Top Financial Tips for Digital Nomads
If you’re going to be traveling the world and earning enough to fund those travels online, then you’re going to find that your career probably somewhat stalls.
This is not to say that you can’t run a successful business on the road, which you definitely can, but rather just to point out that there will be limitations with regards to what you can achieve online. Want to make your own YouTube channel? Great – but don’t expect to set up a home filming studio!
Want to hire a team? It’s doable through remote working apps but it’s going to be harder.
Want to work with a new business partner? You can do but they will be a little frustrated by your constantly changing work hours…
So you need to make do with what you can manage and that means finding ways to make your money go further. Here are some tips that will help…
Use the Best Travel Sites
There are plenty of great travel sites that will make it easier to get around for less. Skyscanner is excellent if you want to find the cheapest flights for example. Airbnb is brilliant for getting accommodation more cheaply too. And then there’s CouchSurfer if you want to avoid paying for accommodation at all…
Use Your Connections
Most of us have some connections that we can use and that will be useful for travel. For instance, if you have friends abroad then why not go and stay with them? You can even make friends on your travels and then go back with them to visit their home! (You don’t know if you don’t ask…)
Likewise, you can team up with friends in order to get things more cheaply. For example, why not all chip in to stay in a villa instead of each paying for individual accommodation?
I happen to be lucky enough to know a pilot, which means I get discounted flights!
Have Side Incomes
Developing some side incomes can be very helpful as a nomad. That might mean setting up some passive income streams – such as selling an ebook – or it might mean earning money from back home. A great way to do the latter, is to rent out your property to tenants.
You can also sell various services while you travel. How about offering to cut hair if you know-how for instance? Or buying and selling things you find on your travels?