7 Methods Used By Top Nomads to Become Location Independent
The main question that a lot of people aspiring to live a nomadic lifestyle ask is how to generate sustainable income independent of location. Here are seven top methods that have worked for most people.
Investing money actively
Though one of the best methods, the risks involved are very high.
- You do not have to deal directly with suppliers, workers, employees and such entities
- There is no limit
- It is possible to trade from any place in the globe
- The trading is very motivational
- It is possible to operate tax free
- The forex trading account grows with time
- It is possible to use clients’ money when trading
- There are a lot of risks involved
- One can feel very isolated
How to do it ?
You must get accustomed to forex trading in order to make sustainable revenue sources. Think of learning from an expert and reading top blogs such as Investopedia. You should also consider operating a forex demo account before starting to trade with personal cash.
Passive money investing
For people who have some working capital, the passive investment is a great option to generate good returns. Consider putting the cash in high-end bonds or buy-to-let portfolios.
- Passive income provides stable income with your hands free that allow you to concentrate on other things
- It is a great idea to have some revenue flowing your way without getting the hands dirty
- Great options when building an enterprise
- A reliable option to turn to in case of emergencies
- The future of the business might be bleak if the investment environment changes
- Risk of loss
Working remotely on your current job
If you have a job that allows you to operate remotely, it is possible to travel and live independent of location. However, you are still attached to the current job which can have a lot of impacts on your operations.
- You can keep the current job and salary
- Easy to start
- You can change smoothly because of the current income
- It is the boss who commands the operations
- The attachment to the task requires you to continue paying taxes
- If your boss is cool with it, you could leave tomorrow and become location independent
- Issues with connection to internet can make everything very difficult for you
The emergence of top sites has made a lot of people prefer working remotely. Because they are easy to use, people find it easy to get regular work by running a profile and building trust with clients.
- Starting is very easy because all that one requires is setting a good profile and building trust
- You can make regular cash without investing your cash
- Once you have built trust, rest assured of regular work
- You are allowed to outsource in some websites. This makes it possible to increase the level of revenue
- The amount of money that one can earn is very little compared to other methods such as forex trading.
- The freelancer has to follow the rules set by the freelancing site
- It requires you to get down to business and work on every project. For example, if you write content, you have to pen every word. For others, whether in graphic design, website design, and other areas, one has to get directly involved.
Getting started in freelancing
To start earning in freelancing, you need to identify a website of choice, register, and build a personal profile. After adding required documents such as academic qualifications and name, you can start taking low-paying tasks. Then, start taking more expensive orders after building trust with clients.
Create a location free business
Starting a business is a great idea because you are in full control. Besides, you can dispose of the business to generate income.
- You are the owner and in total control
- The rewards from the business can be very high
- It can take you to great places and allow you to meet a lot of influential people
- Provides numerous opportunities for tax optimization
- The business can be passed down to one’s progenies
- Very risky to start
- Must work hard to operate the business
- Danger of failure
To keep these risks low, consider taking a debt to test if everything goes on well. After sometime, you can scale up with personal capital as profits become imminent.
Operating an already established enterprise
For those people who already have operating business, it might be advisable to consider running them remotely. Depending on your situation and whether you consider going back home, it is advisable to keep the business on.
- Helps to provide regular source of income
- One day you could be headed home
- Great for people operating remotely for a short period of time
- You must rely on a manager back at home
- Need to keep paying taxes
- Risk of failure at some point due to management
Volunteering and teaching abroad
Though volunteering and training have for years attracted a lot of people, their payments are very poor. In most of the cases, volunteers go to specific institutions, schools, or other companies to work while getting paid some upkeep. Because the returns involved are very low and not sustainable, we did not find it okay to compare this option with others.
Living as nomadic lifestyle gives people a unique sense of freedom because they can stay and enjoy any part of the world. From the outlined options, it is possible to operate independent of location, keep the taxes low, and enjoy the fullness of life.
Though some options often appear simplistic, many are the people who find them really difficult to apply. Do not get stuck on the way. Simply contact us for help to come up with an appropriate plan for a successful nomadic lifestyle.