The nomadic lifestyle is one that seems alluring and somewhat glamorous. It may not be glamorous in the traditional sense, but what’s more appealing than a life of freedom and travel?
Unfortunately, a lot of people dive headfirst into a nomadic lifestyle, and they ultimately crash and burn. No matter how little you’re willing to live on, and what a free spirit you might be, a nomadic lifestyle has to be funded somehow.
You’re still going to have bills and living expenses, even if you cut out a lot of modern amenities.
So how do you support a nomadic lifestyle? There was recently a story in the news about a couple who sold every possession they had and used their entire life savings to buy a sailboat. The sailboat sank almost as soon as they got into the water, and they were left penniless.
Stories like that are cautionary, but this doesn’t mean you can’t be a nomad. You just have to be a strategic nomad.
The following are some of the best ways to support a traveling lifestyle in 2018.
Pay Your Debts
Before you ever start traveling or launch your nomadic lifestyle, you have to pay off your debts. It’s simply not an option to live a traveling lifestyle when large amounts of debt encumber you.
Start with your most expensive debt first, and then work your way down from there. If you start off with a lot of debt, it’s going to be hard to dig yourself out from under that while you’re traveling.
Learn About Investing
Investing scares a lot of Millennials because they saw the results of the Great Recession. With that being said, a really good way to earn passive income while you’re on the road, or to grow your savings without putting in a lot of time is to learn what you can about investing. You can start with the basics like ETFs and mutual funds, and then move into niche areas such as trading penny stocks.
A lot of nomads find that they ultimately enjoy becoming somewhat of a day trader or strategic trader when they’re on the road.
Of course, to make riskier financial strategies, you do need to have some money saved up as a cushion in the event things don’t go well.
Build a Business Before You Leave
It’s probably not the best idea to quit your job and then leave for your travels the next day. You need to plan, and a lot of that is going to go toward building a business. You can start building a side hustle while you’re still working at your day job, which will help you start building a foundation for a successful business.
If you’re having trouble knowing where to begin, think about what skills you have strengths in and also what you love doing.
When you’re a nomad, it’s going to be up to you to put in the necessary time and effort to make money, and it’s going to be tough when there is so little structure and so many distractions. This is why it can be helpful to choose something you’re not only good at but also passionate about. It will make work time easier to deal with.
While most people think about working digitally when they’re a nomad, you may find opportunities to work locally as well. There are different programs you can go through to find temporary employment as a traveler.
Design Multiple Income Streams
When you’re a nomad, you don’t want to be in a position where you’re relying on just one income stream. It’s not a scenario where you’re getting a steady paycheck. There will be times where your main income might be down. When that happens, you need to have money coming in from somewhere else.
What you do for those multiple sources of income is up to you and what you’re good at, but you do need to have at least two or more ways you’re able to receive income regularly.
Some examples of passive income could include rental income that you get from renting your home while away, publishing your writing, being an app or software publisher, or having an online business.
Finally, when you’re a nomad, you’re going to have to reframe your thinking ultimately. You’re not traveling on vacation. You have to think of it as your life. In your daily life you wouldn’t typically spend a lot of money on nice hotels and expensive meals, so you’re probably not going to be able to do that as a nomad either.