Most people dream of the day when they can retire and travel the world. Digital nomads have decided that they would rather not wait and are traveling the world while they work. Thanks to high-speed internet being available in just about every part of the world, that is something that anybody can do these days.
There are some that have a regular job that they can do remotely so they take it on the road. Others have started their own business, and some just freelance and take whatever jobs come their way. There is a way to make money for every type of person and with every type of skill level. In this article, we will go over some of the best ways to make money as a digital nomad so you can choose the best option for you.
1 – Keep your job
The lucky few are the people who have a job that can be done anywhere so they don’t have to worry about hustling for work. They have a role in a career that they understand completely, have a great salary, and the type of work that can be done from anywhere. The only thing that they have to worry about is getting international travel health insurance since their old insurance provided through their job won’t be accepted abroad.
There are issues, of course. For starters when it comes to paying taxes, if you end up in a country for long enough that you become a tax resident then you will not be able to keep your remote job. Instead, you will have to switch to being a contractor so you can invoice your job and pay local taxes on your income that way.
Many digital nomads fall into a gray area since they rarely stay in a country long enough to become tax residents, however. It’s up to you to understand local laws regarding working in a country so you can stay on the right side of the authorities.
2 – Start an online business
It has never been easier to start a business as it is these days. That’s because there are many different types of businesses that can be done online no matter where you are in the world. As long as you have a good idea, a good work ethic, and a high-speed internet connection you can start a business and be successful even when you are traveling.
For instance, you could start an ecommerce store and sell merchandise. It seems as though you would need to be present in the area where you are selling your goods. However, when you hire a fulfillment center then they do all of the picking, packing, and shipping for you automatically. Your website will be connected to their software so when an order comes in it will go to the fulfillment center. All of this means that you never have to even touch the products at any point.
There is also the possibility of starting a dropshipping business. This is similar to having an e-commerce site, but you don’t even have to deal with hiring a fulfillment center. This is because the orders go to another e-commerce store such as AliExpress. It takes longer for the customer to get their order but many are alright with it since they are getting a good deal.
3 – Freelance
If you have any type of work experience or creative talent then you can hire yourself out to do projects for paying clients. An example would be a programmer that will work for clients that need some coding done but don’t want to have a full IT team. Or, you could be a writer that will work to do the copy for website owners or businesses.
This is probably the most common way to make money as a digital nomad. Many people can start freelancing right away and make enough money to live in a low cost of living country.
As you gain experience, it can even surpass what you were making as a full-time employee and even start your own agency and hire a stable of writers. The possibilities are truly endless.
There are issues with freelancing, of course. The first is that there can be gaps between clients so cash flow becomes a problem. Taking time to hustle for clients is time-consuming and leads to uncertainty. During this time you still have bills to pay and can drain savings quickly if you are taking too long to find new clients.
The successful digital nomads that freelance is well established before they hit the road and know what lies ahead so they can account for their earnings well in advance. Make sure to take a year or two of freelancing to build a reputation before you decide to start as a digital nomad.
