While there is an increase in the number of people opting for the location independent lifestyle, there are also people who have failed in trying their luck at it. They not only feel dejected but are also broke and struggle to get on. For many, it does not work out as it should for various reasons, but there are a few significant reasons why the digital nomad lifestyle does not suit or work out for everybody. Below we will discuss the common (but easily avoided!) hurdles faced by digital nomads and frequent travelers.
LEAVING WITHOUT SUFFICIENTLY PLANNING
Digital nomad lifestyle is not just sugar and spice. You cannot possibly head out to travel the world without strategically planning the trip and gathering enough information about the location. A lot of time and effort goes into planning the trip. This includes everything from travel itinerary to accommodation and visa durations, work conditions and how you will earn money online, health insurance and internal transaction accounts facilities in the country and so much more. A lot has to be planned and executed timely in an organized manner to avoid any time or resource wastage. A lot of material is available on the internet to read through to understand what to expect from each destination and how to earn money staying at that particular location.
NOT SAVING IN ADVANCE
To move around in a completely new place digital nomads or entrepreneur should have ample amount saved up. Even if a business has geared up nicely, a lot of cash and investment may be needed initially to cover accommodation, rent and commuting costs because your business may not generate stable and steady income too soon. Thinking that as a digital nomad you may be able to earn a lot of money all of a sudden is like living in a fool’s paradise. With little to no income and savings diminished you will be compelled to put an end to the ideal lifestyle you have always dreamed of.
You need to save up an ample amount to survive without any income for at least a few months. You can do this by selling off items that are of no use anymore. Also, you should know how much amount will be needed for basic amenities every month while keeping a provision of cash for extra costs and expenses.
NOT CREATING A BUDGET
This is one of the prime reasons why digital nomads run out of money and eventually fail. Just having enough savings will not do the job for you; you need to be wise enough to know how and where money should be spent. Spending your savings on dining out, fancy accommodation facilities and expensive gadgets are just not wise. You may make a budget for yourself and track your expenses each month. Not only this, see where you can cut down unnecessary expenses each month and how you can utilize the money that you have saved up smartly. Make a forecasted cost sheet and compare the actual expenses with the forecasted. This way you will have a clear idea about what is basic and what is extra. If you plan to put some money aside for investments then you must adjust that amount in your budget to have a clear picture of your savings. Saving and budgeting is no science, it just means you are pro-active and wise!
HAVING NO INCOME GENERATING SKILL-SET
What career path you choose as digital nomads play significant importance in how likely you are to succeed. Digital nomads either switch to a completely new career path as they want a change from their mundane work or they choose to follow something similar to what they were already doing in their office. Whatever they choose, they should acquire the necessary skills needed for a particular career path. Learning through online platforms is a good choice but you need to exercise caution before you choose a credible source and not to forget the money involved in learning new skills. Without appropriate skill set, a digital nomad is most likely to fail.
TRAVELING TOO MUCH
Some digital nomads get tired of one place too quickly and pack their bags every two to four weeks to move to another place. This results in additional saving spent on travel and less focus on work resulting in no income generation. Digital nomads need to take it easy and slow striking the right balance between work and travel and not spend excessively only on leisure.
Mostly digital nomads who have failed miserably are the ones who have unrealistic expectations about the lifestyle and don’t understand the costs that come with it. To succeed as a digital nomad one must have a lot of endurance and be ready to sacrifice different aspects of a conventional life. You need to be able to strike a balance between work and travel and not burn out. That said, the greatest risk is not taking any risk at all! So be ready to fearlessly face the stumbling blocks life throws at you.
Thanks for reading!
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