During the late 80’s me and my then partner (now my wife) discovered a way to earn money in dollars and spend in pesos through our business in the Philippines. It was such a revelation for us because we were able to grow our business in so little time.
But the happy days was short live. Due to a catastrophe that happened to the Philippines in 1991, the goose that lay the golden egg was killed by nature totally. We lost the opportunity that could have made us a lot of money at a very young age.
But that short lesson on earning in dollars, spending in pesos kept lingering in my mind ever since. I discovered the secret on how some business people have an unfair advantage over an ordinary business person.
You only have to find out how you can earn in dollars while you are in a country with peso as the national currency.
When we moved to Canada late 1990’s, the internet was still in its infancy. I was totally awed at its power then, even though it was still dial-up to connect that time – the wonder of accessing information while at home to me was like the discovery of fire. I never even imagined then that this new found technology will change our lives drastically. And so, as a user, I just watched as the internet grew and started changing our day to day habits.
(Note: I realized that this model will not work if my business and my location is both in Canada – even if earning in US dollar. So, I have to really move somewhere where the dollar will have more buying power. At present, my sight is set on Mexico!)
In 2003, just after we opened our Filipino travel agency business, I became interested in learning how to create a website. I knew then that having a website is the surefire way of getting our message across the world and not only locally.
I have not been thinking about earning in dollars and spending in pesos then. All I want is for our business to be known all over the world. Period.
It was 2005 when I first deployed our crude looking site. I don’t know anything about how to make people from other parts of the world get to know us. So, I started researching about the subject.
That is when I got to learn about making money online, internet marketing, SEO, email, etc. – each of them I learned from Corey Rudl’s Internet Marketing Secrets. That was 2005 and this set of books was also my very first big investment on internet marketing learning.
At about this time also, while learning the tricks from those books, I got to know some Filipinos who were already making money as internet marketing services provider to some online marketers.
I do not know exactly how this kababayans were able to connect with their customer from the West and I did not ask. Even when I met with them back home. And those meetings introduced me to my second ephipany in the earn in dollars, spend in pesos business. There they are in the Philippines, taking full advantage of what we now know as geo-arbitrage. Their customers are happy. They are happy. Wonderful world.
I was so happy for them. But of course, I was glad I found out about it, too. And of course, I will not take this one seating. I have to benefit from this somehow. Remember the earning in dollars, spending in peso mindset?
Sometime in 2008, after successfully making our Filipino travel agency made known online, I thought about running the business remotely in the Philippines. Why not? Besides our country-wide customers in Canada (and some in other parts of the world), a big percentage of our customers were in the Philippines.
So, I thought of setting up a small call-center like office in my homeland for our business in Canada — but I have another agenda besides that. I intend to incorporate an SEO/internet marketing/link building services business at the same time.
I already have some contacts in the business that were searching for those services. And I intend to locate in the Philippines after the business got stable.
From the looks of it, I will be pursuing the earning in dollars, spending in pesos economy again through the SEO/online marketing business. My hopes are up!
Long story short, I made my plan a reality after spending much money, time & research to make it happen. Long story short, it didn’t even last 2 years. I didn’t earn dollars, I actually lost them.
From my first shot at leveraging geo-arbitrage we made some money but on this second one, all I gained was lesson learned.
You’d think that I’d give up to realize my long-standing goal of earning money in dollars and spending in peso? Heck, no!
Since I found out the unfair advantage this type of making money has over other forms of business, I promised that I will not abandon chasing it until I make it REALLY work!
Now, since 2013, I have set my sights to Latin America to make this happen and am presently trying to test the waters in Mexico. Maybe it’s luck or maybe I’m just persistent but I already found several leads from my several trips doing my research (while enjoying sun, sea & ceviche at the same time!).
What I found – if I use a combination of my physical & online marketing experience in this new found opportunity, is that it does not only apply to one place or country. It is applicable to several countries around Latin America & Asia, as long as the main currency of the country is weaker than the dollar. But it’s not going to be easy.
Another shot at earning in dollars and spending in peso adventure coming up. And it excites me!