3 Financial Traps To Avoid If You Want To Live The Digital Nomad Life

3 Financial Traps To Avoid If You Want To Live The Digital Nomad Life

     In today’s society, buying things you don’t need or doing things you do not particularly want to do because someone told you it is what you are meant to do, is the norm. However, if you decide to break free from the constraints of getting into an enormous amount of debt before your life even really begins you have a huge advantage in life over the people who follow along with the crowd. You also have a great chance of mental and financial freedom. Here are some traps that we have avoided to help us become financially free and able to live a nomadic lifestyle at a young age. 

  1. Expensive Education

Now do not take this the wrong way. We do believe education is important. However, the outdated views on going to the most expensive school or university in the country is a complete trap for people who cannot afford it. We are made to feel that if we cannot afford one of these prestigious schools that we are less than those who take out massive student loans to afford it, only to get a degree, so they maybe can get a job in a field they may find they do not even enjoy once they are finished 4 years of schooling. 

Online education is more accessible and normal than ever. If you want to be financially free, be able to work while you study and not need to take out a huge student loan in order to take a course then this is definitely the way to go. 

Another thing to consider is there are so many jobs now that do not require a degree or certificate at all and just require self education, which is the route myself and my fiance have gone. Content Creation, Youtube, Video editing, Social Media management, digital marketing, affiliate marketing etc. are all very new industries that are in very high demand and all it takes is watching FREE YOUTUBE VIDEOS.

I barely graduated high school. I hate formal education as I like to learn things and be able to implement what I learn straight away and see how it’s going to make me money from the beginning. I watch a new Youtube video everyday, I am constantly learning to this day even while earning a 6 figure income. I love knowing I can continue to expand my knowledge in my field without spending a dime.

2. Expensive Cars

The next trap is the one of a flashy car or car loan. I did make this mistake early in my life. I bought a car with monthly payments and I instantly regretted it. I knew I could have continued driving my cheap affordable car as there was clearly nothing wrong with it. It was just my ego feeling like I needed to upgrade to keep up with my friends and emulate that I was more successful than I was.

The truth is, cars are not an asset. All they do is depreciate and cost money. If you want a nice car, do not get one until you can afford to buy it twice over.

3. Expensive Weddings

Since I was a little girl I was told I was meant to dream about “The Best Day of My Life” and that being my wedding. I was told that if a man doesn’t buy you a crazy expensive ring he doesn’t really love you. And that you are supposed to go into debt on your special day because “you only get to experience this once”. It wasn’t until I met my now fiance that I realized that this is all a crock of shit and just really good marketing by the wedding industry. Of course big extravagant weddings are beautiful and how wonderful it would be for people who’s parents are fortunate enough to be able to pay for their special day. However, this obviously wasn’t the case for me and again it seems society had set out to make me feel like I was less than because I couldn’t afford the sparkliest wedding dress, or tallest wedding cake. But, at the end of the day did I even really want that?

The answer was no. I was just told I should want that. And after witnessing many friends get married over the years I noticed there was always disappointment and family drama that tarnished their “Best Day of their Lives” and many friends told me they regretted going into debt for years for one day they barely got to enjoy because they were too busy making sure everyone else was happy.

Our idea instead: travel and elope. I can’t think of a better way to start a marriage, seeing new places and experiencing new things with the love of your life. Rather than a stressful expensive single day, you’ll have an entire trip of memories and an elopement just shared between the two of you. 

The average wedding costs about $28,000… can you imagine the trip you could take? That’s enough for a couple to live incredibly comfortably in Bali for a year. Or start the dream business you’ve always wanted to start. It’s all about priorities. 

I challenge you to think about the entirety of the dream that is your life. What do you truly want out of it and what are you doing for other people or because someone told you it’s what you should want? Also think about the sacrifices you could make now, to achieve your life’s goal and have a bigger pay off later on in life.

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