This guest article is written by Lance Cody-Waldez from free-lance-now.com.
Why Digital Nomad?
Has it always been your dream to see the world? Maybe you’re tired of working in an office setting for most of your life and are ready to break free. The life of a digital nomad affords you the freedom to do just that. A digital nomad lifestyle is defined as earning a living working online in various locations of your own choosing (rather than a fixed business location).
Digital Nomad Professions
The Digital Nomad lifestyle can be supported either through a job or through your own business. If you are looking for a job, here are a list of professions that enable you to travel while working.
- Online Freelance Writer
- Google Ad-Words Consultant
- SEO Specialist
- Social Media Manager
- Photographer
- Graphic Designer
- Programmer/Developer
- Translator (with language skills)
- Accountant/Bookkeeper
Your Own Business
Many people who are interested in the digital nomad lifestyle also have a passion for freelancing. Some people create their own freelance business and form a business entity while they travel, while others come up with a freelance project idea and work on it full-time.
If you’re a digital nomad who wants to start a business, or freelances, it’s important to have a way of identifying your business to the IRS. This is typically done by having an Employer ID Number (EIN), also known as a Tax ID Number.
What is an EIN? An Employer ID number is needed in order to accurately pay taxes and file necessary reports with the Internal Revenue Service (IRS). The IRS uses this number to keep track of tax-related information and generate reports.
You’ll need an EIN whether you’re paying your employees hourly or on salary, whether receiving 1099-MISC forms from your clients, or handling other types of payroll tax payments. An EIN provides benefits for both the taxpayer and the IRS. For the taxpayer, it simplifies the filing process by consolidating all tax obligations into one account; for the IRS, it eliminates errors caused by using social security numbers as identifiers.
What’s more, having an EIN paves the way for an easier time when you file state and federal taxes, whether annually or quarterly. For smoother business operations in your digital nomad lifestyle, it’s important to take the time to get your EIN.
Tech-friendly Stay
Finding a tech-friendly rental can be difficult. There are many factors to consider when looking for rentals, including the amount of time you’ll be spending at the property and the Wi-Fi connection. These are both crucial aspects of living remotely as a digital nomad.
To determine whether or not a rental will work for you, there are some things to consider. First, how long will you spend at your rental property per week? If the answer is less than 20 hours per week, it may not make sense to invest in renting an expensive place with great Wi-Fi. If your travel schedule is more predictable, then this information will help determine how much time you’ll spend at your home base and therefore how important high-speed internet is for your business.
Additionally, if you know that you’ll be spending a significant amount of time working in one location, then having reliable internet access will likely be more important to you than someone who travels more frequently to different locations.
About the Author
A few years ago, burned out and miserable from his job in corporate marketing, Lance Cody-Valdez decided it was time to invest in himself. He quit his job the following day and used his meager savings to stay afloat as he built a career as a freelance writer and content marketer. He created free-lance-now.com to help others use freelancing to escape the 9 to 5 daily grind.
Great post, full of useful tips! As I am a translator, the digital nomad lifestyle would be easily attainable, and I have actually worked as a freelancer in the past. On the one hand, it is amazing to be your own boss and work from wherever you want (I would have love to travel a lot while I was freelancing), but it is also financially harder, especially at the beginning and when it comes to translation, as a lot of clients don’t really recognise the value of the translators and don’t pay them very well!
Despite this, I kinda feel like I will want to go back to it at one point in my life, but right now I am enjoying all the perks of having a stable paycheck! Thanks for sharing!