May 28, 2024

After 2 weeks, I am adjusting to being back in Florida. I had not driven a car in almost 5 months and had forgotten how dependent we are on our vehicles. Obviously, without a car one does a lot more walking. I miss exploring (on foot) for the next adventure.

Curious minds want to know, and some have actually asked: “Isn’t it terribly expensive travelling around the world?” I want to be completely transparent, and the honest answer is “actually, not really”. I want to break my answer down into 2 parts. First, what steps I’ve followed to gain some financial independence. Second, what you can do to make your travel more affordable.

I am not a travel writer, but after years of travelling, and having visited 110 countries, travel has become a backdrop for me to better understand people and some universal truths that we all seem to strive for. Most people want some type of financial independence so that they can help those they love to aspire to new heights. Here are 7 steps that I think will help you reach that goal. (These steps will be especially helpful for younger readers who still have a long runway toward success.)

1. Start Saving Early. It is reported that Einstein stated that “compounding interest was the Eighth Wonder of the World”. Our parent’s directive that a penny saved is a penny earned was actually correct. One penny doubled over 30 days becomes $5,368,709.12! (Step #7 will help teach you the discipline to be an early saver.)
2. Eliminate Debt. Learn to live below your means. A great starting point is to read the book The Millionaire Next Store. We’ve discovered that truly wealthy people don’t spend their money on frivolous items like gold-plated toilets. When my children were younger, I bought a Toyota Sienna van to usher them between sporting events. Remember those days! Now that my children are grown, I still drive a Toyota Sienna. A good dependable vehicle.
3. Develop Different Streams of Income. No matter how good of a job you have a difficult boss or a change in the economy can potentially run havoc with your finances. I have preached over the years to my children to develop multiple sources of income (some have listened, some haven’t) but non energy residual income can accelerate your financial security.
4. Diversify. We live in a global economy where you can (and should) diversify your finances. Simply stated: Don’t put all your eggs in one basket. Over the years I have invested in an organic mango plantation in Panama, beach front property in Brazil, a global travel and coworking business center in Medellin, a hotel in Puerto Rico and hard asset properties in Florida. Some of these investments did better than others but each had a central theme of being in the path of progress where emerging demographics helped propel sound financial returns.
5. Understand Currency. When I first began investing in Colombia the pesos were pegged at 2400 COP=1 USD. Today 1 USD = 3985 COP. You can earn money just by the fluctuation in the global economy. I will talk about that more in my travel tips.
6. Seek Wise Counsel. My estate attorney, Marty Shenkman, (Shenkman Law) is one of the premier estate attorneys in the United States. My financial advisor, Nik Stojanovic ([email protected]) is a dynamic young CFP who will help facilitate generational wealth for my family. Their counsel has been invaluable.
7. Tithe. As a person of faith, I have always contributed 10%+ of my personal and professional income to charity. Many may argue that they cannot do that but strive to delay gratification (give up that Starbucks daily $6.96 Caffe Latte) and learn the discipline of saving. You will soon become a cheerful giver and be able to bless others. You can never outgive God.

I wanted to be transparent with you to demonstrate that there is nothing special about me other than I put one foot in front of the other and keep on moving forward. Now it is a wonderful feeling to know that my financial house is in order. Our children were not shouldered with school loans, trusts have been established for theirs, and with proper management their children and grandchildren’s future.

Most importantly, I feel that I have learned that it really is better to give than to receive.

My hope is that you will learn the same.