Jun
How Much Money Do You Need…
…to live the life of a Location Independent Professional?
What Tim Ferriss (from the 4 Hour Work Week) says is very true. You can live like a millionaire on a lot less than a million. As a LIP one of the benefits is being able to enjoy a much higher quality of living for a much lower cost than you might pay in your home town (if of course your home town is in the US or the UK or any other 1st world, commercialised nation).
If you want a ball park figure, I would say that you can get by in some places very happily on approx. £1,200-1,500 per month (Approx. US$3,000). This would easily suffice in somewhere like Buenos Aires where you could afford a comfortable 1, maybe 2 bedroom apartment in some of the nicest areas, dinner at least twice a week in some of the nicest restaurants in town and transport in taxis. You could also afford the trappings of a fairly decent cultural & social life - cinema visits, theatre visits, weekend or day trips.
It would also just about be enough in Panama for a pretty nice life too - again covering dinners out, transport by taxis, social activities and some decent accommodation.
Not quite enough for Toronto however to live a comfortable life and afford all the stuff you probably don’t need but you’re surrounded by it, see it and therefore want it. I’d say here you’re looking at more like £2,500 to £3,000 per month to do the things you’d like to do and even then you’d probably need more than that to live like a millionaire.
But £1,500 is just about enough for Grenada, although again, it will depend upon your accommodation costs and also whether you choose to hire a car. I’d say in Grenada you’d be more comfortable on about £2,000+ per month.
Of course, you can live for less - and to some people this may sound a lot of money if they live in their small home town on a lot less than this. But remember, I’m talking about a higher quality of life - being able to live in the Caribbean for example (and do your morning workout on a paradise beach for free instead of paying through the nose for a gym) on about the same amount of money it would cost you to live a comfortable life in a ‘decent’ city in the UK. And of course, you could manage on less if you didn’t go out to eat, cooked for yourself all the time and didn’t experience everything on offer.
But where’s the fun in that? Who wants to just ‘manage’?
I’d much rather choose to live somewhere that allows my money to go a lot further and affords me a much better quality of living than I could have at ‘home’. That’s the benefit of being a LIP.
And another thing…if at any time your business or finances take a turn for the worse, you are free to go to an even cheaper country (for example, Bolivia) where your money will stretch even further until you get yourself on an even keel again.
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