I mean, I'm coming from a much younger perspective than most of the other responders so take mine as you will. A couple of key notes above fit my response.
Quote: (12-17-2018 11:39 PM)GT777733 Wrote:
- factor in your future life goals. Don't base this all around moving to just enjoy the next few years or to go find a girlfriend in the next few years. You've got a life to live after that too
You don't want to risk coming back to the US in a few years on bare bones and having missed the chance to compound your money or having lost that income earning opportunity
I know you're 27 or 28 so time is precious, but, I'd rather go across at say 30 or 31 with an extra few hundred thousand and allow that money to work for me and cover my future risks in life much better
The other option is you go over there with the intention to work part time (remotely through your current job) or build an extra income over the next few years so you have something to fall back on when you come back or to see you into the future if you stay
Being in your 20's or 30's can be tough with making those sorts of decisions - because you're constantly weighing up making the most of your youth vs covering yourself for the future. It probably does depend on the individual's goals to an extent
Age is a big factor in decisions like this. I'm in my mid 20's myself. I have taken in both sides of this story. You don't get the travel opportunities you do in your 20's, but your 20's is also the time where you have the most drive to make money. Both statements I've heard from older people. Personally, I've always believed money isn't everything, but with that said, you should have a remote income stream if you go abroad for more than a year or two. One thing you have to take in is that if you spend too much of your golden years working 9-5, you may not have time to travel the world when you're older. I've seen friends and relatives die earlier than they should and not get to enjoy what they built their entire lives plus have been around the elderly enough to realize what opportunities you lose when you age.
Quote: (12-17-2018 11:12 PM)Waqqle Wrote:
*One possible edge that EE might have over SEA is that, barring maybe Cambodia or Indonesia, it is highly unlikely that you will ever become a citizen in a SEA country (though permanent residency is entirely possible, especially if you get married to a local). I know of one German guy who acquired Philippine citizenship by throwing an unknown sum (I heard it was around $1mil USD) at the process and opening a big movie studio and film school on Mactan Island (Michael Gleisner and it's called Bigfoot Studios). He had to give up his German citizenship to do so though because, while the Philippines allows its native-born citizens to acquire other nationalities, naturalized foreigners are technically required to renounce other nationalities (though, there is sort of a loophole for this if you are American that I can tell you about if you are interested). By contrast, EE countries tend to have friendlier naturalization laws and it is realistically possible to acquire dual citizenship and be able to have all the rights that come with it in several if not all EE countries.
This isn't true for the Philippines. I've seen Americans with Filipino passports. There are a few ways you can get one. You either have to live in the Philippines continuously for several consecutive years or the easier way, marry a naturalized Filipina. But, from what my friends down there tell me, they don't seem to find it even worth it to become a citizen given how friendly the visa situation is right now.
I will admit though it seems more like a pain in the ass in Thailand based on what I hear. Can't comment on Vietnam. All the countries are cheap enough right now to stay for a while though based on OP's budget.
Quote: (12-18-2018 12:27 AM)Waqqle Wrote:
Quote: (12-18-2018 12:10 AM)Graft Wrote:
I'm surprised at all the answers above 500k. I would have changed the poll responses.
500k is a lot of money for abroad, probably 20 good years just living off the cash with no interest.
I could theoretically do 100k easily, I just don't want to come back ready to start a family with $50,000 and no job. If I need more than a couple of years I'm doing it very wrong.
In my experience, I never saw anyone just retire in the Philippines and do nothing for the rest of their life (and I saw a lot of guys "retire" there). We think that we want to just not ever work again and that we will never get bored of not having to do anything. But you will get bored, usually after about 3-6 months, and you will want to engage in some kind of work. This is why you always see guys opening bars and restaurants in SEA. They almost never need the money. They just want to work on something. I've seen a lot of guys do other cool stuff other than opening bars and restaurants as well so don't think it has to be a bar or restaurant if that's not what you're into.
Anyway, I recommend taking that into account. If you can, set yourself up so you don't necessarily need to work but choose a place you would enjoy working and starting something in if/when you find yourself wanting to.
I'm not sure if I'd be starting a brick and mortar business in a country like the Phils, but your overall point on working is one that should be echoed. I don't even like to work that much and I find myself bored a lot at home when I'm not working (and I work about 40-50 hours a week now). This can happen when your work is not engaging enough or you are just living frugally or have less investment/roots in your local area. As the great Morgan Freeman said in Shawshank Redemption "a man will do almost anything to kill time." Seriously though, even in the US, I've seen retired guys get actively involved in the local community just because they needed something else to do to fill their days from helping out in the soup kitchen, playing senior league sports, being on a town council. Basically things that might be boring to us younger guys but for them it serves a good purpose in their lives.
Anyway, to answer the original question, it seems important to have some remote/passive income for around $2k a month it seems. If we're talking a lump sum for a guy almost 30, personally I think I would need close to $1 million to feel comfortable moving permanently IF I did not plan on having any income come in over the years. That would last about 40 years on the above budget and you'd be good for emergency money.
Take the above with a grain of salt though. I tend to be a conservative guy when it comes to saving money. I would be willing to do it for less, that's just my 100% comfortable answer. There are guys that go abroad with nothing though, some even with debt that have made something of themselves by moving. Plenty of forum members probably have those type of stories.
Quote: (12-17-2018 11:48 PM)Flux Wrote:
It's unwise to leave your home permanently, you'll become unrooted and experience the full pressures of being an outsider. It's really a last resort.
I'm a market investor and could, but would never permanently relocate, unless it's Monaco or Switzerland for tax purposes. I would be married then, and I wouldn't go to find a wife--you're honestly 100% more likely to find one within your own culture and social circle.
Find a suitable one, with people that aren't part of the cultural collapse.
There are still good people here.
This is kind of a conservative answer if I'm being honest. Not everybody that goes abroad goes broke or falls. Like I said, I've talked to plenty of guys on the forum that have made better lives of themselves leaving their homelands. Though, I'll admit I think it's easier if you already feel unrooted in your home country. I tend to lean that way and I don't think I'm the only one here that does.
As far back as I could remember, I always wanted to be a player.
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