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10 Amazing Places You Can Afford To Retire Abroad

10 Amazing Places You Can Afford To Retire Abroad

Have you always dreamed of retiring abroad? Unfortunately, your retirement account may not seem in the best shape to allow that. After all, the average 50-year-old only has $43,797 in savings. That doesn’t seem like much to retire on–especially when you’re planning on moving. But the following locations offer cheap living, giving you the perfect opportunity to retire abroad, even on limited savings.

1. Malaysia: A Tropical Paradise

malaysia

    If you’re seeking that scenic beachside retirement home where you can spend your days enjoying crystal clear waters and soaking in the tropical sun, then Malaysia should be on the top of your list. Here, it’s easy to get by on $1,700 per month, and the health care system is fantastic. Since many of the doctors have studied outside Malaysia in places like the States, it’s not tough to find an English-speaking doctor, either. Malaysia also offers a 10-year residency visa that you can get by proving income and making a down-payment.

    2. Colombia: A Comfortable Climate

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    columbia

      Colombia is a hot-spot for retirees right now because of its pleasant temperatures and beautiful landscape. Even better, it offers super cheap living. The average income here is around US$300 per month, meaning that an American couple could easily spend less than $1,500 and still be living in luxury. If healthcare is a huge concern, consider settling in Medellin, home to five of the top Latin American hospitals.

      3. Ecuador: A Happy Retirement Destination

      Ecuador

        From the jungle to the beaches, Ecuador features a scenic landscape that can’t be beat in the States. In addition to that, it offers cheap living, where an American couple could easily live well on $1,500 per month. Plus, Ecuador uses the US dollar as its official currency, so retirees don’t have to worry about currency exchange. What’s more, in the 2014 Global Retirement Index, Ecuador was rated as one of the top countries for quality of life.

        4. Panama: A Home Away from Home

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        panama

          Panama offers a dry, warm climate year round and a very low cost of living–with beach views. You can retire comfortably on $1,300 per month, and it’s one of the best countries for quality of life. What’s more, English is widely spoken, and you can use your US money anywhere across the country. The country also offers first-rate hospitals, and many of its doctors are US trained.

          5. Slovenia: A Cozy European Destination

          slovenia

            In the Global Retirement Index for 2014, the European country of Slovenia ranks among the top 30 for health and well-being. It has also maintained a relatively low cost of living over the last several years. This is a wonderful location for retirees who want to retire abroad in Europe’s lush, green landscapes backed by snow-capped mountains. The only drawback is that you may have to learn the Slovenian language. However, many locals are taught English as a foreign language.

            6. Turkey: A Mediterranean Utopia

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            turkey

              Turkey is a wonderful place to find low-cost living coupled with stunning scenic landscapes. If you’re seeking a Mediterranean culture that you can enjoy on limited savings, Turkey is the place to find it. Here, the currency exchange rate is around 2:1, and the cost of living is usually one third of that in the States. Low real estate prices allow you to purchase a quality apartment in Turkey for under $40,000.

              8. Belize: A Picture of Beachside Perfection

              belize

                While Belize is well known for its tourism, that doesn’t mean that the cost of living is high. In fact, it’s anything but. You can easily set a $2,000 per month budget. This beautiful Caribbean nation is among the cheaper ones in the area, and Ambergris Caye is a great place to snag a section of sand. While it’s easy to become a legal resident, the health care system isn’t one of the better ones on the list. However, this is a prime location for retirees looking for a place to retire abroad in the Caribbean on a budget.

                9. Thailand: A Homely, Affordable Location

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                thailand

                  Thanks to its super cheap cost of living, Thailand is a popular place to retire abroad. Your monthly rent could cost you a small $400 and you’ll be living like a king. Even better, health care is so cheap that few Americans and Canadians need insurance to cover the costs. Plus, the service is quick and professional. A great spot to settle down is in Chiang Mai, home to 17,000 other foreign residents like yourself.

                  10. Spain: A Healthcare Wonderland

                  spain

                    Spain is a fantastic location for cheap European living. Valencia features countless homes and apartments for under $200,000, but you can rent a two-bedroom apartment in the city center for as little as $780 per month. The biggest perk is that the country offers free public health coverage, providing you with healthcare at a fraction of the cost of the States.

                    Featured photo credit: archer10 (Dennis) via flickr.com

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                    1 9 Millionaire Success Habits That Will Inspire Your Life 2 How to Set Financial Goals and Actually Meet Them 3 How to Develop a Millionaire Mindset in 6 Simple Steps 4 How to Eat Healthy on a Budget (The Definitive Guide) 5 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020

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                    Last Updated on April 28, 2020

                    9 Millionaire Success Habits That Will Inspire Your Life

                    9 Millionaire Success Habits That Will Inspire Your Life

                    As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

                    You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

                    But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

                    1. Read for Personal Development

                    A daily habit I have discovered millionaires share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

                    A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

                    While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

                    Here’re some recommendations for you: 25 Best Self Improvement Books to Read No Matter How Old You Are

                    2. Establish Multiple Sources of Income

                    Another success habit I noticed about successful people is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

                    They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

                    How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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                    3. Live on a Stipulated Monthly Budget

                    An average millionaire does not believe in luck and jackpot. They take the time to understand cash flow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

                    The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

                    4. Manage and Maximize Money

                    The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire, regardless of their income, keep their knowledge about tax strategies updated.

                    They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

                    Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. Their US income was totaled at $79 billion with an effective tax rate of -5%.

                    What’s the deal? They got a tax refund.

                    How do they accomplish these?

                    An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible.[2]

                    5. Avoid Debt

                    Another habit that separates the millionaires from the rest of the world is how they manage debt.

                    They don’t live an extravagant lifestyle; instead, they only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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                    They are conscious of the interest rates even when they use credits cards or take loans. If possible, they try to pay with cash because of its zero percent interest rate.

                    6. Set Daily Goals

                    It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals to generate momentum in achieving their long-term goals.

                    Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

                    Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars rather than hundreds of dollars.

                    7. Don’t Act Rich

                    The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed in his book that for the most prestige brands of cars, about 86% percent are toys of the non-millionaires. While most believe that people with huge fortunes tend to drive exotic cars, in reality the largest consumers of pricey cars are aspiring millionaires.[3]

                    According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate.[4]

                    8. Own or Buy Businesses

                    In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

                    • E stands for employee – they work for others
                    • S stands for self-employed – they work for themselves
                    • B stands for a Business owner- employees work for them (500 or more employees)
                    • I stand for Investors – Money work for them like Warren Buffet.

                    Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

                    It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

                    Check out How to Start a Small Business with Little to No Money for tips.

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                    9. Avoid Get-Rich-Quick Scheme

                    A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

                    Bonus: How to Develop the Millionaire Success Habits?

                    Having learned these habits, the next question is,

                    How can I develop the Millionaire Success habits?

                    Here are six values you will need to develop:

                    Establish Your Life Vision

                    You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

                    Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

                    Make Your Passion a Profession

                    When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

                    So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

                    Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

                    Focus on Solution

                    Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

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                    A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

                    Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

                    Develop Your Leadership Skills

                    Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

                    Be Growth-Focused

                    Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

                    • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
                    • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

                    Flip Your Thought Pattern From Acting To Being

                    It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

                    If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

                    Here’s a final thought from me:

                    It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

                    More Success Habits

                    Featured photo credit: Austin Distel via unsplash.com

                    Reference

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