How to Travel Around The World and Make Money

You open social media, and there they are: bright-eyed people traveling the world, sitting on the beach with a laptop, and enjoying life. Is this really possible, or are we being sold an unattainable dream? Let me tell you, it IS possible. However, it’s not easy, at least at the beginning.

We’ve been digital nomads since 2019, traveling and working from the road. In this blog article, I want to show you how this is realistically possible, what options are available to you, and what challenges you can expect.

Digital Nomad Remote Work Statistics

How to Travel Around The World and Make Money? First things first. Who’d like some numbers? According to Localyze, in 2023, over 35 million people identified as digital nomads globally. They reported earning between $50,000 and $123,000 annually, with the average hourly rate ranging between $10 and $30.

The distribution of employment types among digital nomads is diverse: 49% are employed full-time, 16% are freelancers, 16% are startup founders, 7% work in agencies, and 7% are contractors. This shows that a significant portion of digital nomads have stable income sources, allowing them to sustain their travels.

Additionally, 80% of digital nomads express high satisfaction with their work. More than half report a high quality of life, with higher job satisfaction compared to traditional workers. That sounds promising, right?!

Freelancer or Remote Employee?

First, consider whether you want to become a freelancer or a remote worker in a permanent position. One offers more freedom, the other more security. One can generate more income, while the other lets you travel more carefree. You should be aware of the following factors:

Work Preferences: Consider your preferred work style and level of autonomy. Freelancers have more control over their work, choosing their clients, setting their rates, and determining their working hours. They have the freedom to work on multiple projects simultaneously and maintain a varied client base. Remote employees, on the other hand, have a more structured work environment with set working hours and specific responsibilities within a company.

Financial Stability: Assess your financial situation and risk tolerance. Freelancers can potentially earn more money but might not always know how much they’ll earn. Employees usually have a steady income because they get paid a consistent monthly amount.

Lifestyle and Flexibility: Consider the level of flexibility you desire in your work and travel arrangements. Freelancers can take breaks between projects to travel or pursue personal interests. Remote employees also have flexibility, but their work is typically tied to company policies and schedules.

Long-Term Career Goals: Consider your long-term career goals and aspirations. Freelancers have the opportunity to build their own brand, expand their client base, and scale their business. Remote employees may have opportunities for career growth within a specific company, with the potential for promotions and advancement.

My Personal Tip: If you haven’t been a freelancer before and it feels overwhelming, consider a mix of both. Agree on a part-time contract with a company and have enough time to work on additional freelance projects. How much time you need for your work as a freelancer is entirely up to you and subject to negotiation. Officially, anything less than 32 hours per week is considered a part-time job.

I have written several blog articles that could inspire you with various job opportunities. Here’s one: 20 Remote Work-From-Home Jobs With No Experience Needed and another on Amazon Telework Jobs: Amazon Remote Jobs and What They Pay – The Full Guide.

How to Find Your Ideal Remote Job

First of all, I recommend taking a look at your current job. Do you love it and want to keep doing it? If so, can you do it remotely? Yes? Perfect – now you need to decide if you want to do it self-employed or as part of a permanent position. If you’re already in a full-time position, could you talk to your current employer about whether they can see you working remotely? If you realize that you don’t want to or can’t continue your current job, it’s time to find something new.

Reorient Yourself: Start by identifying your skills, expertise, and interests. Consider what you are good at and what you enjoy doing. This will help you narrow down the remote jobs that align with your abilities and passions. A saying I once read always sticks in my mind: “Decide to do something for a living that you love so much that you would do it for free.” Sounds logical, doesn’t it?

Develop New Skills: When you know what direction you want to go job-wise, it’s time to start working on your new skills. The easiest way, in my opinion, is to attend online workshops or courses. Look for webinars or workshops that focus on the skills you want to develop and participate in them. My favorite platforms are Udemy, Skillshare, and even YouTube.

Talk and Connect: Furthermore, networking is key (I know, it’s hard for me, too!). Join online communities, forums, and social media groups where remote workers gather. Connect with other Digital Nomads and professionals. Maybe you can even find a mentor who is active in your desired field.

Research and Polish: Research is a big part of this process. Look for job boards, freelance platforms, and websites catering to remote work. On the next page, I’ve listed some popular websites for finding remote jobs.

Best Job Portals for Digital Nomads

• Flexjobs: Offers a reliable platform with curated remote job listings, flexible work options, advanced search filters, and additional resources.
• LinkedIn: Still has one of the largest job boards and is considered a reputable platform.
• Remote.Co: Features remote job opportunities from companies across various industries. The website also provides resources, advice, and insights.
• We Work Remotely: Claims to be the largest remote work community in the world, with over 4.5M visitors.
• Upwork: A popular platform connecting freelancers with clients who require remote work services. Be careful not to sell yourself short here.

Becoming a Freelancer – How We Did It

Let’s proceed with a real-life case: I was a full-time TV journalist and knew that I couldn’t continue this job as a freelancer. So I focused on one small area of my job that I was good at: copywriting. I quit my job and, in consultation with my employer, started freelancing for clients during the last three months of my full-time job. This smooth transition felt a lot easier and took some of the pressure off. That was very beneficial because, in Germany, there’s a huge rat tail when it comes to freelancing. You have to pay for your own health insurance and taxes every month in advance.

I took some of the clients with me from my old job and also found new ones via friends and former colleagues. When I started freelancing full-time, I was already able to build a good relationship with my new clients and secure follow-up projects.

For my husband, this process was even more straightforward. He had been a self-employed UI/UX Designer for 10 years in the past, then was an employee for some years. When we decided to become Digital Nomads, he quit his permanent job at a business consulting agency and could simply reactivate most of his former freelance clients. I don’t want to sound like everything was super easy. We were very worried that things wouldn’t work out, and we also had to learn how to deal with rejection. But that is part of the game, right?!

Becoming a Freelancer – The Company Construct

The status quo: You know in which area you want to start your own freelance business, and you’ve already gathered enough expertise in it (or are still in the process of learning). Now is the time to think about your self-employment construct. Depending on which country you come from, there are different options. These are the most common possibilities:

Sole Proprietorship: This is the simplest and most common structure for freelancers. As a sole proprietor, you operate as an individual and have complete control over your business. You are personally responsible for all liabilities and debts.

Limited Liability Company (LLC): An LLC offers limited liability protection, separating your personal and business assets. This structure provides flexibility and can be a good option for freelancers who want some level of personal asset protection.

Corporation: A corporation is a separate legal entity from its owners. It provides limited liability protection to its shareholders and can have multiple owners. Setting up a corporation involves more legal and administrative requirements, but it can offer tax advantages and allow for the sale of shares.

Partnership: If you plan to work with another freelancer or business owner, you can form a partnership. With that construct, two or more individuals share the profits, losses, and responsibilities of the business. There are different types of partnerships, such as general partnerships and limited partnerships, each with its own legal and financial implications.

Cooperative: A cooperative is a business owned and operated by its members. Freelancers can join or form cooperatives to share resources, collaborate on projects, and collectively market their services. Cooperatives often focus on a specific industry or profession.

My Personal Tip: Take your time and decide on the simplest option in the beginning. It’s important that you can start now without overthinking it. You will be able to change your company construct at any time in the future. My husband and I started with sole proprietorships and switched to an LLC later. This has given us the opportunity to earn money securely and to find out over time which company structure works best for us.

Checklist for Setting Up Your Freelance Business

This checklist will help you work along the steps to build a sustainable freelance business.

1. Company Construct

• Decide for a company construct.
• Start the bureaucratic process to legally establish your company.
• Start the tax process to get a tax number for your business.

2. Market Research

• Identify your target audience and understand their needs.
• Research your competition and analyze their pricing, services, and marketing strategies.
• Determine the unique selling points that set you apart from competitors.

3. Professional Portfolio

• Create a website, an email address, and a portfolio on freelancing platforms.
• Showcase your previous work, projects, and achievements.
• Include testimonials and recommendations from previous clients.

4. Rates

• Determine your pricing structure
• Research industry standards and competitive rates.
• Consider offering different pricing options such as hourly rates, project-based rates, or retainer packages.

5. Online Presence

• Create professional profiles on relevant social media platforms.
• Share relevant content, insights, and updates to attract potential clients.
• Engage with your target audience and participate in relevant online communities.

6. Networking

• Attend industry events, conferences, and seminars.
• Connect with other freelancers, professionals, and potential clients.
• Collaborate on projects and seek referrals from your network.

7. Client Management

• Create contracts and agreements that outline project scope, deliverables, and payment terms. Our go-to software for that: Bonsai
• Establish effective project management practices to ensure timely delivery of work.
• Provide excellent customer service and maintain open communication with your clients. This is self-explanatory, right?!

8. Finances

• Set up a separate business bank account to track your income and expenses.
• Keep accurate records of your financial transactions.
• Find an accountant who can help you with your tax return.