The ‘Quitting Bonus’ For Going 100% Nomad Today
One of the biggest fears related to becoming a nomad is the fear that you won’t make enough money to live well.
It’s clear to most of us that given a few years we could build a freelance portfolio and earn a comparable income to the usual 9-5, but the fear of running out of money during those first months on the road will stop most of us from jumping in with both feet.
It’s true, you’ll probably earn less money as a newbie freelancer than as an employee in a big firm. This is, however, no reason to stay home. As soon as you hit the road, a large portion of your expenses will disappear. While you’ll have less money initially, you’ll also have fewer expenses.
After you have experienced a few months of earning location independent income your wages will rise along with your skills. Once you get over the initial hump, your quality of life will be equal, if not better, to those living at home.
The uncertainty of the first few months on the road scares most people away from living a life of travel. It is, however, not nearly as scary as you might expect.
Here are a few reasons why becoming a nomad today isn’t as financially challenging as you might have been lead to imagine.
How much is your rent in the United States? If you’re like most of us, you’re paying at least $1,000 per month. Because you need a place to live, this massive cost is largely non-negotiable.
Even if your full time job pays you well, a large portion of your income is automatically siphoned off towards paying for your lodging. When you travel full time, this cost immediately goes up in smoke. Yes, you’ll still need to pay for housing somewhere, but you have the choice between hostels (if you want to remain extremely mobile) or an apartment in Asia or South America running for $200 per month.
Even when your location independent income is small, these costs are highly affordable.
Round Trip Tickets Cost Twice As Much
If you want to travel to Asia, round trip tickets will cost you $1,500. (roughly, and if you don’t know how to find a deal) If you have a job, you’ll be able to stay for just a few weeks. Your biological clock will be shot for your time spent abroad and you’ll need to recalibrate when you return for work.
A one-way ticket costs you just $750 and you can spend the other half on rent for the next 3 months. Paying for a one-way ticket and traveling to an inexpensive location means more money in your pocket as you grow your location independent income.
End The ‘Stuff’ Addiction
Whether it’s the washing machine, lawn mower, or the new car, meaningless objects can be a center of fixation for those without the courage to hit the road. If you’re going to drive to the same office every day you can at least dull the monotony slightly by commuting there in a Lexus.
All of this stuff is expensive and it doesn’t make you feel any better long term. Buying it, however, and then feeling like you need to keep buying more is a great way to mentally trap yourself into the 9-5 mindset.
As a nomad, you have no need to take on an expensive car payment. You have no reason to earn $2,000 and then spend it on a washing machine. You get to spend nearly all of your money on experiences and paying rent is like buying a month-long vacation spot.
For some, letting go of their stuff can be hard. This is only one more reason to go 100% nomad. You won’t be able to bring much with you once you finally hit the road. After you live a few months of the simple life you’ll learn just how little you need to remain comfortable and happy.