Have you seen the article in the press ” Buy a house for 1 Euro in Mussomeli” ? The village Mussomeli struggles with a decreasing population and more and more houses are abandoned. It was the major of the village Ollolai in Sardinia that started this kind of initiative last year 2016 to fight the trend of decreasing population and increasing abandoned houses. Ollolai and Mussomeli are not the only villages that fight this problem. At least 3000 villages in Italy have seen their population decrease over the years. Italy counts today around 6000 ghost villages where nobody lives anymore. So majors of those villages try to fight this problem with offering a house at a spot price if you renovate it and live there.
5 Places To Consider and Where I Could Live Cheap…
Have you ever fantasized about quitting your job and moving to a place where it’s so cheap that you barely need to work — if at all? “It’s a great idea, and it’s not that far-fetched,” says Kathleen Peddicord, who has turned this fantasy into a business. As founder of the company Live and Invest Overseas, Peddicord advises global nomads on where to move in order to live on the cheap.
A long-time global nomad herself, Peddicord is originally from Baltimore. She left the U.S. about 20 years ago for a job in Waterford, Ireland, then made a pitstop in Paris before setting her sights on Panama City, where she now lives with her husband and family.
On her website, you can find countries where you can live cheap. Kathleen picks locations that are beautiful, interesting, welcoming, adventure-rich and most importantly affordable places. She lists out the monthly budget required to live in a location.
The budget referenced is a base amount that gives a snapshot of monthly living costs for a single person and includes the cost of renting a two-bedroom apartment in a neighborhood where an American would be comfortable living. You could reduce your total budget by renting a smaller place. Costs for groceries, transportation and entertainment are also per person; internet and cable are often bundled with a telephone plan. And in some destinations, items like electricity or heat are listed as free because they’re either included in the rent or unnecessary. These budgets do not include travel, clothes, health insurance and other costs.
Let’s review 5 places that I could consider…
1. El Poblado, Medellín, Colombia
During the time of Pablo Escobar the city of Medellín was almost hell on earth. But that time has passed a long time ago. Medellín is rich in culture and the local population is trendy dressed. You will always be welcome. The public transportation is excellent and affordable. Due to the history of Escobar the city did not attract many investors nor tourists so far. El Poblado is in the city centre. An average monthly budget is €1.550.
2. Carvoeiro, Algarve, Portugal
Carvoeiro is according to Kathleen Peddicord the best place to live. The rocky coast gives Carveiro a breath taking view and there is always sun. Great food and drinks makes this city a little paradise on earth.
An average monthly budget is €1.070.
3. Las Terrenas, Dominican Republic
In Las Terrenas live a lot of French expats. There’s a wonderful white beach and a tasty French cuisine. You can live there very cheap and the infrastructure improves every day. You can consult an English speaking doctor for 20 Euro. There are many international schools and there is a wide variety of international restaurants.
An average monthly budget is€1.150.
4. Chiang Mai, Thailand
Thailand is a magical place and since the 19th century Chiang Mai has attracted expats from the West thanks to the low living costs, the fantastic weather and the rich culture. The healthcare is excellent and cheap. The former seat of the Lanna kingdom is a blissfully calm and laid-back place to relax and recharge your batteries until you die. An average monthly budget is €1.000.
5. Barcelona, Spain
Surprisingly Barcelona is also on the list. This vivid and colorful Catalan capital offers sun and culture. Living there is cheaper than going on vacation. There are many musea, restaurants, shops,…while the beach is just around the corner. An average monthly budget is €1.500.
In the year 2018 I will definitely not quit my job as I just got a new function with more responsibilities. But the thought about living abroad cheap is definitely attractive. Mrs Dividendcake and I won”t live in Colombia or Dominican Republic in the future for different reasons. But Barcelona (Spain) or Carvoeiro (Portugal) are definitely attractive locations. Since our trip in Malta, this location is also on our favorites list.
In our blogpost Top 5 Financial Behavior Mistakes You Should Always Avoid we wrote about the average pension of a Belgian citizen. If you receive 1177 Euro pension, you could definitely live a retirement life in Carvoeiro in Portugal. Who says you need to wait until the retirement age of 67 ? At the latest FIRE meeting, we did meet a couple who retired at the age of 34. If we can bump up our monthly dividend income to 1500 Euro or more, we can definitely choose between above or other locations for an early retirement.
First we will definitely help our kids to finish their college and university while we build out the growth of our dividend income and investments portfolio by paying ourselves first. Which cheap dream locations do you have on your list ? Where did you retire early or do you plan to retire early ?
We hope we made you think that you don’t need to work until you die…or achieve the retirement age. Invest wisely and retire early! The age when you retire, does NOT matter ! What other people think, doesn’t matter either…it is simple…they did chose another financial path !
Thanks for reading the blogpost and as always we end with a quote.