The world is changing, my friends. The internet has given us more than just cat videos and funny memes. It has given us the gift of location independence. No longer are we tethered to a desk or limited by geography. Thanks to Wi-Fi, we can roam the globe and conduct business with ease. But with this newfound freedom comes a new kind of entrepreneur – one who is not bound by the physical constraints of traditional office spaces. They are the “Yonderpreneurs”, pioneers of a new business frontier. As I delved into this world of innovation and limitless possibility, I couldn’t help but coin this term for those who operate from the furthest corners of our planet. But beware, my friends, for the life of a Yonderpreneur is not for the faint of heart. The path of a Yonderpreneur is not as glamorous as people make it out to be. Is the path of a Yonderpreneur right for you?
Is the path of a Yonderpreneur right for you?
You don’t become a Yonderpreneur overnight. There is a path you have to follow to get here, and it will be different for everyone, but I have broken it down as follows.
New Traveller
If you are early in your career and you’re not earning an income yet, you are at the beginning, and you are a New Traveller, which is not a problem. We all start out somewhere. It also gives you the advantage of tailoring your life, whereas others have to change their lives to achieve the Yonderpreneur life. My recommendation for people at this stage is quite simple – Travel! Go somewhere and do something. I think a good way to start is to do some volunteer work and go somewhere for a month. You’ll learn a great deal about yourself, and you’ll learn if long-term travel and working abroad are for you and you’ll know if the path of a Yonderpreneur right for you. It’s not for everyone – many definitely prefer the two-week beach vacation once-a-year kind of travel, and there is nothing wrong with that. But for the few among us who think this could be a way of living they would like, you’re ready for the next step!
Digital Nomad
Now that we know we love travelling and not just vacationing, we have to make it sustainable. Everyone would love to travel the world and not have to work, but unfortunately, unless you have already previously acquired wealth, this won’t be happening. This stage of the Yonderpreneur process is the Digital Nomad chapter. You may have heard of the term digital nomad before; it refers to a person who can do their work from any location as long as they have an internet connection. It became a very popular trend during the 2020-2022 lockdowns. People were forced to work from home, and some people figured out they don’t actually have to be at home to do the work; they could do it from anywhere they wanted.
This will be the target. You want to adapt the skills you already have into a location-independent structure. This will be much easier if your skills are coding, rather than being a surgeon. If you want to get our advice on how you can structure this or what are some good skills to acquire to be able to work location independently, schedule a call with us, and we can help you transition to a path that will lead you to where you want to go.
Yonderpreneur
Now you might be saying, “Tristan, what’s the difference between a digital nomad and a Yonderpreneur? They sound very similar.” Yes, you are correct. They are similar, but the difference is that a Yonderpreneur is an entrepreneur, whereas digital nomads are employees. And of course, there are digital nomads out there who are their own bosses. After all, these are made-up terms that can mean anything you want them to. Where I think Yonderpreneur makes its distinction is in what comes after being a digital nomad.
You see, becoming a digital nomad is such an accomplishment in its own right. Once people achieve it, they are often lost and ask what comes next. Well, just like in a regular career, many people start their own business once they have reached the top of their corporate ladder. If you aren’t already running your own business as a digital nomad, then I recommend you start, even if it’s just a little side project while you’re still working. Once you reach a point in your business where you are ready to incorporate, you look at it from an international perspective: what’s the best place for me to start this business that will give it the best chance of reaching its full potential? Whether that’s the type of consumer, the level of taxation, the funding environment, or the amount of competition. When you think of these variables from the perspective of a savvy international entrepreneur, that’s being a Yonderpreneur.
Being a Yonderpreneur isn’t just limited to where you want to incorporate your business. No, no, the rabbit hole goes much deeper than that. I’ve met many digital nomads who treat the lifestyle as a short-term fling. Many consider it to be unsustainable when you’re looking to settle down. Frankly, I do not have first-hand experience in this. I am far away from settling down anytime soon, but I am still thinking long-term. I will eventually slow my pace of travel, which I think is inevitable for all digital nomads. Instead of a new country every 2 weeks, maybe a new country every three months. It’s nice to have a routine sometimes. Just don’t let it consume you because that’s one of the reasons we started this journey in the first place.
You don’t have the regular retirement 401K or RRSP portfolio for retirement, and nor would you want these accounts. Assume you’ll have no or little income going into your retirement years. If you have lived your life as a Yonderpreneur, then your income shouldn’t be slowing down. It should only be getting bigger as you have aged. Whether you have done it using real estate, stocks, bonds, other business investments, etc., doesn’t matter. You have created enough personal wealth that you’ll be able to continue living as you’d like to.
In conclusion, is the path of a Yonderpreneur right for you? The lifestyle of a Yonderpreneur may not be as glamorous as people make it out to be, but for those who are up for the challenge, it can be a fulfilling and rewarding experience. As we have seen, it’s a journey that requires patience, dedication, and hard work. The path may be different for everyone, starting as a new traveller, becoming a digital nomad, and eventually a Yonderpreneur. At each stage, it’s important to evaluate your skills and goals to make the transition smooth. If you need any help with this process or want to discuss your options, don’t hesitate to schedule a call with us. We can help you transition to a path that will lead you to where you want to go. Remember, the world is changing, and the opportunities are endless. Embrace the Yonderpreneur lifestyle.