How to be a Digital Nomad and Feel Financially Stable?

How to be a Digital Nomad and Feel Financially Stable?

Shlomo Freund  16/09/2020 5
 How to be a Digital Nomad and Feel Financially Stable?

Digital Nomad communities are sprouting around the world.

You can find large communities in Bali, Chiang Mai, Mexico, Portugal, and many other places. 

In many cases, If you are from a developed country and moved to a developing country, your costs will drop.  Alternatively, you'd be able to have a higher standard of living for the same cost in your home country. 

The same is true if you are either working for a developed world company or service developed world clients and living in a developing country. This is called geo arbitrage

However, even with this significant advantage, it seems that digital nomads have very little financial stability. Think about the following examples: A fluctuating income, or having time with no clients if you are a freelancer.  These are risks that should be taken into account when you thinking long term as a digital nomad. 

So Where Do People Fail to Create the Right Balance between being a Digital Nomad and being Financially Stable? 

Here is where most people fail: It’s a lack of planning.

Because if people would plan how they will reach a goal, commit to it, and execute it, that will make that goal a priority. And because they know exactly the plan to reach that goal they feel content and financially stable. Does that make sense?

So, what's the connection between the goal I just mentioned and getting ready for hard times financially as a digital nomad?  For these kinds of dead times, with lower or no income you'd want to save some money on the side. Some call it an 'emergency fund'. This emergency fund is your goal!

Whatever you call that money, it won't just show up if you won't prioritize it as a goal. So, you need to save towards that it. 

But that's not all, there is another way to get to that stability you are looking for as a digital nomad. This is by generating sufficient cash flow passively from your investments.  Such investments can be real estate, crowdinvesting, peer to peer investments, stocks, bonds, etc. It's whatever asset you can buy and generate cashflow. 

What's going to happen is that you won't mind as much if you will have a hard month. You'd be able to go through hit easily! 

By acquiring basic financial knowledge digital nomads really make a huge difference in their lives and their future. It doesn't have to be that they live paycheck to paycheck and hope for the best. 

Download my quick-guide: "How to be a digital nomad and feel financially stable?" 

It will show you the right roadmap to feeling financially stable. 

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  • Laura Abbie

    My dream is to work and travel across all continents. Do you have any portable WiFi suggestions in distant locations?

  • Zack Dearie

    Is it difficult to raise a family? My partner isn't flexible.

  • Justine Boughen

    Planning is everything !

  • Lisa Hutchinson

    Thanks for the tips. You got my attention.

  • Robert Alexander

    Quality of food is a major concern... I prefer big cities over small cities.

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Shlomo Freund 

Financial Coach Expert
Shlomo Freund is a location-independent entrepreneur and has been for the past 15+ years. His lifelong passions for finance, investing and travel lead to the creation of his current business, Free Financial Self, which helps people organize their finances to reach financial independence faster. 
This allows them to live, work and enjoy life with friends and family both wherever and whenever they like. The end result? Armed with a strong, customized roadmap built around financial and personal lifestyle goals, an increase in individual happiness
   

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