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Digital nomads need money not only to keep up with expenses while traveling, but also to save for their future. Here are a few tips to meet your financial goals while enjoying your time overseas.
Some of the most successful digital nomads are those freelancers and entrepreneurs who charge what they’re worth and actively pursue high-paying clients.
There are a few ways that you can do this:
Tip | Description |
---|---|
Charge what you’re worth. | If you’re not sure how to come up with a rate, divide your current salary by 2,000 — the number of hours typically worked in a year (40 hours a week over about 50 weeks). Double that amount to come up with an hourly rate you should be charging, taking into account benefits and income taxes. |
Don’t hesitate to charge a lot. | It may seem counterintuitive, but many employers see higher rates as a sign of high quality. Don’t devalue your skills and experience simply to land a contract. |
Choose your work carefully. | When possible, find work through referrals from other professionals rather than use popular freelancing sites. These sites typically take a percentage of your money, not to mention the low-quality employers on the hunt for the cheapest workers. |
Do your best to cultivate referrals. | On that note, consider consulting within a field you’re interested in, and ask for referrals and recommendations after you’ve done a bang-up job. |
Before embarking on your round-the-world exploits, consider how you’ll continue building up a significant retirement nest egg.
A few financial rules of thumb:
Sure, it’s tempting to indulge while enjoying the new adventures you encounter during your travels. But keep your two goals in mind: maintaining overall financial stability while also saving toward retirement.
A few easier ways to save:
Saving money while working abroad is different from simply putting money in a savings account back home.
To set out on the right foot and protect your savings:
By watching your finances and remaining diligent about saving as much as you can, you’ll earn enough to maintain a comfortable lifestyle as a digital nomad while also stockpiling money for your slower golden years. Here’s to your new adventures!
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