Digital nomadism is becoming more popular by the minute, and no wonder there. The outlook of spending a lifetime traveling while never worrying about finances is a tempting one.
However, this take is erroneous, and it’s better to realize it sooner than later. To be able to continuously travel and only occasionally work, you’ll need to have lots of savings and also think about a thing or two traditional employees don’t (health insurance, for example).
For many digital nomads, the road begins by relocating to a cost-efficient country and establishing a business, then moving on from there.
In order to secure necessary finances, it’s recommended to establish a steady client base. Considering remote startups is an alternative to always being on the lookout for new projects.
Still, there’s no one-rule-fits-all approach, so it’s best to stay open-minded and look at new opportunities as they arrive.
Let’s take a look at some top qualities for digital nomads first.
Always Willing to Learn New Things
Basically, freelancers and digital nomads need to master a set of specific skills in order to remain competitive.
On top of expertise-related skills, it is essential that digital nomads learn soft skills, which include, but are not limited to: communication, adaptability, reliability, work ethics, creative thinking, positivity, problem-solving and teamwork.
By contrast, hard skills that digital nomads need to master depending on their specific role and are usually obtained in an educational institution (university and similar).
Hard skills are crucial for success in any modern workplace setting. They allow the employees to develop new solutions through various specialized skills.
There are all kinds of hard skills, most of which fall under one of the following categories:
- Analysis and research (successful data extraction and interpretation)
- People-oriented hard skills such as psychology
- Professional service skills (focus on a detailed knowledge of the target specialization)
- Manual hard skills (skills needed in manufacturing, construction and similar)
- Creative hard skills (as opposed to creative soft skills, these are related to specific software and apps linked to the creative industry in question)
Finally, one important thing to learn is to look for alternative payout solutions. Mobile banking may be a good idea, depending on the location, as it allows digital nomads secure access to their funds no matter where they are.
Debit and credit cards can prove to be rather expensive since they apply hefty fees for payments abroad.
Finally, there are many e-wallets available for world travelers. Consider all alternatives and pick the best ones.
Ability to Understand the Differences in Filing Taxes
Taxes are traditionally one of the biggest issues for digital nomads — and not without a good reason. State taxes, for example, apply to all U.S. residents no matter where they live. There are several tricks that can help a digital nomad lower the taxes, including the Streamlined Filing Procedures (SFP), The Foreign Tax Credit (FTC), The Foreign Earned Income Exclusion (FEIE) and tax treaties.
However for some digital nomads, the best choice is to sever their ties with the United States, but that doesn’t free them from any outstanding tax obligations. Exit taxes are a good example of those, so before deciding on the best course of action, make sure to familiarize yourself with all alternatives.
Want to Travel Green
A digital nomad will respect the country that they’re in and use clean tech and other sustainability ideas whenever possible. There’s a good reason why digital nomads are more open-minded and aware of their surroundings.
Similarly, they’re also more open to different cultures and tend to get to know the cultures of the countries they visit. This makes them bore moth knowledgeable and wiser, which, in turn, will help them adapt faster to any new environment.
Will Manage Their Health
Healthy eating, working out, and not sitting all day for hours at a time to avoid leg cramps seems like common knowledge, but sometimes digital nomads have to work overtime to make enough money to fulfill their traveling goals.
It is, therefore, essential for digital nomads to learn to manage their health and find a workout routine whenever they go.
Everything considered, there are a couple of things to keep in mind, research, learn, and apply before even thinking about becoming a full-fledged digital nomad. Remember that it is perfectly acceptable to start small and grow your business and aspirations as time goes on.
One important thing to remember is that you should keep in touch with the local expat community as these people will provide you with necessary advice and recommendations and help you get started. People too often overlook the simplest of things — where are the cheapest groceries? Where and when to pay the bills? Which is the best Wi-fi provider? Which taxi service to call? How to best get around the city?…
Learn as you go. After all, digital nomadism is all about widening your perspectives!