052 | Living a Location Independent Lifestyle with Rachel Richards

I did a thing this week, I sent my book to the editor.

In some ways it feels like a major step on a new and uncomfortable experience. Writing a book has been on the long life list of things I wanted to do someday. I know this isn't the summit. The manuscript will come back in a couple weeks marked and dismantled, but I am excited for that. It means someone else is going to see something I spent 3 months writing and another month editing. It's out of my hands and further down the path.

I strongly encourage taking a look at your someday-maybe list. With the thanksgiving holiday coming up it might be a great time to sit down with family and review/revisit/create that someday-maybe list. I love talking about the someday-maybe list, the dream list (maybe you have another name for it), but taking the steps to do the thing is a different kind of experience. I highly recommend it! I'm definitely at a checkpoint and ready for a snack still a ways off from the summit. What is something on your someday-maybe list that you would like to take action on?

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Earlier this year I participated in a Book-writing Mastermind call that Rachel Richards led. She was one of few who inspired me to write a book. Her authentic and audacious voice in the financial space made the content fun, simple and welcome change from the stuffy and dry tone more common in the space. At the age of 27, Rachel quit her job and retired, living off over $15,000 per month in passive income. Rachel has made a name for herself in the personal finance realm as the bestselling author of Money Honey and Passive Income, Aggressive Retirement. The reason I invited Rachel on Ordinary Sherpa was watching her navigate a season of location independent lifestyle with her husband and dog. She set out for months living vivaciously in AirBnbs, making a second side following as a hiking influencer exploring the peaks and valleys of the western United States.

Key Takeaways

1. Never underestimate the parenting benefits of having a strong-willed child. Look at Rachel as an example of what is possible
2. Times have changed but the way we look at retirement hasn't. Rachel made space to change the narrative and offer insight into what retirement could look like for a millennial.
3. How many sources of income do you have? We are taught that having a salaried full-time position equates to job security and income security. Rachel disagrees with that approach because you're completely dependent on a single source of income. Much like we are advised to diversify our investment portfolio, Rachel also highlights the value of diversifying your income. She shared at least 5 different sources of income she has and how that has shifted over the past few years.
4. Passive Income is not a get rich quick scheme. It's front loading the work so later we do not have to trade time for dollars. In addition to her book: Passive Income Aggressive Retirement, she also offered all of my listeners a free bonus. Passive Income starter kit available at moneyhoneyrachel.com/bonus
5. Spending 6m exploring the western United States had highlights and shadows. While it was an amazing experience overall, the stress, cancellations and maintenance issues they had to work through with various Airbnb and VRBO rentals was extremely taxing. Rachel indicated she is seeing a shift back to hotels for this reason.
6. When spending 6m traveling around the country you also don't have a social life where you can go meet up with friends in the evenings. It was her and her husband together 24/7 for six months straight. So you gotta make sure you really do like your person that you're with.
7. Traveling is hard on dogs. While her dog Chloe adjusted after a couple months, having things like gates, lots of chew toys, and leaving them with some of their shirts helped ease the initial anxiety. As referenced, episode 036 | Traveling with Pets that might also be helpful resource
8. While the initial plan was to hike in many of the national parks, they realized that wasn't feasible due to the restriction with dogs on hikes. Since they had no interest in boarding their dog, they readjusted their overall travel plans and still made a few day hikes to a couple national parks.
9. Maybe it was David Goggins book Can't Hurt Me that sparked her interest to inflict pain and set out to tackle all the 14ers in Colorado. She summited her first 14er in March completing Quandary and would not recommend doing in winter. To prepare she referenced the website 14ers.com and many forums and Facebook groups, but really it's about doing steep elevation hikes.
10. "Well, it's one of those things where you don't grow unless you force yourself to be uncomfortable, whether it's physical or emotional or whatever, but I think it just comes back to that."

To Connect or Follow Rachel Richards:
Website:moneyhoneyrachel.com
Instagram: @moneyhoneyrachel
Tik Tok: @moneyhoneyrachel
Books: Money Honey; Passive Income Aggressive Retirement