- VIDEO: The embedded video below walks you through some of the content in "The Ultimate Digital Nomad Income Strategy Toolkit." [Learn more about the toolkit here.]
- ARTICLE: This article discusses the pros and cons of being a digital nomad vs. working remotely for an employer. I also provide thought-provoking questions to help you decide which option is best for you.
âThe new American dream might be living overseas." ~ Monmouth University, 2024
As you consider leaving the U.S. and living your next chapter abroad, a pressing concern can surface: how will I sustain myself financially in a new country?
Today, I want to help you make that critical decisionâmonetizing your existing skills and becoming a digital nomad or finding a remote job with a company. Both paths have their allure.
Will Your Financial Needs Change?
First, it's important to remember that the cost of living in your new home country can drastically differ from what you're used to. In many places popular with expatsâthink Bali, Mexico, or Portugalâyou might only need to earn half of what you do in the U.S. to maintain a similar or even better standard of living. This critical shift in economic dynamics offers a unique opportunity to rethink what earning money looks like.
The Upsides of Monetizing Your Skills
1. Flexibility and Freedom
When you work for yourself, you set your schedule. This flexibility is priceless, especially when adjusting to a new country. You'll be free to explore your surroundings, integrate into the community, and truly live the expat life you dreamed of.
2. Potential for Higher Earnings
You can often command higher fees as a freelancer or entrepreneur by leveraging skills you excel at. Unlike a fixed salary, your income potential is limited only by your ability to scale your services or products.
3. Fewer Barriers to Entry
Starting your venture can be quicker and less bureaucratic than finding a job with a company that hires remotely. You sidestep the often complex visa issues associated with employment and dive straight into earning.
4. Personal Growth and Satisfaction
Building something of your own is inherently rewarding. The skills you'll developâresilience, marketing, financial managementâare invaluable.
The Downsides of Monetizing Your Skills
1. Unpredictable Income
Your earnings might initially fluctuate as you establish yourself. This can be stressful, especially when adjusting to a new country.
2. Greater Responsibility
Running your own business means wearing multiple hats. You're the boss but also the accountant, the marketing director, and the customer service representative.
3. Possible Isolation
Without workplace colleagues, working for yourself can sometimes feel lonely, particularly in a new country.
34% of US citizens would move abroad if they had the means. ~ Monmouth University, 2024
The Upsides of Working Remotely for a Company
1. Stable Income
Regular paychecks can ease financial anxiety, providing security as you explore your new environment.
2. Less Administrative Work
You can focus purely on your role without the additional business responsibilities.
3. Built-in Community
Being part of a company gives you an instant network of colleagues and can help mitigate feelings of isolation.
The Downsides of Working Remotely for a Company
1. Less Flexibility
Being tied to specific work hours can limit your ability to immerse yourself in the local culture and travel.
2. Potential for Lower Earnings
Depending on the role and the company, you may not earn as much as possible by monetizing your skills, especially after accounting for taxes and potential deductions.
3. Dependency on Company Stability
The company's performance can determine how financially stable you are, which can be precarious, especially in today's economic climate.
Empower Yourself As A Digital Nomad
If you're leaning towards monetizing your skills, consider what you're passionate about and good at. Can these be turned into a viable business? Here's where to get started.
Websites like Numbeo provide detailed comparisons of the cost of living, helping you calculate how much you need to earn. Check out Upwork or Freelancer for freelance market rates to see what others in your field charge.
Funding your digital nomad lifestyle doesn't have to be a struggle. There are numerous ways to monetize your existing skills if you know where to start and what to do. Successful nomads have also used countless other grants, passive income streams, scholarships, and other financial sources to make their life abroad possible.
The Ultimate Digital Nomad Income Strategy Toolkit
Great news! You have funding options.
The Digital Nomad Income Strategy Toolkit
Questions To Help You Decide
- What skills do I have that are easily monetizable?
- How does the cost of living in my prospective new home compare to my current expenses?
- How much must I earn monthly to live comfortably in my new country?
- Am I prepared for the fluctuating nature of freelance income?
- Which brings me more joy: the thought of being my own boss or the stability of a regular paycheck?
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What percentage of my current income would I need to maintain a similar standard of living in my new home country?
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Considering the lower cost of living, could I achieve a more comfortable lifestyle by working fewer hours each week?
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What is my financial comfort zone, and how does that translate to my earnings abroad?
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If I could reduce my working hours, what personal goals or hobbies would I pursue with the extra time?
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Am I overworking myself to maintain a lifestyle I could more easily achieve abroad?
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What are the potential benefits of earning less but having more free time and lower stress in my new country?
Whether you decide to freelance or work remotely for a company, remember that you're taking a brave step toward crafting your own international life story. The road might be bumpy sometimes, but the freedom and personal growth it brings can be advantageous. Consider all angles and choose the path that best suits your goals and temperament.
From My YouTube Channel
EP-1: Skills Black Women Need To Become A Digital Nomad
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EP-2: Skills Black Women Need To Become A Digital Nomad
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