How Do You Achieve The Lifestyle Of Complete Freedom Without Having The First Million In The Bank?
The Q Wealth Report
17 January, 2009
One good thing coming out of the recession is that it is making people question their lifestyle choices, and forcing radical changes on people. You might have been putting off something you really wanted to do for years, for example, because of pressure of work or lack of time. Then, suddenly, you lose your job and you are free to realize your dream! Ironic, huh?
Of course, in real life things arent that simple. But on the other hand, we often make things too complicated. Always ask yourself why. Things that have just come to be accepted as fact often need to be challenged. And right now we are all facing challenges. It is up to us to make the best of them, and that will probably involve doing something new and different.
Remember that in the years following the great depression in the 1930s, many of Americas greatest fortunes were made, and family dynasties were created that survive till this day. I believe that over the coming two or three years, many new fortunes will be created. The people who become rich will not be lucky. They will be creative entrepreneurs who saw opportunities and reacted. People who are open minded. In fact, a lot of it comes down to common sense. And most of those fortunes will not be made in the USA or the UK. They will be made (at least on paper) in places like Panama, the Cayman Islands or Taiwan.
They say that travel broadens the mind and talking from personal experience I can say that is very true. You see that in different cultures and countries, there are different ways of doing the same thing, that work just as well. As you gain experience of the world, you just begin to see opportunities that never occur to people who stay at home watching soap operas.
One popular misconception, for example, is that travel is expensive. Its not. Add up what you spend right now on rent, mortgage, food, car etc, then compare it with what it would cost you to rent an apartment in for sake of argument Panama City, Panama (by no means the cheapest location, but one with plenty of first world amenities). I think one person could live a comfortable middle class lifestyle in a nice apartment, eating out in good restaurants most days, for $1,500 monthly. For $2,500 you could live like a king. For $750 you could live perfectly acceptably.
I mention Panama not by coincidence, but because Ive known a number of people who have moved there. Another friend doesnt like the noise of big cities, so he moved to an idyllic cool mountain house, in a private gated community an hour and a half outside Panama City and forty minutes from the beach, that he rents for $750 per month with his wife and two kids. They live on fresh and natural local produce. My friend runs his business from there over the internet. These are real people, and if you have need of computer security solutions (as every business that handles money online does) you can probably even go visit him there and enjoy a good cup of Panamanian coffee. And of course, since his clients are not Panamanians, he doesnt have to worry about income or corporation taxes of any sort.
The internet, of course, allows you to run an ideas business like that from anywhere. A new concept for me, for example, was running an onshore real estate business from offshore over the internet.
So to return to our original question, you just dont need a million in the bank to be free, to be your own boss. There are millions of businesses out there you can start with no money down, and many of them can be run from a laptop, with the paperwork and banking elements all secured in an offshore tax haven.
There are thousands of desirable places around the world where you can live and run your business quite possibly for less money than your current lifestyle is costing. Many of them are offshore. Even if you end up with a few less material benefits, you will buy peace of mind, freedom from stress. Going offshore is no longer about hiding money it is about creating wealth in an environment that is free from burdensome over-regulation. Real free markets. This applies not to just to financial services, but to so many other fields of endeavour too.
And most importantly, by freeing up your minds creativity, by living free and hopefully debt-free, you reduce or eliminate the stress and worry that Ill bet are the biggest factors holding you back right now. So if you feel its time to change, then go for it! Dont wait until you have a million in the bank, or you might never get there!
Peter Macfarlane is joint editor of The Q Wealth Report an established newsletter dedicated to informing readers about international banking, living, asset protection and wealth creation in a secure offshore environment.
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