Edmund’s digital nomad life in Korea

Yo to my fellow readers! It has come to my attention that the people here on Medium would like to know more about the digital nomad life and what it takes to get there.

As a fellow digital nomad making a decent amount from freelancing myself, I would be happy to shed some light as to how I got there, and maybe help you can get started as well.

Let me Give a Quick Summary about Myself First!

Hi, my name is Edmund, I build my networth early at a young age and accumulated over $100,000 at age 24 by investing heavily.

I am part of what you would call the FIRE Movement, a group of individual that wants to be financially independent and retire early(aka FIRE). The movement talks about saving enough for emergencies and investing as much at an early age(because saving money is for idiots).

During those times, I use whatever money and time I have to invest and create different side hustles for myself. Currently, I have 5 different income streams that allow me to work independently and quiet quit my full-time job.

I now live a comfortable life as a digital nomad traveling around the world(I just went to Korea) working whenever I want and not being tied down by money as much.

Helping Others

Having achieved part of my goal in life, my goal is to help others, which is why I started HustleVentureSG. A platform to share about personal finance and side hustle so that others can try out for themselves and improve their financial well-being.

If you like this type of content, be sure to follow, clap and comment down below!

If I were to Start all over Again

Thinking back, if I were to go back to zero, I will always tell myself the same thing.

I wish I had started investing early

Since our early childhood days, we are brought up to believe only in saving your money. That is ridiculous! Money is losing its value due to inflation and to beat inflation we have to invest our money.

What should I Learn at my Early Stage in Life?

Get yourself educated, I don’t mean getting a degree(most of that is useless in our society these days anyway). What I meant is learning about how the world works.

If I were to point out what I should have studied, it would be the following:

Money management
Asset management
Startup business
Understanding how micro and macroeconomics works
Leadership

If you want to be financially free from the dollar, you need to understand how money works. learn skills that pay you well and that can be marketable. Meaning you can scale the business and make more money from it. A full-time job will never be scalable.

How to work towards being a Digital Nomad

But don’t just quit your full-time job just yet. You need to set the chess pieces well first before you throw in the letter.

To do that, you will need to have additional sources of income, which is starting a side hustle. A side hustle is a great way to get started on building a business because you can quit at any point in time if you feel the business is not right for you.

I remember I tried out multiple side hustles such as starting a vending machine business, pet boarding home, NFT trader, and options trader. While most of it failed, they were a great learning point that grew me to become a better entrepreneur.

Time Management

If you are starting to get the hang of running your side hustle and you make a decent amount of income. Which I would say is probably half your full-time income. It is time to check how to optimize.

You can optimize your side hustle simply by getting a proper management system such as a marketing template, a calendar system, or having an online personal assistant to manage your side hustle.

For myself, I wanted to be able to work remotely anywhere in the world to run my business. So if you are looking to become a digital nomad, I highly suggest working on a service-based business since some don't require physical work or much time to run.

Reinvest

If you are looking to grow your business into one that makes over 6 figures. You need to invest a lot in some tools to evaluate your work. For example, you can look into investing in a website that showcases your business or machinery to create your product faster.

Know that in order to make more money you will need to have a better system and management to run the business.

Build More

Before I quit my job, I made sure I had more than 1 side hustle so that I will not be heavily affected if one of it doesn't do well in unforeseen circumstances.

If you want to quit your full-time job, the best practice is to make sure you are able to consistently make almost 2x more than your current earnings.

Be Patient

It took me over 6 years of investing, building a side hustle, and working on my business order to quit my full-time job. Nothing good in life comes easy and if you are looking to become a digital nomad. You may want to look at the types of remote work you can do. You can check that out by looking at the HustleVentureSG category page on their different types of side hustles.

0 comments

I Quit my 9-to-5🏢and now making 100% Online Income👨‍💻

About Me — Edmund Chong

See all posts from Edmund Chong