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Money Talk With Tiff

Money Talk With Tiff

    Money Talk With Tiff
    Episode•June 21, 2022•15 min

    Working Remotely with Shlomo Freund | Ep. 115

    Shlomo Freund joins Tiffany in this episode to discuss how he helps remote workers organize their money better to reach financial freedom faster. About Our Guest Shlomo Freund helps remote workers organize their money better to reach financial freedom faster. He is an author, speaker and mentor. Connect with Shlomo Instagram: https://www.instagram.com/freefinancialself/ Twitter: https://twitter.com/FreeFinancialSF Facebook:https://www.facebook.com/FreeFinancialSelf Website: freefinancialself.com/tiff Resources: https://nomadlist.com Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

    Apple PodcastsSpotifyYouTubeOvercastAmazon Music

    Key Takeaways

    • 1

      Remote workers can leverage geo-arbitrage to significantly reduce living costs while maintaining income

      Shlomo and his family lived in Thailand for about $1,000/month including a nice apartment with a swimming pool

      Teachers in smaller Chinese cities reported $5,000-10,000/month income with only $500/month cost of living

      Even major cities in destination countries can offer lower costs than home countries

    • 2

      Digital nomad visas provide legal clarity for remote workers compared to tourist visas

      About 15 countries now offer digital nomad visas ranging from 1 month to 2 years

      These visas specify tax obligations and work permissions upfront

      Tourist visas may still work for short stays (a couple of months) but require checking limits

    • 3

      Website flipping offers 30% annual cash flow returns plus appreciation potential

      Similar to real estate: buy undervalued sites, improve them, monetize, then sell for profit

      Monetization channels include ads, affiliate marketing, mailing lists, and private ads

      Marketplaces like Empire Flippers provide vetted listings with due diligence support

    • 4

      International banking services eliminate the need for local bank accounts in most cases

      Services like Revolut, N26, Wise, and Payoneer allow global money access

      Local bank accounts only needed for serious investments like property purchases

      Shlomo still maintains a Thai bank account from a previous Airbnb investment attempt

    • 5

      Nomad List and similar platforms provide comprehensive data for location decisions

      Includes cost of living, safety ratings, internet speeds, and other practical metrics

      Enables accurate calculations of potential savings before relocating

      Research should include Airbnb prices, food costs, and visa requirements

    Intro

    • Tiffany interviews Shlomo Freund about helping remote workers organize their finances to achieve financial freedom faster while navigating the unique challenges of location-independent lifestyles.
    • Shlomo Freund is an author, speaker, and mentor who helps remote workers organize their money better to reach financial freedom faster. He is based in Israel and invests in niche websites.
    InstagramTwitterFacebookWebsiteNet Worth Calculator

    – Defining Remote Workers

    • Shlomo explains that remote workers encompass several categories including expats, location-independent professionals, digital nomads, and traditional remote workers. The pandemic has expanded the definition to include many working from home.

    – Unique Financial Challenges for Remote Workers

    • Remote workers face additional variables due to frequent travel and changing locations. Shlomo helps clients create order and direction with their long-term financial planning despite these variables.

    – Tax Implications and Digital Nomad Visas

    • When working in different countries, tax obligations vary by location and duration of stay. Shlomo notes there are approximately 15 countries offering digital nomad visas that provide clearer tax frameworks than tourist visas.

    There are about 15 of those now.

    – Shlomo Freund

    – Preparing for International Remote Work

    • Key preparation steps include securing remote work, researching cost of living, and using platforms like Nomad List to evaluate destinations. The platform provides data on costs, safety, and internet speeds.

    We lived in Thailand, a couple with, back then she was a baby. Now she's six years old for about $1,000 a month for like a couple and a baby.

    – Shlomo Freund

    – International Banking Solutions

    • Shlomo recommends services like Revolut, N26, Wise, and Payoneer for international money transfers rather than opening local bank accounts for short stays. Local accounts are only necessary for significant investments like property purchases.

    – Website Flipping as Investment Strategy

    • Shlomo describes website flipping as similar to real estate investment: buy undervalued sites, improve them, generate cash flow, then sell for profit. Typical returns are around 30% annually from cash flow alone.

    The multipliers for buying these kind of websites, so the cash flow is around giving you around 30% a year for cash flow.

    – Shlomo Freund

    – Growth Hacking Book Contribution

    • Shlomo contributed to 'The Growth Hacking Book Number Two,' which holds a world record as the business book written by the most authors from the most countries (100 authors from 20-22 countries). His chapter covers aligning finances with desired lifestyle.

    Books Mentioned

    • The Growth Hacking Book Number Two by Multiple Authors (100 authors from 20-22 countries)

    Resources

    • Nomad Listtool
    • Empire Flipperstool
    • Net Worth Calculatortool
    • Revoluttool
    • Wisetool
    • Payoneertool

    Topics

    Remote WorkDigital NomadsFinancial FreedomGeo-ArbitrageWebsite FlippingInternational BankingDigital Nomad VisasTax PlanningCost of LivingInvestment Strategies

    Working Remotely with Shlomo Freund | Ep. 115

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