Everybody is dreaming of a life of a digital nomad: a life where you can travel around the world, run your own online business and work during the hours that you define. But the question remains: what kind of work can I do to make this dream-life become the reality? And how much should I earn to maintain my nomadic lifestyle and cover my trips? Read on, we are here to help you find the answers to these and other finance-related questions you may have!
How do digital nomads make money?
There are several ways you can become a digital nomad: you can continue working for your current employer, you can be an entrepreneur, a business owner or a freelancer. No matter which option you go for, the main thing is that this job has to be done online and fully remotely.
Income of a digital nomad
The range of a digital nomad’s income is really huge. Depending on their job domain, level of skills and experience they can earn from $10 000 to $170 000 annually.
When it comes to the money digital nomads need to support their lifestyle, reasonable income would be around $30,000 a year. This amount should be enough for you to cover your expenses without working the whole day.
Here are some additional financial tips for you:
- Make sure you always have not only one but several sources of income. For example, invest on the side, manage multiple projects or work for multiple clients.
- Plan your budget for a day, not for a month – this is a piece of advice from experienced travellers, as they know nomadic life can sometimes be unpredictable.
- Go for a destination with a low cost of living. This will let you save something from your earnings and give bigger value to your money.
- Become a digital nomad just for several months and then decide whether it is something for you.
Read our full article for more insights about digital nomads’ income.