Dec 2, 2024
Steven Guo is living the dream in Bali. He shares a swanky villa in a tropical surfer’s paradise with good friends and brings in a good income working just a few hours per day.
Guo, 24, isn’t just slacking off in paradise. When he was just 7 years old, Guo and his mother immigrated to Canada from China and he watched as his mother worked several jobs just to put food on the table. The experience lit an entrepreneurial spirit in him from a young age, motivating him to ensure his family would never have to go through such hardship again, he told CNBC Make It.
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At 12, Guo made his first $10,000 running a Minecraft server. Then at 17, he made $200,000 on a fidget spinner company. Today, he runs a company called Manifest Five, which owns, operates and advises e-commerce brands worldwide. And as he told CNBC, he’s on track to make $254,000 this year.
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Living large with a lower cost of living
As Guo told CNBC, “success is as much about the lifestyle that you want to build as the business itself.”
In Bali, he rents a four-bedroom, four-bathroom villa with a pool and large kitchen; it even comes with daily cleaning. He shares the villa with his two traveling companions and pays $1,600 of the $4,800 monthly rent. He also pays $207 a month for primary health insurance through Blue Cross and about $80 a month for his scooter, which is his main mode of transportation. He spends about $530 a month on food — mostly eating out at “warungs,” which are small family-run restaurants.
His dollar stretches much further in Bali than in Southern California, since the cost of living in Bali is 65% lower than in Los Angeles, according to LivingCost.org. In L.A., rent for a single person is about $3,187 a month for a much less glamorous place. Food expenses are $714 a month and transportation is $218 per month.
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What to consider before making a similar move
If you’re considering making a similar move, you’ll need to invest in health insurance (many digital nomad and other long-term visas require proof of insurance). You’ll want to shop around, since it may cost much more than Guo pays as a healthy 24-year-old — particularly if you have any preexisting conditions.
Insurance might not be your only challenge when relocating like Guo. Among the main challenges for expats are language barriers, making friends, homesickness, finding a place to live, navigating health care and adapting to a different culture, according to expatnetwork. Guo had the advantage of moving in with friends; he’s also part of a broader digital nomad community.
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He’s using Airbnb for now, but buying a permanent place may prove more challenging for Guo.
It’s also important to note that Guo can lead this life in large part because he has a successful business — one that can be run remotely. If you’re thinking of starting your own business to facilitate a similar type of move, keep in mind that about one in five (21.5%) new businesses don’t survive their first year. So, you might want to establish your business for a year or more before making a bigger move.
That doesn’t mean you shouldn’t make the move. After all, big changes come from big challenges — and you may find the risks and hard work are worth it in the end.
“Bali has given me a freedom that I never thought was possible. It’s a blend of hard work, risk and reward that keeps me grounded while still allowing me to live in a paradise that’s inspiring and energizing,” Guo told CNBC.
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Vawn Himmelsbach is a veteran journalist who covers tech, business, finance and travel. Her work has been featured in publications such as The Globe and Mail, Toronto Star, National Post, CBC News, Yahoo Finance, MSN, CAA Magazine, Travelweek, Explore Magazine and Consumer Reports.
