Being a digital nomad is a great way to see the world (and maybe even save some money). You don’t have to be independently wealthy to achieve this lifestyle; you just have to be smart in your approach and plan accordingly. The best news is you can go wherever you want!
Requirements of Being a Digital Nomad
If you’re considering a nomadic life, the first step is to do a detailed and honest assessment of your assets and earnings, and most importantly, everything you currently spend each month. We use MonarchMoney to track our expenses so we can compare and contrast each month by category.
You will need to have funds. Some nomads use their savings, then supplement with earnings from a travel blog. Many nomads (like us) work remotely, either being self-employed or having a “location-independent” job. Still others earn money (or accommodations) during their travels, for example, by house-sitting or teaching English locally.
If you ARE independently wealthy, then what are you waiting for?
The second half of the money equation is reducing your expenses. Obviously the lower this number, the further your funds will go. We gave up our apartment, sold our car, and put everything in storage. This allowed us to eliminate auto and renter’s insurance. We replaced our medical insurance with travel medical insurance.
Availability of Schedule
Not everyone can just up and leave to travel the world at any point in life. We have always traveled, but for years we had a life in the U.S. We had jobs and commitments, we were raising our daughter who was in school, we had pets. Only when we had remote jobs and no more pets and our daughter had moved out with a job of her own were we able to become nomadic.
A Plan and a Smart Strategy
Choose destinations carefully, use tricks and hacks to travel (credit card points, miles, upgrades, repositioning cruises, airbnb month+ stays, etc). If you’re serious about pursuing this lifestyle, you might consider a digital nomad visa and residency – these are currently being offered by many countries, like Greece, Spain, Portugal, Italy, Costa Rica, Mexico, Panama, Thailand and Malaysia. This visa allows you to live and work in a particular country longer than with a tourist visa.
Biggest Advantages of Being a Digital Nomad:
Biggest Disadvantages of Being a Digital Nomad:
Go With Less – This Facebook Group is for nomads and it’s an amazing community. Every week you can post your locations for the next month, including cruises, and plan meet-ups with others doing the same thing. We’ve met some really nice people this way.
Summary: Becoming a Digital Nomad
Becoming a digital nomad is a great way to see the world (and save some money). You don’t have to be wealthy, just smart in your approach.