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It seems like this answer is being asked a LOT on Quora these days!I’ve answered this question several times over the past few weeks, so I’ve copied and pasted my answer below.Hope this helps…Although there are plenty of gurus out there who try to make financial freedom sound so complicated that it would require an advanced degree in differential calculus just to get started, it’s actually quite simple.In fact, there are only three ways that you can achieve financial freedom:Increase IncomeDecrease ExpensesLeverage High Return Opportunities by Creating a “War Chest”That’s it.Let’s dive in.(Note: This content originally appeared on my blog Knowledge for Men. If you’re interested in reading the article in its entirety just click here)Simple Strategies for Increasing Your IncomeBefore we can dive into the different strategies for increasing your income, let’s go ahead and get one thing straight…You cannot save your way to wealth.Sure, you can cut back on your expenses and invest the difference into a mutual fund or something similar.But at the current rate of inflation, it’s unlikely that you will be able to save enough to retire on, let alone to live your dream life.Unfortunately, this is how most people go about their financial journey.They trip over dollars to save pennies when they could just ignore the pennies and pick up the dollars.Just think about it…Even if you lived the most barebones quality of life (which for the record is not good for your health, longevity, or future earning potential) and you were able to cut your expenses back to only $1,500 a month on a $3,000 a month salary, you’re still sacrificing 80% of your quality of life for a fractional financial gain.If you spent the same amount of energy on doubling your income that you currently spend on scrounging for deals and clipping coupons, you would be able to enjoy a quality of life that is more than twice as high and still invest an additional $2,000 a month into your Roth or 401K (which I don’t recommend, but we will get to that).Do you get the point?Living below your means is necessary for financial freedom.But unless it is combined with a steady increase in your income, it will never be enough to break free from the system and live the life that you truly desire.With that out of the way, here are a few of my favorite ways to increase your income.1. Start a Freelancing/Service Based Side HustleThe fastest and easiest way to make up some extra cash is to use your existing skill set to find new clients that will pay you on a per-project basis.This could be anything from writing sales copy, designing marketing campaigns, remodeling homes, working as a personal trainer, or editing videos.It really matters what you do.If someone will pay you for it and you are able to charge a reasonable rate, you can turn just about any interest, skill, or hobby into a healthy side income.To get started, I recommend that you check out Chris Guillebeau’s Side Hustle School and start jumping into as many online communities and social media masterminds as you can.There’s money to be made with just about any skill set as long as you know the right place to look.2. Start a BusinessFor those of you with the patience to make it to profitability, starting a business is an excellent way to boost your income that will allow you to create automated systems to generate money without your direct input.Even though it took almost five years to work out the biggest kinks (and I can promise you that it is an ongoing process), I’ve built Knowledge for Men to the point where I could generate 6-figures+ per year while working fewer than 15 hours a week… If I wanted to.If you have the time, patience, and capital to dive into the world of part-time (or full time) entrepreneurship, these are a few of my favorite interviews to help you get started. (note: head over to my website to view these interviews, I’m not including the links due to Quora’s crackdown on external linking within answers)Pejman Ghadimi – Millionaire by 25 and the Founder of The Secret EntourageMJ Demarco – Author of The Millionaire FastlaneCameron Herold – Author of Double DoubleSean Ogle – Founder of Location RebelAlex Charfen – 7-Figure EntrepreuerJay Samit – World Renowned Consultant and author of Disrupt YouThese interviews will provide you with more than enough juice to get started down your journey to entrepreneurial freedom and if you take action on this content in conjunction with a few of the top business books, I promise you that you can achieve your entrepreneurial dreams faster than you ever thought possible.3. Negotiate a RaiseThe final way to increase your income is simply to negotiate a raise at your current position.Depending on your field, this could be as easy as talking with your boss for 15 minutes this Friday or it could require 3-6 months of working overtime and proving your worth.I don’t know your specific field and I have no idea what your manager’s temperaments are like, so instead of trying to give you a blow by blow checklist for negotiating a raise, I’ll provide you with a few tried and true principles that can help you increase your annual income by 10-40%.-Timing is Everything:If you ask for a raise during the wrong season or after an expensive reorganization then you will be shot down every single time. Try broaching the topic of a raise during your company’s highest grossing months or after some sort of positive event like a successful product launch.-Request a Raise on Merit, not Tenure or Market ConditionsYou can’t expect to receive a raise if your performance at work hasn’t earned it. When you go into negotiations, be sure to focus on the quality of work that you’ve been providing not the length of time you’ve been with a company or the salaries that the competition is paying.-Manage Your State During NegotiationsOne of the worst things you can do is to show up to your salary negotiations with weak and defeated body language. I know that these meetings can be tense and awkward, but maintaining an upbeat and positive attitude will make a “Yes” much more likely.-Figure Out the Number BeforehandIf you go into salary negotiations without a clear understanding of exactly how much of a salary increase you want and why you deserve it, you’re going to fail. If you bid too high, you’ll offend your employer and seem like a bit of a narcissist. If you go too low, the increase won’t be substantial enough to matter to you or your employer.-Handle Rejection GracefullyIf your manager or employer says “No” the first time around (and this is very likely), don’t get discouraged. Simply thank them for their time and ask them “What specific outcomes would be required for me to receive this raise within the next 3-6 months?” If they can’t answer this question, you should probably find another employer.How to Reduce Your Expenses without Sacrificing Your Quality of Life“Spend extravagantly on the things that you love and cut costs mercilessly on the things you don’t.” ~Ramit SethiAlthough increasing your income is the best way to move closer to financial freedom, in and of itself, it is rarely sufficient.Most people tend to spend whatever they earn and, without the proper systems in place, increasing your income will result in less financial freedom and more payments on pointless crap that you don’t need.Embracing Minimalism and an Experience-Driven LifeThe first and most important step that you can take to reduce your expenses without sacrificing your quality of life is to commit to the minimalist lifestyle.Ever since the 1950’s and the inception of the “American Dream”, our society has become hell-bent on owning and accumulating lots of “Stuff”.We spend $5,000 on our couch, $2,000 on a new TV, and $400 for a freaking nightstand.But when you stop and think about it, is this really the best way to spend your money and achieve happiness?I’m not saying that you shouldn’t want or buy nice things. But there comes a point where materialism can detract from the experience of living life.When you are mired in credit card debt and have more than $1,000/month in payments for things that you’ve financed, it makes it difficult to spend time and money on the things that really matter in life.So I want to encourage you to become a minimalist.Spend your money on things that will really matter in the long run.Would you rather have:A couch from restoration hardwareA brand new LexusA new wardrobe from GucciOr…A four-week backpacking trip across New ZealandA year abroad in Europe with your girlfriendA one-week seminar learning how to become your best selfSome of you may truly prefer things to experiences, but according to the research, people derive the greatest amount of happiness by spending their money on experiences and relationships, not things.I won’t tell you how to live your life or how to spend your money.That’s up to you and the next section will help you create a plan for your finances that is tailored to your personality and values.But I will tell you that becoming a minimalist was one of the greatest decisions that I ever made and I’d encourage you to give it a go for yourself.The Conscious Spending PlanMost people despise the idea of a budget because the method they’ve learned feels restrictive. In reality, however, a budget is simply a plan for spending your money.Since “Budget” has become a four-letter word to many people, I prefer using the term “Conscious Spending Plan” (coined by Ramit Sethi).Instead of having a specific destination for every single dollar you earn, you should have a written system that determines what portions of your income will be spent on what expenses and luxuries.But before you can do this, you need to know where you want to spend your money in the first place.How do you do this? By following your values.There’s an old saying that, “If you show me a man’s calendar you can show me his priorities.” I believe that this is true, but I believe that it’s even truer that “If you show me a man’s spending you can show me what he values”.Your conscious spending plan should reflect your internal values and goals, not meet some arbitrary standard set by society.If you are a single guy who doesn’t spend a lot of time at home, then why in the world should you spend 30% of your income on an expensive apartment?Conversely, if you are a married man with two children, it doesn’t make much sense to spend 10% of your income on car payments if you could simply buy a used car in cash and roll the 10% into a bigger and more comfortable home for you and your family.The only non-negotiable item in your conscious spending plan is your personal growth and development.If you aren’t setting aside at least 10% of your income to invest in coaching, masterminds, courses, books, and seminars, then you are doing it wrong.I’ve spent tens of thousands (maybe even more than 6-figures) on my personal growth and ever single investment I made paid back dividends.So right now, before you go any further in this article, I want you to take a minute and write down the answer to a few questions.What would I do if money was no objectIf I was given a blank check that could solve one problem in my life, what would that problem be?If I was given $10,000 and was forced to spend it on FUN how would I spend it?What is the one thing I would change about my current living situation (housing, cars, clothes, etc.)?Got it?Good. These questions will help you figure out your values and how you should allocate your money.By having a clearly defined set of values, you can decide exactly where you want to spend your money.For example, if you don’t spend a lot of time at home, you can spend less money on your apartment while spending more on dining out and partying with friends.If you are someone who doesn’t enjoy nightlife and prefers to be outdoors, you can create a conscious spending plan that allows you to spend $15,000 a year on adventure vacations and epic trips.Or maybe you are someone with a wide array of interests and you just want to have $500 a month to spend on whatever catches your fancy at the time.A conscious spending plan allows you to do just that!When you cut back on the things you don’t love, you will naturally have more money for the things that you do.Negotiating Lower Payments on Your Biggest ExpensesAlthough I’m not a fan of penny-pinching or scrounging for deals, there are a few key expenses where you can save yourself $1,000/year+ with just a few phone calls.Specifically:RentCar InsurancePhone BillLoans (Credit cards, student loans, etc.)Most people overpay for services and are completely oblivious to the massive number of discounts and specials that are offered by banks, insurance companies, and apartment complexes.For example, if you’ve been insured for more than a year and your premium hasn’t dropped, you should be able to get your insurance lowered with only one phone call.In twelve months, your car has lost a significant amount of value and this depreciation will only be reflected in your insurance premium if you are willing to call and request a rate change.The specific scripts and tactics that you should use to get a lower rate are beyond the scope of this guide, but Ramit Sethi has an excellent article on finding hidden income that will teach you the word by word responses you should use to lower your biggest expenses.The Ultimate Financial Hack: Becoming a Digital NomadFor those of you with a location independent income source, or the ability to find/create one in the next 12 months, becoming a digital nomad is the ultimate financial hack.Although more and more people are leaving the country in favor of cheaper locales, it amazes me how few people truly understand the power of geoarbitrage.In the United States, you can expect to spend:$1,000+/month for a single bedroom apartment$500+/month for groceries$200+/month for utilities$400+/month for transportation (Insurance, car payment, gas, Uber, etc.)Oh and 20%+ of your income in taxesIf you were willing to relocate to a developing country like Colombia, Thailand, Vietnam, Nicaragua, or Budapest you could simultaneously spend less money for a greater quality of life.Although prices vary, based on conversations with my digital nomad friends you should expect to spend:$750/month for a luxurious single bedroom apartment in the city center$200/month for groceries$100/month for utilities$200/month for transportation (or less)This is just a rough estimate and I’ve even known guys who have lived on less than $1,500 a month abroad.In and of itself, it’s pretty amazing that you can enjoy a higher quality of life, travel the world, and save money, but the real financial incentive comes from the tax advantages of living abroad.For individuals who spend 11 months or 330 days outside of the united states in a given calendar year, the first $102,000 that you earn are income tax exempt.Depending on the state that you live in, this could be a total savings of more than $25,000/year JUST for living outside of the country!Talk about a life hack.If you can adapt to life on the road, becoming a digital nomad is one of the best financial decisions that you can ever make.And you’ll have a helluva time while you’re saving money.Building Your War Chest: The Keys to the Financial KingdomI’m not a CPA.I don’t have special knowledge about different investing strategies and I couldn’t help you pick out the best index fund for your savings if I tried.However, over the past 10 years, I’ve consistently applied a single tactic that has allowed me to invest in opportunities that 2X, 5X, or even 10X’d my investment.I call this tactic the war chest.Better than a 401K: Why You Should Focus on Your War Chest and Not Your Retirement FundI know that plenty of gurus still preach the importance of investing in low-risk medium yield mutual funds and index funds.But I respectfully disagree.You’re never going to enter into the upper echelons of wealth by earning a 7%/year return on a few thousand dollars.You’re going to do it by amassing massive sums of money and then investing that money into highly profitable opportunities and endeavors.I realized early on that I would never be able to consistently save money if I was putting my hard earned cash into a boring fund or a 1% interest savings account for a “Rainy Day”.So I decided to make savings a game, to make it exciting!So, ever since I graduated college, I’ve been consistently socking away part of my income every single month into my “War Chest”, a savings account that I use exclusively for high yield investments.This war chest allowed me to:Quit my job and build Knowledge for Men for an entire year without needing to make a profitEarn $15,000+ in 14 days during the Crypto-Craze back in November 2017Generate more than $300k in revenue by spending $6,000 on a high-level sales coachInvest in high growth companies like Shopify, Salesforce, Facebook and Netflix before they peaked.Almost invested into a new vegan fast food concept thats got a line out the door everyday (I’m in California).And so much more.But you aren’t going to use your war chest for any investments like these… Not yet at least.For now, you are going to invest the funds from your war chest into one thing and one thing only.Yourself. Invest in books, coaching, seminars, and training programs that will help you improve your skills and become more valuable to the marketplace.From there, you will be able to dramatically increase your income and then intelligently invest your war chest funds into unique opportunities that arise.When you have developed a skillset that can earn you good sums of cash then you can continue to build your war chest.Your war chest is something you build for the rest of your life. Once you make an investment then you rebuild your war chest quickly from your cash flow from your job or business for another investment.This is how rich people get rich they buy assets they understand that either pay them healthy cash flows or yield a very high return.Without a war chest you would not have the opportunity to take advantage of opportunity when it arises.ConclusionThat’s it! I know this was a long response but I hope that it helped you get started on your journey to financial freedom.Let me know if you have any questions about the content or would like to know more in the comments :)Stay Grounded,AndrewLearn more about my work and mission by visiting my Quora profile here

Although there are plenty of gurus out there who try to make financial freedom sound so complicated that it would require an advanced degree in differential calculus just to get started, it’s actually quite simple.In fact, there are only three ways that you can achieve financial freedom:Increase IncomeDecrease ExpensesLeverage High Return Opportunities by Creating a “War Chest”That’s it.Let’s dive in.(Note: This content originally appeared on my blog Knowledge for Men. If you’re interested in reading the article in its entirety just click here)Simple Strategies for Increasing Your IncomeBefore we can dive into the different strategies for increasing your income, let’s go ahead and get one thing straight…You cannot save your way to wealth.Sure, you can cut back on your expenses and invest the difference into a mutual fund or something similar.But at the current rate of inflation, it’s unlikely that you will be able to save enough to retire on, let alone to live your dream life.Unfortunately, this is how most people go about their financial journey.They trip over dollars to save pennies when they could just ignore the pennies and pick up the dollars.Just think about it…Even if you lived the most barebones quality of life (which for the record is not good for your health, longevity, or future earning potential) and you were able to cut your expenses back to only $1,500 a month on a $3,000 a month salary, you’re still sacrificing 80% of your quality of life for a fractional financial gain.If you spent the same amount of energy on doubling your income that you currently spend on scrounging for deals and clipping coupons, you would be able to enjoy a quality of life that is more than twice as high and still invest an additional $2,000 a month into your Roth or 401K (which I don’t recommend, but we will get to that).Do you get the point?Living below your means is necessary for financial freedom.But unless it is combined with a steady increase in your income, it will never be enough to break free from the system and live the life that you truly desire.With that out of the way, here are a few of my favorite ways to increase your income.1. Start a Freelancing/Service Based Side HustleThe fastest and easiest way to make up some extra cash is to use your existing skill set to find new clients that will pay you on a per-project basis.This could be anything from writing sales copy, designing marketing campaigns, remodeling homes, working as a personal trainer, or editing videos.It really matters what you do.If someone will pay you for it and you are able to charge a reasonable rate, you can turn just about any interest, skill, or hobby into a healthy side income.To get started, I recommend that you check out Chris Guillebeau’s Side Hustle School and start jumping into as many online communities and social media masterminds as you can.There’s money to be made with just about any skill set as long as you know the right place to look.2. Start a BusinessFor those of you with the patience to make it to profitability, starting a business is an excellent way to boost your income that will allow you to create automated systems to generate money without your direct input.Even though it took almost five years to work out the biggest kinks (and I can promise you that it is an ongoing process), I’ve built Knowledge for Men to the point where I could generate 6-figures+ per year while working fewer than 15 hours a week… If I wanted to.If you have the time, patience, and capital to dive into the world of part-time (or full time) entrepreneurship, these are a few of my favorite interviews to help you get started.Pejman Ghadimi – Millionaire by 25 and the Founder of The Secret EntourageMJ Demarco – Author of The Millionaire FastlaneCameron Herold – Author of Double DoubleSean Ogle – Founder of Location RebelAlex Charfen – 7-Figure EntrepreuerJay Samit – World Renowned Consultant and author of Disrupt YouThese interviews will provide you with more than enough juice to get started down your journey to entrepreneurial freedom and if you take action on this content in conjunction with a few of the top business books, I promise you that you can achieve your entrepreneurial dreams faster than you ever thought possible.If you’re interested in building a virtual coaching business the same way that I did, then I’d like to invite you to attend one of my upcoming webinars on how to become a highly paid virtual coach in 10 weeks or less.I leave nothing unturned and will help you crack the code to building a profitable coaching business now.Just click this link to sign up and get started.3. Negotiate a RaiseThe final way to increase your income is simply to negotiate a raise at your current position.Depending on your field, this could be as easy as talking with your boss for 15 minutes this Friday or it could require 3-6 months of working overtime and proving your worth.I don’t know your specific field and I have no idea what your manager’s temperaments are like, so instead of trying to give you a blow by blow checklist for negotiating a raise, I’ll provide you with a few tried and true principles that can help you increase your annual income by 10-40%.-Timing is Everything:If you ask for a raise during the wrong season or after an expensive reorganization then you will be shot down every single time. Try broaching the topic of a raise during your company’s highest grossing months or after some sort of positive event like a successful product launch.-Request a Raise on Merit, not Tenure or Market ConditionsYou can’t expect to receive a raise if your performance at work hasn’t earned it. When you go into negotiations, be sure to focus on the quality of work that you’ve been providing not the length of time you’ve been with a company or the salaries that the competition is paying.-Manage Your State During NegotiationsOne of the worst things you can do is to show up to your salary negotiations with weak and defeated body language. I know that these meetings can be tense and awkward, but maintaining an upbeat and positive attitude will make a “Yes” much more likely.-Figure Out the Number BeforehandIf you go into salary negotiations without a clear understanding of exactly how much of a salary increase you want and why you deserve it, you’re going to fail. If you bid too high, you’ll offend your employer and seem like a bit of a narcissist. If you go too low, the increase won’t be substantial enough to matter to you or your employer.-Handle Rejection GracefullyIf your manager or employer says “No” the first time around (and this is very likely), don’t get discouraged. Simply thank them for their time and ask them “What specific outcomes would be required for me to receive this raise within the next 3-6 months?” If they can’t answer this question, you should probably find another employer.How to Reduce Your Expenses without Sacrificing Your Quality of Life“Spend extravagantly on the things that you love and cut costs mercilessly on the things you don’t.” ~Ramit SethiAlthough increasing your income is the best way to move closer to financial freedom, in and of itself, it is rarely sufficient.Most people tend to spend whatever they earn and, without the proper systems in place, increasing your income will result in less financial freedom and more payments on pointless crap that you don’t need.Embracing Minimalism and an Experience-Driven LifeThe first and most important step that you can take to reduce your expenses without sacrificing your quality of life is to commit to the minimalist lifestyle.Ever since the 1950’s and the inception of the “American Dream”, our society has become hell-bent on owning and accumulating lots of “Stuff”.We spend $5,000 on our couch, $2,000 on a new TV, and $400 for a freaking nightstand.But when you stop and think about it, is this really the best way to spend your money and achieve happiness?I’m not saying that you shouldn’t want or buy nice things. But there comes a point where materialism can detract from the experience of living life.When you are mired in credit card debt and have more than $1,000/month in payments for things that you’ve financed, it makes it difficult to spend time and money on the things that really matter in life.So I want to encourage you to become a minimalist.Spend your money on things that will really matter in the long run.Would you rather have:A couch from restoration hardwareA brand new LexusA new wardrobe from GucciOr…A four-week backpacking trip across New ZealandA year abroad in Europe with your girlfriendA one-week seminar learning how to become your best selfSome of you may truly prefer things to experiences, but according to the research, people derive the greatest amount of happiness by spending their money on experiences and relationships, not things.I won’t tell you how to live your life or how to spend your money.That’s up to you and the next section will help you create a plan for your finances that is tailored to your personality and values.But I will tell you that becoming a minimalist was one of the greatest decisions that I ever made and I’d encourage you to give it a go for yourself.The Conscious Spending PlanMost people despise the idea of a budget because the method they’ve learned feels restrictive. In reality, however, a budget is simply a plan for spending your money.Since “Budget” has become a four-letter word to many people, I prefer using the term “Conscious Spending Plan” (coined by Ramit Sethi).Instead of having a specific destination for every single dollar you earn, you should have a written system that determines what portions of your income will be spent on what expenses and luxuries.But before you can do this, you need to know where you want to spend your money in the first place.How do you do this? By following your values.There’s an old saying that, “If you show me a man’s calendar you can show me his priorities.” I believe that this is true, but I believe that it’s even truer that “If you show me a man’s spending you can show me what he values”.Your conscious spending plan should reflect your internal values and goals, not meet some arbitrary standard set by society.If you are a single guy who doesn’t spend a lot of time at home, then why in the world should you spend 30% of your income on an expensive apartment?Conversely, if you are a married man with two children, it doesn’t make much sense to spend 10% of your income on car payments if you could simply buy a used car in cash and roll the 10% into a bigger and more comfortable home for you and your family.The only non-negotiable item in your conscious spending plan is your personal growth and development.If you aren’t setting aside at least 10% of your income to invest in coaching, masterminds, courses, books, and seminars, then you are doing it wrong.I’ve spent tens of thousands (maybe even more than 6-figures) on my personal growth and ever single investment I made paid back dividends.So right now, before you go any further in this article, I want you to take a minute and write down the answer to a few questions.What would I do if money was no objectIf I was given a blank check that could solve one problem in my life, what would that problem be?If I was given $10,000 and was forced to spend it on FUN how would I spend it?What is the one thing I would change about my current living situation (housing, cars, clothes, etc.)?Got it?Good. These questions will help you figure out your values and how you should allocate your money.By having a clearly defined set of values, you can decide exactly where you want to spend your money.For example, if you don’t spend a lot of time at home, you can spend less money on your apartment while spending more on dining out and partying with friends.If you are someone who doesn’t enjoy nightlife and prefers to be outdoors, you can create a conscious spending plan that allows you to spend $15,000 a year on adventure vacations and epic trips.Or maybe you are someone with a wide array of interests and you just want to have $500 a month to spend on whatever catches your fancy at the time.A conscious spending plan allows you to do just that!When you cut back on the things you don’t love, you will naturally have more money for the things that you do.Negotiating Lower Payments on Your Biggest ExpensesAlthough I’m not a fan of penny-pinching or scrounging for deals, there are a few key expenses where you can save yourself $1,000/year+ with just a few phone calls.Specifically:RentCar InsurancePhone BillLoans (Credit cards, student loans, etc.)Most people overpay for services and are completely oblivious to the massive number of discounts and specials that are offered by banks, insurance companies, and apartment complexes.For example, if you’ve been insured for more than a year and your premium hasn’t dropped, you should be able to get your insurance lowered with only one phone call.In twelve months, your car has lost a significant amount of value and this depreciation will only be reflected in your insurance premium if you are willing to call and request a rate change.The specific scripts and tactics that you should use to get a lower rate are beyond the scope of this guide, but Ramit Sethi has an excellent article on finding hidden income that will teach you the word by word responses you should use to lower your biggest expenses.The Ultimate Financial Hack: Becoming a Digital NomadFor those of you with a location independent income source, or the ability to find/create one in the next 12 months, becoming a digital nomad is the ultimate financial hack.Although more and more people are leaving the country in favor of cheaper locales, it amazes me how few people truly understand the power of geoarbitrage.In the United States, you can expect to spend:$1,000+/month for a single bedroom apartment$500+/month for groceries$200+/month for utilities$400+/month for transportation (Insurance, car payment, gas, Uber, etc.)Oh and 20%+ of your income in taxesIf you were willing to relocate to a developing country like Colombia, Thailand, Vietnam, Nicaragua, or Budapest you could simultaneously spend less money for a greater quality of life.Although prices vary, based on conversations with my digital nomad friends you should expect to spend:$750/month for a luxurious single bedroom apartment in the city center$200/month for groceries$100/month for utilities$200/month for transportation (or less)This is just a rough estimate and I’ve even known guys who have lived on less than $1,500 a month abroad.In and of itself, it’s pretty amazing that you can enjoy a higher quality of life, travel the world, and save money, but the real financial incentive comes from the tax advantages of living abroad.For individuals who spend 11 months or 330 days outside of the united states in a given calendar year, the first $102,000 that you earn are income tax exempt.Depending on the state that you live in, this could be a total savings of more than $25,000/year JUST for living outside of the country!Talk about a life hack.If you can adapt to life on the road, becoming a digital nomad is one of the best financial decisions that you can ever make.And you’ll have a helluva time while you’re saving money.Building Your War Chest: The Keys to the Financial KingdomI’m not a CPA.I don’t have special knowledge about different investing strategies and I couldn’t help you pick out the best index fund for your savings if I tried.However, over the past 10 years, I’ve consistently applied a single tactic that has allowed me to invest in opportunities that 2X, 5X, or even 10X’d my investment.I call this tactic the war chest.Better than a 401K: Why You Should Focus on Your War Chest and Not Your Retirement FundI know that plenty of gurus still preach the importance of investing in low-risk medium yield mutual funds and index funds.But I respectfully disagree.You’re never going to enter into the upper echelons of wealth by earning a 7%/year return on a few thousand dollars.You’re going to do it by amassing massive sums of money and then investing that money into highly profitable opportunities and endeavors.I realized early on that I would never be able to consistently save money if I was putting my hard earned cash into a boring fund or a 1% interest savings account for a “Rainy Day”.So I decided to make savings a game, to make it exciting!So, ever since I graduated college, I’ve been consistently socking away part of my income every single month into my “War Chest”, a savings account that I use exclusively for high yield investments.This war chest allowed me to:Quit my job and build Knowledge for Men for an entire year without needing to make a profitEarn $15,000+ in 14 days during the Crypto-Craze back in November 2017Generate more than $300k in revenue by spending $6,000 on a high-level sales coachInvest in heavy hitting companies like Spotify and Netflix when they started to peakAnd so much more.But you aren’t going to use your war chest for any investments like these… Not yet at least.For now, you are going to invest the funds from your war chest into one thing and one thing only.Yourself. Invest in books, coaching, seminars, and training programs that will help you improve your skills and become more valuable to the marketplace.From there, you will be able to dramatically increase your income and then intelligently invest your war chest funds into unique opportunities that arise.ConclusionThat’s it! I know this was a long response but I hope that it helped you get started on your journey to financial freedom.Let me know if you have any questions about the content or would like to know more in the comments :)

Go through the below step by step process.This is basically a 3 step process. You first submit an online Express Entry profile and you receive an ITA and after that you apply for permanent residence.So, let’s get started. I shall explain the process in 3 parts: Pre-Application, Pre-ITA and Post-ITA. (Don’t worry, you’ll soon find out what an ITA is).I’ll give you a brief description of the 3 parts I have mentioned above.Pre-application phase – A phase where you have NOT created an online Express Entry (hereafter referred to as EE) profile. You do not have a profile number.Pre-ITA phase – A phase where you have created an online profile and you are waiting to get your Invitation to Apply (hereafter referred to as ITA).Post-ITA phase – A phase where you have received an ITA and you are all set to submit your Permanent Resident (hereafter referred to as PR) application to Citizenship and Immigration Canada (hereafter referred to as CIC).PRE-APPLICATION PHASEYou will go through the following in the pre-application phase:Deciding to come to CanadaTake a piece of paper and write down why you want to come to Canada. Outline your settlement plan; try to research how you would support yourself and the job prospects in Canada. Please do not paint a rosy picture, don’t think Canada will be a land of milk and honey right after you land here. You have to build a life for yourself so DO NOT plan to relax as soon as you get here.If you are determined to work smart and put in sincere efforts once you get here, you will be a successful immigrant in your new home – Canada.Checking if you are eligibleTo apply to Express Entry, you must satisfy certain criteria. We shall discuss this below.You should be eligible under one of the Economic Immigration programs (Federal Skilled Worker Program [ hereafter referred to as FSW/FSWP], Federal Skilled Trades [hereafter referred to as FST] or Canadian Experience Class [hereafter referred to as CEC].From this point on, I will limit the information to FSW program alone.For FSWP, you need to score at least 67 points out of 100 to be eligible. You can manually calculate your points based on the criteria outlined in the CIC webpage (on the link that is provided).So, are you eligible? Do you score at least 67/100 points? If no, I’m very sorry, you are not eligible to apply under the FSWP. If yes, keep your fingers crossed, you have another set of criteria to satisfy to be eligible for Express Entry.You must use the to check if you are eligible under Express Entry.Provide answers to the questions and the tool will tell you if you are eligible or not. The basic eligibility criteria are as follows :A) You need to have your language test results ready (English or French – I shall write a separate post about this later).B) You need to have an ECA report for your academic degrees/diplomas if they were not obtained from Canada. You can learn about the ECA process atC) You need to have at least one year continuous, full-time (at least 30 hours per week/1560 hours per year) or equivalent part-time experience in an occupation that is categorized under NOC 0, A or B in the past 10 years.D) You need to have unfettered access to sufficient funds (that are unencumbered) depending on your family size (for the case in point here, “dependents” include your spouse and your dependent children). This money may not be borrowed from another person. You can check how much funds you need ()So, what does the tool say? Are you eligible? No? I’m sorry, you can check if you are eligible under any other immigration program. If yes, congratulations, you have cleared one hurdle on your path to attaining your Permanent Residence. You will receive a code that is called the “Personal Reference Code”. You need this to create your online EE profile.Creating your online Express Entry profile:Congratulations! You are eligible and all set to create your online Express Entry profile. To proceed you will need a couple of things:A) As mentioned before, you would need the Personal Reference code.B) You need to create a myCIC account, if you do not have one already.C) You will need your language test’s Test Report Form (hereafter referred to as TRF) number AND your ECA report number to create and submit a complete profile.D) You need to register with Canada’s “Job Bank” for CIC to deem your application as complete. The only people who are exempted from this requirement are the ones who have a job offer endorsed with a positive Labor Market Impact Assessment (hereafter referred to as LMIA) or people who are already working in Canada.Please note that you need a login credential to create a myCIC account; you can login through a sign-in partner or by creating a GC key. I will discuss, in pristine detail, the end to end process involved in creating an EE profile (with screenshots) in a separate post since the scope of this post is only to provide some basic insight on how the EE system works.You will have created your profile by now. Now you have to sit down patiently and wait for your ITA. The odds of getting an ITA are directly proportional to your CRS. Higher your CRS, higher the chances of getting invited. This is the end of the pre-application phase.Please find the step-by-step detailsPRE-ITA PHASEAs I have already mentioned before, this phase requires you to wait and have patience. Roughly speaking, CIC conducts draws twice a month. The Minister of Citizenship and Immigration decides the cut-off score for the particular draw. You can see the rounds of invitation (). If your score is greater than or equal to the cut-off score selected by CIC, you will get an ITA.One thing that you’ll have to do here is keep an eye on the draws and your CRS. You have to see how close you are to the previous/recent draws. I must admit that CIC is extremely unpredictable in this regard; the draws are random and the CRS cannot be predicted in advance, so to speak. So, depending on your CRS, you might want to consider applying for Provincial Nomination, which has been discussed at the end of this section.In the pre-ITA phase, you can start collecting the documents that you are expected to submit once you get an ITA. Some of the documents that you can prioritize on getting are Police Clearance Certificates and your Employer reference letters. I will be discussing this in detail below.A) Police Clearance Certificates or PCC are they are known as are required for the PA, spouse and children over 18 years of age from their country of residence AND all other countries where they have been for a continuous period of 6 months or more. Getting a foreign PCC can be a tedious and a painstakingly long process so it is imperative to be proactive to avoid delays and get things done on time. PCC issued by a foreign county is valid indefinitely if it was issued during or after your last visit to that country. Please note that local PCCs can be obtained after you receive the ITA because it usually takes less time.B) Employer Reference letters are required for the PA. The reference letter must be as specified by CIC. You can find the details of what the reference letters should be like in the link provided at the end of this section.Depending on where the applicant works, the time taken for employers to issue these reference letters vary. So, it is important to be prepared and apply for the reference letter at the earliest. Please note that reference letters issued by employers while you quit the job is valid indefinitely while the reference letter issued by your current employer is generally valid for one year.C) Proof of funds (POF) is a very important part of your documentation. While you are awaiting your ITA, you can prepare to show your funds. You DO NOT need to get any bank letter/document at this stage but if you need to arrange funds (like selling a car or liquidating assets like selling gold etc.) you have to start planning on how you are going to show your funds. CIC requires that the funds be unencumbered by any debt or obligation to re-pay. These funds must be liquid (You should be able to convertit to hard cash whenever required). You can see what CIC allows you to show as POF in the link provided at the end of the section.D) Provincial Nominee Program (hereafter referred to as PNP) can be put to use if you think your CRS is not up to the mark. PNP are immigration schemes of the provincial/territorial governments by which they pick applicants who they think are suitable to fulfill the demand in their province. Some provinces require a full-time job offer from a Canadian Employer and some don’t. Some provinces process the applications electronically and some provinces still use the old-school snail mail method. Some provinces prefer applicants whose job falls under a particular NOC. There is variety. You can check the website of the province that you are interested in to learn more. If you get a provincial nomination, it will add 600 points to your CRS which means, in most cases, you will get an ITA in the very next draw.Alright! So you have certain documents ready and Voila! You received an ITA. Great! Your next step is to accept the ITA and file your PR application electronically (e-APR).Please note that if you will not be able to submit any of the necessary documents, you must consider declining the ITA and re-enter the pool to get another ITA.We have now come to the end of the pre-ITA section.For the complete EE Checklist, clickPOST-ITA PHASEThis is a very important phase and this is where your application will either be accepted or rejected. Once you get an ITA, you have 60 days to file a complete application – e-APR (electronic – Application for Permanent Residence). You need to gather all the required documents. You need to undergo a medical test (The details of the test are outlined later in the section). Once you submit a complete application, CIC will determine if you will receive a visa or not within a period of 6 months or less.POF/Reference letters can be obtained post-ITA too (depending on your personal circumstance).A) Medical examination is, by far, one of the most important post-ITA processes. The medical test is to ensure that you or your dependents do not have any serious/contagious diseases AND you will not be a burden to the Canadian healthcare system initially. You and all your dependents (whether accompanying or not) MUST undergo a medical test. Please note that this medical test must be performed by a doctor who is a CIC designated panel physician. Pregnant applicants or applicants can choose to complete their medical exam after the baby is born (since chest X-ray is a part of the tests) OR can choose to go ahead with the tests by wearing a lead apron. After the tests are done, you will get an upfront medical form. You will upload this form along with the other documents on the checklist.B) Passports/Travel Documents must be submitted for the PA, spouse and for dependent children.These two, along with other documents mentioned above (and in the checklist) must be submitted as a part of your post-ITA documentation.Alright! So now you have all the documents available in the checklist. You are now all set to submit your application. Please follow the instructions given by CIC very carefully and fill the online application. Upload all the required documents. When you feel the need to explain something to CIC (like large recent deposits on your account or any other unusual circumstance), PLEASE submit a Letter of Explanation (LOE) along with the documents so that the officer who is assessing your case understands why you have not submitted the document in the prescribed format/why you are submitting an alternate document. Remember, you only have 60 days to submit your application. If you do not submit a complete application within this period, the validity of your ITA will lapse. You would then need to re-enter the pool and wait for a brand new ITA and have to start your e-APR from scratch.Any changes to your personal circumstance (like the pregnancy of self/spouse, birth of a child, death/divorce etc.) MUST be reported to the VO at the earliest. If you DONOT reportthese changes, it amounts to misrepresentation and your application will be rejected and you will be barred from re-applying again for 5 years.After you submit your application, your medical records are checked. If everything is fine, your application goes into processing. At this stage, the background checks are performed. CIC might sometimes choose to call your employer to verify your employment history if they feel they need to verify. If the VO feels he/she needs more information, then you will be asked to upload further documents. You *might* be asked to attend an interview if the need be. If everything goes fine, you will get a Passport Request (PPR) and a Decision Made (DM) within 6 months of submission of complete application.You can submit your passport (along with dependents’ passport, if they are accompanying you to Canada) at the nearest VFS. They will send your passport to the embassy and deliver your passport back to you after the stamping is done. You will get a Confirmation of Permanent Residence (COPR) letter along with your passport that is stamped with the Maple Leaf Visa. You need to carry BOTH your passport(with the stamped visa) and the COPR when you are travelling to Canada.Please ensure that you verify all the details on your Visa and COPR. If there are any discrepancies, report it to your VO at once.Please note that you and your dependents MUST land in Canada before your (and their) medical test expires (The validity of the medical test is 1 year from the date of the test) OR before your current passport expires, WHICHEVER COMES FIRST. Also, please note that the dependents can either land ALONG with the PA or at a later date after the PA has landed BUT UNDER NO CIRCUMSTANCE CAN THE DEPENDENTS LAND BEFORE THE PA LANDS.Credit for this answer should go to the original author, unfortunately I do not know who he/she is.Good Luck..!