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Financial Tips for Aspiring Nomads

UNITED STATES OUTLYING ISLANDS | Tuesday, 14 August 2018 | Views [104]

It’s the traveler’s dream to achieve a nomadic, globe-trotting lifestyle that’s supported by a solid and sustainable financial base. It might seem unattainable to those who see a clear separation between the leisurely pleasures of travel and the business of earning enough money to explore the world, but with the right attitude and astute economic planning, it’s certainly not impossible to combine the two, earning money on the road and saving for the future. This article outlines the methods and techniques that’ll set you on course to live your life on the road without stresses about financial vulnerability.

Income

Naturally, we must begin with your income. It’s clear that a life on the road requires a form of employment that’s remote and self-driven, and happily in the digital age, this has become less of a dream than a concrete reality for thousands of free-spirited and savvy world nomads. Some go for social media earnings, becoming ‘Insta-famous’ through sharing their lifestyle and reap the benefits of paid advertisements on their posts. Blogs can often be lucrative enough to support creating the travel stories you post on them, while the wide array of freelance work available in the gig economy provides a solid basis for remote work from anywhere in the world with Wi-Fi.

Budgeting

Once you have secured a method of earning the money to support your traveling, you’ll want to assess your budget limitations and travel wisely in economic areas that suit your income. A basic salary might not get you far in Australia or Western Europe, although it’ll be enough to reside in South-East Asia or Latin America without stressing over your expenditure. Draw up a budget and use your past travel experiences to predict what mode of travel, and in which country, you can afford, and use this system to plan your forthcoming trips.

Diversity

Having a single source of income while on the road can be slightly precarious: if you’re freelancing and you happen to experience a power cut that results in missed deadlines, for instance, you may find yourself summarily sacked and without a source of income. It’s therefore wise to work towards a level of financial flexibility that guards against such hits on your budget, like diversifying your income streams, investing some cash into bonds, property or stocks and shares, or finding new ways to make money from your blog, social media or content creation roles.

Travel Finance

There’s plenty of information to be found on the internet regarding the logistics of your travel finances; all of it points towards a far more fluid age in which tiresome financial requirements such as traveler’s cheques have drifted into the distant past. Secure comprehensive insurance and ensure it’s valid; get a current account that allows you to manage cash and withdraw for free on the go, and discover the array of apps that help you perform complex accounting and budgeting from your devices.

World travel for an indefinite period of time, supported by savvy financial planning, is no longer a distant dream but an easily-attainable reality. These tips should help you find the balance required to live your life on the road.

Tags: aspiring nomads, financial tips

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