Wide Web Wednesday 8/10/16 - Rob at MoneyNomad
This is the first in a series of articles that will share some of what I'm reading out on the web.
I decided to do this because I realized there are many different paths to reaching financial independence. Real estate is the way I use and teach about, but there are other great paths toward FI as well. Not only are there different paths, but wealthy people tend to have multiple streams of income. Even if we are already successful in one area, we can still branch into more areas and create income stability with several sources of income.
If you're interested in being featured on one of the next "Wide Web Wednesdays" please contact me.
So, without further delay...
Who I'm Reading This Month
This month I've been intrigued with MoneyNomad.com run by Rob. The site is dedicated to the "location independent" lifestyle, or as he likes to call it - being a digital nomad.
A bit about Rob
I think what draws me to his blog is our similar experiences - Rob dropped out of a PhD program. I don't really go into a ton of detail about it on my page, but I also was in a PhD program and left it. His background was in the business program while I was in the related field of economics, then I later got my MBA in Business.
We both left our respective programs to pursue our dreams. For Rob, it was financial education and online entrepreneurship. For myself, it was real estate investing.
It's been 5 years now since I left the program, but I remember how I felt. I was relieved to pursue another path, but at the same time I felt like a quitter - a little bit ashamed and also nervous that others would judge me. I mention this because I think a lot of people share similar feelings when making major life choices like that.
"I’ve realized that “quitting” is when you give up on your goals. My goal was never the PhD, my goal has always been to make a difference in people’s lives through leadership, entrepreneurship, and financial education. There are many ways to do this besides for being a professor." - Rob at MoneyNomad.com
So, if you are in a similar point in your life his blog is a must-read.
What is a digital nomad?
I really love the idea of the digital nomad. Essentially, finding ways to use the internet to earn enough money to allow you to live or travel wherever you want. I could definitely say this is one form of Financial Independence and that's why I love the idea. Though a digital nomad isn't completely free from the need to work, the burden of location is completely removed, allowing you to enjoy your life and live it however you want.
Even for those who have achieved complete FI, we need to find a way to spend our spare time. That's why so many people take to the internet (like myself) or to writing like Rob. I think the ideas on his site are definitely one good path and I'm really excited to read more on his site.
Earning his money as a digital nomad
Rob earns his money in two primary ways - freelance writing and his blog.
Rob runs a pretty successful blog and earned around $2,000 last month. I won't go into a ton of detail about that, because you can read all about it on his latest income/expenses page.
As for his freelancing writing, he doesn't post about that, but considering his UpWork profile shows him charging $125/hr, he must be earning a few thousand a month, minimum.
He is earning a decent salary (or better) while working on his $300 laptop from wherever he wants. It really doesn't sound like work at all! This is exactly the kind of lifestyle that I advocate.
Investing that Money
Let's bring it back around to the most important topic - Investing. You know that investing money is the key toward financial independence and long term income and wealth.
MoneyNomad is dedicated mostly toward the digital nomad lifestyle, but there are several informative articles about investing as well. His preferred investments are with Motif, and Betterment, but also likes LendingClub (I used Lending Club as well). I'll also point out he is a big fan of Fundrise, an online crowdfunding website for real estate (read my review of Fundrise).
Guess what, he also has dabbled in real estate investing as well.
Takeaways - Freelance Writing to become a digital nomad
You can find a free series on becoming a digit nomad. This series is what really got me honed in his site and the idea of the "digital nomad."
This series has inspired me about the earning potential of the internet. I've already created an UpDesk account and I'm building my profile. Thanks Rob!