You aren't opening a casino in the first world on $500,000 to $1,000,000. The business also isn't going to pay you nightly what you spent to start it. If it was, everyone would be doing it. In the 2nd and 3rd world where perhaps this is possible though I have no idea you have other serious bureaucracy issues and things like bribes / local criminal groups to deal with. As a foreigner and not a particularly rich one this is exceptionally difficult. (This may be different if for example your background or family lives in one of these countries. Perhaps you can navigate the waters efficiently then)
"With that said, if you were to work around two years or so in an oil rig, you could then theoretically invest the money into one of the said 'booming industries', and have higher returns than you would have previously on a regular salary. The average oil rig worker makes just under $100,000 a year. " - Highly improbable. If you saved even lets say $100,000 considering you are probably paying $60,000 in taxes and would then live on $20,000 a year again which is unlikely. What the hell are you gonna invest and get a 40+% return on? Theres such a thing as investing and theres such a thing as gambling at low odds. What you would be doing to obtain such a return is in the complete gambling territory. Want a 40% return throw everything on some random hot tech stock. Just don't be upset when your $100,000 is worth half what it was a year or two later because a necessary approval wasn't given. With that said I do think the oil rigs is a great option for someone who wants to be able to have a nice life when off the rig but I'm sure it requires a lot of discipline and ability to go through long tough times with significant boredom without getting depressed or falling into expensive habits.
Private mortgages might make you 10%. Equities similar amount. But that makes you $10,000 and you won't have a consistent passive income + interest income is taxed differently.
Opening a bar and nightclub are both shitty businesses. Yes I get that a select few make a lot but any business every tom, dick and harry things about owning isn't usually a good business. These are what are termed "Sexy businesses." Sexy usually = not very good. Unsexy businesses are usually where money is to be made. But these businesses require significant time to make money. People don't open businesses one day and make money the next usually its a process where you are probably going to lose money for a period of time...often a year or two.
Also these business ideas you have aren't passive. Passive would be someone with a million dollar portfolio taking out $70,000 a year. All of the businesses you've suggested you better be very active and probably will be working 70 hour weeks.
Why not do something that will allow you to say save what you can live for 3 years in a cheaper country. i.e. $50,000 then try to start some business that gives you freedom.
You have to determine what it is you want in life then determine how the hell you are going to get there. I don't give a flying fuck about flashy cars or luxurious homes. That means my two biggest fix costs are going to be reasonable. If you need one of these your cost of living will probably be much higher.
I think a lot of people on the board who are in perpetual travel are a) living off of savings...for a variety of reasons and time frames be it a sabbatical, sufficient investments to be sustainable, sufficient savings that it should last until a windfall, trying to start a business online, or successfully running a business. Most of the people who are young and all over the globe for years are running some sort of business. The 3 month - 2 year travellers are probably going to be largely guys living off savings / trying to start a business.
I spent a lot when I was in my graduate studies travelling. At that point I knew what I wanted. I wanted to be able to spend my life in a number of countries that were not in the first world. I spent the next period of my life, living very cheap. Not fun but I knew the end would justify the means. During that period I've saved significant amounts of money. I expect by the end of this year I will be done working.
I think you need to figure out what exactly it is you want to do and then figure out a plan to get you there.
"With that said, if you were to work around two years or so in an oil rig, you could then theoretically invest the money into one of the said 'booming industries', and have higher returns than you would have previously on a regular salary. The average oil rig worker makes just under $100,000 a year. " - Highly improbable. If you saved even lets say $100,000 considering you are probably paying $60,000 in taxes and would then live on $20,000 a year again which is unlikely. What the hell are you gonna invest and get a 40+% return on? Theres such a thing as investing and theres such a thing as gambling at low odds. What you would be doing to obtain such a return is in the complete gambling territory. Want a 40% return throw everything on some random hot tech stock. Just don't be upset when your $100,000 is worth half what it was a year or two later because a necessary approval wasn't given. With that said I do think the oil rigs is a great option for someone who wants to be able to have a nice life when off the rig but I'm sure it requires a lot of discipline and ability to go through long tough times with significant boredom without getting depressed or falling into expensive habits.
Private mortgages might make you 10%. Equities similar amount. But that makes you $10,000 and you won't have a consistent passive income + interest income is taxed differently.
Opening a bar and nightclub are both shitty businesses. Yes I get that a select few make a lot but any business every tom, dick and harry things about owning isn't usually a good business. These are what are termed "Sexy businesses." Sexy usually = not very good. Unsexy businesses are usually where money is to be made. But these businesses require significant time to make money. People don't open businesses one day and make money the next usually its a process where you are probably going to lose money for a period of time...often a year or two.
Also these business ideas you have aren't passive. Passive would be someone with a million dollar portfolio taking out $70,000 a year. All of the businesses you've suggested you better be very active and probably will be working 70 hour weeks.
Why not do something that will allow you to say save what you can live for 3 years in a cheaper country. i.e. $50,000 then try to start some business that gives you freedom.
You have to determine what it is you want in life then determine how the hell you are going to get there. I don't give a flying fuck about flashy cars or luxurious homes. That means my two biggest fix costs are going to be reasonable. If you need one of these your cost of living will probably be much higher.
I think a lot of people on the board who are in perpetual travel are a) living off of savings...for a variety of reasons and time frames be it a sabbatical, sufficient investments to be sustainable, sufficient savings that it should last until a windfall, trying to start a business online, or successfully running a business. Most of the people who are young and all over the globe for years are running some sort of business. The 3 month - 2 year travellers are probably going to be largely guys living off savings / trying to start a business.
I spent a lot when I was in my graduate studies travelling. At that point I knew what I wanted. I wanted to be able to spend my life in a number of countries that were not in the first world. I spent the next period of my life, living very cheap. Not fun but I knew the end would justify the means. During that period I've saved significant amounts of money. I expect by the end of this year I will be done working.
I think you need to figure out what exactly it is you want to do and then figure out a plan to get you there.