People are starting to understand the appeal of the digital nomad lifestyle.
You get to wake up whenever you want, travel to any destination you can afford, and work from any place with a wifi connection.
Who wouldn’t want that?
And becoming a digital nomad is easier than you think. All you have to do is follow these five tips:
1. Pay Down Your Debt
In order to be a 100% free digital nomad, you should eliminate as much of your debt as possible. Some people might even suggest that you pay down all of your debt before you hit the open road.
After all, traveling isn’t going to be much fun if you’re constantly stressed about paying your next credit card bill. At the end of the month, you should be concerned with covering the bare expenses and nothing more.
So if you have student loans or credit card bills, get them paid off, or at least work on lowering your monthly payment. That way, you’ll actually be able to enjoy your new lifestyle.
2. Limit Your Monthly Expenses
There’s a usually a trade-off involved in this type of life:
You get to live a fun, nomadic lifestyle, but you have to pinch pennies wherever possible. Unless you’re rollin’ in dough, this means no fancy cars, no long-term apartment leases, and no extravagant expenses.
You’ll need that money to travel.
Don’t worry, though — as soon as you find yourself working on a cabin porch in the Rockies or on the beach in Hawaii, you’ll realize how little those expensive items actually matter.
3. Start Freelancing
In the COVID era, a lot of people work from home. So, you may be able to keep your full-time job while living a nomadic lifestyle.
If your boss won’t let you do that, though, your best bet is to become a freelancer. Then, you can do contract work from anywhere, anytime.
No matter what field you work in, you can probably do it as an independent contractor. Companies everywhere hire writers, designers, editors, programmers, and even physicians for freelance jobs. Whatever your skills may be, someone somewhere will hire you on a freelance basis, allowing you to work without going to an office.
Tip: Looking for freelance gigs to help you get started? Check out sites like Upwork and Freelancer.com.
4. Invest for Income
Your job will bring in a certain amount of income, but everyone can always use more money. Investing some of your funds will generate passive income to supplement your job earnings.
There are a million different ways to invest your money:
You can use apps like Robinhood to invest in the stock market.
You can use apps like Diversyfund and Fundrise to invest in rental properties.
Or, you can invest in small businesses on P2P lending apps like Lending Club.
Of course, you should study up on these platforms and learn how to invest wisely before dumping serious money into any single asset. But once you get the hang of it, investing can greatly enhance your nomadic lifestyle.
5. Save for the Future
Many people become digital nomads because they want to break free from the chains of domestic life and live completely in the present.
That’s great — and you can absolutely do that.
But, you should always have some savings for the future. You never know what could happen and when you might need money.
If you total your RV, do you have enough money for another one?
And what if you have to go to the hospital? Can you pay the insurance deductible?
Don’t let these questions deter you from living a nomadic lifestyle. Instead, let them serve as a reminder that you always need a few bucks in the bank for emergencies, and that you should put more in whenever possible.
So there you have it. Those are the first five (or at least five of the first) things you need to do to become a digital nomad.
With a job, some passive income, some money in the bank, and as little overhead as possible, you’ll be ready for anything.
Now, where are you going to travel first?