Digital nomadism has been an option for a few years already. However, it became more of a remarkable opportunity after the 2020 pandemic left the vast majority of the world’s workforce working remotely. As the realization kicked in that many job roles can actually be performed from absolutely anywhere, countless individuals realized that digital nomadism offers the geographic freedom to travel as you earn and settle down anywhere in the world.
Suppose you are among the many professionals thinking about the perks of becoming a nomad. In that case, there are some crucial factors that you will need to consider before you give up your permanent home and start searching for nomad opportunities. Whether you are considering travel blogging, online tutoring, or finding remote employment in your specific field of expertise, you must consider these five vital factors beforehand.
International Health Insurance
International health insurance is vital for nomads, international citizens, and expatriates as this type of insurance coverage protects your pocket from healthcare costs. You will gain access to the region’s best healthcare facilities with this health insurance wherever you are in the world. With that said, you should also consider the specifics of the healthcare system available in various countries before deciding which regions are best for you. Some countries don’t have appropriate healthcare, even though the cost of living is low, and you should never compromise your health or the level of healthcare you can receive when you need it most.
You will have to pay taxes wherever you work globally, and some countries require more income tax than others. Before choosing a country, you should consider the relevant tax brackets for foreign nationals. In some cases, you may need to pay taxes to your home country even though you are no longer living there. The details will vary drastically depending on your home country and the country you will be working and living in.
Quality Of Life
Some countries offer an exceptional quality of life. To determine if a region can provide you this, you should consider the general weather, public transportation, walkability, arts and culture, and local cuisine. These factors all work together to provide a relevant quality of life. However, you won’t have to stress too much about this as you can move on to another region if the quality of life is not all that you hoped it would be, which is the main perk of being a digital nomad.
The Cost Of Living
Cost of living is a crucial factor to consider as you may find that you can afford a high-class level of living in some regions, while you will just be getting by in others. Cost of living refers to the general cost of accommodation, food prices, utility costs, transportation costs, and internet usage costs. Suppose the average cost of living is not attainable for your income. In that case, you should not consider the region as you may spend backward and find yourself stuck and struggling financially in a region that is simply too expensive for you. On the other hand, you should also consider that countries with lower cost of living averages may also have lower quality of life standards, so you should weigh out the pros and cons of these two factors before choosing a country.
Accommodation And Transportation
Accommodation and transportation are the next crucial factors to consider. Your accommodation should be central, and you should have public transport options readily available. Some countries have great accommodation options while the public transport options are not at all safe or sustainable. In this case, you could consider the costs of using private transportation services such as Uber and others available in the country. With that said, your accommodation should be both affordable and comfortable enough. It is often not best to opt for a hotel or a hostel as you will need a bit more space and these options are generally more pricey. You should search for options such as short-term rentals that will have you feeling at home in a foreign region.
Becoming a digital nomad is a massive step. Most younger professionals are idealizing the opportunity as it allows them to travel and earn simultaneously. Your employers’ locations will no longer tie you down. However, this option is not always suitable for families that require more stability. Regardless, becoming a digital nomad is an excellent option for anyone who feels the pros outweigh the few cons. Once you have decided, you will also need to consider your passport and visa requirement, how long you intend to stay in one region, and the current job market for nomads. Becoming a nomad can be thrilling, although you should also consider the downfalls before taking the first step.