How to become a digital nomad—and not go broke – MoneySense

If you’re intrigued by the idea of working very remotely, here’s what you need to know, with financial and lifestyle tips from those who have been doing it since the dawn of digital nomadism. 

Living the digital nomad life: Can you take your job on the road?

Nora Dunn, a content creator and former financial planner, is a long-time nomad. In 2006, she sold everything she owned—including her busy financial planning practice in Toronto—and went travelling. Burnt out from work, she realized she was unwilling to wait until retirement to pursue her lifelong dream of travel. What if, when the time finally came, she couldn’t for some reason? “It felt like a greater cost to me than the cost of selling everything I own,” says Dunn, who shares her adventures and travel tips on her blog, The Professional Hobo.

At the time, “digital nomad” wasn’t yet a term, and the lifestyle Dunn was pursuing felt as foreign as the places she would visit. Resources for long-term travellers, like online forums and meet-ups, were scarce, and few employers were open to having nomadic employees.

Of course, the pandemic has changed that. What started as work-from-home has become work-from-anywhere. Some Canadian employers are even encouraging their staff to explore the world. For example, communications firm Media Profile offers a “Work Away” benefit that covers up to $3,000 of employees’ travel expenses.

Countries, too, are getting on board. Until recently, digital nomads operated in a grey area—ineligible for work visas, they maxed out their stays on tourist visas. As a solution, countries like Greece, Portugal, Croatia, Iceland and the Bahamas have introduced digital nomad visas or permits, many of them launched since the pandemic, to allow foreign remote workers to stay up to one year.

Not all nomads sell off their possessions and quit their careers, as Dunn did, but it’s become increasingly common to see your co-workers join a Zoom meeting from another province or another country.

How many digital nomads are there?

While there are no exact figures, some estimates say there are 35 million digital nomads worldwide, with Americans making up the majority. A 2022 study by MBO Partners reports that 16.9 million American workers describe themselves as digital nomads—131% more than in 2019, before the pandemic.

But Canadians are setting up their home offices away from home, too—according to Statista, Canadians make up 4% of the digital nomad population, ranking fourth behind the U.S., U.K. and Russia.