Digital nomadism seems to be in the spotlight, with an increasing number of people realizing its benefits. Needless to say, the life choice comes with the extended freedom of choosing any location.
While there are digital nomads who enjoy traveling the world and working along the way, there are also those who choose to relocate and work their way from there.
Regardless of which option they choose, there are some things they all do.
Let’s take a look at some universalities for 2021.
1. Buying Life Insurance and Other Safety Nets
To choose a proper choose life insurance package, one needs to think ahead. Until not so long ago, it was common practice for people to start thinking about life insurance policies in their mid-thirties.
With the rise of digital nomadism and remote work in general, however, people are considering their options earlier. Recognizing the trend, insurance companies are coming up with more beneficial policies.
The only thing a digital nomad needs to do is – compare all offers and choose the most suitable one.
2. Relying on Digital Collaborations
Remote workers relying on per-project work know how difficult landing a dream job can be. For many digital nomads, gigs are a common occurrence. If you’re trying to earn enough money to work and travel, things become even more complicated.
One way to secure your income, in the long run, is through relying on a digital collaboration. Common sense would suggest building a stable clientele list.
Even gig workers have sufficient levels of expertise to build their reputation and eventually start looking for lucrative projects. Providing quality work is a certain way to impress clients as there’s no reason for them not to prefer long-term collaboration with a reliable person.
Frequency and quality of projects are the two factors you should keep balanced, as too much work can ruin the quality you should always aim for. However, to secure sufficient funds, you’ll also need to build a reliable client base.
3. Understanding the Importance of Filing Expat Taxes
One important thing to remember is that, no matter your location, there will be taxes to consider. Digital nomad taxes vary from country to country, and there are also federal and state taxes to consider.
Some digital nomads rely on professional services and others – on the expat community for advice.
4. Incorporating OKRs
Digital nomads are resourceful and usually look for alternatives, just in case. A backup plan is never a bad idea, but even when there are multiple opportunities, digital nomads still set and achieve goals.
One good strategy to keep in line with the goals is the Objectives and Key Results (OKR) methodology. As a matter of fact, understanding OKRs is crucial for long-term success.
The OKR approach simply means that you should focus on your objectives through a set of key results. Suitable key results need to be measurable, reasonably moderate in number and have set deadlines.
In simple English, OKRs are a result of strategic thinking supported by detailed and proven initiatives that make changes happen fast.
OKRs are only efficient when they’re being tracked in real-time. Adjustments are just fine, as long as the objectives remain intact.
5. Other Necessities
It is all too easy to initially overlook something important, especially when you’re setting out for the first time. The usual things to be observed are things back home, paperwork, insurance and similar conundrums.
The usually forgotten trifle is subscriptions. It happens all too often that digital nomads forget to unsubscribe from the services they won’t be needing once abroad.
Another thing to keep in mind is your car. If you’re planning to be away for a while, it may be a good idea to sell the car. The sooner the better, since car prices go down as time passes. If you decide you still may need it, you should choose a safe place to park the car while you’re away. A garage is an ideal option because no one will be attending the car for a long time.
Next, making copies of any documents that come to mind is a brilliant idea. It’s also recommended to leave duplicates with family/friends at home. Once you relocate, you’ll have a difficult time obtaining any paperwork from abroad.
6. Choosing Proper Accommodations
There are many horror stories about Airbnbs and similar services. Generally speaking, if you’re planning to relocate for a longer period of time, you should always make an effort to choose your accommodations carefully.
It is generally recommended not to make any upfront payments for accommodations you haven’t actually seen. Unless you’re relocating for business and your employer provides accommodations, stay at a hotel first and take your time searching for a proper apartment.
7. Continued Learning
Lastly, continual learning is one single trait that makes digital nomads so unique. Because the gig economy is constantly expanding, new skills can never hurt.
Digital nomads invest lots of time to remain competitive. E-learning and mLearning are among the most popular choices.
It’s wise to remember that the remote environment is evolving at a rapid pace. Not only is it necessary to keep up with the trends, but it is also crucial to remain resourceful. Learning is the only way to achieve this balance, so have a care.
Digital nomadism is a great way to achieve your dream lifestyle, but it is only fair to say that you need to invest considerable time to reach your long-term goals.
While the same may be said for any venture, digital nomadism is specific in that it is extremely bendable. It is not uncommon for digital nomads to change plans out of the blue and decide to travel to another country on a whim.
With an increasing number of countries inventing flexible visas for digital nomads and offering tax incentives, new opportunities are only bound to arise.
It is crucial to remember that some savings are always a good idea, particularly if you rely on project work. Thinks may look perfect now, but circumstances change all the time. Keep all options open and look ahead. Digital nomadism is a beautiful way to live your life.