Digital nomads and tourists have one thing in common: They both enjoy going to new places!
But although they both love to travel, digital nomads take it up a notch because they work online and live in different countries for months!
This lifestyle is the epitome of “living life to the fullest,” and it has many benefits other than creating memories.
Now, you might be wondering…
How much money do digital nomads earn?
A digital nomad’s annual income can range from $25,000 to $250,000, which is enough for their monthly expenses, typically costing $1,000 to $2,000.
But of course, their income can go even higher, depending on what they do for a living.
The most common remote work for digital nomads is self-employed jobs like freelance writing, virtual assistance, and social media management.
But it’s worth noting that there are digital nomads who are employees or entrepreneurs.
Regardless of their profession, studies found that digital nomads worked for roughly 40 hours per week – working in co-working spaces, hotels, or coffee shops.
Digital nomads file and pay their taxes from their home country, as they’re considered citizens in that place.
But to avoid some of your tax obligations in your home country, you can declare yourself non-resident for tax reasons.
Countries that welcome digital nomads can also require them to pay taxes.
For example, digital nomads with a Thailand Digital Nomad Visa must pay 17% in taxes instead of a 35% tax rate.
Getting taxed twice can be a pain for digital nomads, but luckily, they can avoid it with the help of tax benefits, such as the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC) for US citizens.
Can you be a nomad with a child?
You can still be a digital nomad despite having kids, but expect more challenges in traveling and parenting with this kind of setup.
And regarding their children’s education, digital nomads with families either enroll their kids in an online school or homeschool them.
Homeschoolers even have a term for this kind of learning.
It’s called “world schooling.” This educational movement aims to let children study and improve their education by traveling worldwide!
Where do most digital nomads choose to live?
Digital nomads prefer living in Southeast Asian countries since this region offers an affordable lifestyle.
A study from the UK even states that Bangkok, Thailand, is ranked as the best city in Asia and the second-best city in the world for digital nomads.
It’s reasonable, though, as most digital nomads are from countries like the US and the UK that have a high cost of living.
But affordability isn’t the only basis of digital nomads when choosing a city to live in; other factors they consider are the weather, internet speed, and safety.
Also, it doesn’t mean that all countries outside of Southeast Asia aren’t suitable for digital nomads.
In fact, Lisbon, Portugal, ranks number one as the best place for digital nomads.
According to digital nomads themselves, they often live in one place for around one to six months.
But some digital nomads only stay a few weeks in a particular city or country, living in numerous countries in under a month or two!
They’re able to pull it off by strategically planning their thrilling journey.
Generally, a digital nomad’s multi-destination travel plan includes researching places for their itinerary, choosing airlines with better deals, and inviting other digital nomad friends to cut costs.
Are digital nomads minimalist?
fter all, having and bringing a lot of possessions to different countries can be stressful – carrying dozens of books instead of just getting a Kindle is an example.
Most focus on only carrying their travel and work essentials, although others bring more, especially if they travel and live in a camper van.
Of course, this is limited to countries digital nomads can go to without needing an airplane or a boat.
Are digital nomads good for the economy?
Digital nomads are beneficial for a country’s economy for many reasons.
Higher demand for short-term rentals and small hotels is an ideal example.
There are also digital nomad vloggers that do travel vlogs, showing their audience where they go, which leads to attracting more tourists.
This fact makes digital nomads high-value customers for those in the real estate and tourism industry.
That’s why numerous countries are now offering digital nomad visas.
