The 5 Most Popular Ways for Digital Nomads to Make Money | Since there is nothing tying people down to an office these days, many are taking their work on the road with them. Rather than look for a job that involves travel, they are simply traveling while they do their work. They can work from anywhere. These people call themselves digital nomads.
There are many benefits to being a digital nomad that go beyond just seeing the world. One of them is the fact that many of the most popular places to go to are countries with a very low cost of living. Making a Western wage while living in less developed country allows many people to save money that they wouldn’t normally be able to do in a high cost of living area.
If this scenario sounds good then you may be wondering how you can also become a digital nomad and see the world. There are a lot of ways to go about this so read on for the list of the most popular ways that digital nomads make money.
1 – Investing
Some digital nomads would rather not work at all while traveling the world. When they arrive at their destination, they would rather sightsee and enjoy everything the country has to offer without being stuck in a coffee shop or coworking space.
This means that they need to have a source of passive income. Most passive income sources require a lot of work upfront with the exception of investing. By investing money, your money works for you instead of the other way around.
Right now, the most popular form of investing for digital nomads is with cryptocurrency. There are some very high returns coming in with cryptocurrency that can pay off right away. Traditional investing generally pays out a return of around 10% in a very good year. To make enough from that to travel and have all the bills paid requires a considerable amount of capital to work.
Investing in cryptocurrency can have you doubling your money or better in much less time. In the best-case scenario, of course. There is always a big risk of losing money with crypto.
The biggest benefit is that it is easy. Once you know how to invest in Ethereum, for example, then you can find a lot of opportunities with lesser known alt coins. The other nice thing is that the money can be converted into fiat wherever you are in the world with very low fees. This gives you instant access to your money allowing for maximum flexibility.
2 – Affiliate marketing
Another passive way to make money is through affiliate marketing. This is a system in which you build websites like blogs that promote certain products or services. When people use the links provided in the articles, they receive a commission.
It takes a lot of work upfront and has to be maintained over time. However, there is a lot of flexibility when you do this for a living. You aren’t trading time for money. Orders can happen 24 hours per day which allows you to take time to travel and sightsee and then work when you want. There is no schedule that has to be adhered to.
It takes time to make a full time living from affiliate marketing so starting a site should be done before you plan to head out on the road.
3 – Freelancing
While waiting for the affiliate site to take off, or for the returns from investing to pay off, there is the possibility of freelancing. Whatever you were doing for work can be done online for clients. Then, you have the freedom to work from anywhere and whenever you want.
For instance, if you were an accountant, then you can put yourself out there to do work for clients like bookkeeping or doing tax returns for individuals or businesses. Lots of people and companies are outsourcing their work these days but want people who know what they’re doing. It saves them money and allows you to work for yourself without being tied to an office.
The downside is that you can have time in between clients or projects. These gaps in income make it less stable than some other ways of making money online that allow you to travel. Wait until you have a steady stream of work before leaving and you will actually enjoy having those gaps to be able to travel.
4 – Remote working
For some, the best-case scenario is to keep the job they currently have and take it on the road. Since many people have been sent home to work remotely due to the pandemic, it is not unusual to not need to go to an office.
As long as the odd working hours and time zone differences don’t interfere with the work getting done on time, many managers won’t care where you are in the world. Communication is made easy with software like Zoom and others so getting facetime in is not an issue.
Make sure to look for destinations that have a stable internet connection so there are no interruptions with the work getting done. Also, be prepared to work at night if you are on the other side of the world from where your main office is.
5 – ESL teacher online
Before the age of the internet, many young people used teaching English as a way to explore the world. They would find work at language schools and use that country as a base for traveling around.
These days, teaching English online is becoming more common and is being taken up by digital nomads. Instead of working for peanuts at an international language school and being exploited, people with TEFL certificates are doing lessons online. And getting paid better as a result.
The sky’s the limit when it comes to making money online. This list is by no means comprehensive but instead gives a glimpse of what is possible. With determination, full-time living can be done online which allows you to travel the world at the same time.