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That was my remote work location of choice for Q3 because I had never been to this legendary city known for its incredible wine, great food, cobble stone streets with outdoor cafes, late night tango dancing, outdoor street parties, and a quality of life on par with New York or LA for half the price. It did not disappoint!
While there, I took some time to go zip-lining in the rain forest on the border with Brazil and hiking around the Iguazu Falls–widely regarded as the most beautiful waterfalls in the world. Meanwhile, my business operations didn’t skip a beat, most of my clients had no idea I was gone, and I was able to have one of the coolest cultural experiences of my life.
During the same time, one of our clients (who bought 5 properties through Maverick) spent over a month traveling between the beaches of Central America to the vibrant European cities of Barcelona, Lisbon and Dublin.
My business partner Valerie spent over a month in South Africa as her remote work location of choice. That included vacations to go dune-boarding in Namibia and on safaris to see some of the most amazing animals in the world.
It is one of the most powerful vehicles available for lifestyle design, but you need to use it properly.
Warning: Real Estate is Not Inherently Liberating (despite what the late-night informercial gurus and seminar hacks might tell you). It is only a vehicle…and you are the driver.
Same with Real Estate….
If you fall into the traps of either 1) fixing-and-flipping properties or 2) being a landlord, you are pretty much sunk from the start because these activities reduce your time and mobility–the two primary currencies required for lifestyle design–instead of expanding them.
The goal is to strategically use real estate as a vehicle to increase your time, mobility, and passive residual income, most easily done by building a portfolio of cash-flowing residential investment property with professional property management in place.
In order to do it effectively, you need to start with the end in mind and work backwards.
Do you want to travel the world, live in exciting foreign countries, or maybe you just want to coach your kids sports teams and have more time to spend with your family.
Maybe you want to have more time to write poetry, race motorcycles, scuba dive, volunteer for a cause you really care about, or learn to dance Salsa. It’s your dream lifestyle and you are the sole designer so you are in control.
Just dig deep and write down the most passionate and exciting things that you would like to learn, do, have and experience. Believe it or not, this is the hardest part. Most people have had their dreams crushed and beaten out of them to the point that they don’t even know what they want. If you can focus on getting this step down, it will serve as your primary motivation to find a way to complete the rest of the steps and make it a reality.
Consider making a vision board that you can post in a prominent place so that you will see your goals everyday and remind yourself why you are doing this. The strength of your why is always the greatest factor in achieving a goal.
This is expressed as your monthly income. Itemize out the monthly expenses of your dream lifestyle (including current expenses that you need to cover each month).
Total up how much passive residual income you need to cover all of those expenses so that you don’t need to work (a.k.a. produce active income) to cover them.
Now you have "your number", and you know what you need to achieve in terms of monthly passive residual income in order to make it a reality.
Remember: Trading your time for money (as landlords and property flippers do) is a losing proposition because the core ingredients for lifestyle design are recapturing your time, maximizing passive residual income that flows to you each month (without you actively working for it), and freeing yourself from geographic restrictions.
Design your plan with self-imposed deadlines to achieve your passive residual income goals (with key milestones along the way).
Keep close track of your progress and keep working at it until you hit your number.
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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