Making Money While Abroad
Tips for Digital Nomads and Expats Looking to Move Abroad or Stay Abroad
Living abroad as a digital nomad or expat is a dream for many. It promises a better quality of life, a cheaper cost of living, and the opportunity to explore new cultures.
However, at least once a week, I receive a question asking how one can live abroad and still make a decent enough income to take advantage of all a city offers.
After living in Mexico City through the pandemic, I noticed a large influx of people arriving, followed by a significant drop-off for many reasons.
High Cost of Living: Many popular expat destinations, especially in urban areas or tourist hubs, have a high cost of living compared to the individual's home country. This includes expenses such as accommodation, healthcare, transportation, and daily necessities, all of which can quickly deplete bank accounts, particularly if individuals are relying solely on savings or a fixed income.
Currency Fluctuations: Currency exchange rates also play a significant role. For example, in the case of Mexico, the exchange rate was 21:1 during the pandemic and dipped into the mid-16s before finally settling in the mid-18s.
When the currency of their home country weakens against the local currency of their destination country, individuals not only face inflation but also experience a decrease in purchasing power.
Limited Employment Opportunities: One of the biggest challenges is the return to office campaign. Many individuals with the income for this lifestyle were often tied to companies that began limiting remote work opportunities, let alone in another country.
Additionally, there's a group of would-be expats who attempt to find work in their host country. This requires fluency in the local language or specialized skills that most people frankly dont have.
In this guide, we'll delve into some various strategies for making money while living abroad, hopefully providing valuable insights and resources for those seeking financial independence and location flexibility.
Understanding the Cost of Living Abroad:
Before delving into strategies for making money abroad, it's crucial to grasp the cost of living in different countries.
The income required to live comfortably varies greatly depending on the location. Data from Numbeo reveals that the cost of living index in Mexico is generally 45% lower than in the United States. Depending on your lifestyle and where you’re coming from, it could be even cheaper. Countries like Brazil and Colombia are sometimes even cheaper than that.
Example: Let's consider Max, a friend of mine who lived in Mexico City. Max worked remotely as a consultant and earned around $8,000 per month. Living in Washington DC meant that half his income alone was spent by basic survival expenses like rent and food. In Mexico City, however, he managed to live relatively cheaply, with about $2,500 covering all his expenses.
Unfortunately, Max was eventually called back to the office and faced the risk of losing his job if he didn't return. Faced with this dilemma, he made the decision to move back. A classic example I’ve seen with a lot of people is that they eventually have to go home before they find additional sustainable ways to make money abroad.
W2 Employment:
The first option is working remotely for a U.S.-based company. Remote work has increased by like 200% since 2005, with companies across various industries embracing remote work policies.
However, not all companies offer remote work options, and some may have restrictions on working from abroad. To maintain anonymity and protect privacy while working remotely, consider using Virtual Private Networks (VPNs) to encrypt your internet connection and mask your location.
If youre interested in VPN and general anonomymos interntip tops… I highly recommend checking out
Another Example: I have a friend, Carlos, a Colombian American expat living in Medellin, Colombia, who continues his W2 job as a software developer for a U.S.-based tech company.
He has an entire VPN system that tricks his company into thinking he lives in Arizona, even though he hasn't been there in almost a year. This setup allows him to maintain his job while enjoying the lifestyle of Colombia.
I personally should have set up some VPN system when I left, but I moved at a time when my company didn’t care as much.
WIFI MONEY:
In today's digital age, the classic tenet of survival in the jungle of living abroad is to establish some form of online business.
For instance, e-commerce sales are projected to reach a staggering $6.4 trillion in 2024. Consider launching an e-commerce store on platforms like Shopify or Etsy, offering freelance services such as graphic design or copywriting on platforms like Upwork or Fiverr, or exploring affiliate marketing opportunities through networks like Amazon Associates or ShareASale.
As long as you have high-speed internet, you can get a lot done.
If you’re more on the Entrpenuearal side. I wanna introduce you to another friend of mine.
James @ Freedom Files
If your goal is freedom, starting an online services business is the fastest way to make money and become location-independent.
But with what idea?
With what startup capital?
When should I quit my job?
How do I find clients and start making money?
These are the questions everyone asks.
James asked them too before launching a few six-figure online businesses in the last few years – while bouncing between 7 LatAm countries.
He created a 5-6 step process that will help you start a business in just a few months: (By the way, don’t quit your job. You can do these first few steps with just a few hours a day while you still have a stable paycheck and “safety net” of a 9-5.)
Identify Your High-Income Digital Skill Identify your competitive advantage. Some questions to get you started: What do people go to YOU for help with? What can you help people with that others cannot? What's unique about you? If you think you have zero skills (you don't, but I'll play along), you can always build a new one. Udemy, Udacity, Google Grow, and hundreds of other platforms will teach you copywriting, web design, and heck – even yoga for free or very lower prices. Lastly, beware the difference between a skill and an interest. Make sure you're good at the skill that you'll eventually provide as a service.
Turn That Skill Into a Service Think about how you can turn that skill (ex: copywriting, software development, ad strategy, online yoga classes) into a monthly service. You want to run a business, not be a freelancer forever. So make your service a monthly or quarterly subscription, and stay far away from short-term, project-based services.
Identify a High-Margin Niche Don’t sell your services to elementary school teachers who have no disposable income. Instead, sell to people whose pockets are overflowing with money. And the second important part of this step is making sure your skill and service can solve a major problem that they have. This is how you know they’ll be willing to pay good money for your service. Don't be afraid to get specific! Ex: Basketball trainers in Canada, dentists over the age of 50, remote startups with 50+ employees.
Build an Offer Around Your Service An offer = Pricing, packaging, and a no-risk guarantee. This is very hard. Don’t expect to get this right on your first try. As you get more experience, more testimonials, and more credibility, you’ll improve. Experiment. Test out different price levels and different monthly retainer packages. Your customers will tell you what fits and what doesn’t. (Alex Hormozi covers this topic in $100M Offers.)
Start Reaching Out to Your Niche The name of the game when it comes to outreach is pattern interruption. Everyone and their mother has to do outreach to get business, so how are you going to stand out? Don’t look or sound like everyone else. Also, business is personal. Don’t put people on a pedestal. Instead, have confidence in your service and the value it brings. A gentle approach is better than an aggressive one. So be personable, proactive, helpful, and kind. The worst approach is from a point of desperation.
Now, when your business is making a little money. Turn in your two-week’s notice and quit your job. It’s time to go all in on freedom and location independence (this is the reason I suggested a digital skill and online business).
If you’re interested in getting some accountability and support from my first-hand experience launching several six-figure online businesses while traveling the world, check out my website and coaching opportunities here @ Freedom File
High Ticket Sales:
High ticket sales involve selling "premium-priced" products or services and earning commissions. Look for opportunities in industries such as real estate, luxury travel, financial services, or high-end technology products.
Websites like ClickBank and Commission Junction offer affiliate programs with high commission rates. You could also explore agencies such as closers.io. Which provides Sales training and a network to help find positions.
Example: Let's say you were a sales rep for a company already, and the corporate life got tiresome, with lots of hoops to jump through.
Now, you find a company in your field of expertise that's much smaller and willing to put you on as a contractor selling their product.
Coding boot camps, fitness training services, and real estate courses are all products that I have seen people switch into.
If you’re interested in the sales side, I am also partnered with Fidel Cache Flow and his Desperados Sales Group where we provide.
Sales methods & tactics to earn 6 figures in B2B Sales
WEEKLY 1hr LIVE Q&As
20hr + pre-recorded group calls
📝 Step by Step Guides & Outlines
Along with his guide on SDR Contract Stacking Guide
Fidel Cache Flow
At some point, I will be expanding this into something more Geo Arb and Travel Focused.
Creative Endeavors: Nothing stops you from having multiple ventures. Let's say you are a creative. You can mix that with Etsy and create or source materials from your host country to sell them abroad.
Perhaps you develop a passion for photography or music and leverage that not only into an income source but also as a way to ingrain yourself in the local community. I have met many expats who both work online and then DJ or do photography within the community. Nothing stops you from showcasing your work online either. Instagram, YouTube, TikTok are all platforms to attract clients and fans.
Example: A neighbor in the building I live in is a data analyst and has been DJing for years. Recently, they secured a spot at EDC Mexico. It's wild to think that they parlayed a passion into an income source that often outperforms their regular job and allows them to travel around Mexico.
I also want to plug one of my partners, Outbound Mexico. They specialize in helping retirees, investors, and families relocate to Mexico. This includes assistance with work visas, real estate investments, and insurance.
Bottom line - There’s more than one way to skin a cat
At this point in my adult life, I have lived abroad for more years than I have lived in my home country.
I have my hands in multiple pots and have consulted 100s to help them find out the best moves for them. If you want to make the jump into living abroad, check out any of the resources provided in this article or book your consulting call today for a more in-depth experience.
Latin America Consulting Call
This includes personalized advice on various topics such as career moves and remote work, recommendations of cities in Mexico, visa and residency requirements, housing and accommodation, language and culture, legal and financial considerations, safety and security, transportation, networking, dating, and social circle building. Calls are based on your needs.
By incorporating your insights, we aim to provide you with comprehensive guidance and support on your journey to achieving the freedom of living abroad.
