How some young Canadians are saving money by embracing the digital nomad lifestyle

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For some young Canadians, embracing the digital nomad lifestyle has become an attractive way to save money and travel the world.

Grayson Allen, a 30-year-old content creator from Vancouver, is one such example. For the past two and a half years, he has worked remotely in various countries, including the UK, Colombia, Ecuador, Mexico, and Peru.

“I wanted to work abroad,” Allen explained during an interview with CBC News via Zoom. “It seems like a dream come true – you can save money, it’s cheaper living here, and you still get to travel on the weekends.”

The high cost of living in Canada has driven some travelers to seek out digital nomadism as a way to save money. Many countries have introduced digital nomad visas to facilitate this arrangement, including Portugal, Japan, Barbados, and recently, Canada itself.

Since starting his “nomadic” journey, Allen has repaid most of the student loans he incurred for his master’s degree in the UK. At one point, he was saving two-thirds of his paycheck while working remotely.

“A lot of people I know in Vancouver are just surviving,” Allen said. “My approach is to make some good money if I want to live in Vancouver in the future.”

Researcher David Cook, an anthropologist at University College London, believes that digital nomadism exploded in popularity during the COVID-19 pandemic. He notes that while some digital nomads may be high-net-worth individuals earning lots of money, not everyone fits this profile.

The combination of remote work and travel has raised concerns about affordable housing and rising prices in popular destinations like Latin America, Europe, and Southeast Asia. Cook suggests that Canadian digital nomads are more likely to settle in the US or Mexico due to similar time zones making remote work easier.

For Allen, being a digital nomad has allowed him to save money and travel the world while still paying taxes and contributing to his home country.

Read full article here: CBC Ca.