Finding Financial Freedom on Foreign Soil

Listen To The Full Interview:

 

Would you move to another country to get ahead financially? I’ve read about an increase in retirees moving to other countries to live better on less. Those just starting their careers are taking advantage of the same thing – to pay off debt faster.

While doing research for an article on this very topic, I crossed paths with three fiscal adventurers who found financial freedom on foreign soil. They left their homes, some for a time – others permanently, and figured out how to save more, invest more, and pay off more debt faster in countries that have a lower cost of living.

  • Charlotte Edwards moved from her home in Wisconsin to a small town (pop 1 million) two hours south of Beijing in China. She paid off $14,000 in 3 years.
  • Joseph Hogue left Iowa on business and found his way to Medellin, Colombia. I had to ask about the crime – even though I live in Chicago, IL. Joseph said the Pablo Escobar stories of narco-trafficking from the 90s are largely left over bad press. He finds Medellin no more dangerous than other big cities. His expenses are only about $1000 per month – FOR EVERYTHING. Think you can sock away cash quickly with that cost of living scenario?
  • Vanessa Page is a Canadian national who responded to my request for an interview. She knocked out $28,000 CAD in one year and brought her boyfriend along to S. Korea for moral support.

Today’s podcast wasn’t originally intended for public consumption. I record interviews (with permission) for note taking purposes. However, my article only touched a mere fraction of the wonderful nuggets these folks had to share.

I couldn’t just delete the interviews.

So even though the quality is not the best and you can hear my kiddos playing in the background (I usually record the podcasts during nap times for this reason), I had to share.

I’m so intrigued by this idea that I’m thinking of trying it – on a very short term basis – next year. So I’ll keep you posted.

In the meantime, if you’re drowning in debt and have the flexibility or want a little adventure – you’ll want to tune in and check out the strategies these guests talked about on this episode of the Midday Money Show.

 

Topics Covered on this Episode

We follow up on a discussion I had with a suitcase entrepreneur who dumped $22,000 in one year while living overseas.

We talked about:

  • Three different countries where my guests found financial freedom abroad
  • The types of jobs that can facilitate paying off debt faster while living overseas
  • Countries that are most conducive to implementing this plan
  • How the language barrier didn’t stop either person from moving abroad
  • An in-depth breakdown of the expenses for each person
  • The Foreign Income Tax Exclusion and how that helps you save more as an American living abroad

 

 

“You need to live like a local.” ~ Charlotte Edwards

“We’re able to save so much here that we can pretty much do what we want. It’s such a great opportunity living overseas.” ~ Joseph Hogue

 

Resource Featured:

 

 Would you move abroad to find financial freedom? If so, where?

 

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Debt Free Divas
Debt Free Divas
I'm committed to helping you accomplish your debt free dreams! ~Toni

2 Comments

  1. How interesting, I knew the cost of living changed depending on where you go but I would have never thought it would be so drastic in different countries. Paris here I come!

    • Debt Free Divas says:

      Paris and London may be on the higher side of the cost of living countries. 🙂 But it would be a nice adventure – that’s for sure.

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