How to escape the 9-5 and build wealth as a digital nomad

About this video

• Video Title: How to escape the 9-5 and build wealth as a digital nomad
• Channel: Yahoo Finance
• Speakers: Ken Krell (Guest), Yahoo Finance Host (Host)
• Duration: 22:51

Overview

This video features an interview with Ken Krell, an entrepreneur and digital nomad with over 15 years of experience. He shares his journey from bankruptcy to building wealth while traveling the world, offering advice on financial freedom, mindset, and practical tips for aspiring digital nomads.

Key takeaways

• Embrace the "geographic buffet of life": Don't be afraid to explore new places, even those that seem intimidating, by taking short trips to get a taste of different cultures and environments.
• Mindset is crucial: Cultivating a positive and resilient mindset is key to overcoming challenges and enjoying the digital nomad lifestyle. Trusting that things will work out and viewing difficulties as part of the adventure can significantly impact your experience.
• Financial preparedness is important: While living frugally is possible, having a financial cushion (like three months of expenses saved) provides security and peace of mind when starting as a digital nomad.
• Cost of living varies greatly: Asia and parts of South America offer more affordable options for digital nomads compared to major Western cities, allowing for a lower daily expense rate.
• Building wealth is possible while traveling: By minimizing expenses (like eliminating housing, car payments, and insurance in your home country) and investing wisely, you can build wealth and achieve financial freedom.
• Travel insurance is essential for activities: While general health insurance can be cheaper abroad, specialized travel insurance is recommended for adventurous activities like skiing to cover potential risks.
• Invest for the future: Even while traveling, it's crucial to think like an investor and set aside funds for retirement or to build an asset base, rather than solely focusing on immediate income.