Hey all, I’m coming at you with a new video! So today, I wanted to talk about the relationship between time and money, and why I quit my job to make passive income. I think it’s very important to get a better grasp of how to look at money so that you can make way for a better future. After reading Rich Dad Poor Dad, I was convinced that I should save, invest, and build my own brand so I could make money work for me.
This is my thought process when it came to the concept of money and why it sparked all of my passive income pursuits.
The Relationship Between Time and Money – Why I Quit My Job to Make Passive Income
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
Sharon Tseung 0:00
Hey guys, it’s Sharon from Digital Nomad Quest. And today I want to talk to you about why I quit my job and travel the world for two years as a digital nomad building passive income.So a lot of this has to do with the relationship between time and money, and how to sort of think about it. So I want to dive into that a bit more in this video. But first of all, don’t even listen to me. If you’re happy with your life, you’re happy with your job, why change something good, right? You’re succeeding in life, when you’re happy with what you’re doing and making a positive impact in your community. I mean, another thing is I decided to come back home to the Bay Area after traveling for two years, I even took a full time job as a marketing manager. And I have to say, I’m pretty happy with how things are currently, I’m learning a lot at my position. And I’m excited for the opportunities. So again, if you’re happy with how things are going, you don’t need to change it. But now let’s backtrack and let me talk about why I initially quit my job and travel for two years. So at that point, I was working in marketing for about four to fiveyears at various startups. And at Google, I had been living in the Bay Area for basically all my life straight. After college. I was working in an office, you know, for four to five years, I was kind of boxed into an office just wanting to see what else was out there, especially because I hadn’t lived in other places before. And then in 2014, I went on this month long solo Europe trip. That’s when I saw a lot of people enjoying life being passionate about their lives, and it kind of made me wonder what else was out there. And I was also wondering if there a possibility to make sort of money work for me instead of work for money. So instead of trading time for money, I wanted to build passive income and make money work for me and a lot of that was ignited from reading, Rich Dad, Poor Dad and four hour workweek that kind of sparked my little interest in sort of building these passive income streams online as well as through other means, like real estate investment. There’s so many other ways to sort of build passive income. Now let me dive into how I think about time and money. A lot of this again, wasFrom Rich Dad Poor Dad. So if you think about it, the average person spends about eight hours a day at their full time job trading time for money. Now that average person might trade one to two hours commuting, another hour for dinner, and another eight hours for sleeping. So this totals around 18 and 19 hours a day. So in your 24 hour day, you’re essentially spending 18 and 19 hours doing other tasks in a mere five to six hours for yourself, essentially, you’re living about a fourth of your life. If you don’t count weekends, you’re only using that fourth of your life for yourself, which is crazy to me, especially if you’re not passionate about your job, and you’re sort of just working specifically for money. It was just kind of a red flag to me that we’re trading our time for money like that. You know, I understand that there are scenarios where we have to work for money when we we don’t have anything coming in and we have to support our families like I get it and I’m saying this knowing I’m very privileged, but time is more valuable than money. If you think about it, we only have a finite amount.amount of time to live, we’re all going to die in the future we need to kind of make the most out of life. So if we all know this, why do most people get stuck in that nine to five for decades,the average person tends to you know, desire nice things and then end up spending their hard earned income on things they don’t really need. You know, once we get into that workforce, we’re kind of slaving away so much that we feel like we deserve that reward. So then, you know, we start gifting ourselves with the Daily Espresso, happy hour with coworkers fancy dinner once a week and further down the rabbit hole we go, we might be buying nice clothes, nice cars, nice shoes, other materialistic things that we don’t really need. So as you can see, we’re kind of driven by desire and since we are driven by desire, we kind of lose that will to save money. You know, most people are spending on nicer things to kind of reward themselves after hard days of work, or they’re trying to kind of show off you know, most people want to keep up with appearances and they want to show off their latest gadgets and gizmos, and it’s kind ofLike a badge saying, look, look how good my life is, I am kind of making decent money to afford these nice things. It’s kind of like this little badge of external validation that you want to have. That’s what kind of drives a lot of people to not really save and invest their money. They want to sort of just spend their money on materialistic things and things they don’t really need. And after that desire comes that fear. So we might start dreading work, but we’re too scared to leave because we want those nice things. We don’t want to give them up. So then we get caught in this desire, and this fear cycle. And that kind of cycle keeps us in that nine to five because we want those nice things. We’re too scared to not have those nice things and we just keep going and we keep spending more you know, a lot of people are stuck in that cycle. Because of that I can’t emphasize it enough. If you love what you do, there’s no point in changing it. You know, there’s no need to start your own online businesses and make passive income if you’re like, completely fulfilled. However, if there’s a deep longing to remove financial restrictions from your life, then you know, here’s the channel for you. I’m going to create videos about talkinghow to build passive income, how to save and invest, how to remove those financial restrictions design your best life and passive income really makes it so that you can make money work for you instead of the other way around its income you make with little time and effort, it might take some time to set up. But afterwards, you’re kind of generating auto recurring profits. Examples of this might include ebook sales website, ads merge by Amazon sales, Etsy digital download sales, I’ll get into that more later. But that’s how I started building passive income while I was traveling, when I quit my job, I wasn’t trying to spend all my money on travel and just have a good time and then come back and have to work all over again to make it back. I was actually thinking about it in the Rich Dad Poor Dad way where I was thinking that I could travel to cheaper countries, lower my expenses and actually build passive income and make more money. So building up these income streams that will help me long term so if you do that research on like Nomad, lyst, and number to there’s places like Chiang Mai Tai Thailand, where I spent about $600 a month on living expenses. And that’s kind of why I realized that digital nomad life at this time in my life was perfect. I had been living in the Bay Area for over 20 years of my life. And I thought this was a way for me to live life to my full potential, I could see the world and learn a lot, as well as kind of work on my financial goals. So it’s like a perfect combination of things. And that’s kind of why I wanted to travel, I want to try to get out of the rat race and see what’s out there. And lastly, you know, if it wasn’t meant for me, I would know that and I would be able to come back with that sense of understanding and appreciation for home and work and everything like that, where I learned that, you know, after I made that choice, I could see what’s on the other side, and then come back with no regrets. You know, one of the biggest fears of my life is living with regret, I don’t ever want to be on my deathbed and then look back and say, I wish I did that one thing. So that was a big reason why I left. You know, I came back with that appreciation for home and travel and working the nine to five as well as working as an entrepreneur. So being able to see all sides of it really gives me a lot of perspective and helps me appreciate things a lot more. So that is why I quit my job and travel the world for two years as a digital nomad while building passive income. And now I’m just really excited to teach you guys how to build that passive income and design your best life as well. So if you liked this video, please comment, like, subscribe and share this video to your friends and family. Please leave a comment below to if you are trying to build passive income, what would be your ideal life? What would be the dreams you would pursue? Let me know in the comments and I’m excited to connect with you all and I’ll see you guys in the next video.Transcribed by https://otter.ai
Hey guys, it’s Sharon from Digital Nomad Quest. And today I want to talk to you about why I quit my job and travel the world for two years as a digital nomad building passive income.So a lot of this has to do with the relationship between time and money, and how to sort of think about it. So I want to dive into that a bit more in this video. But first of all, don’t even listen to me. If you’re happy with your life, you’re happy with your job, why change something good, right? You’re succeeding in life, when you’re happy with what you’re doing and making a positive impact in your community. I mean, another thing is I decided to come back home to the Bay Area after traveling for two years, I even took a full time job as a marketing manager. And I have to say, I’m pretty happy with how things are currently, I’m learning a lot at my position. And I’m excited for the opportunities. So again, if you’re happy with how things are going, you don’t need to change it. But now let’s backtrack and let me talk about why I initially quit my job and travel for two years. So at that point, I was working in marketing for about four to fiveyears at various startups. And at Google, I had been living in the Bay Area for basically all my life straight. After college. I was working in an office, you know, for four to five years, I was kind of boxed into an office just wanting to see what else was out there, especially because I hadn’t lived in other places before. And then in 2014, I went on this month long solo Europe trip. That’s when I saw a lot of people enjoying life being passionate about their lives, and it kind of made me wonder what else was out there. And I was also wondering if there a possibility to make sort of money work for me instead of work for money. So instead of trading time for money, I wanted to build passive income and make money work for me and a lot of that was ignited from reading, Rich Dad, Poor Dad and four hour workweek that kind of sparked my little interest in sort of building these passive income streams online as well as through other means, like real estate investment. There’s so many other ways to sort of build passive income. Now let me dive into how I think about time and money. A lot of this again, wasFrom Rich Dad Poor Dad. So if you think about it, the average person spends about eight hours a day at their full time job trading time for money. Now that average person might trade one to two hours commuting, another hour for dinner, and another eight hours for sleeping. So this totals around 18 and 19 hours a day. So in your 24 hour day, you’re essentially spending 18 and 19 hours doing other tasks in a mere five to six hours for yourself, essentially, you’re living about a fourth of your life. If you don’t count weekends, you’re only using that fourth of your life for yourself, which is crazy to me, especially if you’re not passionate about your job, and you’re sort of just working specifically for money. It was just kind of a red flag to me that we’re trading our time for money like that. You know, I understand that there are scenarios where we have to work for money when we we don’t have anything coming in and we have to support our families like I get it and I’m saying this knowing I’m very privileged, but time is more valuable than money. If you think about it, we only have a finite amount.amount of time to live, we’re all going to die in the future we need to kind of make the most out of life. So if we all know this, why do most people get stuck in that nine to five for decades,the average person tends to you know, desire nice things and then end up spending their hard earned income on things they don’t really need. You know, once we get into that workforce, we’re kind of slaving away so much that we feel like we deserve that reward. So then, you know, we start gifting ourselves with the Daily Espresso, happy hour with coworkers fancy dinner once a week and further down the rabbit hole we go, we might be buying nice clothes, nice cars, nice shoes, other materialistic things that we don’t really need. So as you can see, we’re kind of driven by desire and since we are driven by desire, we kind of lose that will to save money. You know, most people are spending on nicer things to kind of reward themselves after hard days of work, or they’re trying to kind of show off you know, most people want to keep up with appearances and they want to show off their latest gadgets and gizmos, and it’s kind ofLike a badge saying, look, look how good my life is, I am kind of making decent money to afford these nice things. It’s kind of like this little badge of external validation that you want to have. That’s what kind of drives a lot of people to not really save and invest their money. They want to sort of just spend their money on materialistic things and things they don’t really need. And after that desire comes that fear. So we might start dreading work, but we’re too scared to leave because we want those nice things. We don’t want to give them up. So then we get caught in this desire, and this fear cycle. And that kind of cycle keeps us in that nine to five because we want those nice things. We’re too scared to not have those nice things and we just keep going and we keep spending more you know, a lot of people are stuck in that cycle. Because of that I can’t emphasize it enough. If you love what you do, there’s no point in changing it. You know, there’s no need to start your own online businesses and make passive income if you’re like, completely fulfilled. However, if there’s a deep longing to remove financial restrictions from your life, then you know, here’s the channel for you. I’m going to create videos about talkinghow to build passive income, how to save and invest, how to remove those financial restrictions design your best life and passive income really makes it so that you can make money work for you instead of the other way around its income you make with little time and effort, it might take some time to set up. But afterwards, you’re kind of generating auto recurring profits. Examples of this might include ebook sales website, ads merge by Amazon sales, Etsy digital download sales, I’ll get into that more later. But that’s how I started building passive income while I was traveling, when I quit my job, I wasn’t trying to spend all my money on travel and just have a good time and then come back and have to work all over again to make it back. I was actually thinking about it in the Rich Dad Poor Dad way where I was thinking that I could travel to cheaper countries, lower my expenses and actually build passive income and make more money. So building up these income streams that will help me long term so if you do that research on like Nomad, lyst, and number to there’s places like Chiang Mai Tai Thailand, where I spent about $600 a month on living expenses. And that’s kind of why I realized that digital nomad life at this time in my life was perfect. I had been living in the Bay Area for over 20 years of my life. And I thought this was a way for me to live life to my full potential, I could see the world and learn a lot, as well as kind of work on my financial goals. So it’s like a perfect combination of things. And that’s kind of why I wanted to travel, I want to try to get out of the rat race and see what’s out there. And lastly, you know, if it wasn’t meant for me, I would know that and I would be able to come back with that sense of understanding and appreciation for home and work and everything like that, where I learned that, you know, after I made that choice, I could see what’s on the other side, and then come back with no regrets. You know, one of the biggest fears of my life is living with regret, I don’t ever want to be on my deathbed and then look back and say, I wish I did that one thing. So that was a big reason why I left. You know, I came back with that appreciation for home and travel and working the nine to five as well as working as an entrepreneur. So being able to see all sides of it really gives me a lot of perspective and helps me appreciate things a lot more. So that is why I quit my job and travel the world for two years as a digital nomad while building passive income. And now I’m just really excited to teach you guys how to build that passive income and design your best life as well. So if you liked this video, please comment, like, subscribe and share this video to your friends and family. Please leave a comment below to if you are trying to build passive income, what would be your ideal life? What would be the dreams you would pursue? Let me know in the comments and I’m excited to connect with you all and I’ll see you guys in the next video.Transcribed by https://otter.ai
