Author Topic: Digital Nomad Life  (Read 69 times)

MightyInvestor

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Digital Nomad Life
« 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???

gocurrycracker

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Re: Digital Nomad Life
« Reply #1 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.)


MightyInvestor

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Re: Digital Nomad Life
« Reply #2 on: January 30, 2018, 09:37:11 AM »
Fair points, all.  For sure.