I learned that if you earn US dollars (USD) or another strong currency and live in a Low Cost of Living Country, you’ll probably sooner or later find yourself whizzing away on a Hyperloop ride to Financial Freedom.
There are lots of things to recommend the freelance lifestyle. But matching retirement contributions and a regular pay cheque aren’t among them. Here’s how to be the boss of your own money.
When you’re fresh out of college and land your first professional job the first thing that crosses your mind is probably relief. The second is likely if your new salary will be enough to cover your bills. But the salary amount is usually where a lot of first-time professionals stop paying attention to their compensation package.
There is a brewing possibility that I might come across a remote position. I wanted to take this opportunity and travel a few places around the globe. I am planning to start for a few months in my home country and then make the move. But I am not sure how the taxes and other financials work if I am moving around different countries every 2-3 months(or whatever time is ideal).
Many financial advisers recommend that workers aim to save between 10 and 15 percent of their pay. But other experts say millennials should save much more, up to nearly a quarter of their income, to avoid running out of money in old age if stock market returns fall.
Any side projects, Game, OSS, Hacks.
Remote work is forcing us to question the way our classic government institutions function. Who do we owe our taxes to? How do all parties ensure that appropriate tax codes and laws are being followed when workers may be employed by different countries or work in more than one region throughout the year? How can remote workers–whether they are self-employed or full-time–make sure they fulfill their tax obligations when working abroad or for companies in other countries?
Most people don’t have the luxury of working from home, but if you can get a job or start a business that allows you to work remotely 100% of the time, the impact on your savings and FI date can be huge.
I do affiliate marketing. Just looking for few other options and would love to hear your experience/story of creating passive income sources!
To all the FI’ers out there that are making 6 figure incomes and higher, how’d you do it?
Did you invest years in school?
What was your debt load when you started your career?
Did you see a massive pay hike, and when?
What do you make now, and will you make more in years coming?
Did you marry wealthy?
Tell us your story.
Three early retirees tell their story of living on 4 percent or less.
We took a look at some of the best online transfer services and got recommendations and insights from the experts.
The biggest contributor to the difference in cost of living between San Francisco and pretty much any other city is housing. By adjusting salaries based on cost of living you are essentially telling people that they should be punished for finding a cheaper place to live, and rewarded for spending more.
Some companies seem to highly adjust for location, for example, Buffer is paying $93k for a developer in Hong Kong, $77k in Buenos Aires, and $144k in San Francisco, for the same job. This raises questions about determining ‘fair’ salary outside the major cities, where the cost of living is well known and understood, and sources such as Numbeo and similar sometimes miss essential issues. So, dear reader, what’s your job, where are you based, on what’s your salary?
I know this is a niche question, but have you reached a point where you have enough passive income to not to have to work for a living? If so how did you accomplish it?
What’s your average cost of living (per month)?
I’ve seen a myriad of get rich quick schemes and online money making scams. Obviously this is not how you are all making money. So how are you making money? How much money are you making? And what strategy creates the most amount of cashflow?
If you don’t have a residence, where do you pay taxes as a European citizen?
Here’s a primer on the tax and financial aspects of the digital nomad lifestyle. Note, this is mainly for US folks.
I’m interested to hear how people manage their personal finances, and any advice on that score. Do you do it through your bank, do you have a personal broker, online services? I am especially interested in hearing from people outside the US, more so if they have assets in the US that they manage as well.
I’ve read some suggestions about Hong Kong here, due to no taxes, reputable banking system, but seem that it can be difficult to arrange and can take months to get a bank account even after going there. Where did you set up your company and bank account with paypal, credit cards and all? Looking for recommendations on companies that help with the setup also!
Want to learn how to think clearly about important everyday decisions? Finance for Everyone will showcase the beauty and power of finance. This introductory finance course will be a gateway into the world of finance and will examine multiple applications to apply to your everyday life.
Many people fantasize about traveling the world and working on their book, starting a business, or doing freelance work… but there’s no good way to figure out how financially feasible it is. Well, there wasn’t. Until I built one.
Psychology experiments show why even the financially savvy have a hard time following sensible strategies.
With Stripe Atlas, entrepreneurs can easily incorporate a U.S. company, set up a U.S. bank account, and start accepting payments with Stripe. Starting today, it’s available to developers and entrepreneurs globally. The promise of the internet is that location matters less. However, geographic barriers and associated complexity make it difficult to start a global business in many parts of the world. Developers around the world should have equal access to the tools and services that are available to those in Berlin and Boston.
I want to see how much nomads are comfortable making a year before I begin my journey!
Please share suggestions of whats worked for you and what hasn’t.
Many marketers work overtime to confuse us about money. They take advantage of our misunderstanding of the time value of money, of our aversion to reading the fine print, of our childish need for instant gratification and most of all, our conflicted emotional connection to money. Confusing customers about money can be quite profitable if that’s the sort of work you’re willing to do. A few things to keep in mind.
Similar to how we share our salaries openly, we’re now happy to share the financial setup of a 6 Buffer teammates around the world, including how they’re set up as remote workers, how much they pay in taxes and where that money goes.
Managing your money should be pretty straightforward, but that doesn’t make the task all that easy.
I’m interested as to how other nomads/perpetual travellers manage their financial lives on the road. How do you keep on top of your financial assets/situation whilst travelling and using multiple currencies? How frequently do you change your primary currency and how do you cope with that mentally (on the fly conversion etc)? Do you budget, or just roll with the punches?
Years ago, my colleagues and I conducted a fairly large-scale research project. We interviewed a bunch of high-income professionals who provided professional services. This group included doctors, dentists and lawyers, and like most of us, they earned money only when they were working. In essence, they traded their time for dollars.
Our finding was this: Homes and retirements accounts aside, the most valuable asset they owned was the person staring back at them in the mirror each morning. Chances are, the most valuable investment you own is the investment called you.
How many of you have passive income? I guess in the truest sense of the definition, passive income is 100% passive, requiring no work once established. I’m curious to hear about such cases as well semi-passive cases in which only a few hours of updating or maintenance is required each month.
If an American lives in one country (e.g. Spain) while working for an American startup and being paid in US dollars, should he pay taxes in the US or Spain, or both? In Europe the national health care systems are tied to paying taxes in a country. How are nomads dealing with health insurance? I’d really love to be completely above board w/r/t taxes and have health insurance, but all the advice I find online either sounds made-up or is “consult with your accountant”. If I had an accountant I wouldn’t be searching for this info!
In this extensive article I go into detail for why you might or might not want an Estonian e-residency, how it can make it really convenient to bank and run a business in Estonia, some basic tax implications, and lastly explaining the process of obtaining an e-residency.
Do you have any recommendation on where in the world to register a company when being a traveling digital nomad and EU citizen in Asia?
I spent countless hours finding the best banks for nomads in North America, Europe and Oceania, so you don’t have to. Read on to learn more about these incredible banks and how you can open an account with them today.