What kind of worker are you?
There are many different ways that you can achieve this goal of becoming a digital nomad, some offering more stability than others. Close your eyes and imagine where you are a year from now on a random Tuesday morning. Are you ________ (4 different scenarios)
The first thing to ask yourself is if you like working for someone else, or being your own boss. Some may find they like the stability of having a 9-5 job but live outside the cubicle walls. You’ll still work with a team, have a manager, and the benefits of working for a corporate job. As a society, we are becoming more location independent in business thanks to technology. In fact last year, a report by U.S. market research firm Gallup found that the number of American employees working remotely rose to 43 percent in 2016 from 39 percent in 2012.*
You could talk with your company about implementing a telecommuting plan for your role, see (link: how to ask your boss to let you work remotely) Just remember, depending on where your company is based out of, you’ll have to clock in and out on those hours no matter what, so Bali may not be in the cards for a lot of people unless you want to work everyday until 2am.
A somewhat healthy combination of having a 9-5 but with a lot more flexibility would be to freelance. If you’re good at (link time management), flagging emails, making your own schedule and want to live outside the 9-5 hours, freelancing is probably the right choice for you. You could freelance for multiple different companies, and/or have different clients of you own. Just remember to carefully track your hours and send invoices in a timely manner. Freelancing is for more risk tolerant personalities, you won’t have a solid paycheck, but some paychecks will be huge, and some you won’t have for even months at a time depending on your expertise and time of year. WIth freelancing, it’s up to you to find the work, but if you’re a go-getting-money hungry type. I know you’ll just be fine. Remember, use one credit card to buy everything that pertains to your business so you can write it off later, and be sure to save 20% of those big checks that come in so Uncle Sam doesn’t come after you come April. (link: freelance jobs)
Do you like being your own boss? Think you have the entrepreneurial spirit to start up your own gig? Maybe you’re an entrepreneur at heart and not in practice, that’s at least how it started for me (link: bio/story). Of course starting a business isn’t for everyone, but I know plenty of digital nomads that have created and succeeded in starting their own business, while being completely remote and now have 25+ remote employees working for them. Many freelancers turn into entrepreneurs because they get so good at what they do and so eager for the green, their name naturally turns into their own company and forced to hire help to appease their clients.
A common concern most prospective entrepreneurs is whether they feel as though they have the right personalities, skills, and characteristics necessary to run a business. It’s hard to describe the stereotypical entrepreneur and what it really means. Words like passionate, dedicated, and optimistic certainly apply, but insecure and troublemaker are a little bit more accurate. (link: 15 signs you’re an entrepreneur)
The stream of many talents
It’s easy to think as passive income as money earned while sitting on the beach and sipping mojitos, but there is actually a lot of work involved. It has a “get-rich-quick” appeal, but in the end still involves work-- you just give the work up front. Yes of course, digital nomads can be found on the beach doing just that, but only after spending long hours and potentially months on end building a passive income empire with their assortment of talents. So what is passive income? Some say it’s collecting from rental properties, being paid book royalties, or stock dividends, but there are actually a lot of other ways to set yourself up with regular earnings.
While some successors fully rely on passive income to fuel their yearly income, its smart for everyone to always be thinking of ways to create a means for some extra side cash. With your own expertise, tools, time and determination, you can set yourself up to potentially work the 4 hour work week, save extra for retirement, or splurge on an actual vacation that costs more than Bali. See (link to different streams of passive income)