Digital Nomads: Tips for Managing Your Investment Trading on the Go

Contributed by Luigi Wewege At Caye International Bank, 26 April, 2021

Digital nomads are people who don't have to be based in one physical location to earn a living or build financial wealth. Thanks to working and staying connected remotely, it's possible to travel a great deal and still leave nothing undone.

As this relates to stock trading and staying on top of your investment portfolio, being a digital nomad poses no problem at all. Here are a few tips that will help you stay on top of those investments and never miss a beat.

A Reliable Internet Connection is a Must

As you plan where to go next, it's vital to find out what to expect in internet connectivity. Will you need to get along with a slower speed, or will you be somewhere that offers the latest technology? Remember to find out if you can be connected any time of the day or night, or if you'll be limited to a few times per day.

You hope to find that the connections are stable, affordable, and available around the clock. If not, you'll need to make allowances when you check market movements and decide about holding, selling, or buying stocks and other options.

Consider Time Zones

Be aware of the time difference between where you happen to be and the market you want to check. Your goal is to be able to check those markets when they first open. That may require some planning on your part, but the rewards can be significant.

For example, keep in mind that it's the afternoon in the UK and many parts of Europe when it's morning in the United States. If you happen to be in Belize and want to see what is happening with the NYSE or NYSE Chicago, congratulations! You'll either be in the same time zone or no more than an hour off.

Redundancy is Your Friend

While you may keep quite a bit of information on your computer, remember that all sorts of things can happen. Damage, loss, or theft of your device presents the possibility your data and other important information can be lost. Having a backup so you can minimize the consequences is a must.

Set up an automatic backup copy of your data on an external drive. Alternatively, use cloud storage and routinely upload new data, so it remains current. This allows you to change passwords and perform other tasks to keep your financial and personal information secure even if something happens to your laptop or the hard drive.

Invest in Universal Power Adapters

Having a premium computer and reliable backup system will accomplish little if you can't power up the device. Without power, you can't access your investment accounts. If you travel to many countries, it's essential to know that you can connect to the local grid without any problem. This is where investing in universal power adapters makes a difference.

The adapters allow you to overcome issues like differences between AC and DC power. They also ensure that even if the outlets are slightly different, one of the adapters will fit, allowing you to power up with ease.

Keep Your Broker on Speed-Dial

It may not often be, but you could find yourself in a location without access to the internet. That's fine if you've already done your trades and general stock checks for the day, but it can wreak havoc if those tasks still need your attention.

For this reason, keep your broker's phone number on speed-dial. Should you be unable to go online and check your accounts, the broker can do it for you. That's especially helpful if you had just completed a trade when the connection failed. Your call to the broker will tell you if it was successful or if the broker needs to complete it on your behalf.

Keep Notes in the Cloud Too

Part of investing is tracking performance history and making notes of what factors prevailed when a stock increased, decreased, or remained stagnant for a time. All that data can come in handy when you're contemplating making a purchase, deciding to hold an asset, or sell off now. If you keep careful notes on past or current investments, it's easier to decide what to do in the future.

The cloud is a great place to store notes to access the information from wherever you may be. If the cloud isn't an option, at least use a site that is secured through two-factor security authorization.

Use Offshore Bank Accounts to Fund Investments

Have you considered that using your domestic bank account may or may not be the best way to fund your investments? Depending on which markets you want to enter, opting to set up and use an offshore account might work better.

Consider an international bank account based in a nation with a good exchange rate. This might also be the perfect location for an investment account. There are many excellent investment options offshore, both traditional and non-traditional.

Create Your Financial Cushion as You Travel the World

Your ultimate goal is to go where your heart desires while maintaining the financial cushion to do so. With the right approach and tools, it's possible to travel as much or as little as you like and always know what's happening with your investments.

These are only a few digital tips to help you stay on top of your investments as you travel. There's no doubt you'll come across other strategies that also serve you well.

Tags: Invest | International Living | Expat Services | Expats | Personal Finance | Finance | expatriates | investment | offshore banking | offshore | banking |

 

 





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