How to make money while traveling? Trading is perfect job, says nomad

How to make money while traveling? Trading is perfect job, says nomad

Patrick Schulte said he’s wanted to be a trader since he was 15 years old.

He said he saw a clip of the New York Stock Exchange on the nightly news, and thought, “That’s what I’m going to do.”

He learned the ropes close to home at the Minneapolis Grain Exchange, before moving to Chicago, where he started trading corn, wheat and soybean options, gold, Dow futures — “a little bit of everything,” he said.

He was doing well, he said — and life was good. Soon his friends started having children and moving to the suburbs.

But Schulte said he and his wife, Ali, “weren’t quite ready for that.”

So they sold their belongings, bought a boat and set off to sail around the world, despite having no sailing experience, he said.

Traveling for 20 years  

Paying for it all

The couple kept track of every dollar they spent to sail around the world, which averaged $3,100 a month, said Schulte. “We thought that was going to be the one-and-done trip.”

Source: Bumfuzzle

During their first trip around the world, Schulte said he and his wife kept track of every dollar they spent, which averaged about $3,100 a month. Their biggest expenses were food, entertainment and fuel, he said.

But that doesn’t include a substantial boat repair they paid for during the trip, which cost more than $33,000.

Boats aren’t cheap to buy or maintain, but owners can save on other costs, said Schulte.

With his sailboat, “fuel expenses were low. And the vast majority of the time we were anchored for free in the places we visited, so there were no lodging or campground expenses,” he said.

Schulte said he paid $157,000 for his first boat, which he sold four years later for $140,000. But Schulte said he’s made money on other boats that he bought and sold.

“It’s all kind of a wash in the end,” he said.

Teaching others to trade

Schulte said many people have asked him about his profession and lifestyle through the years, so much so that he teamed up with a friend to write a book called “Live on the Margin.”

But there’s only so much you can teach in a book, he said. So in 2016, he published a post to his blog, Bumfuzzle, offering to teach people to trade options.

“I was blown away by how many people jumped at the chance,” he told CNBC Travel.  

Ali Schulte, with her two children, on board one of their boats.

Source: Bumfuzzle

He eventually launched a business, Wanderer Financial, to teach people about investments, including total beginners, he said. He also posts his live trades for people to follow.  

But perhaps the biggest draw — and one that he enjoys the most — is the daily live chat he hosts before the market opens.

“It’s the nicest online group I’ve ever seen. I’ve never had to monitor it or delete comments,” Schulte said of his company’s chat group.

Source: Bumfuzzle

It’s also cured one of the hardest parts of being a solo trader, he said — the solitude.

“It’s nice to have a group and be able to bounce stuff off each other,” he said. “Plus, there’s not always something to do — we’re not day trading … so there’s plenty of talk about life and travel.”

Learning the lifestyle