Often we dream about having the finances to travel the world, or live in our favorite city or embrace specific experiences, but rarely do we actually work out how much our ideal lifestyle might cost us.
As a result many budding nomadic solopreneurs believe they need to build a million dollar business or gather a million TikTok followers to achieve their goals, when in reality, you may need far less.
As an example, to live in Thailand with my family, we can live like kings and be financially independent with only $5000 a month. That’s $60k a year. A far cry from needing to build a million dollar business.
Another friend of mine needs only $2k a month to house sit her way with her husband around South America and have the time of her life.
It’s completely dependent on the lifestyle you’re looking for. Clearly if you want a Ferrari and your primary mode of transport is a helicopter you may need a bit more. But in order to get clear on the direction of your online business, you need to first start with a specific goal of how much you actually need to earn every month from your business to live the life you dream about.
Use the table below to help you get started planning your ideal lifestyle budget. Think about things such as;
- How much do you need for mortgage, rent or accommodation costs?
- How much do you need to travel including airfares, buses, trains etc?
- How much do you need every month to eat, live, play, learn new skills, invest, etc?
If you’re not sure how much things cost, talk to people currently living the lifestyle you’d like to emulate and get some numbers from them.
For example;
- How much does it actually cost to house sit my way across Mexico?
- How much does it actually cost to move and live in Thailand?
- How much does it actually cost to rent an apartment in (insert ideal city)?
- How much does it actually cost to rent a boat and sail around (insert dream location) for 6 months of
- the year?
- How much does it actually cost to (insert your dream lifestyle here)?
Also use the prompt below the table to ask ChatGPT to help you come up with all the relevant costs, then complete the table and click ‘Calculate Budget‘ to get your Monthly Dream Lifestyle Freedom Number!
Once calculated, print the sheet out or write your number in big bold letters and put it somewhere you can see it every single day.
That’s the number you can now start to plan around and work towards. Clarity is power!
Lifestyle Budget Calculator
Helpful Prompt
Need help calculating your dream lifestyle budget? Copy and paste the following prompt into ChatGPT to get started:
Act as a coach helping me as a budding nomadic solopreneur to calculate how much I need to earn from my lifestyle business or side hustle to live my dream lifestyle. Let's start by defining my ideal lifestyle and then research the costs associated with it. 1. Define Your Ideal Lifestyle:
- What does your dream lifestyle look like for you? Consider aspects like hobbies, travel type (RV, luxury, backpacking), accommodation options (hotels, apartments, hostels), possessions, experiences, family time, etc. - What kind of activities do you enjoy doing? (e.g., dining out, adventure sports, cultural experiences, shopping) - How often do you plan to travel or relocate? (e.g., monthly, bi-annually, yearly) 2. Research Cost of Living:
- Where do you want to live or travel to? Provide a list of cities or countries you are interested in. - Look up average prices for housing (rent, mortgage), food (groceries, dining out), utilities (electricity, gas, water, phone, internet), and transportation (public transport, car rental, flights) in your desired locations. - What type of accommodation will you choose in each location? (e.g., luxury apartment, budget hostel, RV park) - Will you have any other recurring costs? (e.g., subscriptions, memberships) 3. Insurance and Healthcare:
- What is your age and do you have any specific health requirements? - Look up average costs for health insurance, travel insurance, and any other relevant insurances in your desired locations. 4. Savings and Investments:
- How much do you plan to save or invest each month? - Do you have any specific financial goals or emergency fund requirements? 5. Miscellaneous Expenses:
- Are there any other expenses you anticipate? (e.g., educational courses, business expenses, entertainment, personal care) Based on this information, help me research and estimate the following costs; Accommodation Costs (Mortgage, rent, hotels, apartments etc), Utilities (LX, Gas, Water, Phone, Sims, Internet etc), Food & Groceries (Eating in or out), Transportation (Car, planes, buses, taxis etc), Healthcare (Insurances, Eye checks, Dental etc), Entertainment & Leisure (Experiences, Trips, Nights/Days out etc), Clothing & Personal Care (Clothes, Accessories, Beauty, Fitness, Luxuries etc), Misc (Anything Else), Loans (Loan payments), Savings (Savings and investments) Then once I've calculated my monthly Monthly Dream Lifestyle Freedom Number, let's discuss potential income streams from my lifestyle business or side hustle to generate that amount.