During the Hunter-Gatherer Age a nomad was considered a member of a tribe that travels, constantly moving to different locations for survival purposes. The term was used to describe a culture that existed way before the internet or even civilization as we know it today.
With the coming of the Information Age it has become necessary to re-define the term “nomad” in the context of today’s digital nomad movement. Digital nomads are not driven by necessity, fleeing the elements, or chasing the promise of a different region.
Conversely, digital nomads are motivated by freedom and an inner urge for exploration, discovery, and experience.
If you seek this type of lifestyle, it is important to learn how to make money as a digital nomad.
What is a Digital Nomad?
Digital nomads are tech-savvy entrepreneurs make their money in the cloud through utilizing highly effective technologies. More generally, they conduct their life while traveling nomadically – From any location in the world.
A solid internet connection and a dependable laptop are the only physical tools of this culture.
Seek the Right Education
This type of lifestyle is not common. In fact, most people simply cannot even grasp the idea of working and living remotely.
This is because most people have never been exposed to a financial education.
The test of a good education is what can be done with it – If you are seeking a high paying job, a college education can get you that. I say “can” because it seems even graduates today face harder and harder challenges regarding job placement, nothing is guaranteed after you graduate from college.
If you want to be a digital nomad entrepreneur, I highly suggest seeking a financial education outside the traditional halls of academia. A financial education can teach you real-world practical skills of how to build an online business, how to acquire real estate for cash flow, and how to trade the financial markets.
This type of work can be done from anywhere in the world with a laptop and internet connection – The cool part is that even the costliest investment courses are usually less than what you would pay to attend a big-name university.
Know Your Budget
As with any business venture it all begins your budget, more specifically, knowing the exact amount you need each month to survive. When you become an entrepreneur this is the amount, in addition to normal business expenses, that your business venture will need to generate.
It’s really that simple, for example:
It costs you $1,000 per month to live and you have $500 per month in operating expenses for an online business, thus, you would need to create $1,500 per month in revenue.
Take it a step further, you earn $20 on each service you sell on your website. If you take $1,500 and divide by $20 you get 75, in other words, you need 75 sales at $20 per sale to make $1,500. This is called your break-even point, it is a good number to know.
Now lets say that your website has a 10% conversion rate, meaning that 10% of all visitors to your website actually buy the product or service. To create 75 sales you would need 750 visitors – Boom!
You now know your daily tasks should consist of generating 750 visitors each month – When you are equipped with the right knowledge it is not that difficult.
If this seems complicated, I urge to re-read this section because it is immensely powerful.
Choose an Income Source
There are so many ways to make money remotely these days If you choose to think creatively. The creation of the Information Age via the worldwide web has given us many more options regarding profession.
I have said it once, and I’ll say it again – If you can find a popular niche market, build out a high-performing website, consistently create quality content that demands high amounts of traffic – affiliate marketing is the best way to create passive income.
The good news is that you do not need to have any existing knowledge to get started. In fact, my buddies Kyle and Carson of Wealthy Affiliates make the process as beginner as you can possibly make it.
I literally knew nothing about affiliate marketing and now I am generating an income.
Learn more about Wealthy Affiliate Click Here
If you aren’t attracted to building an online business there are plenty of other ways, I also invest in real estate and trade the financial markets.
Passports, Visas, Residency, & Citizenship
Traveling to foreign countries can seem confusing and cumbersome if you have never traveled outside your home country.
Do not be discouraged, the process is simple – and many countries operate in the same manner.
It begins with obtaining your passport in your home country – If you are an American, congrats, because you have obtained the proverbial golden ticket to Willy Wonka’s Chocolate Factory.
The US passport gets you into many countries very easily.
After you have a passport you can travel to foreign countries with a visa. There are many types of visas including tourism, education, business, medical, etc. which allow you to say in country for anywhere from 1 – 12 months depending upon your home country’s relationship with the foreign country.
In many cases, you can travel to different countries visa-free or with a visa-exemption for a limited amount of time – Checkout www.travel.state.gov entry requirements of foreign countries with a US passport.
If you are looking for a living situation that is more permanent, then residency would be your next option. Again, there are different types of residency, different amounts of time, and different types of qualifications.
With residency you can legally come and go as you please, obtain employment, build business, and make investments.
Finally, depending upon the country, you can obtain a dual citizenship with another passport. This would give all legal rights above any type of residency including the ability to travel on a passport from a different country.
In all my adventures all over the globe I can tell you learning how to travel and live abroad has been greatly beneficial – physically, spiritually, and financially.
Do you want to become a digital nomad entrepreneur? The good news is that it is completely possible – I can personally attest to this statement.
If you would like to learn more about building on online business Click Here
Find your passion, work towards your goals relentlessly, avoid the naysayers, and start with small adventures – Soon you will be traveling all over the globe.
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To your passive income lifestyle,
Justin Ash, Founder/ Member