Have you ever seen pictures of people who seem to be on vacation ALL THE TIME? How can they be practicing yoga in Bali when a few months ago they were hiking on the Inca Trail in Peru?
Do you ever wonder how they can afford it and what they do for a living?
Chances are, they’re digital nomads.
What is a Digital Nomad?
Digital nomads are remote workers, either full-time or part-time, constantly traveling all around the world. They live an exciting lifestyle, always discovering new places, meeting new people, and discovering various cultures from the inside out.
Some nomads travel their home countries; visiting local regions and getting to know their homeland. Other nomads travel the world; immersing themselves in different cultures and filling their passports with stamps.
Most nomads stay in hostels, co-living spaces, and Airbnbs. They rent apartments, rooms, or bed spaces to stay in while they work and travel simultaneously. On the other hand, there are some self-sustaining nomads who live and travel in campervans and buses.
What most digital nomads have in common is they rely on wireless devices like laptops, phones, and pocket WiFis to do their work wherever they are.
Online Careers and the Nomad Lifestyle
Even before 2020, digital nomads are already working remotely while traveling routinely. According to a study conducted by MBO, in 2019, there are already 7.3 million American digital nomads. This number increased to 10.9 million in 2020. Today, there are over 35 million digital nomads around the world.
Digital nomads have three kinds of work: freelancers, remote workers, and entrepreneurs. In fact, according to A Brother Abroad, only 17% of nomads are employed by companies and 28% are freelance workers. The majority of nomads, around 55%, have their own businesses.
Most employed and freelance nomads work in marketing, IT, design, writing, and eCommerce. These professions have been flexible for years, even decades, allowing remote workers to be location independent.
However, since the pandemic, more companies are now switching to remote work, for good. According to Owl Labs, 16% of companies in the world are now operating 100% remotely. Since this switch, the digital nomad lifestyle is now possible for all types of professions. A lot of digital nomads did not have to switch careers to make their dream lifestyle come true. They simply convinced their companies to let them work remotely.
Closing the Gender Gap
Did you know that the digital nomad lifestyle is closing the gender gap in income and career?
That’s right!
According to Remote.Co., around 30% of fully remote businesses have women CEOs, founders, or directors. This is compared to 5.2% of women CEOs in traditional workspaces.
Why do remote companies hire women and let them lead? There are several factors to this however, most studies point to flexibility. So, remote work is actually more supportive of women’s careers progressing.
“Working-from-Home” Away from Home
Where do they stay? How do they work?
The short answer: “home is where the WiFi is.”
Digital nomads need only one thing to sustain their lifestyle: an internet connection. So no matter how good the food or adventures are, nomads always choose a place where there’s a WiFi connection.
Since most hostels and Airbnbs now have WiFi, 23% of digital nomads prefer working in their accommodations. This will help them save on costs for coffee shops or co-working spaces. However, 20% of nomads still prefer working outside in coffee shops and public libraries.
Since loneliness is one of the problems nomads struggle with, 21% of nomads prefer to work in co-working spaces. This gives them the social interactions they need and helps them grow their business network. Co-working spaces generally have a fast and stable internet connection, sometimes fiber optic.
Pros and Cons of the Digital Nomad Lifestyle
The digital nomad lifestyle is exciting and dream-like. Most nomads describe it as the best years of their life. However, the lifestyle comes with some pros and cons.
The Highlights
1. Freedom and adventure. Most nomads stay in a new place for 3 to 6 months before moving to a new place. Other nomads stay for more than a year. Since there are no rules, digital nomads can do whatever they want, whenever they want. They can go on whatever adventure they feel like going on and go to whatever country they want.
2. You’re your own boss. You’re free from the 9-5 timetable and office politics so you’re only responsible for yourself. You set your own schedule; how often you work and how long your vacation will be.
3. Your dollar goes a long way in low-cost-of-living areas. So your month’s worth of rent in the US can stretch for three to six months in other countries. In fact, you can actually save more money as a digital nomad than when you’re staying at your home base.
The Challenges
1. Loneliness. This is the problem 51% of digital nomads battle with. You say goodbye as often as you say hello and you can miss your friends and family back home.
2. Your productivity can suffer from constantly moving. You need to manage your time well, avoid distractions, and learn to adjust to new locations.
3. Visas shouldn’t be an issue, so make it a habit to always check the requirements before going to another country.
Despite the pros and cons, many nomads do not want to go back to the conventional lifestyle. This is because once they’ve tasted adventure and freedom, they don’t want to give them up.
Are you ready to switch to the lifestyle? Enroll in our Master Course now.
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