6 Realistic Ways to Finance Your Life Abroad

Are you dreaming about moving to another country, but you’re not sure how to finance it? You’re not alone. It’s literally the most common obstacle we hear from our viewers.

A lot of people ask us, Can I get a job abroad? Or how do WE afford to live abroad?

Thankfully, there are multiple ways to fund your move and new life in another country. In this article, we share several options that you can start working on today to take control of your finances and fulfill your dream of living abroad.

Watch Our Video About How To Fund Your Life Abroad

Convert Your Current Job to 100% Remote

For many, working remotely has become the new normal. If you already have a job involving predominantly computer-based tasks, you might be able to take your job with you as you travel.

Initiate a conversation with your employer about the benefits you working remotely will offer them. It could take months or even a year or longer to make the transition to 100% remote so start the conversation now. Patience and a well-structured plan is the key when proposing this option to your employer.

A flexible work arrangement can allow you to experience the advantages of geographic arbitrage while maintaining your income stability.

Find a New Remote Working Job

If your current role or employer doesn’t offer remote work flexibility, consider exploring companies and roles that embrace it.

Many companies continue to hire remote workers, offering the flexibility to live wherever you choose.

Utilize platforms such as FlexJobs, Remote.co, and NoDesk to discover new opportunities.

Persistence is crucial in finding a new remote job. Expect to apply for a hundred jobs or more before you find one that works for both you and your new employer.

Explore Employment Opportunities Abroad

Some might find their skills and qualifications are in demand in foreign countries, opening the doors to work visas and jobs abroad.

While this might require mastering a new language or adjusting to different work cultures, the benefits, such as improved work-life balance, quality of life, and healthcare, often outweigh the challenges.

Research, patience, and an open mind are essential when exploring jobs abroad.

Launch a Business Overseas

If you possess an entrepreneurial spirit and unique skills, starting a business abroad might be the right path. Many countries offer lower barriers to entry and less regulation, providing a favorable environment for new businesses.

We know lots of people who move abroad and start a business – real estate agents, rental agents, property managers, tour guides, home healthcare, massage therapists, acupuncture, and the list goes on.

Some things we take for granted back in the US, like storage units, scuba shops, and full service day spas, are practically non-existent in Ecuador and other countries. You may discover an in-demand product or service that you can provide.

Establish a WiFi Business & Work Online for Yourself

Starting an online business or freelancing can offer unparalleled flexibility, allowing you to work from anywhere. This approach requires time, patience, and a clear plan, but it enables you to slowly build your venture while maintaining your current job.

Start trying some different side hustles that are in your current wheelhouse. Whether it’s web design, blogging, or YouTube content creation, the possibilities are limitless.

There are a lot of visas available in lower cost countries where you can stay for 6 months to a few years. In many countries, you don’t need to earn as much money to live a higher quality, more balanced life so you might be able to move sooner than you think!

If you want to explore WiFi income further, check out our comprehensive Online Income eCourse. We dive into different ways to earn WiFi income tailored to diverse skillsets, enabling you to live and work according to your rules (like we do).

Leverage Your Retirement or Passive Income

If you are retired or have substantial passive income, living abroad can be a cost-effective option. Several countries offer passive income visas, requiring only proof of consistent income from rentals, investments, royalties, or similar sources.

If you’re retired and have a pension or social security that’s at least $1,000/month, you have a LOT of options.

Even if you have less than $1,000/mo there are a few countries like Bolivia, Bulgaria, and Colombia that might work for you.

Research the visa regulations of your chosen country carefully, as some might restrict your ability to work online or offline.

Final Thoughts…

Financing your life abroad might seem like a colossal challenge, but with the right strategies, it’s absolutely attainable.

Whether it’s by leveraging remote work, seeking employment abroad, starting a business, or utilizing passive income, the pathways are diverse.

It might take diligence, planning, and time, but remember, millions, including us, have successfully navigated this journey. Start today because your international adventure awaits!

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Hola todos! Welcome to my author bio page! Let's see. Where to begin... I grew up in the country on a lake outside a small Kansas farm town. As soon as I could, I got the hell outta there! Since then, I've lived and/or worked in Kansas City, Washington D.C., Denver, San Francisco, and Ecuador. I started and sold a dotcom, wrote a book about it, started a YouTube channel, and now I write a lot. Amelia and I have embraced the Unconventional Life and we want to help you do it, too!

4 replies
  1. Brian
    Brian says:

    I fully retired five months ago and I have a SS and pension income totaling about $1,900 per month. I also have a Thrift Savings Plan with about $8,500 in it I could tap into to finance a move. I’m thinking of moving to Scotland, or Iceland. Any insights on whether that’s feasible with my finances? Or, do you have any other countries to suggest?… I found your site a couple of days ago, and I really like it!

    Reply
    • JP Stonestreet
      JP Stonestreet says:

      Life would be pretty tight with a $1900 budget in both of those countries. Iceland’s CoL is higher than the US and would probably be more than $2000/mo with rent. Scotland’s CoL is comparable to the US. It’s now on the British Pound which is stronger than the US dollar by 20% so your money won’t go as far there. You’ll find several country comparisons here…

      Reply
  2. Douglas
    Douglas says:

    What is the website where you can teach English to foreigners from your iPad or laptop and you get credit for referring me.

    Reply

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