I admire a lot of people who write about travel. One of them is Tim Leffel. Before I even knew what travel, let alone budget travel, was, he has been writing about it. He’s been to places I’ve only ever dreamed of, and he even helped me write my book by taking notes and providing feedback.
Tim has my utmost respect. He is an expert at locating affordable places to live worldwide. I was honored that Tim agreed to write about how to move abroad, especially with a family, because I get a lot of questions about it. Meet Tim.
On a typical day, I will take my daughter to her school on the other side of town in a taxi for $3, buy some warm pastries at the local bakery for 50 cents, and buy a 16-ounce juice that has been freshly squeezed for a little over a dollar.
If I wait in line at a nearby restaurant, it will cost me $4 for a lunchtime meal of multiple courses. To take my significant other out to the ensemble or a show, it’ll be around $12 for both of us. My electric bill rarely exceeds $20 per month, and a maid cleans our four-bedroom home from top to bottom for $17.
No, I haven’t bounced in a time machine and returned years and years. I just relocated.
I live in focal Mexico in a memorable good country town called Guanajuato. I’m one of several million Americans who have moved abroad in search of a cheaper, better lifestyle. I’m joined by Canadians, Brits, Australians, and others who have resettled their lives in cheaper places because it has become increasingly difficult to succeed in the world’s supposedly wealthy nations.
Cutting Loosely Rather Than Cutting Back If you have ever traveled abroad for any length of time or just read Matt’s book on traveling the world for $50 per day, you are aware that it is less expensive to travel the world for a year than it is to simply pay your bills in a country like the United States or Canada.
Convenience, variety, and infrastructure are all strengths of developed nations. However, there is also the drawback of higher taxes, higher housing costs, and higher costs for health care, utilities, and automobiles.
You can easily cut your costs in half by moving to a less wealthy country from one with more wealth. This is without having to make the kind of sacrifices necessary to “cut way back” on costs in the place where you were born. You can have a better life for much less money. Without moving into your parents’ basement, you end up with more money to spend or save. It’s like going on a diet without giving up cheeseburgers or ice cream.
Moving to one more country to partake in a superior life for a portion of the cost isn’t odd, revolutionary, insane, or moronic. That may be what others around you think or say, but very few people who have done it will.
Frequently when I asked individuals what lament they had or what botches they had made, they answered, “I simply wish I had done it sooner.” At this moment there are advanced migrants, families, and retired people generally decisively expanding what they need to spend or save every month without bringing in more cash. They just moved to a new address.
I’ve talked to ex-pats who live in a few dozen cheaper countries all over the world and have seen how much money they save, especially if they were in a costly city like New York. In a Manhattan apartment that barely accommodated three beds and a table, one was paying $1,300 per month for her one-third share.
She now rents a larger two-bedroom apartment in Bangkok, Thailand, for $300 per month. I’m spending a fifth of my salary instead of half on regular expenses. I can now have a real savings account in addition to my travel fund. I can easily save at least twice as much despite making significantly less.
One financial analyst I spoke with paid $1,340 per month for a basic one-bedroom apartment in the San Francisco Bay Area. After that, he found employment in India and declares, “My one-bedroom apartment of comparable quality costs me $247 a month.” In San Francisco, a five-mile cab ride costs about $25, whereas, in Delhi, the same distance requires only about $2.
All of these are examples from big cities. When you settle in a smaller city or town, whether in Mexico, Panama, Portugal, or Malaysia, the prices naturally drop more. The housing may see the biggest drop, but you’ll also pay less for things like food, entertainment, transportation, and anything else that needs people to work.
This includes dental and health insurance, which can cost many self-employed Americans anywhere from 20% to 5% of their income. To get an idea of how the average cost of living in other places compares to where you currently reside, visit the price comparison website Numbeo.com.
How to Move Moving to a new country can be intimidating, but just like most projects, it takes many small steps to get where you want to go. There is no one-size-fits-all plan, but here are some important things to put on your list.
Sort out your revenue source
The enormous benefit of living in a less expensive nation is that you can extend your cash a lot further. However, if you have to earn money in the local currency, you may lose a lot of advantages. Some people succeed by running a local business, particularly one that caters to other ex-pats. Teachers of English as a second language number in the thousands. However, earning money in a wealthy nation and spending it in a less wealthy nation is your best bet.
This is great for any job that can be done remotely: author, creator, tech laborer, or online distributor, for instance. Other jobs, like a teacher, manager of an NGO, real estate salesperson, or medical professional, can easily be transferred to another location; however, unless you work for a foreign organization.
the salary may not be the same. You will be able to get the full arbitrage of earning dollars (or pounds, or euros) and getting much more value for them locally if you figure out how your skill set can be used in a situation where you earn money from home.
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