5 Ways to financially prepare for your new life abroad as a digital nomad or ex-pat.

Have Savings

It is important to have some money saved up for yourself before you embark on your travels.

It’s also more important to carry a good amount of physical cash on you because you might need it to pay for, small but necessary things like snacks, water, food, airport trolley, or airport transportation.

You don’t want to be caught up in a situation where you have to frantically search for an ATM (which will charge withdrawal fees), as soon as you land in a foreign country.

Instead, you want to give yourself time to settle in a place before you need to find an ATM to be able to afford some basic services.

Besides, anything can happen to you, while you’re traveling.

When I first started traveling again in 2020, I lost about $4000 because everything that could possibly go wrong went wrong during that trip.

I ended up stranded in the Caribbean for three and a half months due to visa-related issues.

Basically, it’s good to have some money saved or back up money!

Have some skills

Before you leave for your travels, make sure you invest in acquiring skills you can use especially, in the digital world or in freelance work!

For example, skills in writing, resumé writing, teaching, copywriting, digital marketing, content creation, etc. can help you generate income by way of online work while you’re traveling.

Invest in acquiring skills that can be used online/in the digital world so you can work from anywhere online, and make money while you travel.

Investments

Having investments that earn you money while you sleep is the best set-up for travel.

Owning physical real estate or digital assets such as cryptocurrencies, NFT’s, and stocks are all great ways to make your money work for you while you sleep, eat, work and travel.

I know everyone doesn’t have access to the luxury of owning property. However, investing in stocks and/or cryptocurrencies is readily accessible to everyone including, you and me.

Although you have to initially have money to purchase/invest in these digital currencies, you can always start with $20 and continue to build from there.

Speaking from personal experience, having digital assets in NFT’s and cryptocurrencies, has saved me many times whenever I hit a financial roadblock on the journey.

I highly recommend having some investments before or during your travels.

Find an online job or remote work

If you’re preparing to move or travel the world, as a digital nomad or ex-pat, start looking for an online remote work gig before you travel.

It’s no secret that the pandemic has forever changed the landscape of work.

No more than ever, there are several people working remotely from home, or from anywhere they choose to. It’s best to set yourself up with one of these remote working jobs to secure some income before, and as you travel.

Teaching English online to kids in Asia, or other non-English speaking countries in the world is a common job many digital nomads are into. It’s a great way to supplement your income.

If teaching is not for you, don’t worry. There are tons and tons of remote work job opportunities available on various job boards on the job market.

Start an Online Business

As part of your preparations for travel, you can consider starting an online business like selling digital products and services, you can earn money from whilst you travel.

You can explore popular models like drop shipping where you sell things online without having to be in physical possession of the inventory. For example, you can sell merchandise such as t-shirts, mugs, etc., etc

Start thinking about it. What kind of online business can you start, which aligns with your skillset or interests.

Good luck on your journey.