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How Important is Money?

by Sean Ogle | Last Updated: June 25, 2009

 

In the comment string of Accountability and a Comfortable life, a reader challenged my statement that “it all boils down to finances” when it comes to my quest to travel and become location independent.  I have thought about this a lot over the last couple days and it begs the question: how important is money?

Whether it is traveling, starting a business, or life in general, money seems to be the #1 deterrant in our quest to fulfill our goals.  The more I have thought about this question, the more I can’t help but feel that we only use money as an excuse to not venture into the unknown.

When I tell people about my plans of world travel, I get the same response almost every time: “how are you going to pay for it?”  And every time I answer, “I’m not worried about it, I will figure it out.”  However, that is bit of a lie.  I am concerned with how I am going to pay for it.  There is always fear in uncertainty.  But one thing I do know, is that I am getting a head start.  I came across Ryan Stephens’ “Don’t Underestimate a Head Start” as I was writing this article and found it fitting to my current situation.  I may not know every detail of how I will support myself in the future, but I am doing a lot to prepare.  Whether it is building a network of interested readers, learning from people who are doing the things I aspire to, refining my Location Indepdent Business Plan, or any number of other things, I am taking control of my life.  And let me tell you, it feels good.

Another part of getting a head start is becoming familiar with the places you are thinking about traveling.  The concept of Geographic Arbitrage has become very intruiguing and may play a pivotal role in answering the aforementioned question regarding money.  For those that are unfamilar, geographic arbitrage is when you make money in one currency (in my case it would be the $), while living in another country where the local currency is weaker than the dollar. Thailand is currently looking like a fantastic destination, and for more on someone who is actually doing this check out Cody Mckibben’s site Thrilling Heroics.

So this brings us back to the question, how much is enough?  $500, 5,000, 50,000?  The answer w ill be different for everyone, but I believe if you have enough money to get where you are going, the rest will work itself out.  If any of you have stories of success or failure in this department I would love to hear them!

For many it isn’t about how much money they need, but how much they are willing to spend on their business or travels. A while back Chris Guillebeau figured out that his goal of traveling to  100 countries would roughly equate to the cost of buying a new SUV.  Most people would probably buy the SUV, stay in their current lives, and complain about how they don’t have the money to travel.  In reality, it isn’t that they don’t have the money, but rather that they chose to spend it on something different.  Over the past year I have realigned my priorities and am currently trying to sell my car so I can pursue things I have deemed more important in life.

With that I ask you, what is more important: “Bankruptcy of the wallet, or Bankruptcy of the Soul”?

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Original Photo by jenn_jenn

Sean Ogle is the Founder of Location Rebel where he has spent the last 12+ years teaching people how to build online businesses that give them the freedom to do more of the things they like to do in life. When he's not in the coffee shops of Portland, or the beaches of Bali, he's probably sneaking into some other high-class establishment where he most certainly doesn't belong.
Build a Lifestyle Business Giving You Freedom You've Always Wanted

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