Most of us can hardly wait to hit the "magic retirement age" of 62 to retire (but your monthly benefits will be reduced (by about 25-30%) and receive enough social security to live a good quality life. However, with rising inflation costs and increased health issues as we age, many people also fear getting too old and physically limited by the time they reach that age to enjoy life to it's fullest. That's why many expats and digital nomads have opted to seek an alternative lifestyle in places where they can stretch their earnings further or spend their savings at a slower rate. Many people sell off their cars, house, and other possessions in order to afford them an early retirement in a desired location. But what if it doesn't require as much as you might think? What if you could get started in your 30's or, dare I say, 20's if you're seriously considering relocating to another country? Below are a few things to consider and strategies on how to start saving for an early "retirement" and relocation to a more affordable country!
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Money Makes Money - Savings Interest Rates if 3.5%
SAVINGS INTEREST EARNED
$50,000 = $145.83/mo
$100,000 = $291.67/mo (nearing minimal amount to get by frugally)
$200,000 = $583.33/mo (achievable if living basic, especially after age 50!)
$350,000 = $1,020.83/mo (comfortable lifestyle!)
If you're able to earn/save, inherit, or sell off assets that total between $200K-$350K I think most people would be able to budget a comfortable lifestyle mostly by living on the interest their wealth is generating at 3.5%.
Always shop around for HYSA and CD's with higher interest rates! ($280K @ 4.5% = $1,050/month!)
If you're under 50 I don't recommend on solely relying on selling assets/savings. I would recommend starting an online business or gaining skills that will give you advantages for remote jobs. Of course, I would recommend beginning with a skillset or interest you already have and start a website/blog or create videos for YouTube! Meanwhile (and it will most likely take awhile), you can look into remote work and try out jobs such as data entry, transcriptions/copywriting, IT support, teaching English as a foreign language, and more!)
YouTube Ad Revenue
I will break down Strategies To Earn Money on YouTube in another article, but I will talk about the desired goals/numbers required to get you a sufficient amount for living in an expat country.
Low CPM Content (Gaming, Entertainment, General Vlogs)- CPM: $1–$5
- Earnings per 1,000 views: $0.50–$3
Mid CPM Content (Tech Reviews, Travel, Tutorials)- CPM: $4–$12
- Earnings per 1,000 views: $2–$6
| RPM (Earnings per 1,000 Views) | Views Needed to Earn $1,000 |
|---|
| $0.50 (very low RPM, Shorts) | 2,000,000 views |
| $2 (low-end long-form videos) | 500,000 views |
| $5 (average niche) | 200,000 views |
Most likely your channel will need to average between 200,000 - 500,000 views per month before you're generating a "full-time" income. Enough to sustain you in a beautiful foreign country anyway! Good news is, most YouTubers start to receive sponsorship offers when their channels start growing and gaining more views.
| Channel Size/Est. Sponsorship Rates | Per Video |
|---|
| 1K – 10K subs (Micro-influencers) | $50 – $500 |
| 10K – 50K subs (Small creators) | $500 – $2,500 |
| 50K – 100K subs (Mid-tier) | $2,500 – $10,000 |
| 100K – 500K subs (Established) | $10,000 – $30,000 |
Always think about the value you provide to the audience as well as the advertisers whom you're trying to gain the AdSense placements from. It's important to consecutively consider your current income gained through remote work or online (YouTube) earnings, the income from interest on savings accounts, and interest/payments earned on other investments such as stocks or real estate.
Speaking of providing value, consider opening a store to sell physical or digital products that your audience would appreciate!
Don't forget Americans, you will pay 10-22% tax on interest earned as ordinary income (depending on your total income bracket!)
Check out these destinations where you can live comfortably for almost $1,000/month!
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