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Have you ever dreamed of quitting your job and blogging full-time? Probably.
But for most people…that thought is super scary.
Well, today’s guest is Bobby from Millennial Money Man, and he did just that.
Bobby left a full-time job as a band director (only 2 years ago by the way), and now makes well over six figures a year blogging.
However, it wasn’t quite as dreamy as it sounds. He actually admits it was more of an impulse decision, and not one he’d recommend for everyone.
Still, he’s a brilliant, driven, FIRE-oriented blogger who has an incredible story. I’m sure you guys and gals will approve! He’s amazing.
We talk…
- How he first started blogging (and lessons learned)
- Why you might NOT quit your full-time job just yet…
- Freelancing to make end’s meet
- Healthcare costs when you’ve retired early
- Life coaches….
- Dealing with angry people that don’t understand our FIRE desires.
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Show notes and links from today’s episode
- Bobby’s blog – Millennial Money Man
- His Facebook Ads Course
- Facebook Ads Side Hustle Course ReviewFacebook Ads Side Hustle Course Review
- The Green Swan – PF and FIRE blogger.
- The Swan’s FIRE Prowess Gauge // Savings Rates Be Damned
- Our Next Life – Early Retirement, Happiness, Adventure! VERY close to achieving FIRE.
- Mr. Money Mustache – One of the OG FIRE bloggers
- The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss – Must-read for entrepreneurs and FIRE enthusiasts seeking freedom in their work.
- Mr. Money Mustache’s interview on the Tim Ferriss Podcast (really, really good!)
Key takeaways from our chat with Bobby at Millennial Money Man
1 – Why you should probably not quit your job to blog full-time
Bobby had a panic attack the first night after he quit. He struggled for the first several months of the transition (a transition which will be hard for everyone by the way).
In the U.S. especially, we are programmed from an early age to…
- get good grades,
- get into a good college,
- get a good job,
- work 40 years then retire.
Unlearning and un-programming ourselves for a more financially independent, no-job lifestyle is extremely, extremely difficult.
If you are under-prepared for quitting your job, it could cost you big time. Such a decision can eat into your savings, or force you back into a job (maybe even one worse than your previous job).
Full-time blogging (or any other jobless lifestyle) is a huge life decision that should be taken into extreme consideration and planning!
BUT…
Don’t be discouraged…
2 – Still want to get out of your full-time job? Save up a cushion!
This is one of the core tenants of FIRE, of course…but even on a small scale (i.e. mini-retirements, pursing entrepreneurship ventures or part-time work)…you’re going to need cash to live off of.
Bobby and his wife saved over a full-year of income.
Worst-case scenario, they were prepared to re-think their options after one year of full-time blogging.
But how does one save up a sizable cushion? Preferably quickly?
Well, there are loads of frugality and saving blogs for this…but you already know the bottom line.
Make more money, or slash expenses and save more money.
Bobby (and his wife) moved into his parents place to save money, and even when he did make more income, he NEVER let his lifestyle inflate.
3 – How Bobby got his income stream flowing after quitting the day job
“If you’re hungry enough, you’re going to find a way to make it work.”
Freelancing. Contract work.
It may not be as glamorous as making $78,293 a month from affiliate marketing income, but lining up freelance clients can be an excellent way to generate cash to sustain your lifestyle.
Bobby is good at digital marketing, so he reached out to local small businesses and pitched them (pitched them multiple times. Persistence and consistency anyone?).
What are you good at? What could you pitch to the low-hanging fruit around you? (people or businesses you already know).
What level of income could make your work –> FIRE transition go more smoothly?
4 – Running a blog take a TON of work.
Tagline: “but it doesn’t feel like work.”
Blogging can be as simple as posting on a free Medium account (how Bobby started), but if you intend to make a livable wage (or even side-income) from a blog or online business…it takes a lot of work.
If you have dreams of retiring early to work on an entrepreneurial venture and replacing your full-time job’s salary…it’s likely 10x more difficult than you think.
Just…know that.
When we asked Bobby about his lifestyle (he is effectively “retired early,” from a job perspective), he said he doesn’t travel full-time. He works full-time. On his blog.
Yes, the freedom to do so is what he seeks, but the important takeaway is this: Running a blog takes a lot of work, is hard, and extremely time-consuming. Manage your expectations.
5 – Healthcare costs when living on FIRE?
In an age where healthcare costs vary widely depending on, well, a ton of factors…how can early retirees manage the rising costs? (especially when you no longer have an employer plan).
Gwen and J brought up a few ideas, including Liberty Health Share (A faith-based organization where members literally share healthcare costs. It’s not insurance), as well as “medical tourism.”
Example:
Given the low cost of living and low healthcare costs in other countries, one individual traveled from the U.S. to Thailand (we think?) for dental work.
Even including travel expenses, meals, lodging, and the actual treatments, they still spent half of what it would’ve cost in the U.S.
That’s crazy, and potentially scary…but people do it.
6 – FIRE is NOT about “not working.”
It’s about the freedom to choose between not working, or working on what you wish.
Bobby was good at being a band director, and had no intention of doing nothing when he left. He wanted the freedom to work on what he chose, with no interference from bosses, etc.
Plus, he dresses like a scrub and works from coffee shops.
Achieving FIRE can give you freedom to pursue hobbies and monetize them, without stressing over money.
The question for you is…
Do you want to actually retire, or are you just seeking freedom?
Transitioning from full-time work to complete freedom can be tricky and stressful, so it’s incredibly important to plan ahead, and have enough self-awareness to know what you’re getting into!
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