"Where to Retire with $1 Million and Live Like a King?"

have you ever thought I want to retire and live like a king I recently came across an interesting discussion where someone asked where can I live like a king for a million dollars for the rest of my life people fantasize about this they want to accumulate a pile of money and then leave it all behind and just go and live off of that money for the rest of their lives this was a very interesting question for me because it goes to the heart of what we talked about here at nomad capitalists go where you're treated best where I am right now in Singapore with their $20 gin and tonics I'm realizing this isn't a place that I don't really want to live full-time I enjoy coming but you're not gonna retire here with a million dollars the bank you're not gonna retire to a lot of countries with a million dollars in the bank but I'm gonna give you the tips that I've developed and some ideas of places you can go if you want to retire with a million dollars [Music] hi I'm Andrew Henderson one of the things I talked about in the book Nomad capitalist was how to live a location independent lifestyle how to go to a place where you can have a great quality of life but spend a lot less money than you're spending where you live now and so to the question of I've got a million bucks I'm never gonna work again how do I live for the rest of my life the first thing that I would consider is I would want to buy a home I'd want to peel off a part of that million dollars go and buy a house that I could own ideally in a country that had very low or no property taxes that had very low or no Association dues or anything that was gonna cause me ongoing stress so I want to buy a house with a chunk of that million because property prices in a lot of places in the world are going through the roof and a lot of the places that you might think you can retire to and live with your squirreled away million dollars for the rest of your life your rent is gonna go up dramatically I see what happens in markets for example even like Cambodia where you think hey I can go to Cambodia that Andrew talks about and live like a king and to a certain extent you can but the problem is that prices of some real estate in Cambodia over the last couple years have tripled and so rents are gonna triple it's gonna keep going up and the fact that Cambodia is on the US dollar is gonna potentially be an issue so I want to find a place where I can buy a house for a chunk of that million dollar so let's say a hundred thousand two hundred thousand dollars now there are places where two hundred thousand dollars can get you a nice quasi penthouse not huge maybe you get the rooftop hot tub maybe that's the kind of thing that you set up is that living like a king to you I don't know we all have different definitions of living like a king if you're looking for a gated mansion a million dollars probably ain't gonna cut it in most places in the world but the first thing I would do is I would peel off a hundred to two hundred thousand dollars and I would buy a house then I would look for a place ideally that didn't use the US dollar or the Euro as their local currency because countries that use Maine stable currencies tend to have higher prices it's the difference between Serbia where I spend time Montenegro where I spend summers Montenegro has the Euro things are not cheap meanwhile on Serbia it's one of the cheapest places that I have been and so those are the things that I would consider the other things that I would consider are can I get our residence permit in the country that's a longer term can I get a residence permit that potentially eventually leads to citizenship because if I go to a country that's cheap now in ten years from now I say you know what we don't want you to come here anymore we don't want you here anymore well now you're gonna be back out looking for the next place and you may not be able to do that and that's gonna eat into your ability to live like a king on that million dollars so to me the idea here is precision we need to have the housing dialed in we need to minimize our ongoing costs there we need to reduce our currency risk and be able to hold stable currency and then spend it a less stable currency and we want to be able to make sure that we can stay in that country ideally if the country has high interest rates in the bank and you're living in that currency let's say you want to move to the country of Georgia where you can make nine and a half percent on your Georgian Lawry's in the bank right now if you're spending George and Laura the risk of holding George and Lauri and earning that nine and a half percent becomes less and that brings me to kind of the critical piece of living like a king is that you can just pull down on the nine hundred or eight hundred thousand dollars that is left but obviously what you're gonna want to do is you're gonna want to have some kind of state safe stable investment that is not going to go down in value but that just gives you some income every year so if you could have eight hundred thousand dollars and earn almost ten percent interest that's eighty thousand dollars in interest and then you could figure out okay I'm gonna spend the 80 thousand how much is remainder don't need to peeled off of every year whether I have ten years to live 20 years to live 50 years to live who knows but that's the other thing is can I get higher interest rates in the bank because otherwise you're gonna come here to Singapore and you're gonna put your money to Bank in u.s. dollars at two-and-a-half percent and you're not gonna have nearly as much money to live now as to where you can live like a king there are two areas that that speak to me Asia where I spend a lot of time I do think will become more expensive as time goes on and I see some issues there I would look at in one way South America Colombia is very interesting there parts of Colombia you could live perhaps not in Bogota forever but other parts of the country Paraguay is very interesting I imagine there are other places in South America that could work but I think those the two of the ones that stand out to me the most that are affordable and you could actually live a very nice lifestyle what I think is probably a much more interesting part of the world for living like a king is in Eastern Europe now that could range from Hungary to Serbia to Georgia to Armenia these are countries a lot of people don't know that much about in many cases but you get a lot more of the king because you've often got super cheap wine if you like to smoke weed like to smoke cigars you've got cheap tobacco you have just a lot of things or cheap cheap food excellent food and so for me that part of the world is probably the easiest place to live if you're just trying to to go all-out and display what do you think comment below what would be the country that you would want to go and live like a king for me I see Latin America and their exposure to the US and Canada the growing economies that are growing a bit slower but just all the elements there I see that potentially it's gonna be harder Asia I think also potentially harder Hungary Budapest very cheap place to live now how does that work going forward seeing that Budapest and Hungary in the EU I can't entirely be sure what is the fact that Serbia may eventually in some distant future joined the EU due to prices who exactly knows and obviously in those situations you have the risk that the country goes to the euro and prices go up substantially so I would look at the Georgia's I would look at the armenia's I would look at I guess the Albania's I would look at Belgrade I think it's a great place to go and live and quite frankly if you're looking to meet people I think Belgrade quite frankly could be a fantastic place you can get a residence permit you can get decent interest in the banks you're at the doorstep of Europe you're a European lifestyle so you're not feeling like you're sacrificing a lot of people come and say I don't want to live in Africa yeah no one wants to live in Africa that I talked to and so even though I had a friend from Nigeria who said you could retire to parts of Nigeria with a quarter of a million dollars I don't think anyone wants to do that and so for me if you're looking to have the long-term way of living like a king where you're not gonna get as homesick where you're gonna have all the things that you need whether you have property where you have a social circle where you have dating where you have food where you have one we have all the trappings of living like a king or queen to me Eastern Europe is the place to go hi I'm Andrew Henderson from nomad capitalists I wrote this book which you can find on Amazon to distill a lot of the stuff we talked about in these videos and a lot of the stuff I've learned over the last decade plus traveling all around the world teaching you about how to legally reduce your taxes build your personal freedom and create wealth faster definitely get a copy of this book if you want to learn more now if you want to watch more videos make sure you subscribe to our Channel and make sure you click the notifications bill so you never miss one of our new videos with more tips on how to go where you're treated best and if you're already a six or seven figure entrepreneur and you'd like to put these strategies in place for yourself go to Nomad capitalist calm and learn about how I can help you

Channel: Nomad Capitalist

Views: 242,737

Rating: 4.7864041 out of 5

Keywords: nomad capitalist, go where you're treated best, perpetual traveler, digital nomad, nomadic lifestyle, retire wealthy, retire rich retire young, how to retire early, how to retire early and live well, how to get rich an retire early, how to retire rich and young, where to live like a king, money saving strategies, live like a king, live like a king motivation, living like a king, how to become rich, live as king, retire with 1 million, retire in cambodia, foreign investment

Id: UzQc9oxoBGo

Length: 9min 9sec (549 seconds)

Published: Sun Apr 14 2019