Cost of living as a digital nomad

One of the most frequent questions I get is “how do I afford to travel so much” so let’s dig into my expenses!

Cost of living as a digital nomad in Asia

When I was staying in Indonesia, I spent three months living in Lombok and stayed at a hostel for the entire duration because I loved it there…

The hostel I stayed at was:

Bamba – the best hostel in Kuta, Lombok!

So many amazing beaches close by

You can stay an entire month there for around 400$

The breakfast there is included and it’s amazing – there’s a cool swimming pool but more importantly, I love the team that works there, I made so many friends, and would even consider the staff family πŸ™‚

That being said, if you are on a really strict budget, you can find cheaper, especially if you are willing to negotiate once you are there and go to smaller less well known hostels

Food wise, you can eat for 2$ per meal, but if you’re going to want to have something else than local dishes then it can go up, maybe even as high as 5 to 10$ but you don’t need to treat yourself as a king all the time so let’s say a 12$ average per day (that’s a lot) including coffee and beers?

So let’s say 350$ – which can easily be more or less depending on your lifestyle once again

A scooter rental was 5$ per day if I remember correctly so 150$ per month

Fuel + parking (when needed) could add up to maybe 30$ per month

That’s all you really need

400+350+150+30 = 930

With less than 1,000$

you can (easily) live in Lombok, Indonesia

But… That’s not including day trips if you want to rent a boat, if you want to go surfing, if you want to go trekking and need a guide, etc etc, so in the end it will cost you more – maybe even up to 500$ if you really want to go for it πŸ™‚

So 1.5k and you’re set

From that you’ll need to add plane tickets tho

You also need to keep money on the side to pay your taxes, don’t make them wait, it’s not worth playing with them, especially if you run an online business!

So the truth is,

you’ll probably need to make more than 2k per month


Cost of Living in London

Now, I’m currently in London, so let’s compare πŸ™‚

First off, let me start with:

DON’T STAY IN A HOSTEL IN LONDON

They’re fine if you are staying a few days, but more than that you’ll definitely want to use Airbnb – you want to remain productive while in London, and hostels here aren’t that great because there’s no privacy and not much space to do any work

yep that’s my affiliate link, but let’s be serious, if you don’t have an airbnb account are you coming from Mars?

In my case, the Airbnb is costing me about 1.2k per month, sure I could’ve found something cheaper, but I believe it’s better to stay in a decent place where I can work & cook (without burning the apartment down) than be too cheap

I’ve got a cool view from my Airbnb tho!

I really don’t want to look into how much I’ve spent on coffee, so let’s say that food + coffee + a few drinks ended up around 500$ for the month (wouldn’t be too surprised if it was more)

Probably spent 150$ on “public” transport

So with 1.8k I’ve got my basic living expenses

Then obviously if you want to eat in restaurants, go out and party, visit the UK (the train is bloody expensive), go to museums and all that it’s going to end up being more expensive

So you could live in London on 2k per month if you want a basic lifestyle

If you want something more fun, expect that number to rise very quickly, especially if you want to live in the center of London (I’m in Zone 2 to reduce the cost of rent, no need to commute into the city every day so might as well save money!)

You’ll also need to take into account taxes once again…

So the truth is,

you’ll probably need to make more than 3k per month


The digital nomad lifestlye

So to answer, how much does the digital nomad lifestyle cost:

IT DEPENDS ON YOU.

It depends on where you go

It depends on your standards

It depends if you are going to travel around

It depends on what food you’re eating

If you want to party

If you have loads of taxes to pay

Or you can start hitch hiking around the world and be a true nomad, even better, get yourself a camel, an Indiana Jones hat and hit the road

If you are willing to sleep outside in the nature it will be cheaper, same for a hut, if you want to stay in five star hotels tho… It’ll be different!


I hope that answers your questions!

Sorry I couldn’t give a straight answer but it depends entirely on you!

If you liked this post, it would mean the world to me if you could leave a like πŸ™‚

Onwards!

Who’s behind this? It’s me, Max Sydney

After posting on Instagram asking for subjects people were interested in, it appears that quite a few of you would like to know more about me – kinda weird but okay, let’s dive into the more personal side!

I’m Max, been to 32 (or is it 33…) countries, I’m young, drink way too much coffee and like meditating and deep conversations. Anyway, this isn’t my tinder description thankfully.

Okay, don’t judge me, I don’t have baby pictures of me on my laptop!

Anyway, to skip to the more interesting parts I guess πŸ™‚

I was extremely lucky to be born in my family, (well born at all knowing the odds being born stand at 1 in 400 trillion) because my parents are English, but were living in France and had their own business in the wine trade. So that helped me become bilingual without really trying and put me ahead.

Plus, I was especially lucky since they love travelling and brought me along in many of their travels abroad, which really helped me expand my openness to the world and understanding of different cultures.

That being said, since you’re here you probably don’t really care about those amazing travels and early age but would want to know more about my passion in Finance?

I actually got interested in the industry really early since a broker took me to school one day in a soft top jaguar e-type, since then I’ve been keen to learn more about stocks and the world of finance!

And no, it wasn’t the Wolf of Wall Street that made me want to work in Finance, even if this scene is… ❀

First stock I made my dad buy was of Blizzard, mainly (entirely) because I spent countless hours playing World of Warcraft as did millions of other people – turned out to be a really good call so kinda proud that being a geek helped me make money πŸ˜€


More seriously tho, I started learning more and more about FOREX thanks to Babypips which is a fantastic free resource that I would recommend everyone to go through, but don’t expect them to give you any holy grail or anything like that, but they will cover most of the bases! FinVids was also an amazing free resource that helped me out a fair amount!

So yes, it’s actually possible to learn and get started for free (on top of YouTube videos) in the FX world, but I quickly realized I’d be way better off if I was to join a course, so I ended up joining Infinite Prosperity which was really helpful, I’m not going to vouch for it today because it’s been a while I left and I have no clue if they made changes… BUT it provided me with loads of learning opportunities and help me see my first few months of positive returns which was more than nice!

After being part of Infinite Prosperity for several years and being subscribed to “Active Trader” and “Live Trader” I came to realize that I was relying too much on other people analysis so I decided to jump ship

It’s all about finding a style that fits you

After a few months trading by myself I decided to join Falcon Trading to keep improving my skill and learn more since remaining a student and having an open mind was really important to me!

I ended up losing a fair amount the first two months after joining so I do wish I hadn’t kept trading with the same account size before even building my trading plan and backtesting it… I was overconfident! But hey, more than two years later I’m still in the community so something must be right!

It’s all about finding a style that fits your personality and then going from there, if you are happy with your trading that’s great, stick with it and push it even further!


Now I also got a fair amount of questions about studying at a good university (McGill) while also learning how to trade so I’ll address those

Most of the time there was snow – gotta love Canada

Do I recommend going to university if you already know that you want to go full-time?

YES, If you can go to university for free or your parents are offering to pay for it you should absolutely go for it – many people are saying you should drop-out and never go, sure you can do that, if you really need to spend all your time on your already successful business and you already know you want to do that.

Will you have time to work on your trading on top of university? Absolutely!

It’s now become cool to “drop-out” and say that university is bad – but that’s just falling to a trap of online courses that are more or less all copies of each other…

Are you going to learn loads of things? Maybe not, but you’ll meet amazing people, have the opportunity to live in a different country, learn a new language, get a higher paying job than a waiter, get black out drunk and network. Good days if you ask me πŸ™‚

It will also teach you the importance to debate, present your findings and write, which is something that is lacking today. It’s quite funny to notice that most people that are against university aren’t able to debate on the subject, maybe because they never practised?

Will you have time to work on your trading on top of university? Absolutely! I had the time to pass all my classes (okay I had to re-take maths, fucking hated that class)

Usually people took 4 classes per term, the max was 5, I asked to take 6 classes in my last term…

Sure you probably won’t get the best grades if you are simultaneously trading, running a failing business, and doing some work on the side, and going out and partying but will you have the time? Absolutely.

Once you will be working a full-time job you won’t have the time to work on your trading between 8 am to 6 pm if we assume an hour commute – that’s way more time than I spent studying every day

If I hadn’t gone to that university, I wouldn’t have landed the jobs I did, which paid me a lot, which in turn would’ve meant I wouldn’t have been able to save up enough money to go trading and travelling – so I am incredibly grateful for university.