42 votes
Accepted

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

There are two parts to the hack you describe. One is moving to a high-cost, high-pay country to work, and the other is moving to a low-cost, low-pay country to retire. As Dilip mentioned in a ...
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  • 23.8k
35 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

I was at a restaurant in NYC, 1st Avenue and 63rd street. I don't recall how the conversation started, but the woman at the next table remarked how none of her friends from the West side, 9th avenue ...
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17 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

Different priorities At retirement age, your life priorities are somewhat different, and two key items come to mind. 1. Social circle Your social circle, community and extended family contacts are ...
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  • 3,245
10 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

I'm currently working as an expat, and my grandparents used to work overseas but retired to Canada so you could say my family has done things completely the opposite of what you suggest. However there ...
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  • 1,334
8 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

One thing not mentioned is that in so called third world countries, a lot of "stuff" isn't actually less expensive. Food is almost always less expensive, housing is often less expensive, but cars, ...
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5 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

I should think the primary reason is due why those countries have a higher standard of salary - its not what you get, but what it buys you. In a high-salary, low-exchange-rate country like Sweden, ...
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  • 422
4 votes

Is permanent facial hair removal economically worthwhile?

Laser hair removal isn't permanent, you have to have several sessions to get all of the hair, each session costing hundreds. And then it may only last a few years before you have hair growing back ...
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  • 51
4 votes
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Cost of carrying precious metals in portfolio

The SPDR ETF GLD? The fund intends one share to match 0.10 ounce of gold, and the wikipedia article states it's one of the top 10 holders of bullion in the world.
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  • 8,251
3 votes

Used car with lower TCO

When I bought a used car, I went with the following characteristics: Under 100k miles. Cheap. Reliable model. Newer than 2000. I bought from an actual person instead of a dealer, and was willing to ...
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  • 4,293
3 votes

How much variation between lenders is there in the cost of financing a home mortgage loan (in the United States)?

Not a lot, but enough to make it worth the effort. Each broker is different in how much they charge for services, including their own profit margin. I recently refinanced a large (but not jumbo) ...
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  • 115k
3 votes

How can I just pay for my order when dining with friends at a restaurant?

In more high-end restaurants they can track orders of each of the guests and provide separate checks in their order management system. In more "common" establishments, you'll probably have to split ...
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  • 131k
3 votes

Direct from manufacturer auto purchase? Smart? Dumb? Possible?

In many states the manufacturer can't sell directly to you. In those states they must use a dealer. That is the exact problem that Tesla has been having. They have been trying to get the state laws ...
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3 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

Political instability and general inability of the government to control crime, economomy, or even remain in existence, would be my greatest worry. I wouldn't want my bank account to randomly ...
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  • 193
3 votes

Is permanent facial hair removal economically worthwhile?

No one here has mentioned electronic shavers. I purchased one for about $120 two years ago. It's still going strong and I've only had it professionally cleaned one time. I also find this method to ...
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  • 1,235
2 votes

How can I cash out my prepaid cell phone?

I've found you can give the money to charity. If you text REDCROSS to 90999 for example you can give $10 to the redcross
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2 votes

How do you save money on clothes and shoes for your family?

I look ahead for sizes. I was at the thrift store and saw a good condition, good brand winter coat that will likely fit my daughter next year, so I bought it. I also bought a snowsuit my baby can ...
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  • 161
2 votes

Is permanent facial hair removal economically worthwhile?

If your goal is to simply save money on shaving supplies, there are easier ways to do so. If you are buying the latest Gillette multi-blade razor cartridge, then yes, you are spending a lot of money ...
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2 votes

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

I know folks who considered retiring to another country. Their conclusion was that while base cost of living was lower, the cost of the things that they enjoy doing -- not to mention the cost of ...
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  • 31.8k
2 votes

How to project monthly payments for Verizon plan?

There are two fees given in dollar amounts, and the rest are given as percentages. So presumably, the former will the fixed amounts, while the latter are percentages. If you want to be sure, you can ...
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2 votes

How to project monthly payments for Verizon plan?

I'd advise you to just find a friend that has a similar plan and look at their bill. In NC, sales taxes are paid on the amount before discounts/coupons are applied... so, if you buy a $300 item ...
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2 votes

Cost of carrying precious metals in portfolio

I have some gold investments. I simply bought a couple of small bars of gold and put them in my house. That's pretty cheap in terms of storage costs. Why don't you want to do it this way? You won't ...
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  • 263
2 votes

Does it cost more to buy a car insurance without having a US driver's license?

Can I buy a car insurance for a used car I bought when I am a new student in the US without SSN and the US drive's license, but I have my home country's driver's license? Yes If so, does it cost ...
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  • 7,009
1 vote

Does it cost more to buy a car insurance without having a US driver's license?

It is important to remember that all US citizens, at some point, have not yet learned how to drive. Everybody in America, at some point, had no driving history for an insurance company to set ...
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  • 4,225
1 vote

Used car with lower TCO

I'm 60 years old and I've only bought 2 cars new in my life. I think a used car in good condition is a much more cost-effective option. I don't know where you live so I can't be too specific, but I'd ...
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  • 20.8k
1 vote

Cost of carrying precious metals in portfolio

The cheapest way to store physical metals is to take delivery, and keep them yourself. The "goldbugs" have a saying - "if you don't hold it, you don't own it". Or, to put it another way, just ...
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  • 8,966
1 vote

How can I just pay for my order when dining with friends at a restaurant?

One possible option, depending on your dinner habits, would be to ask for the bill right when you place your order - especially since your friend would likely be getting their bill at the end of the ...
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  • 169
1 vote

Total Yearly Expenditures for a Single Person in the USA

Here are the numbers from 2007-2008 http://www.bls.gov/cex/anthology11/csxanth6.pdf
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1 vote

What are the downsides that prevent more people from working in high-income countries, and then retiring in low-income (and cost of living) ones?

A lot of good answers, but there’s one more factor: ignorance. The majority haven’t considered it, or considered it and assumed it’s not an option without investigating. PLUS, the widespread myth ...
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1 vote

Where can I find an example of a really basic family budget?

There are some excellent sample budgets, but one thing you might want is advice for what relative amounts to budget for rent/housing, transportation, and lifestyle. The answer to this question has ...
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