How to Make Money as a Digital Nomad Over 50

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Starting as a Digital Nomad when you’re over 50 can be daunting for many people. Being continuously employable is vital to ensuring you can continue traveling and living a comfortable life.

I have been employed constantly for the past ten years, with just two short gaps between remote jobs as contracts ended. My remote job as a Lead Quality Assurance Specialist has been running for over four years.

In this blog post, I want to focus on practical ways to make money as a digital nomad over 50 years old.

Fake money-making gurus share how you can make six figures a year working for Google, Facebook, and other big brands, but for the majority of the workforce, this is not achievable. If you have read my blog posts, you know that I prefer to focus on reality rather than dreamland.

Plan Your Budget

Before quitting your office job to become a Digital Nomad, this task is a must-do. Consider what monthly income you need to receive to travel and live comfortably. What level of comfort do you need to enjoy the experience: are you happy to live in a budget hotel room or rent a 1-bedroom apartment? Do you plan to travel to a new city or country weekly or every few months? What countries will you be traveling to?

Spending 3 months of the year in Tokyo will be more expensive than 3 months in Bangkok.

My goal was to start at $2000 a month because I would spend most of my time in SE Asia, where the cost of living is considerably lower. However, for three months of the year, I wanted to spend this time in more expensive countries like Japan, and South Korea.

Having an income goal from the start is vital.

Ways to Make Money Online

In this blog post, we aren’t going to discuss dropshipping, affiliate marketing, or starting an e-commerce store because this is what fake gurus teach. Back to reality, what you need as a new digital nomad in your 50s is a way to make money consistently without learning many new skills and spending time in areas that are hard to make money in.

Entrepreneurship is something that I will write about in a future blog post, but for now, we are going to focus on three areas:

Being an Employee

While the number of fully remote jobs has drastically reduced in recent years, companies still hire remote workers. The advantage of being an employee is that you will receive benefits like healthcare, pension, personal time off, vacation leave, etc.

The disadvantage is that you will find less flexibility in your work schedule, and time zones might be challenging depending on where you spend most of your time. Some companies do not want employees to be based outside their home country, so this is something to consider when searching for remote jobs.

Become a Freelancer

If you have a skill set that offers a service to small businesses and companies, you could become a freelancer and package these skills together to sell your time.

You should not focus on the freelancing platforms but instead build your client list; this way, you can command a higher pay rate and focus on a particular niche or sector.

The advantage of freelancing is that it offers much more flexibility and allows you to work when you’re most productive. The disadvantage is that you will not be paid the same amount consistently, which can cause problems if you travel full-time.

Also, some clients can process your invoices for up to 3 months, regardless of whether you request it in 30 days.

Being a Contractor

I chose this option because it gave me more freedom and a regular income without being an employee.

As an international contractor, you can work on short—to long-term contracts with US companies that generally pay much more than the UK and other countries. They cannot tell you where to live, but you will often need to work in a specific time zone.

Right now, my team is mainly based in the UK and Europe, so since I am based in Kuala Lumpur, Malaysia, I work in the evening, which is perfect for my work-life balance.

The disadvantage is that you do not get paid for time off, so if you’re sick or want to have a week off work for a holiday, you won’t get paid.

You will also be responsible for your own taxes.

Right now, I am registered with HMRC in the United Kingdom since my income goes into a UK bank, and I complete a self-assessment and pay tax every year.

There is no right or wrong way; you must decide which is best for you and know the pros and cons.

Type of Remote Work

Now that we’ve discussed the options open to you, the next step is to assess what type of remote work best suits you.

It’s time to review your past work experience, skills, and passions. You must be motivated to get work done and be productive, so what roles would suit you?

I suggest finding one role and focusing on it. The biggest mistake most remote work seekers make is trying to apply for two or three different roles. Remember that the role must be one that can be done remotely from your laptop while traveling.

Have you previously worked in Customer Support? There are certainly many remote jobs with this role.

Have you worked as a graphic designer? With these skills, you could become a freelancer.

Think about your experience and what role you are best suited to.

It will be challenging to have a career change at this stage in your life, so try to avoid this and focus on the skills and experience you have built over the last couple of decades.

Build Your Network from the Start

I cannot stress enough how important it is to network before you quit your 9-to-5 office job. I secured my first remote job by reaching out to people on my LinkedIn network. One person referred me to a recruiter within their company, and I was interviewed and hired the following week.

Start following people on LinkedIn within the industry you have the most experience in.

Look for CEOs, Recruiters, and Hiring managers for the types of companies that you would like to work for.

The best way to network on LinkedIn is to engage with content, ask and answer questions, and share your point of view.

You could also write 2-3 short posts a week on the platform and share your knowledge with others. This content will help you build your network, and who knows what doors this will open, no matter if you want to be an employee, freelancer, or contractor.

Plan Ahead Before Quitting Your Job

Finding remote work is not going to happen overnight, so you need to plan ahead. While working in the office, at your 9-to-5 job at home, build a freelance career by working for small businesses in the evening or at the weekend. Work on building your network on your mobile phone while commuting to and from the office.

Ensure you are future-proofing yourself by learning new skills and improving skills you have already started to learn.

Start searching for remote jobs and consider spending the first three to six months in this job working from home. Then, start going on short trips to get used to working while traveling.