As I laid in bed last night just about ready to dose off, I thought “how does a digital nomad prepare for retirement?” It’s great when you’re young and have your whole life ahead of you but what happens later on in life? I know it’s not really in most of our mentalities to be concerned for the future. Even now though, I’m wondering about my passport renewal. Should I go back to Canada and do that? Renewal abroad is actually pricey but so is the plane ticket back home to renew it there. Any small glitch could have a major impact on our sometimes measly earnings. I am a writer so sometimes I’m really busy and other times, it gets slow.
Being a digital nomad has incredible rewards but there seems to be little protection in place for our future. We all dream of making millions and becoming humans of leisure but let’s face it, most of us live in cheaper destinations to work our dream jobs. It’s risky and we walk a bit of a tightrope with nothing to catch us if we fall.
So here’s my first bit of advice. Find a passive income path to follow. Something that will bring you extra money without you having to lift a finger (later). Being real, it’s a lot of work upfront to be successful and bring in a daily/monthly cash flow. You’re going to have to commit to something with all your heart, it’s pretty much like anything worth doing. Use this money as a retirement fund and continue your growth in whatever avenue you choose to take. Recurring monthly income so you can pay for the inevitable stuff like insurance, medical, visa extensions, plane tickets and buying a new hammock (high on my priority list). Things are always changing so grow with it.
#1. Build a blog.
Build up a blog that you’re passionate about and one that doesn’t cause you any stress. Be creative. Be yourself. Show your face to the world. Get some affiliate sales onto your site. Promote products that are in alignment with your message. With all of this in mind, your blog should have a specific niche. Costumes for teacup breeds, European old school recipes, sun hats etc. Something specific that you adore anyway.
#2. Write a book.
If you’re a digital nomad, chances are you’ve made some incredible findings in your life that have allowed you to get to this point. Don’t discount that you’re a trail blazer. People want to know about your life and how you got to where you are. Add a book to list of accomplishments by helping others achieve the amazing life you already have.
#3. Import. Export. Drop Ship.
As a digital nomad, you’ve probably gone to some cool places and found some great markets/stores to shop. The interesting crafts that come from a certain country could be interesting to others. Take some pictures, post your findings online and be mindful of the interest you receive. There may just be the next hot item in the market you frequent. If you are lucky and get to spend your time in countries where products are cheap but quality, you may want to consider drop shipping. You sell the products (you don’t actually have in stock). When someone buys, you let the company know and they ship it.
#4. Create an online course.
Think about your expertise. What do you know inside and out? Creating a multi-media website with an online course attached to it is serious money. Make it a membership site that people for pay for on a monthly basis. Any of the yoga online sites are based on this. A lot of the make money and retire companies structure their companies in this way for easy $2,000 + per month. It’s a lot of work now but will pay for itself later. Again, find that niche and become the authority.