Tony Woodall travels the world as a digital nomad – the photo shows him in front of Munich City Hall. Tony Woodall
After a career in the financial services sector, Tony Woodall lost his job at First Republic Bank in 2023.
He then took a new path: he rented out his house near the US metropolis of San Francisco, founded a training company and lived as a digital nomad.
He finances his travels with the help of several sources of income and is considering where he wants to retire.
This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and reviewed by a real editor.
I began my career in 1985 at the financial services provider Fannie Mae Software Systems.
From there, my career took off. I started in the warehouse, shipping computers to mortgage companies, for example. Later, I founded and ran a technical consulting company for mortgages. I also worked as Chief Information Officer (CIO) for two newly founded mortgage companies. And I did all of these jobs without a college degree.
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My career as CIO ended abruptly in 2006
I had been working towards my dream job as CIO for years. But after nine years, it was suddenly canceled. I moved from technical to sales and got a position as a loan broker. I got off to a good start and built relationships with real estate agents, developers and customers.
Then the financial market collapsed in 2008. Two years later, my loan brokerage business failed. I lost my house in Atlanta, Georgia, and had to file for bankruptcy.
First Republic Bank in San Francisco recruited me through Linkedin
First Republic was a reputable, stable, and growing company. They hired me to build and manage an imaging team for their credit department. So I moved to the Bay Area in Northern California – my career seemed saved.
I enjoyed 13 years at First Republic, making $200,000 (183,000) a year, when the collapse of Silicon Valley Bank caused a run on our bank. We were never able to recover. The Federal Reserve placed us in receivership, making us the second largest bank failure in history.
In June 2023, I and a thousand others were laid off. I was 65 at the time and was planning to retire in a few years, but the third of my last three careers in financial services had come to an abrupt end. I saw this as a gift and an opportunity.
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I founded a company and am now my own boss
I leveraged my years of experience as a speaker, team builder, mentor and leader to start a corporate training and leadership coaching company.
I decided to find additional sources of income. After all, you never know when your industry will collapse or a pandemic will break out. I started a print-on-demand shop and a YouTube channel and started freelance writing.
I also decided to become a digital nomad. I wanted to travel to places I had never been before.
The biggest problem was my home
Without a full-time job, I could no longer afford the mortgage on my Bay Area home. A friend suggested I list the property on Furnished Finders, a website for traveling medical professionals who often have three-month contracts. I could rent it fully furnished and return when I wanted.
I offered my home for $3,500 (€3,200) a month to cover my costs, including a very small profit depending on utilities. In 2022, I left California and hiked the 800-kilometer Camino de Santiago through Spain. I was able to work and communicate along the way. My first tenants signed a lease remotely, and my mortgage was paid off.
I had a decent severance package. I was able to use the money to invest in my business and make expenses. I went to Portugal to walk the Portuguese Camino.
My new lifestyle has already taken me all over the world
Medellín is famous for its flower festival and its moderate temperatures – which is why the metropolis is known as the “city of eternal spring”. Tony Woodall
After Portugal, I joined friends in Medellín, Colombia, a cheap paradise for digital nomads. In November, I rented an apartment there that was bigger than my own house for just 1370 euros a month.
Not only was food cheaper there – everything else was too. They have a 90-day tourist visa, so I left the country at Christmas and came back for another 90 days. It was perfect for me.
Woodall explores regional peculiarities along the way, such as a coffee plantation in Colombia. Tony Woodall
I spent four and a half months enjoying Medellín, running my business remotely, learning Spanish and living a wonderful life there. I also found new tenants for my house in the US through Furnished Finder.
When I had to renew my passport, I took the opportunity to travel across the US and stay with family and friends until I got a new one. Then I spent June in Germany with a friend.
I will be living in Atlanta for the next few months before moving on to my next destination abroad.
It was hard for me to lose my job – but it made me stronger
In Medellín, Woodall realized that even though he had to accept many defeats, he had taken the right path today. Tony Woodall
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I now work in many industries and use my skills, knowledge and motivation to help others. Instead of re-entering the job market, I decided to do what I want.
It is often difficult to maintain courage and look to the future with hope. But as I looked out from the balcony of my apartment in Medellín, I knew I was on the right path.
I am now considering retiring to Spain, Portugal or Colombia. I will start receiving my state pension in October. My house in California is still rented, but I plan to sell it once the market improves.
I have no regrets about my career, with its many ups and downs. I made good money and was a leader in my industry. I was able to enable my daughters to go to college and graduate.
I lost everything and came out stronger. It can be done. I’ve always managed to survive and thrive. If you lose your job, you can too.
Read the original article on Business Insider.
