Why you must build a sustainable income
Hey friends,
I hope you are having a great weekend.
You know how at Freaking Nomads, we love to be no-frills and talk about stuff that truly matters to us as digital nomads.
So, this week, I wanna address the elephant in the room: money.
Not just any money, but the kind that keeps flowing month after month, and that is the key to turning this lifestyle from a quick adventure into a long-term reality. I'm talking about sustainable income.
When I first hit the road, like many, my head was full of palm trees and laptop-on-the-beach fantasies. But reality hit fast.
In my early days, I experienced the rollercoaster of freelance income. Some months were great, while others left me scraping by. I remember sitting in a tiny guest house in Chiang Mai, Thailand, staring at my dwindling bank account and wondering if I had made a huge mistake.
But here's what I've learned:
Sustainable income isn't just about making money. It's more about creating stability in an inherently unstable lifestyle.
It's the foundation that allows us to truly enjoy the experiences this lifestyle offers without the constant financial stress.
So, how did I turn things around, and how can you do it too? First thing first, I started diversifying my income streams. I didn't just rely on one client or one type of work. I developed multiple skills and started offering more services on top of my consultancy services, like 121 coaching, for instance.
I also started productizing my services, which allowed me to sell more of my services as a one-off instead of just a monthly retainer, which is definitely more time-consuming and requires a lot of your time. This approach not only increased my income but also provided a safety net for leaner months. If you don't know how to do this, I can suggest some of the books that helped me a ton:
- "How to Productize your Services: How to Make Money while You're Sleeping" by Kristen Brady: This book is specifically focused on helping freelancers transform their service-based business into a product-based model. You'll find topics like creating, pricing, automating, and marketing productized services, so highly recommended.
- "Million Dollar Consulting" by Alan Weiss: Such a classic. While not exclusively about productization, I would recommend this book as it includes strategies for packaging and selling your expertise more effectively.
Next, I learned the importance of financial planning. I started creating a budget that accounted for the variable nature of my income, investing a few hundred dollars each month and building an emergency fund (my recommendation is 3 months of expenses). I could talk for hours about the power of investing: so if you guys are interested, let me know and we will write a dedicated newsletter about it!
The key point here is that as digital nomads, we need to be our own financial safety net.
It's also super important to upskill and stay relevant in our field (or pretty much anything new in tech and business). The digital landscape is constantly evolving, and staying ahead of the curve has helped me command better rates and attract higher-quality clients.
Perhaps most importantly, I shifted my mindset. I stopped seeing myself as just a traveler who works and started viewing myself as a business owner who travels. This perspective change can actually lead you to make more strategic decisions about your work and finances, so it's super important.
A sustainable income doesn't just happen. It's something we actively create and nurture. It requires planning, adaptability, and, sometimes, tough decisions. But trust me, the peace of mind it brings is worth every effort.
So, my fellow nomads, I encourage you to take a hard look at your financial situation. Are you building a sustainable income that will support your nomadic dreams in the long term? If not, what steps can you take today to move in that direction?
Until the next one,
Luca
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