Affordable Living, Abundant Life: The FIRE Lifestyle

The feeling of being one with your surroundings is serene. Such a monotonous feeling can only be achieved if the environment is less chaotic. Chaos is not usually the most negative variety of emotion. Yet, it is mostly associated with concepts such as destruction and disaster. It makes sense. One can only achieve one goal when all their focus and energy are channeled into one specific task at a time. This may sound contradictory as some people tend to multitask on a day-to-day basis and a lot of people do struggle with creating a solitaire vibe in their lives. 

One way to achieve the same is living in a place that already has a calming effect. No, I’m not talking about your apartment downtown at 3 a.m. when the city’s asleep and you feel alive. Of course, that sense of premonition is uncanny. Yet, life is more than a few moments of adrenal rush. 

Dwelling plays an essential part in how our lifestyle is going to proceed. When we live in a specific place, we get accustomed to its ways, to its climate and the food. Definitely, the food. 

Living in a calm atmosphere can alter a lot in an individual. Now, you may concur that the residence is salient and one should live peacefully. However, that is something only the rich can have. A common individual like you and I can only dream of such and lug ourselves back to work. What if there was a way where you could make this dream into a reality? That’s right. It’s achievable. 

So far, we’ve already established that you live with the core values of FIRE (Financial Independence Retire Early) ingrained in your system, and spending a single penny just to live far off could be sinful to your parsimonious existence. 

We’ve taken it upon ourselves to inform you that all of it is doable. There are places where living and working can be done at the same time while making sure that you are within the guidelines of FIRE.

Ecuador

Many expats go to Ecuador for the inexpensive cost of living. It may be a huge benefit, especially if your salary is fixed. Compared to the US or Europe, rental fees are half as expensive and frequently include furniture. If you own, your property taxes will be less than half of what you would pay in the United States. Year-round, local mercados (markets) sell fresh produce at rates so low that you cannot carry what $20 would purchase. In many places, you may get by without heating or air conditioning, and even a car may not be necessary.

In Ecuador, you may retire with little money and yet live luxuriously. With less than $18,000 annually, a couple may live well in retirement. If you’re single, you can get by on $1,000 a month, but it’s vital to keep in mind that you might need to adjust your current lifestyle to make the most of that cheap cost of living. Living on a major city’s outskirts can reduce your rent expenses by several hundred dollars.  It is substantially cheaper and certainly of much higher quality to purchase veggies and meat from larger indigenous markets or smaller tiendas (stores). Even though the supermarket prices are high. American brands are higher. Hence, you would be spending less. 

Even entertainment is affordable.  Small eateries that serve the residents provide an almuerzo (lunch) for $3 that includes fruit juice, chicken, rice, and dessert.  Additionally, lunch specials at restaurants providing international cuisine start at roughly $7, allowing you to purchase your favorite Mexican, Thai, Italian, or Chinese foods.

You may develop your interests in photography, hiking, pickleball, playing trivia or card games by joining one of the many social clubs available in Cuenca. On most weekends, there are fiestas, many parades, nightly fireworks, artisan fairs, and various forms of free or inexpensive entertainment all around Ecuador.

In addition, Ecuador’s cheap cost of living enables retirees to travel more thanks to a retirement benefit that includes a 50% discount on airfare but excludes taxes and fees. Flying internationally from Quito International Airport costs around the same as it does from destinations along the east coast of the United States. Travel agencies in Ecuador can make your dreams of seeing Patagonia, Uruguay, or Chile come true because numerous cruise companies depart from Argentina.

It gets much better if you’re above 65. Members of Tercera Edad, or “Third Age” in Spanish, are entitled to several unique privileges in Ecuador. Like $1.50 bus trips to adjacent cities, cheap entry to athletic and cultural events, and a four-hour executive luxury bus trip from Cuenca to Guayaquil’s International Airport for about $12.  Additionally, you are qualified for a reimbursement of the VAT tax you pay each month on purchases totaling up to $96.

Colombia

The low cost of living in Colombia is one of the key advantages. Furthermore, the cost of living is cheap in a nation with many of the infrastructure and first-world services you’d anticipate in a far more costly place.

Despite recent increases in the cost of living, foreigners may still live very well in upper-class neighborhoods for as little as $1,000 per month in small towns like Manizales and Pereira and $2,000 per month in major cities like Bogotá and Medellín.

It is significant to highlight that the cost of utilities, such as electricity, natural gas, water, telephone, and internet access, is determined by a tiered, estrato (stratum) system in Colombia. Based on the mean household income of a neighborhood’s population, the system awards it an estrato number. Neighborhoods with lower estrato pay less than those with greater estrato. 

For a desirable neighborhood, rent in larger cities like Medellín and Bogotá may start at approximately $1,000 per month. The beginning price for rent in smaller cities like Cali, Pereira, and Bucaramanga will be closer to $500 per month. 

Your dietary requirements, food choices, and whether you cook at home or go out will all influence what you eat. Coffee might cost you more than $0.20 per cup in a small town. In a major metropolis, you should budget at least $1 for an excellent black coffee, or half that much for a subpar commercial brew. 

If one individual in stratum 5,6 dines out once a day and goes out on the weekends, they will spend at least $300 per month. A normal lunch costs around $4 and includes soup, a main dish (meat, rice, or salad), and a beverage. A lunch at fancier establishments will run you about $10 per person. 

In order to enter Colombia as a tourist, visitor (student), or immigrant (retiree), you must now obtain travel health insurance. Age, income, and the kind of insurance you require all have a significant role in costs. 

Colombia is recognized by the Veterans Administration for benefits under the Foreign Medical Program. In Medellín, there is a VA representative who can help. All medical expenses for disabled veterans are covered in full, and those who are just partially handicapped are compensated for associated expenses. 

EPS insurance is government-funded workplace healthcare that an independent person may pay as low as $50 for. Based on age and income, the other, more exclusive health insurance providers will operate. 

For national beers, beer costs $1 a bottle in a little corner tienda and $2 to $3 in strata 5 or 6. A bottle of rum or aguardiente (distilled liquor resembling brandy) costs $7 in stores and $15 in bars.

Colombian cinemas are likewise well-liked, but they normally only show English-language films on a Monday or a Tuesday of the week. To learn precisely which day, get in touch with the nearby venues in your preferred city. The price of an entry-level movie ticket is $3.

Thailand

Thailand, a well-known and vibrant country in Southeast Asia, offers such inexpensive living that even posh activities may be had for a discount. The place offers a history and culture that are as distinct as they are old, situated between Myanmar, Laos, and Cambodia with a border with Malaysia.

As this multicultural nation provides a variety of retirement lives and may deliver reasonable experiences on most budgets, ex-pats are dispersed contentedly over various provinces. For those who enjoy the ocean, beautiful scenery, and water sports, the beaches and islands provide a perfect retirement. Bangkok, locally referred to as Krung Thep, is ideal for those seeking a more cosmopolitan lifestyle rich in fashion, modern conveniences, and a hopping nightlife. Beautiful mountains, vast rice fields, and cultural fusions from Thailand, Burma, Laos, and Cambodia may all be found in northern Thailand.

You will have a hard time choosing between expensive studio condominiums, old traditional-style houses, or towering condo complexes. The options are unlimited. Only $626 a month will get you a contemporary one-bedroom apartment in popular Sukhumvit, Bangkok, close to dining options and entertainment. A three-bedroom villa on Koh Samui that is near the beach and costs only $475 a month if you need more space is available. A city studio with a kitchenette can be found for as little as $184 in Chiang Mai, the city with the lowest rentals in all of Thailand. Despite their low cost, these studio apartments are clean and up to Western standards, so there is no need to be leery of them.

Many foreigners ingest Thai cuisine daily. Since preparing fresh food every day is ingrained in Thai tradition, restaurants appear in many shapes and sizes, from whirling skyscrapers to plastic chairs on the pavement, but they all offer magnificent culinary experiences. Street cuisine that is fragrant and spicy might cost as little as $1.72.

As an alternative, you may eat at a Michelin-starred restaurant in Bangkok for around $50 if you want to spend more money or have a more opulent experience. If Asian cuisine is not your thing, there are plenty of Western choices available. A ten-inch pepperoni pizza will cost less than $7 and a cheeseburger and chips will cost roughly $5.20.

Although there are hundreds of coffee shops around the nation where you may meet up with pals, the coffee culture has exploded in the last ten years. An average coffee is $1.30, and you’ll sometimes find a display of cakes and pastries tempting you for as low as $2.60.

Thailand has world-class hospitals and healthcare services and is already well-known for health tourism. All specialists speak English, and several of them even had their training there. Bangkok Hospital, which operates hospitals across Thailand, makes an effort to negotiate special yearly health checkup rates for foreigners. Your pocketbook will hardly be dented after your first appointment with a specialist, which will only cost you about $10. With its spotless tiled flooring, recently painted walls, cutting-edge equipment, and elegant artwork, the Bangkok hospital nearly gives the impression of being a high-end hotel. On the opposite end of the health spectrum, a night in critical care in the north of Thailand costs about $2000. Additionally, you will be grinning about Thai dentists because a filling costs $30 and root canal therapy costs less than $200.

The transportation system in Thailand is a remarkable feature of daily living. The trains in Bangkok are effective and dependable, and they also provide a less expensive means of transportation to other regions of the nation, such as Hua Hin and Chiang Mai. The nation’s roads are likewise in excellent shape, and you can rent a car for about $30 per day. These well-lit roads may take you to Ayuttaya’s historical ruins, which are located south of Bangkok, or to the town of Mae Sai, from where you can easily cross into Myanmar (Burma). Depending on traffic, a local cab journey will take roughly 40 minutes and cost $8, so you can travel anywhere you want to without worrying about the cost. 

Albania

Albania may be tricky to pin down on a map for most people, yet it is located in a desirable region of the world. It is located on the Adriatic Sea, south of Croatia and north of Greece. From the Albanian coast, you could easily reach the boot of Italy if you possessed a sailboat that was at least moderately seaworthy. (Alternatively, you could just board a ferry.) There are several fantastic beaches, a climate typical of Southern Europe, and—this is crucial—costs that are far lower overall than those in Greece, saving us a lot of money compared to Italy. There are several beaches, mountains to trek, large lakes to explore, and even a few ancient cities and ruins that are part of the UNESCO World Heritage Sites.

Since Albania is located above Greece and across the Mediterranean Sea from Italy, it has the best weather in Europe and one of the most forgiving visa policies in the world for Americans. Holders of US passports may essentially walk right in and rent an apartment for a year without requesting residence.

The cost of living near a beach where you may swim in the summer may be the lowest in all of Europe here. You can enjoy a lot of the shoreline. Rugged mountains with fantastic hiking opportunities are also present. The cost of an Airbnb might be as low as $570. Rental rates are as low as they can be.

In the capital city of Tirana, you may rent a good apartment with a view for as little as 250 to 600 euros a month, with the higher end of that range being for two or three bedrooms in an elevator building. Naturally, prices drop even more as you leave the city, unless you are on a waterfront with a view of the ocean. In Pogradec, you may rent a two-bedroom apartment for about $90 a month, and another two-bedroom apartment costs only for $180 per month in a beach town.

Since the average monthly salary in this area is about $1,000, you could easily live a luxurious lifestyle for less than $2,000 overall. You may get two or three espressos at a coffee shop for the equivalent of a dollar.

Since Albania’s coastline is long and accessible, most expats will at the very least take numerous summer trips to the shore; some may even rent a holiday home for the whole season. By the time you reach the southernmost point of the nation surrounding Saranda, you will be parallel to Greece’s Corfu Island. 

The climate in this area may vary significantly due to the diverse topography. While the Albanian Alps in the north keep below freezing in the winter at higher elevations, the hottest areas along the ocean may turn steamy and humid in the summer. The Mediterranean climate, however, is comparable to the climate of southern Italy in between these two extremes. Although there is a winter, it is not that harsh.

Morocco

This nation has long been considered one of the finest bargains in Africa, but in recent years, due to the changes in currency exchange rates, it has become even more affordable. The infrastructure is solid, it’s easy to locate a cozy apartment for a decent price, and for a Muslim nation, it’s rather tolerant to visitors from other religions.

It is a popular tourist site for excellent reasons as well. Beaches, the desert, natural areas, large cities, old architecture, a good infrastructure, and internet connectivity are all available. More cuisine options are available than in most of the continent’s nations. A standard restaurant dinner costs less than $4, while seasonal fruit and vegetables typically cost approximately $1 per kg. 

A couple might easily live comfortably here on two social security checks or a little income from an internet company because taxis and local buses are inexpensive and rentals range from $250 to $750.

There isn’t a single location in this city that draws visitors from abroad. Each of the larger cities, the coastal regions, and the northern villages all have some expat populations. However, with rates now comparable to those in Southeast Asia and the Balkans, one would anticipate that more young foreigners would choose to live in desirable locations like Chefchaouen and Essaouira.

Bottom Line

There are countless places that are yet to be uncovered and cherished by people. Something about waking to a beguiling landscape just gives a motivating head start for the day, and motivation is needed just to go on in life and achieve your FIRE targets. By selecting wisely, you can find a place to call home that aligns perfectly with your financial goals and lifestyle preferences.