Earning money in the USA
It’s all very well buying a property in the USA, but have you considered how you will fund your lifestyle whilst in town? Here we consider some of the most popular ways that expats source income in the USA.
Renting out your property
The majority of our readers looking at the USA are doing so to purchase holiday homes. If this is your plan, remember that you may be able to receive significant income by renting out your property to holidaymakers when you aren’t there. Should this be your plan, you will need to make sure you comply with the rules and regulations in your state dictating what you need to do to let your property legally. If you will be located in the UK, it makes sense to employ a local property management company to look after your property and manage bookings on your behalf.
If you wish to find full time employment in the USA, you will first need to secure the necessary visa.
If you wish to find full time employment in the USA, you will first need to secure the necessary visa. This can be quite the process, so it’s important that you establish whether it is a possibility before you up-root your life in the UK. If you’re moving to the USA for a job opportunity, your employer will be responsible for helping you to secure the visa that you need.
Most states have an online ‘state job bank’, which will likely be your first port of call. You’ll find plenty of other boards around, many the same as in the UK, but .com instead of .co.uk. Don’t just limit yourself to opportunities on job boards – speculative applications are quite common in America. If you have a very specific skill set that you can play up, then this is worth it to convince a company that you can add enough value to make it worth their while sponsoring you.
Can you go freelance?
Do you have skills that you can offer on a freelance basis online? If so, this could be a great way to earn remotely whilst spending time in the US. This route is perfect for writers, editors, designers, project managers, accountants, and so on. The great thing about work of this nature is that you can do it from anywhere, and you only have to take on projects that suit you. There are numerous websites where you can upload your CV and examples of work, and then apply to work on projects that take your fancy.
This is an option that likely won’t be available to you when you first move to the US, as you’ll normally need a salaried position to gain a working visa.
Set up an online business
Another option available for bringing in income is to set up an online business. Perhaps you can sell a product online, or is there something you could import or export? Are you particularly knowledgeable on a certain subject? If so, you could write an e-book on the topic and sell it online.
It’s important to have an income strategy in place before you leave the UK.
Managing your income payments
Remember that if you are earning money in the UK and sending it across to the USA, you will be at the mercy of currency exchange rates, which can impact the amount that’s deposited into your account. To manage and maximise these payments, speak to Smart Currency Exchange – the only property-specialist currency company. We work with them precisely because our readers are so delighted with the service they get – they’ve left Smart over 1,000 5* reviews on TrustPilot.
It’s important to have an income strategy in place before you leave the UK. You need to know how you are going to fund your life in the USA. To ensure all of your tax affairs are tied up prior to departure, we advise you to speak to our recommended financial advisory firm.