Author: Nick Wharton / Source: Wise Bread
You’ve finally bitten the bullet and made a momentous decision. You’re going to quit your job and become a digital nomad. You’ve seen scores of people on social media living and working in exotic locations and making it look completely effortless, so why can’t you do the same?
You’ll be as free as the wind, live in whichever exciting destination tickles your fancy, and earn a living online as you go.Many people have this idea that the lifestyle of digital nomads is carefree and spontaneous, but that’s not quite accurate. While the digital nomad lifestyle is undoubtedly within reach for plenty of people, it actually takes a huge amount of planning to be successful. Being location-independent has its pros and cons, and it’s important to weigh them all in order to see if it’ll work for you.
One of the most important steps is to put a solid financial plan in place before setting off. The last thing you want is to be stuck in a foreign country, struggling to make ends meet with no contingency plan or idea of how to turn things around. Here are four steps you need to take to create a smart financial plan tailored to the digital nomad lifestyle.
Create a nomad fund
Setting money aside is a wise step for any big change you’re going to make in life, and becoming a digital nomad is no exception. Inevitably there are going to be relocation costs for travel to your chosen destination, visas, vaccinations, and typically a deposit and first month’s rent on accommodations.
You’re also going to want a financial safety net in the event that things don’t go according to plan. This should cover the cost of a ticket home on short notice, living expenses following a downturn in income if you lose a client or job, or unexpected medical bills. There’s no magic number to aim for, and the exact figure will be different for each person depending on their circumstances.
From here, you should estimate what you think your ongoing costs will be so you can make a realistic monthly budget. With a little bit of research, it’s easy to find the cost of…
The post 4 Financial Steps to Take if You Want to Be a Digital Nomad appeared first on FeedBox.