Deciding to move abroad as an expat is an entirely different situation than being a perpetual nomad that is on the go. The reason for this is that when you decide to become an expat in a specific culture, you are essentially making roots and a life there. With that transition comes many hurdles where the individual has to struggle with what components of the local culture they want to integrate into their family life and also, whether they want to fully integrate their finances into that new culture.
In the age of globalization, there has been an increase in the amount of expatriates. The debate between fully integrating oneself into a new culture versus living the nomadic lifestyle (spending a few months per year in countries around the globe) is more appealing. That being said, there are certain personality traits and logistical issues to take into account when deciding whether to be an expat or a nomad that will be pivotal to your success in your quest.
Things to Consider Before Becoming an Expat
Financial Stability Could Be an Issue
An individual who’s interested in becoming a permanent expat in a culture is more likely to have a steady job due to starting their own businesses abroad or having a transfer from their domestic company to the office in a foreign country. If you are the sort of individual that craves financial stability, this could be the type of situation that is appealing to you.
Conversely, if you decide to be an individual that country hops during many parts of the year, you are going to have to have substantial savings from prior employment or you are going to have to have a job on the Internet in order to make a living.
One of the most important qualifications for considering this digital nomad lifestyle is ascertaining whether you have the proper set of experiences and skills to be successful in this way. For example, if you are considering writing, you have to have experience in specific fields to be able to make a profit on the Internet with your work. The same can be said for being a web designer. The life, professional, and educational experiences that you have will be pivotal in determining the type of money that you can make on the Internet as you travel around the globe.
This is an aspect of digital nomad life that is commonly missed, which causes certain digital nomads to barely get by if they do not have the proper qualifications to make a good living on the Internet.
Relocating Your Family Could Be Challenging
For those individuals who want more permanence, being an expat is a much safer way to relocate one’s family abroad. This way, children will be able to have a proper school year and sense of stability.
For those individuals that are not worried about stability, being a digital nomad could be an option; however, it is important to remember that you will never feel a sense of “home.” Depending upon your personality, this could be a major setback to your success as a digital nomad. The time away from your family can and will many times take its toll. This is precisely why it is essential to assess whether you are the sort of person who can be away from family for extended periods of time. This is the only way that you will be able to make being a digital nomad work in the long term.
How Money Transfer Companies Can Help
If you have determined that the digital nomad lifestyle is for you, it could be beneficial to explore potential options for moving your money to different currencies in more efficient ways. One reliable option to utilize to your advantage as a digital nomad is companies that specialize in money transferring. Through using these companies, you will experience substantial savings on your transfer and in turn, be able to use that money towards a fun tour adventure, for example.
Another budding service in the currency exchange industry that will be greatly beneficial to digital nomads.
are multi-currency cards like FairFX offers. What these cards enable is the concept of a consumer buying multiple currencies before they go abroad and then being able to use them in whichever countries they visit without worrying about exchange rates.
These cards are still in their beginning phases; however, they have the potential to make a tremendous contribution to the digital nomad lifestyle because they will save the digital nomad a substantial amount of money on their currency exchange transactions. This will be essential to their lifestyle because they will be moving money through many different channels as they travel across the globe.
Final Thoughts on the Subject
In the modern era, there is a very large debate happening where we see the battle between the traditional office setting and the idea of being able to both live and work freely around the globe. Due to the development of the internet, there has been a tremendous increase in individuals who have been able to make enough money online to live well as they globe trot around the globe. Since there are so many markets popping up for this sort of lifestyle, there has to be a determination made as to whether there is the potential for an individual to live in so many countries and not see their families on a regular basis.
Additionally, the individual has to assess whether this sort of unstable lifestyle is ideal for them to always be new in a new place and not have roots. This is where the digital nomad takes a certain level of independence that the traditional expatriate does not have. Thus, if you are considering moving abroad, it is up for you to decide, do you have the personality to be the traditional expat or the daring digital nomad? The choice is yours!