Is 15k enough to move abroad
Is 15k enough to move abroad
I should have around 15k saved, and I have been making plans to live in a moderately cheap country like dominican republic, costa rica, or phillipines. I have an online business where I make monthly income selling things on ebay. I was was wondering if 15k is a good amount for a safety net while abroad?
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Re: Is 15k enough to move abroad
In general for most places $1K a month provides a reasonable experience (say IMO $300 rent, $200 food, $200 transport, $300 fun/side travel) but you have to avoid tourist areas or malls of course. Big capitals would require to double or triple the amount.
I always recommend http://www.numbeo.com
I always recommend http://www.numbeo.com
1)Too much of one thing defeats the purpose.
2)Everybody is full of it. What's your hypocrisy?
2)Everybody is full of it. What's your hypocrisy?
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Re: Is 15k enough to move abroad
Hi, how did you get started with your ebay business?ishwri wrote:I should have around 15k saved, and I have been making plans to live in a moderately cheap country like dominican republic, costa rica, or phillipines. I have an online business where I make monthly income selling things on ebay. I was was wondering if 15k is a good amount for a safety net while abroad?
Re: Is 15k enough to move abroad
hello, i started to selling many things on ebay about 5 yrs ago, then i expanded to amazon. The biggest challenge is finding things that sells on both and avoiding trademark violations.
Re: Is 15k enough to move abroad
the Governments of countries will soon place capital controls on their currencies. Bank cards will no longer work in foreign countries. Money and incomes will no longer be transferred from one country to another. People will no longer be able to earn money in one country while working in another. Everything is about to change.
Re: Is 15k enough to move abroad
Oh good God. The OP gives a legit question and gets a classic HA crackpot response. The sky is falling!Luc Furr wrote:the Governments of countries will soon place capital controls on their currencies. Bank cards will no longer work in foreign countries. Money and incomes will no longer be transferred from one country to another. People will no longer be able to earn money in one country while working in another. Everything is about to change.
OP, look at your money the way a startup business looks at their money. Calculate your expenses. You can live in most of the Philippines for example on $1500 per month easily. Choose your own figure for monthly expenses and then use it. How much is your online income? If it is more than $1500 per month then obviously your bank account will grow every month and you can stop right there. You have plenty.
If your monthly online income is less than what your monthly expenses will be, then you have what is called a "burn rate", which is the speed which you will be burning through your savings. If your deficit is $100 per month then your $15000 will last 150 months and you would probably just go for it and try to economize a little or make a little more money. If your monthly deficit is $1000 per month then you only have 15 months of financial cushion and you need to either make more money or reduce expenses significantly. Or maybe you will want to make the trip but plan for 1 year or 6 months so you don't use up all of your cash.
Re: Is 15k enough to move abroad
Thanks for the more logical answer devil dog. Im not sure tge exact amount I will be earning per month, but I know I will turn profit. You are correct, my burn through rate will be a big factor, thats why I will trying to bring in more stable monthly income. If push comes to shove, I can stay for at least 1 and half years easy without doing anything.
Re: Is 15k enough to move abroad
Right, that long or longer. I think $1500 is a generous figure. You can probably live on hundreds less.ishwri wrote:Thanks for the more logical answer devil dog. Im not sure tge exact amount I will be earning per month, but I know I will turn profit. You are correct, my burn through rate will be a big factor, thats why I will trying to bring in more stable monthly income. If push comes to shove, I can stay for at least 1 and half years easy without doing anything.
Re: Is 15k enough to move abroad
Fixed that for you.Ghost wrote:
And remember: you will get ripped off in third world countries if you are a dumbass and don't learn how to deal with locals. Often.
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Re: Is 15k enough to move abroad
This is the first time I've heard of the term "burn rate" but it is spot on! I have managed to save 60k, but would'nt fathom moving to another country w/out some source of income. Teaching english is the easiest and what I'm considering doing. If you lack a degree though I would make sure your online source of income is "humming on all cylinders" before taking the leap.
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