The Digital Nomad Lifestyle - What You Need to Know

It is becoming more common to hear about individuals who are working remotely and digitally from diverse, thrilling, and unique locales around the globe. What can one expect from leading a digital nomad lifestyle? How can someone begin this lifestyle, and are there any other details one should be aware of? Let’s take a look below.

What Is a Digital Nomad?

So what is a digital nomad?

Someone who performs their work using digital tools, while changing their residence frequently to travel and stay in different locations for extended periods of time, is referred to as a digital nomad.

You don’t necessarily have to stay in one particular place if you are a digital nomad– you can work from anywhere in the world, whether that be Costa Rica, Thailand, Bulgaria, or Bali, which are some of the most popular places of choice.

As long as you have a laptop, have the capability to get online, and have reliable internet service, you will be set.

Benefits of Being a Digital Nomad

Enjoy a good quality of life for less money

It’s not necessary to have a ton of money to begin the life of a digital nomad, which is a great advantage. If you opt to make South East Asia, or any of the spots featured in the workation guide, your hub, you could experience a good quality of life on just a grand monthly. It will take a lot more effort and a much higher income in order to reach the same lifestyle as in many western locations.

An important step toward becoming location independent

Pursuing a career as a digital nomad is an excellent way to construct an enterprise that is not constrained by geographical location. Lots of people relocate to global digital nomad locales with a reasonable expense of living, like Bali or Chiang Mai, for that reason. These are awesome venues to encounter other online workers, work together, and educate one another. Being in this type of atmosphere will provide an increased opportunity to construct a business or launch a startup that is not contingent on a particular area than if you tried to do so on your own from the comfort of your own residence.

Travel the world while working online

Ultimately, you can travel around the globe as a digital nomad. Once you have determined a successful way to be productive, you can give yourself a treat and take a working vacation to numerous incredible places in different countries. Would you like to forget about the winter weather in Berlin and learn how to ride waves in Bali, or work in Rio de Janeiro for a while? Regardless of your expenditure and the amount of work you have to do, you can do anything that is within your capabilities.

Disadvantages of the Digital Nomad Lifestyle

It is important to be aware of the potential drawbacks before deciding to live a life as a digital nomad.

The disadvantages of being a digital nomad are:

If you prefer to be in one place all the time, then being a digital nomad might be too unsettling for you
Some people can find it lonely sometimes (although if you are using coliving and coworking spaces as you travel then you might meet more new and interesting people than you normally otherwise would)
It can sometimes be hard to focus on work because of the social scene at many coworking locations, especially on the beach coworking spaces.
It’s hard to have no base (although many digital nomads end up finding a base they love and then using that as their main place and Bansko, Bulgaria is one such location)

How to Make Money to Live the Digital Nomad Lifestyle

What is the best way to fund a life as a digital nomad?

There are a number of options you have if you want to join others coworking their way around the world and these ways include:

Continuing your existing job if you can do it from distance (i.e., if you can WFA – Work From Anywhere). You might, for example, be an accountant and one who does all of the work digitally.
Start with a job abroad. Another more exciting option is to simply move abroad and find a job that allows you experience working online. A good way to do this is by taking a Working Holiday visa in countries like Canada or Australia for example. Why not get more experience in Online Marketing while working and living in Sydney or Vancouver? Apart from that, there are so many other possibilities to get started working abroad like teaching English, working as a dive instructor, or on cruise ships where you could still improve your skills to become a digital nomad in your free time.
Get Paid for Online Gigs. All you need to do is type your desired profession and job type into your internet machine’s search bar and BAM – hundreds of search results pop up for you to choose from. This is largely thanks to the websites of gig economy heavyweights like Upwork, Remote.co and Freelancer.com. These websites are places where businesses seeking part-time, ad hoc work post adverts for freelancers to apply. It’s like a Craigslist for work.

Here’s how it works:

A company requires the services of a part-time worker/freelancer. The job board has the job description, allotted time and budget posted on it. Freelancers globally with accounts on these sites will observe the advertisement on their employment page and make a decision whether to put in for the task or not. If the applicants submit their application, they will be able to contact the company via the designated website with a portfolio and letter of motivation detailing why they are the best candidate for the position. After examining the freelancer’s introductory letter and examples of their work, the business will decide whether or not they consider them to be the suitable candidate for the job. If so, the next step is for the freelancer to finish the assignment according to the customer’s instructions, similar to any other customer/freelancer relationship. Most of the time, these sites will charge a relatively small fee based on the agreed price for the job, and everyone is delighted. It’s that simple.

A wide assortment of vocations are available on these websites, ranging from authors, advertising administrators, video editors, human resources directors, to knowledgeable lawyers. If the job can be done from a distance, those positions will be listed on these websites. It is okay if you do not possess any sort of professional experience or qualification. You can look for jobs that would need a basic, intermediate, or expert level of proficiency.

Be a VA

An increasing requirement for virtual aides has emerged and this is an outstanding opportunity to begin. Essentially, you can execute the duties of a personal aid or executive assistant for individuals worldwide who call for support with regular office work that does not necessitate an in-person meeting. This typically includes arranging times and dates, organizing plans, and taking care of day-to-day booking appointments. The salary is reasonable and varies depending on the customer, but usually people work for multiple customers since it usually is not a full-time job.

Transcribing

If you’d like to have a more active role, then transcriptions could be something you want to look into. Observing recordings and transcribing all the words uttered, often in the context of an interview. Although it can be somewhat tiresome, the process is really straightforward and can be easily completed. There are a ton of websites on the internet that need transcriptionists and the wages aren’t too poor either.

Proofreading

A superb strategy to become involved in the freelancing business is editing and proofreading. The amount of written material that comes out each day is growing, so there is more and more work available, which is fantastic. The main focus of your task will be to look for mistakes in spelling and grammar, as well as sometimes address content. It’s not the right job for everyone, but if you really like learning about exciting topics, why not make some money out of it?

Voice Acting

If you are able to use your voice expressively, this could be the job for you. When considering voice actors, one might assume that they are only needed to create life within animated characters. The role of voice acting is highly important when it comes to other types of productions. Commercials and audiobooks are just two examples. Most importantly, working in this field is convenient. No matter where you reside, it is possible for you to do voice recordings for customers.

Don’t be concerned if you think your speaking voice is inadequate. No matter what your vocal style is, you will likely find someone who would love it. Don’t worry about training, either. Natural talent can take you far.

Data Entry

Entering information into a database might be beneficial if you are certain that you do not possess marketable abilities. No specialized knowledge or prior instruction is necessary, so most people find it easy. It isn’t, however, the most exciting job. If this is the career path you wish to pursue, you will be devoted to inputting and updating data for extended periods of time. It may not be the most exciting thing to do, but if you listen to some enjoyable tunes it’s not so bad. Settling into the lifestyle of a digital nomad could be worth enduring a little tedium. This job pays relatively low wages, but it’s a great way to get your foot in the door while you figure out what else you might want to do.

What Accommodation Do Digital Nomads use? Where Do They Stay?

You may be questioning what type of housing digital nomads inhabit as they move and toil around the planet, and there are a number of choices that are available to them.

1. Co-Living

Co-living is freshly established but it is being accepted rapidly by itinerant techies.

The idea, with co-living, is that you can rent a room for days, weeks, or months and you will generally have:

the choice of your own or a shared room
access to high-speed WiFi
access to a co-working space (if the property itself has a place that you can comfortably work from)
cleaning services included
organized events so that you can socialize with the other co-living residents
shared kitchen
and many have classes such as daily yoga classes

Living together isn’t the same as using Airbnb, a youth hostel, or a hotel.

This is an excellently put-together living and working space, ideally suited for digital nomads.

The beauty of coliving spaces is that it provides an environment to work in, as well as the opportunity to form relationships with other digital nomads and create a friendly atmosphere.

2. Airbnb

Some digital nomads opt to rent out a spot like an apartment, villa, or room on Airbnb, where you can find a good deal if you reserve for a month.

Suggestion: Consider reserving a room for a full month and you should receive a price break typically as most Airbnb hosts offer reductions for stays of thirty days or more.

The question that you might want to ask yourself if choosing an Airbnb is:

How important is the social aspect of being a digital nomad to you
and will you be too isolated socially in an Airbnb
or will you meet people mostly through a co-working space or through the likes of meetup.com and an Airbnb will suffice?

How to Socialise and Meet Others as You Work Around the World

There are several relatively easy ways though to meet others as you work digitally and travel and these are as follows:

Find social events locally and worldwide using meetup.com
Internations is another site dedicated to listing social events in major cities worldwide
Stay in a coliving space so that you instantly have a social circle from day one
Work from a co-working space and join in their social events

Where to Work From as a Nomad

It is often said that the possibilities are limitless and the whole world is available for you to explore.

As long as you are able to obtain an acceptable WiFi connection, you can do your job regardless of location.

Managing Your Business as a Digital Nomad

1. Where to Pay Taxes

It is essential to think about where you are going to be obligated to pay taxes – which nation will it be?

This could be a complex matter and the details will vary based on your country and area of residence, as well as where you are based.

Individuals from the United States who work remotely are typically obligated to submit taxes to the American government on their earnings from everywhere around the world.

2. Nomads Insurance

Typically, routine journey coverage won’t be adequate since it is not designed for individuals who spend an extended period in a single spot.

Essentially, traditional travel insurance is generally meant to be used when traveling and on vacation.

The great news is that there is a solution. Safety Wing provides coverage which is secured from Llyods of London, intended for consumers of digital services who tend to stay outside of the country for extensive amounts of time.

3. Bank Accounts

It all depends on your home nation and the countries you plan to go to.

An interesting option though and that is popular with some digital nomads is the N26 account. If you are from the U.S. or a European country, the N26 account can be used for mobile banking.
Many American nomads seem to like the Charles Schwab Bank.