Digital nomads are the new wave of traveling entrepreneurs. These people don’t have an office or a home address and use their laptops to work wherever they see fit.
The advent of affordable international travel has made it easier for anyone with an internet connection to set up shop virtually anywhere in the world and get some work done. So, let’s learn how to make money as a digital nomad in this article.
What Is a Digital Nomad?
A digital nomad is a self-employed person who can work remotely and live anywhere as long as there is an internet connection.
What do digital nomads do? They spend most of their time in coffee shops, hostels, on trains — anywhere with Wi-Fi — and all over the globe! It might also put you to question how much digital nomads make.
According to the stats on digital nomad salaries, most remote employees earn between $10 and $30 an hour, depending on their education, experience, and sector. But how to make money as a nomad?
To do so, you can start learning new skills and exploring the online world. If you are into becoming a digital nomad, continue reading the rest of the article.
1. Become a Freelancer
If you want to make money as a digital nomad in 2023, consider becoming a freelancer on Fiverr.com. Fiverr is an online marketplace where people can offer their services for five dollars or more. It’s a great place to start if you need help figuring out how to make money as a digital nomad.
You don’t need to be an expert programmer or graphic designer to make money as a digital nomad. Plenty of online marketplaces will pay you to do simple tasks, like writing descriptions for products or designing logos.
According to data, since an estimated 3.38 billion global labour force comprises roughly 46.5% of self-employed individuals, there are roughly 1.56 billion freelancers. So, you can create your account on Fiverr in any service, from digital marketing to personal branding and website development.
2. Start Your Own Online Business
Learn how to make money when traveling the world by setting up your own online business. You can do this through Shopify, an e-commerce platform that allows you to set up your store and start selling products. You can use this site to sell anything from jewelry to clothing.
Shopify has two plans: Basic and Advanced. This eCommerce giant has made over $590 billion in its 16 years of relentless journey. So, the Shopify business is expected to increase its trillion-dollar market cap in the coming years.
If you want to make money as a digital nomad, then the basic plan will be sufficient for most people’s needs. However, if you want to grow your store or sell high-value items (Such as cars), consider upgrading to the advanced plan when it becomes available later this year!
You should do the following thing along with starting your online business through Shopify:
- Grow your audience on Instagram
- Use social media to promote your products
- Make sure you have a strong brand message and aesthetic
- Create a referral program for your customers
3. Start a Blog
Running a blog business is the most lucrative way to make money as a digital nomad since 77% of internet users routinely read blogs.
In fact, you can make thousands of dollars per month with just one blog! And it’s not as hard as you think. You don’t have to be a writer—you don’t need to be good at writing! All you need is passion and dedication.
Here are the steps that will make it simpler for you:
- Use WordPress and Bluehost.com to start a blog
- Make money from your blog by adding affiliate links
- Promote your blog on social media
- Get traffic to your blog through SEO
4. Swing Trade Stocks and Cryptocurrencies
If you want to make money online as a location-independent individual, swing trading stocks and cryptocurrencies are a great way to do so.
A swing trader would generate a 24% return in a year with only an average monthly profit of 2%, exceeding Warren Buffet’s average annual return of 20%.
Generally, swing trading is best done with stocks with a large volume (and, therefore, liquidity) and low transaction fees. That’s why eToro and Binance are highly recommended. They offer low-fee transactions on many different types of stocks and cryptocurrencies.
Following the steps below will help you:
- Get an eToro account and a Binance account
- Deposit funds into your eToro account
- Learn the basics of stocks, cryptocurrencies, and fiat currencies
- Open a cryptocurrency trading position on Binance
- Learn how to swing trade stocks using momentum strategies
5. Invest In Yourself
The best way to become a digital nomad is by investing in yourself. It requires you to continue learning new skills and honing your existing ones. To be an entrepreneur, you must keep learning about business, marketing, and sales. There are many ways to take your skill expertise to the next level.
Skillshare is one way to do this. Skillshare has thousands of classes on just about every subject imaginable—from how to code in Python or Ruby on Rails to how to set up a successful Facebook ad campaign or build a website from scratch with WordPress.
It is astounding to know that over 12 million people have signed up to use Skillshare’s platform. No wonder it is a great way towards a nomadic lifestyle. On top of all there is no lack of digital nomad jobs and you can make money online as a location independent individual.
You can get started with the Skillshare by following simple steps as listed below:
- Sign up for Skillshare and get started with a free trial.
- Choose a class to learn from experts in the field.
- Get help from other people experiencing what you’re going through now.
So, these were few ways how do digital nomads make money. One thing that we can say for sure is that the options for making money online never cease to grow. Every year, digital nomads come up with new ideas and start-up companies that can help them evolve how they make their living. Therefore, the ways mentioned above can give you a kickstart on becoming a digital nomad.