A report published by Talker Research pinpoints the exact average bank balance Americans need to drop everything and travel the world. According to this study, involving 2,000 people, the average wannabe world-traveling American needs roughly “$287,731 in the bank.”
Of course, there is a generational divide on the exact amount: baby boomers indicated an average of $335,000. Meanwhile, their youngest-paying relatives in Generation Z (Gen Z) named a more modest $211,000 to encourage their exodus abroad.
Leaving It All Behind
The survey, conducted as a collaboration between Travelbinger and Talker Research, also indicates that not everybody is so willing. A reported 32% of respondents said they wouldn’t leave with anything less than $500,000 in their accounts.
Money isn’t the only motivator. As Alexandrea Sumuel Groves of Wander Worthy puts it, “Vacations aren’t about the location, they’re about the feeling of joy and escape.” Her perspective underscores that while savings matter, the real driving force behind travel comes from the emotional freedom it provides.
If you harbor dreams of seeing the globe, there are many reasons to be optimistic, not least in the side hustle era. A growing number of stories involving traveling and earning on the side makes the side-hustle phenomenon a firm part of the modern zeitgeist.
A Brave New World for Travelers
There is less need to drain one’s 401(k) to see the world now. The globalized gig economy means it is increasingly easy to earn money living or journeying abroad. Sifting through the opportunities available may take time, but anybody can carve out a far-flung working life. It all depends on one’s skill set, their willingness to explore new work horizons, and their level of responsibility back home.
Naturally, when the modern mind ponders traveling side hustles, the term “digital nomad” may spring to mind. For the unaware, these mostly young laptop-toting jetsetters work remotely in different corners of the world.
Digital nomads are usually untethered from home ownership, choosing to live in different locations across the globe. They spend their days working from coffee shops, coworking spaces, or wherever they feel most comfortable. What’s more, they can take advantage of other countries’ economies, where the cost of living, taxation, and food is much lower than back home.
The Remote Worker Era
The most recent figures show how the 2020 pandemic response was a catalyst for the spike in this remote workers cohort. A Census Bureau report shows that only 5.7% of workers (aged 16 or above) worked from home in 2019. By 2021, that number had almost tripled, though as workplaces started opening up again, it fell slightly.
Three states stand out for those considering a change of U.S. scenery. Washington State, Colorado, and the District of Columbia had more than 20% of their workforce listed as remote in 2022. While being an American-based traveling worker may suit many, others look further away from home shores.
Going Abroad
Remote worker platform Citizen Remote lists 73 countries currently offering digital nomad visas. Founder Tim Marting reveals how they are either “introducing or refining their digital nomad visa programs to welcome remote workers with open arms.”
The platform helps any prospective resident obtain vital information on visa costs and income requirements. Meanwhile, other platforms go a step further, ranking every major town, city, and village across the digital nomad map.
Asia Leads the Digital Nomad Race
On the Nomads database, hundreds of destinations have a quick-look thumbnail profile, leading to a more exhaustive guide. Each place gets an energy bar-type overall score based on four criteria: cost, Internet speed, popularity, and safety.
At the time of writing, two filters, “popular now” and “top ranked” on the Nomads search engine, put three Asian destinations at the top. Bangkok, Thailand; Canggu, Bali; and Kuala Lumpur, Malaysia, are the three most desired cities for transient workers.
These locations serve as the Ivy League of locations for traveling side-hustlers and full-time digital nomads. One factor links all three together: they all rank extremely well for safety and cost.
Side Hustles for Overseas
For those who just want to travel and work part-time, travel-friendly side hustles are sprouting every day. Some of these might include:
- Being an influencer: Gen Z travelers are more likely to draw an income from online social media followers.
- Blogging: writing about one’s travels in an established blog can fuel journeys around the world.
- Teaching: Part-time English teaching is always an option with minimal training.
- Becoming a guide: Some regions will train wanderers as guides for other visiting travelers.
- Tourism side-hustles: selling photos of people or running expat services can help any traveler.
Passive Earning For a Long-Term Journey
Naturally, some side jobs will yield a healthy passive turnover. Options are there for homeowners who work remotely and crave new surroundings. For those who can afford it, a successful Airbnb property might be enough to generate indefinite adventures elsewhere.
Lifestyle platform Frayed Passport lists useful steps for anyone looking to rent their home out on Airbnb. Such an arrangement can lend itself to residing abroad and living off the income, depending on the visas available. A consistent rental price is likely to leave anyone living on a more affordable budget enough money to thrive.
For instance, Portugal offers digital nomads both a temporary stay visa and a passive income visa. A passive income visa suits those who wish to retire without working, albeit still earning from investments and pension funds.
Doing the Research
Obviously, understanding the tax laws is advisable for those choosing this pathway. Some countries have a double-taxation treaty with the United States, making that passive income feel smaller than expected.
Nonetheless, traveling doesn’t mean stepping away from work anymore, and in some cases, it means giving up work entirely. Clearly, a sizable contingent of America’s workforce can turn their skills into a paid adventure. The era of working travel is here.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.