Leaving Money on the Table

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I’ve always thought that that’s an interesting phrase, “leaving money on the table.” I still sometimes get confused about what exactly it means, but I guess that the general idea is that you’re ignoring an opportunity to save money, or perhaps make more money. I think that it’s a pretty relevant phrase, especially in this day and age. I mentioned in a previous post how there are a lot of things which are made available for free nowadays. And this isn’t just free junk that’s being given away. A lot of it is really awesome and valuable stuff, such as software, that people have collectively put immense amounts of time in, but with the idea that their work is volunteer work. I think that it’s a really clear example of how people can be motivated by more than just profit.

I’m thinking for example about the free software that’s available out there and how it can be used by businesses when they are starting out. The situation right now has reached the point where the free software can do many of the things that paid software can do. So for example, a small company might need to install an Office suite in its computers in order to allow employees to easily work on documents. It can go the paid route and buy an Office suite, which most people used to do in the past. Or it can choose to download and install something like Libre Office, which also allows you to work on Word documents, spreadsheets and presentations, but which is available at no cost.

It doesn’t stop there. Again, there are web services out there which can offer people the option to avail of free transactions or transfers. So for example, you can send money for free to certain countries, given certain conditions. If this kind of opportunity is available, then it’s best not to leave any money on the table.

Financial Transactions and Free

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One of the great things about the internet is that you can get a lot of things for free. Sometimes, it seems that young people today can take that for granted. But I remember a time when you had to travel all the way to a library, in order to do some in-depth research. Now, the library didn’t charge you anything, but you still had to travel there somehow. So there were costs. Or if you wanted to know the news, and you weren’t near a TV or radio, then you had to buy a newspaper. There really weren’t many options back then at all.

But now there’s a lot of free stuff online, and the internet makes it easy to access all of this. And it isn’t just information that’s free. There are even items, products and services that are being made available at little or no cost to consumers. One example is this: http://blog.orbitremit.com/free-money-transfers-how-to-send-money-online-for-free/ but really there are very many examples out there. You just need to take the time to look for them, and information on where to search.

Exchange Rates and Cost of Living

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One of the things to keep in mind is that a major benefit of outsourcing is that it takes advantage of differences in exchange rates and cost of living. Now, it’s one thing to hire a contractor or freelancer who lives in the same country as you. There are some advantages to this. For example, you don’t need to worry about time zone differences. For all intents and purposes, your work hours and rest hours will be the same as that of your contractor. It’s a different story if your contractor lives a world away from you. Time zone differences do apply then. You may both have to adjust your sleeping and work schedules so that you have overlapping time in which you can communicate. Or you can set things up via email or instant messaging so that even if there is a lag in your communication, that will still be alright.

The upside though to having a contractor who lives on a different continent is that exchange rates can lead to a win-win situation. Differing exchange rates may mean that you can offer the contractor a rate which is inexpensive in your eyes, but which is still sufficient in the eyes of the contractor. So you may be carrying out money transfers to the Philippines in order to pay a contractor you have there. You may be paying him a rate which you are happy with, and one which he is also happy with. Again, this is a win-win situation.

That said, there is a balancing act involved. After all, it is still true that you get what you pay for. More information is available for both sides. This makes it easier for you to determine if you are paying above or below the prevailing market rate. And it also allows the contractor to determine if his or her rates are higher or lower than the average.

Earn Western Money – In The East

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When I was a young and poor student I used to work as a waiter in a Vietnamese restaurant. When I was there I felt that the pay was quite low, being the legal minimum wage for New Zealand, but my Vietnamese workmates felt that they were making bank. I wondered if they were making more than me, because they were always talking about how rich they were going to be! But I later discovered that they were not making more than I was, but rather their money would go further when they eventually spend it, because they were saving it up to take back home to Vietnam.

Apparently, the cost of living in Vietnam is very cheap, and the conversion rate between Vietnamese money and New Zealand money is very favourable. What looks like poverty money in New Zealand is glistening riches in Vietnam. So my Vietnamese workmates would work hard in a restaurant in New Zealand and transfer money to Vietnam until they felt they had enough, then they would go home and enjoy their fortune.

Just another day in the office.

Just another day in the office.

Why do you care about this? Unless you are Vietnamese, you probably don’t want to quit your job, cash in all of your money and go to live in Vietnam, because your money will run out eventually and you will need to either go home again (without a job to go back to?) or stay in Vietnam and get a job there (earning a Vietnamese wage).

However, if you can work on the internet, making money selling affiliate products, then you can turn what would be a reasonable amount of money into a large fortune. You would be earning US dollars, but paying Vietnamese living costs. This is what they in the online marketing world call a ‘Digital Nomad’. You don’t need to be rich, in fact most ‘digital nomads’ are not really earning much more than most people, you just need to earn money online, and then go spend it in a country with a favourable conversion rate. In Vietnam, you can buy a three course meal for the Vietnamese equivalent of $3. You can rent a room in the fanciest beach hotel with a spa for the Vietnamese equivalent of roughly $50 a week. Your little money goes a much longer way in small Asian countries than it does back home!

So if you haven’t yet started making money on the internet, go to Commission Junction and start today! Earn Western money in the East.

There is a lot of information that can be found when it comes to doing money transfers. If you would like to know more, you can also check out this video which goes into the process of sending cash abroad. This video, as well as further research, should make the process less intimidating and more straightforward for you.