By Jacob Maslow — Branded Content
There is an excellent value in planting roots in one place. However, in growing numbers, people also realize that there is value in calling home wherever you happen to be at any given time. Whether you do it for a year or two or in an open-ended way, a location-free lifestyle is within reach, and the tips below can help you achieve it.
The first thing you need to do is assess your situation. Are you single, or do you have a family? Are there pets? How are your finances? Do you need to pay off debts first and beef up your savings? This is generally a good idea even if you will have a regular income while you’re on the road. You need to think about whether you will sell your home or rent it out if you are a homeowner and whether you will substantially downsize your possessions or put them into storage. You also need to look at other issues, such as taxes, residency, and maintaining an address. Several social media groups and websites for digital nomads and people practicing location-free living can help you with these questions.
Consider Income Streams
If you have an employer, even if you work remotely, you may need to discuss your plan with them if you will be moving to another state or country. Alternately, you might be starting or already have your own business. It’s not a bad idea to consider creating multiple income streams whatever your employment situation. For example, suppose you have a particular area of expertise. In that case, you could create eBooks or other online content about it and potentially work with sponsors and have affiliate links, bringing in some income. Investments are another way to increase your financial stability. While stocks are one way to approach this, you could also look into real estate.
You can purchase shares of rental homes, which can offer tax savings on REIT investments via a qualified business income deduction that you can potentially reinvest into an existing business. You will still earn rental income and see your property appreciate without many of the headaches of owning the entire property yourself. Depending on your background and expertise, teaching online courses, seasonal work, and public speaking engagements are all other ways to bring in money.
Have a Plan
Where do you want to go? Maybe you will start small, keeping your home but taking extended vacations for several weeks at a time to new locations within the country. Other options are getting an RV and going on the road full time or international. If you plan to travel internationally, it is essential to understand visa rules and how long you can spend in various countries. And while you do need to start with a general plan, remember that you can change it at any time. Flexibility is one of the advantages of this lifestyle. Not to mention that doing something that scares you can help you grow and learn about yourself in an extraordinary way.
Photo Courtesy // Jacob Maslow