Cheapest Places to Live outside the US

I was talking to a friend about passive income and retirement money, and how much money we need to retire in the US. I landed at around $48,000 and he landed at around $70,000 in passive income.

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1. what is considered poor in America according to the Census so real numbers
- To be considered poor you have to live in a household that earns less than $31,275 ( usually a family of 4 or 5) which in pesos Dominican money Is somewhere around 1.8M ( more than some people make in a lifetime)
- While the common earnings of a family in the Dominican republic could be between $4000-$88,700 Pesos
- In US money that’s $68-$1,500 ( meaning that all you need is 18,206 to be on the higher side of earning in that country)

Obviously just from those numbers:
- We know the cost of living is a lot less
- A lot easier to retire
- Ability to buy more with your money

2. 4 ways to Move to the Dominican republic
- You have a job that allows you to work from home
- Or a business that you can run from anywhere
- Or you are going to use your retirement fund to live there
- Or you are going to get a job their which I don’t recommend

But let's pretend for a second you’re going to do it Passive income:
- Stocks:
- Real Estate:

First, we have to know the Cost of Living in the Dominican republic
- Rent: $19,000 ( $327USD)
- Food: $200 ( and that’s me being generous)
- Transportation: ($100 including insurance and Gas)
- Utilities: $150 including internet, lights, and water)
- Healthcare: $50 bucks a month
- Other Expenses: $100

Total Monthly Cost of: $917 a month or $11,131 ( in pesos $645,600)

But let's pretend for a second you’re going to do it Passive income:
- Stocks: following the 4% rule you need $278k but I would increase by 30% in case the market drops so $361k
- how long would it take me to invest this money over 10 years: ( 1,887 per month ) – but the average salary in the us is $50k so that’s only 45% of what you make and you retire 35 years early)

- Real Estate: You can 2-3 properties that cash flow over $500 each after a while: which would give you $18,000 in income each year
- or buy some property take some time by paying them off in cash and keeping all the cash flow.

3. Overall The idea is
- You only need half of what it takes to be poor in an America to live a good life somewhere else
- But obviously, it’s a big move
- And before doing this I would also factor in buying a home there to lower expenses even more and still having a job for even more income.

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[Greedude]

I’ve been thinking about this. Great video!

[CalebOliver]

This is a cool idea to consider. It is definitely a perk to live in one of the most expensive places in the world because every time you travel abroad you feel like you are saving money!

[Turntablesmx]

The set, channel, and info is great. No change needed. You have the game sowed up Bro. Keep winning everyday.

[natalibarham]

Can you do a video on which countries are cheap countries to move to & what are the things we should consider when we think about moving somewhere.

[thesmothersotr]

I wanna live in Grenada 🇬🇩 but definitely need U.S Income!! Working on those dividends Tommy!💪🏿

[therookieinvestor]

I wil need 80k to living the u.s that why i started investing the market with $7.50 and additional 400 a monthly now i am at 100k in just 8 months i am 900k away from moving out of the u.s and go back to Guyana to live and i will only need 20k in Guyana🇬🇾 currency it will be 4 million

[raqueltorres]

This is just what i was looking for. Is 2021 the time to make the change?!

[JoyceWSolomon]

Fantastic ideas on different places to live! Thanks Tommy.

[Flaxko]

I would definitely go back to DR I miss it and tbh I feel like life’s better over there🤷🏾‍♂️

[JamonHicks]

This was a very informative video and I feel like at the end of the day. We don’t even know how the economy is gonna be the next 10 years or the next year and so now the culture is on edge where they just wanna live right now and just enjoy life now

[hannaw]

That’s crazy. I watch Our Rich Journey too

[clorinaperez]

Wow you're Dominican. No wonder I keep watching. Giving me hope that I can get into stock.

[ServantSoundProductions]

Man... yes id make that move.. but i would want a house tho... no apartment, but a house in a very nice safe area.. i kno that would cost alot more tho, right?

[sly]

Nice video man I'm in Dominican Republic on my vacation right now you're right it is cheaper to live here, going back to Cali today

[qn]

Vietnam, Cambodia, Philippine, or Thailand. Very affordable on SS income alone.

[Xerver]

Just what I needed! Planning to move out of the US before the next election.
With everything that's happened over the last few years, the next one is someone else's problem!

[memory]

Health insurance for best coverage (HUMANO INSURANCE), I was paying $2, 000 pesos around $34 dollars a month..

[allthingsinvestingandfinance]

Great video Tommy! Definitely had this topic on my mind. Keep it up!

[darynadixon]

I know I am going to move. Great suggestions. Its so expensive. I calculated my retirement and in order to live comfortable and still have money for a trust fund I have to save between 1, 500, 000 to 1, 800, 000 just to be comfortable and have money available for the kiddo.

[josephjones]

Heyy Tommy,

Talk about rule 200, you can look this up financial samari; it has something for the treasury bonds or something .
4% is bit dangerous depending on market conditions.