the power to focus on all the good that is coming your way. You always have a choice.
You do not always have to go for the cheapest option. You do not always have to go for cheap accommodation. If you put your mind to it, you can have everything you want and more. If you’re looking for a money mindset reframe, take a look at my Abundance Affirmations video to get started.
Now that you have the tools under your belt, it’s time to start using. Your mindset isn’t going to change overnight but with practice and perseverance you will get there.
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