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21
Digital Nomad Life / Re: Digital Nomad Life
« Last post by gocurrycracker on January 30, 2018, 08:46:29 AM »
I don't think there is a right/wrong way to do it, there is more a spectrum of possibilities.

Some people need a 2% withdrawal rate to feel "safe" - others would be OK with 4% or even higher.

It's the same with entrepreneurship. Not everybody is a great fit for a Fortune 500 career, and following that path could also be a disaster (emotionally and financially.)

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Digital Nomad Life / Do you have a home base?
« Last post by jabbott on January 29, 2018, 12:41:10 PM »
I was wondering of anyone who lives this life; do you have a home base?  Like a place you own or rent long term (and rent out when you're not there ;)) that you come back to? 

If so, how did you decide on where to do that?

If not, how do you move?

I'm not there yet; but I'm planning to be FI in the next decade and make the move as soon as I feel the call; I love reading the exploits of the GCC family and how they go around wherever wanderlust sends them... 

I was originally thinking about settling somewhere in Europe, but reading about being a nomad just seems to sound infinitely more fun!

Thanks for the blog, I hope to see more adventures!
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Digital Nomad Life / Digital Nomad Life
« Last post by MightyInvestor on January 29, 2018, 10:32:57 AM »
GCC and Anyone else who is out there,

I wanted to throw something out there about Digital Nomad Life.  GCC is living it up as a digital nomad, and I am frankly a quasi nomad (abroad a fair amount each year and used to live abroad for my career). 

I think GCC did it right.  He developed valuable skills and a massive financial buffer.  Then he took the leap.  However, I think earlier in your career attempting to become a digital nomad without a safety net may be a recipe for disaster (see https://mightyinvestor.com/nomad-life/). Early on in your career, just making this jump without a plan B may set you up to be a rootless gig economy worker without a real fallback. 

Far better to A) work for an elite institution, B) develop a strong resume, C) most importantly, develop useful skills, D) build a financial buffer, E) and then take the leap.  I'm not saying don't travel when you are young.  In fact, I believe just the opposite.  But I am saying think in terms of risk/reward and mitigate downside risks.  You can see lots more in terms of my take at the link above.

GCC, if you read this, I'd love to get your take.  You are so analytical that I don't think you advocate just making some early leap and hoping for the best.  Thoughts???
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Taxes / Re: Managing the blog as a business
« Last post by gocurrycracker on January 28, 2018, 10:19:26 PM »
It isn't necessary to do anything. Simply by seeking profit through a blog you have a business.

Unless you formally create a business structure (typically an LLC or S-corp) you are self-employed / sole proprietorship.

A business of any structure is inherently tax efficient, as you are only taxed on profit which is equal to income minus expenses. They can all have a 401k.

It is generally not necessary or advantageous to create an LLC unless you need liability protection (e.g. you operate heavy equipment in public areas) or to create an S-corp unless you have high income (much greater than ~$50k/year.) I'm not a corporate attorney, so consult with your own CPA/lawyer.

GCC has always been a sole proprietorship. I may change that in the future to become an overseas corp.
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Taxes / Managing the blog as a business
« Last post by smartmoneyandtravel on January 27, 2018, 09:04:48 AM »
Jeremy,

Some questions on managing a blog

1. How did you go about getting the blog structured as a business? How did you progress, anything you would change to be more efficient if you could redo the process? 

2. How do you manage the income to be tax efficient? (401k? taxes? paying yourself?)

Thanks!
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Travel hacking / Re: Travel Hacking From Abroad
« Last post by gocurrycracker on January 24, 2018, 07:10:04 PM »
I think all companies now require a physical address, but the mailing address can be TM
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Travel hacking / Re: Travel Hacking From Abroad
« Last post by Slowtraveler on January 24, 2018, 04:45:53 AM »
Good suggestions.

I actually tried to do this recently for the Cap One Venture but the application said I could not use a commercial mailing address for my application.
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Travel hacking / Re: Travel Hacking From Abroad
« Last post by gocurrycracker on January 23, 2018, 06:49:18 AM »
Traveling Mailbox scans incoming cards (front only) which gives you number and expiration date. If I need the 3 digit code on the back I'll forward them to my brother. This works for anything online, including taxes.

You can add cards to Apple Pay for general use, and forward them to your current location if you need the actual card.
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Travel hacking / Travel Hacking From Abroad
« Last post by Slowtraveler on January 23, 2018, 06:07:14 AM »
Some time ago, credit cards couldn't be directly sent to an address outside of the USA by the card company.

This means that travel hacking from abroad is a pain. I have to have a card sent to my address abroad after having it sent to my address in the states to use the physical card.

I also have to ensure it is a no foreign transaction fee card.

It seems using cards to prepay expenses for travel hacking and having a no annual fee, no foreign transaction fee card on me for daily use is the way to go. That way, I can just use the card number to pay off taxes and not have to have the card shipped out to me.
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Taxes / Re: Steadily Increasing Tax Efficiency
« Last post by Slowtraveler on January 21, 2018, 12:35:46 AM »
Thanks to you Curry Cracker. I'm more free thanks to it all.

I actually have been between Thailand and Mexico since then. Haven't even landed in USA on flights. I have seen multiple doctors here and established my home itinerant style but for now in the 2 countries mentioned. I'm sure more will be added to the list in the coming years.

Before leaving, I moved the address of my banks and all that. I actually only spent a day in SD, they have very relaxed residency laws. My Driver's License is there. I've revoked my California voter rights, library card, sold my car, decluttered everything, ended health insurance. I have to no intentions to return to California ever. The company I work for and my parents are there. Nothing else.

The source of income is where the services are performed so I'm clean there. It's a shame though, that link gave me a 403 Forbidden. I'll try with a VPN soon to see if I can access it from Europe or the states.

My accountant said it's looking okay for the last quarter.

Thanks for guidance.

If you ever have any more tax efficiency upgrades, please share them. Thanks for making the world a better place.
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