Travel the world despite paying debt with these simple tips
Debt is something tied up with the average American. It is something that starts the moment one goes off to college.
In 2018, 44.2 million Americans had approximately $1.48 trillion debt in student loan. Some students even contemplate if a monthly liability while still in school is worth the hassle.
Instead of paying off $350 a month in student loan, some prefer taking that amount elsewhere to multiply. Millennials have embraced the so called “digital nomad” lifestyle where they would take on a remote job and travel the world.
These people are location independent and use technology to perform their job. It allows them to the are live and travel abroad while working.
Ironically, the feasible exchange rates abroad allows you to flex out even a small US-rated salary to live above means whilst still being able to save.
Here are some ways, tips, and tricks to pay off debt while still affording a nomadic and productive lifestyle. Travel the world despite paying debt with these simple guidelines.
Cheat on currency
We already indicated on top how currencies can be flexed out.
Statistically, a typical working class person spends around $40-50k a year on basic necessities such as food, shelter, transportation, and telephone. That $4,000 a month is bare minimum in the United States but is an enormous amount elsewhere.
Foreign expatriates are able to more than comfortably live on $400 a month in Southeast Asian countries like the Philippines and Thailand.
Some European cities such as Prague and St. Petersburg is another choice if you are willing to spend a little over $400.
All millennials want the good life without paying dues and student debt. The age of social media has sparked a ton of aspiring influencers to hack currencies and travel to places where it multiplies.
Taking on a remote job and traveling might just provide the best of both worlds. Expanding cultural and professional values and ideas are an added bonus when traveling.
Remember that you actually pay for taxes
There is thing called Foreign Earned Income Exemption if you’re outside the United States. The exemption covers the first $101,500 you make. That saves you around $26,246 if you’re an expat.
Just be sure to consult an expert to see if your situation applies. Check out expat tax experts online to help you with the filing process.
Also remember that you are in the Digital Age
The digital age is awesome. It has provided work opportunities for nomads who wish to save on commute and social expenses. That said, that means more money to actually enjoy what can be enjoyed wherever you travel.
Organization is important however, especially if you are dealing with multiple clients. Use technology to your advantage to be able to meet client deadlines, record invoices, create expense records, and organize contracts.
There are apps and software that can handle time management and track productivity. Sometimes it’s just worth investing $10-$20 on these installable applications.
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