I almost always roll my eyes when I see an article title that starts with a number. For example, “28 Ways to Read This Blog”. Yuck.
So that is why I was excited to use a number in the title today. A ridiculously high number could only be seen as complete mockery of the system, no? I do hope so. Maybe it is also great clickbait, which must be the ONLY reason others do it (I am learning that is the only reason a lot of things on the internet happen).
In any case, I recently learned about a website called Nomad List and I gotta say it’s pretty cool! It’s a website designed for “Nomads”, including a particular focus on the needs of so-called “Digital Nomads”, which is a hoity-toity way of saying “Homeless Remote Workers”. You can cruise the site and check out cities all over the world to see what they have to offer in terms of services, entertainment, culture and more. There’s a lot of practical information, such as safety information, and a summary of the estimated cost of living in each place for both locals, expats, or ‘Digital Nomads’. Further, it is also a social network so you may be able to connect with people in the places you are thinking of going in order to find out more, or just to hang out once you arrive. However, for full access there is a fee associated with the site, being either $30/month, $99/year or $149/lifetime. I haven’t bought a membership yet and haven’t decided if it is worth it. I may try it out for a month on an upcoming trip, although I am not going to a very populated place so I am not sure I will fully experience its value.
All that alone is pretty cool and I have bookmarked it for future use. However, there is one other feature that is of particular interest to the FIRE community, and that is the Nomad List Retirement Calculator. This is available for free, and, using this, you can calculate how much longer you need until you are able to retire in various locations around the world. You can enter your current status (i.e. savings, income), goals (i.e. FatFIRE? LeanFIRE?) and from there the calculator will rank all the places in order starting with the one you are either already to retire in or the closest to being able to.
I had a lot of fun checking the list of all the places I am on track to retire in by the time I turn 34, or even how much longer I would have to work to be able to retire in some of the most expensive places in the world such as Monaco and San Francisco. Currently, there are 30 places I can retire before I turn 34, including spots like Mexico City (comparable to current place of living in South Baja), Canggu, Bali, Indonesia where I would be very happy to spend my days.
I will say, that just like with any calculator, it is very easy to rationalize the fudging of numbers based on what we would like to believe rather than what is real or a reasonable future expectation. I used various Safe Withdrawal Rates, particularly because I earn about 10-15% annually on my $100,000 home/rental property, which currently makes up a lot of my Net Worth. However, in the future, that rate will be much closer to the traditional 4% as less and less of the proportion of my Net Worth will be occupied by my real estate holdings. I also had to consider that when I am here at home in Mexico I have no rent or mortgage to pay, but whenever I travel I will of course need accommodation. However, my assumptions are also based on the idea that, besides the rental income from my Air BnB hustle in Mexico and equities and securities returns, that I will earn no income at all, forever, which isn’t necessarily the case. All that said, in no other place can you get so much information in one place that is tailored to those looking to live more and work less. I prefer this to traditional retirement calculators mucho!
Have a try, and leave a comment below. What did you find? Like what you see? Where could you retire sooner rather than later and be happy? Of the spots that seem less desirable to you, what do you really know about them?
Remember that you can’t live outside the box without thinking out side the box.