Can You Be a Digital Nomad Long Term?
“I don’t want to end up broke and stuck working in a rice paddy somewhere in case this digital nomad thing falls apart.”
This drives me nuts because it’s a common misconception about working remotely that even I’ve fallen into because we don’t actually talk about it. There’s a ton of talk about how to become a digital nomad, but no one tells you how to actually maintain that lifestyle for the long run. That means it’s super easy to fall into the hype of traveling the world while setting yourself up to fail within a year.
We all know in the back of our minds that there’s a good chance we’ll want to have a home base someday. If we’re really being honest, we’ll even admit that we DO want to at least have the ability to retire someday.
We put off thinking about the future because we’re too scared of failing in the now. We channel all of our time and energy into finding that next client or planning that next launch or picking our next dream destination instead.
It’s absolutely possible to build a safety net in to being a digital nomad. You can do it without needing to sacrifice your freedom or commit to where you’ll be in 20 years right this minute. If you take a few minutes and learn the basics of navigating feast and famine months, saving for retirement, and taking advantage of the current tax laws, you can stabilize your nomadic existence and really make it work in the long term.
Here are a few of my favorite resources to get you started on making digital nomad travel a real lifestyle rather than just those 9 months of your life that you’ll look back on fondly.
The Foreign Earned Income Tax Exclusion (US tax exemption for people who live outside the US for 330 days or more): https://ustax.bz/tax-finance-digital-nomads/
The Stock Series (excellent series if you want to learn the basics of investing from a retired pro setting up his teenage daughter for success): https://jlcollinsnh.com/stock-series/
Early Retirement Calculator (you can use this to test your current savings plans and see how they line up): http://cfiresim.com/
Travel Credit Cards and Airline Mile Optimization (this lovely couple updates their site to include the best deals for US based travelers based on their years of travel experience): https://karaandnate.com/
Early Retirement, Even If You’re Not a Business Owner: https://www.gocurrycracker.com/10-years-and-a-day/
No matter what your parents think, the digital nomadic life is here to stay. If you guys have any questions about going the distance as a nomad, let me know in the comments!
