Did you really go from -$22,000 to over $1 million in 3.5 years? Hard to believe you guys didn’t have your finances in order prior to that. That’s a lot of institutional knowledge to learn in a short period of time and you don’t sound financially illiterate or that you recently became financially literate. I like your channel but many times I find that people who are promoting their “program”, tend to exaggerate how desperate and pitiful they were so they can say buy this program and you to can Be successful like us. Hopefully that’s not the case.
Hah 😉 - we were not totally illiterate but that's net worth, not cash! We had a 401k that we never touched and we had about $15k in savings. BUT we had a lot of credit card debt. Also during that time we got a cash settlement from a bad car accident. Instead of buying stuff with it. We invested 90% of it in total stock market index funds. The key was continuing to save and invest at the same rate while eliminating all of our credit card debt. Once our debt was paid off (last bit with the stimulus checks 🤣). We started saving and investing 60-65% of our income - we also bought a rental property. Ta da🪄 - $1M + in net worth.
Also, you can live in Thailand lean , luxury or something in between. It is a very flexible place and people are generally warm and friendly. The food is great and it is cheap.
Oh wow, I just retired at 59 last week......I have the same habits. I'm debt free, mortgage free and my expenses are about 1300 a month. I follow the FIRE movement. Between rental income, investment income and side hustles, I felt I no longer needed to work full time anymore. Right now I"m planning my next moves. I will be ready to leave the country next year but my only hesitation is I have two pets and I'm have not decided on what to do with them. As soon as I figured that out, I'll know how I want to travel. A part of me is leaning towards living the van life and becoming a part time vanlifer for a few years. That way I can travel to Mexico and Costa Rica and travel with my pets. I have so many options right now, it's honestly a little scary......but it's a good kind of scary to have.
Hey Not Yet - you are WAY ahead of us. I wish I would've heard about the FIRE movement before the pandemic; but alas. Thankfully we were already almost credit card debt free by that time. We still have a mortgage but we have renters so we're covered. 😅. Keep us posted on what you decided to do. We're excited for you! 🥳
Hey Geeks & Co, thank you so much for watching and for adding to the conversation. I wish we understood what that meant 20 years ago. 🤦🏾♀️ But better late than never. Are you considering a move abroad? If so, here are some resources that might help: bit.ly/OBUresources
You both have been so helpful with my Portugal research! The finances component is the icing on the cake as I plan to retire early. Thank you for what you are doing!
Hey there, thank you for watching! The summit will be virtual with the main events happening on a weekend. We are planning to host the summit the 2nd weekend in September. As soon as we get the last details of our Spring meetup finalized, we will come up with an initial agenda. Is there anything specific you want to make sure we cover?
I am open to everything but would especially love to hear from single women early retirees who are navigating this huge change alone. Again thank you for sharing and for all you do
Busan , Deagu, and Seoul are amazing. I didn't want to leave. For 2 years, I called home .The people are shy but so nice, and the food the markets , you should definitely visit Puket is gorgeous , Thai massage in the beach for $4 ( it may be more know) take day trips for other islands such ax Pipi Island ,James Bond and I don't were I was but in the middle of the ocean was a restaurant wow. Check Guam also , China never in my life I thought we would walk the wall of China I love Asia
About weather, from September to April, is cold ,windy .S Korea is the coldest country I lived in, and from May to August, it is hot . I think the best will be May .But check the weather with global warming ,we never know. If I'm not mistaken in August, is the lamp festival in Seoul beautiful
RIGHT?!?!? I've heard this for years and never truly understood. Thank you so much for watching and for your question. What it means is to invest in "FUTURE YOU" first. In other words, if you need to save and invest $500 per paycheck to retire when you want to, then have that $500 automatically taken off the top and put into your 401k, IRA, or brokerage account.
Awww, thank you 🥰 and thank you so much for watching and for your encouragement. Are you considering a move abroad? If so, here are some resources that might help: bit.ly/OBUresources
@OurBlackUtopia We investigated moving overseas in 2016 and changed our plans. When I saw your channel and listened to what was being shared, it got me thinking about it again. Portugal was one of the top 5 countries that we looked at. Thanks for the info.
@@mwhitlow57 we are encouraging folks to consider the implications of the next election. You might want to pick a date. Not to be an alarmist but the US has proven to pick idiotic elected officials 😜
I'm currently making a little over $4K a month on passive income. I'm expecting this to increase to around $7K a month within one year. I guess that'll be enough for me to live comfortably in Portugal?
$4k/mos is more than enough for a single person or a couple to get approved and live in Lisbon...comfortably. Unless you wanna live "high on the hog". 😎
You both retired with a million as a couple so would 400-500 k for a single not including social security be sufficient to retire in Mexico? Thank you. Great video!
We have a $1M+ in net worth, not cash ☺️. We retired with 2.5 years of living expenses plus what was in our IRA/401k's. I say that to say the 2.5 years in cash and near cash helped us move and cover unexpected costs with our rentals. Our goal was always to live off of the one social security check. So the question for you is, how much do you need per month to live like you want to live and if SS were cut off in 5 years (because it cannot happen 'overnight') what would you do? We keep our expenses very low so that if needed, our rental properties could carry us. Very low for us means eating out as often as we want, planning day trips and long weekends around the country and taking that dreaded trip back to the states for obligations. 🤦🏾♀️
Q…I know you said you were going together “Move to Portugal” summit… Do you know other people like us who are in one of the major cities you mentioned in your video that will be putting together a “Move to (_____)” summit as well?
Hey Andee - that is a BRILLIANT idea. No, I have not 'created work' for anyone else. 🤣 - But I will definitely mention it to others that I know. If you're not interested in Portugal you should at least check out Exodus Summit; it will be in the first week of October. In the meantime, here are some resources that might help your journey: bit.ly/OBUresources
Thailand is very receptive to people LGBTQ community but with blacks it is a bit hit or miss but folks are pretty layed back. I lived in Thailand for 10 years, black woman diver so been to Phuket many times.
Deferred tax contributions will be taxed Federally. You can get it back if you strategically keep your income low. Then you will get it back after filing your income tax. I live in Florida and there is no state tax on deferred income.
I am contributing to a Vanguard Roth IRA, 401k through work, and an over 50 - 401k catch up that max contribution of $7,500. Is there a maximum contribution that I need to be concerned about?
Hello regstewart, 401k catchup should be $20k+ per year, IRA catchup is $7k+. Make sure that what you're invested in doesn't have exorbitant fees. Your goal should be less than 1%. If you are not already a part of it, you might be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50
Hello Halisi and Ric. We just arrived today and had our bags shipped by sends my bag like you two did. Now, after paying for it and having it picked up Wednesday in Texas, we now need Baggage declaration (Drafts attached); 3- Certificate of Residence in Portugal - must be requested at the parish council of the place of residence 6- Taxpayer card number. is this a NIF? Any info would be appreciated, and once I get my boxes I can make something sweet for you. 7- Consular declaration attesting change of residence and copy of employment contract; would this be needed, we are applying for D7?
The consulate was supposed to give you a residence document, they didn't give one to us either. Taxpayer card number should be your NIF. Because we didn't have the residence paperwork, we had to pay customs - we told UPS that yes, we had moved here and that was our stuff - they noted it and got back to us with a €40 customs charge. You can email us questions like this at hello@ourblackutopia.com
Hello Ann, welcome. The prices are for apartment rentals; as most of the data comes from digital nomads. Plus in Europe, the major cities have mostly multi-family housing.
Hello Shaheerah, thank you for watching. It is not too late to enroll in the course. Here's the information: 🔥Beyond the Bling: Money Mindset Makeover 4 FINANCIAL INDEPENDENCE Online Course: BeyondTheBling.com
Hey Betty, I'm glad you're participating in the conversation. Government subsidized housing is for Portuguese citizens. Most of the visas assume that the recipient will be adding to the economic base, not becoming a burden. Additionally, most VISA recipients can apply to pay less taxes for 10 years, so Ric and I decided that we will keep our private health insurance and only use the public system when absolutely necessary. We don't want to take away from the citizens who can only use that system.
80% of our audience are english-speaking black folks. Our community is in dire need of folks that look like them to show them what is possible. We get so many who literally say, "we didn't think that we could move abroad until we found you two"...🤷🏽♀️. Because of our unique experience on this planet, one of the first questions our Black clients ask is "will they accept me or will I be treated like I am in the US?"🥺
Did you really go from -$22,000 to over $1 million in 3.5 years? Hard to believe you guys didn’t have your finances in order prior to that. That’s a lot of institutional knowledge to learn in a short period of time and you don’t sound financially illiterate or that you recently became financially literate. I like your channel but many times I find that people who are promoting their “program”, tend to exaggerate how desperate and pitiful they were so they can say buy this program and you to can Be successful like us. Hopefully that’s not the case.
Hah 😉 - we were not totally illiterate but that's net worth, not cash! We had a 401k that we never touched and we had about $15k in savings. BUT we had a lot of credit card debt. Also during that time we got a cash settlement from a bad car accident. Instead of buying stuff with it. We invested 90% of it in total stock market index funds. The key was continuing to save and invest at the same rate while eliminating all of our credit card debt. Once our debt was paid off (last bit with the stimulus checks 🤣). We started saving and investing 60-65% of our income - we also bought a rental property. Ta da🪄 - $1M + in net worth.
@@OurBlackUtopia Roger that and thanks for being open and transparent!
Also, you can live in Thailand lean , luxury or something in between. It is a very flexible place and people are generally warm and friendly. The food is great and it is cheap.
Love me some Thai food. We have friends there now we will definitely grill them when they return to Lisbon.
Oh wow, I just retired at 59 last week......I have the same habits. I'm debt free, mortgage free and my expenses are about 1300 a month. I follow the FIRE movement. Between rental income, investment income and side hustles, I felt I no longer needed to work full time anymore.
Right now I"m planning my next moves. I will be ready to leave the country next year but my only hesitation is I have two pets and I'm have not decided on what to do with them. As soon as I figured that out, I'll know how I want to travel.
A part of me is leaning towards living the van life and becoming a part time vanlifer for a few years. That way I can travel to Mexico and Costa Rica and travel with my pets. I have so many options right now, it's honestly a little scary......but it's a good kind of scary to have.
Hey Not Yet - you are WAY ahead of us. I wish I would've heard about the FIRE movement before the pandemic; but alas. Thankfully we were already almost credit card debt free by that time. We still have a mortgage but we have renters so we're covered. 😅. Keep us posted on what you decided to do. We're excited for you! 🥳
Hi Halisi & Ric, this my first chance to join live. Living in College Park, Md with my husband, Duffy. Enjoying your previous videos
Welcome, Lucinda. We will see you later at 3:30 ET...every Sunday!
Yes, Denver
Dang.
Yes, always pay yourself first. I always believed that! Great advice!
Hey Geeks & Co, thank you so much for watching and for adding to the conversation. I wish we understood what that meant 20 years ago. 🤦🏾♀️ But better late than never. Are you considering a move abroad? If so, here are some resources that might help: bit.ly/OBUresources
Ric & Halici I love watching you ❤️
Oh thank you! So happy you found value in this episode. Let us know how else we can help you on your journey! 🥰
You both have been so helpful with my Portugal research! The finances component is the icing on the cake as I plan to retire early. Thank you for what you are doing!
Our pleasure, Maximized Money - are you in our FIRE over 50 Facebook group? If not, here's a link: bit.ly/FIREover50
Move to Portugal summit YES!! Please announce dates ASAP so I can plan accordingly. Thank you for all you do
Hey there, thank you for watching! The summit will be virtual with the main events happening on a weekend. We are planning to host the summit the 2nd weekend in September. As soon as we get the last details of our Spring meetup finalized, we will come up with an initial agenda. Is there anything specific you want to make sure we cover?
I am open to everything but would especially love to hear from single women early retirees who are navigating this huge change alone. Again thank you for sharing and for all you do
Absolutely, in the meantime, here's a video with 2 single women who are younger than me but well over 40 🥰 ruclips.net/user/live5_MOHtBqn-U
My ROTH, 401k, and brokerage accounts are automated. I am close to saving 50% of my income.
Busan , Deagu, and Seoul are amazing. I didn't want to leave. For 2 years, I called home .The people are shy but so nice, and the food the markets , you should definitely visit
Puket is gorgeous , Thai massage in the beach for $4 ( it may be more know) take day trips for other islands such ax Pipi Island ,James Bond and I don't were I was but in the middle of the ocean was a restaurant wow.
Check Guam also , China never in my life I thought we would walk the wall of China
I love Asia
Thanks for sharing!! It is definitely on our list - we will have to go when it is the least hot 🥵
About weather, from September to April, is cold ,windy .S Korea is the coldest country I lived in, and from May to August, it is hot . I think the best will be May .But check the weather with global warming ,we never know. If I'm not mistaken in August, is the lamp festival in Seoul beautiful
Ooooh, I would love to see the lamp festival...🏮
Q…What does it mean to “pay yourself first?”
RIGHT?!?!? I've heard this for years and never truly understood. Thank you so much for watching and for your question.
What it means is to invest in "FUTURE YOU" first. In other words, if you need to save and invest $500 per paycheck to retire when you want to, then have that $500 automatically taken off the top and put into your 401k, IRA, or brokerage account.
Thailand ❤
Hey Betty, Thank you so much for watching and for adding to the conversation. 💕
New to your channel, loving it.
Awww, thank you 🥰 and thank you so much for watching and for your encouragement. Are you considering a move abroad? If so, here are some resources that might help: bit.ly/OBUresources
@OurBlackUtopia
We investigated moving overseas in 2016 and changed our plans. When I saw your channel and listened to what was being shared, it got me thinking about it again. Portugal was one of the top 5 countries that we looked at. Thanks for the info.
Wow, you started looking in 2016 - I wish we would've made the move then. Have you set a goal date? 😉
@@OurBlackUtopia
No, but we're retired now, so we have options.
@@mwhitlow57 we are encouraging folks to consider the implications of the next election. You might want to pick a date. Not to be an alarmist but the US has proven to pick idiotic elected officials 😜
Depends on areas
What depends on the area? 🤣
I'm currently making a little over $4K a month on passive income. I'm expecting this to increase to around $7K a month within one year. I guess that'll be enough for me to live comfortably in Portugal?
$4k/mos is more than enough for a single person or a couple to get approved and live in Lisbon...comfortably. Unless you wanna live "high on the hog". 😎
Awesome as always.
THANK YOU! We weren't too sure because we didn't have a lot of questions. 🤗
@@OurBlackUtopia I watched the replay and didn't see the chat replay until just now. I thought it went well and look forward to the next one 😀
You both retired with a million as a couple so would 400-500 k for a single not including social security be sufficient to retire in Mexico? Thank you. Great video!
We have a $1M+ in net worth, not cash ☺️. We retired with 2.5 years of living expenses plus what was in our IRA/401k's. I say that to say the 2.5 years in cash and near cash helped us move and cover unexpected costs with our rentals. Our goal was always to live off of the one social security check. So the question for you is, how much do you need per month to live like you want to live and if SS were cut off in 5 years (because it cannot happen 'overnight') what would you do? We keep our expenses very low so that if needed, our rental properties could carry us. Very low for us means eating out as often as we want, planning day trips and long weekends around the country and taking that dreaded trip back to the states for obligations. 🤦🏾♀️
@@OurBlackUtopia Thank you for your reply
Cohimbra Portugal
Coimbra is absolutely beautiful, have you been there?
Farms are great
You can find very affordable housing in rural areas.
Q…I know you said you were going together “Move to Portugal” summit… Do you know other people like us who are in one of the major cities you mentioned in your video that will be putting together a “Move to (_____)” summit as well?
Hey Andee - that is a BRILLIANT idea. No, I have not 'created work' for anyone else. 🤣 - But I will definitely mention it to others that I know.
If you're not interested in Portugal you should at least check out Exodus Summit; it will be in the first week of October.
In the meantime, here are some resources that might help your journey: bit.ly/OBUresources
South Corea😊
you still around?
Fantastic
🥰
Good stuff…
Ahh, thank you as always 🥰
Put pictures of housing different prices and areas
That's a great idea, Airbnb and other rental sites in the cities you're considering could be helpful.
Thailand is very receptive to people LGBTQ community but with blacks it is a bit hit or miss but folks are pretty layed back. I lived in Thailand for 10 years, black woman diver so been to Phuket many times.
Hey Private, thank you so much for watching and for adding to the conversation. A diver? very impressive.
Deferred tax contributions will be taxed Federally. You can get it back if you strategically keep your income low. Then you will get it back after filing your income tax. I live in Florida and there is no state tax on deferred income.
Hey Letitia, thank you for adding to the conversation and for watching. 💕
I am contributing to a Vanguard Roth IRA, 401k through work, and an over 50 - 401k catch up that max contribution of $7,500. Is there a maximum contribution that I need to be concerned about?
Hello regstewart, 401k catchup should be $20k+ per year, IRA catchup is $7k+. Make sure that what you're invested in doesn't have exorbitant fees. Your goal should be less than 1%. If you are not already a part of it, you might be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50
Q…are taxes in Portugal less expensive than the US?
No, not necessarily - remember in Western Europe they have a more robust safety net, which includes true universal health care. 😉
Hello Halisi and Ric. We just arrived today and had our bags shipped by sends my bag like you two did. Now, after paying for it and having it picked up Wednesday in Texas, we now need Baggage declaration (Drafts attached);
3- Certificate of Residence in Portugal - must be requested at the parish council of the place of residence
6- Taxpayer card number. is this a NIF?
Any info would be appreciated, and once I get my boxes I can make something sweet for you.
7- Consular declaration attesting change of residence and copy of employment contract; would this be needed, we are applying for D7?
The consulate was supposed to give you a residence document, they didn't give one to us either. Taxpayer card number should be your NIF. Because we didn't have the residence paperwork, we had to pay customs - we told UPS that yes, we had moved here and that was our stuff - they noted it and got back to us with a €40 customs charge.
You can email us questions like this at hello@ourblackutopia.com
Do you guys speak Portuguese?
Nope. We're learning.
Akkra Ghana
Not for the faint at heart!
Hi R & H,
Are the housing costs you mentioned for an apt or house?
Hello Ann, welcome. The prices are for apartment rentals; as most of the data comes from digital nomads. Plus in Europe, the major cities have mostly multi-family housing.
Retired fix income seniors citizen
You can do this! We have two other videos with a higher price point, but we wanted to show folks what was possible with the avg. SS check.
Am I too late for your course .
Hello Shaheerah, thank you for watching. It is not too late to enroll in the course. Here's the information: 🔥Beyond the Bling: Money Mindset Makeover 4 FINANCIAL INDEPENDENCE Online Course: BeyondTheBling.com
Ruanda
looking for someone to interview from there
What countries are low heat
Colombia, Equador, and Portugal have temperate weather.
Can you have low income housing
Hey Betty, I'm glad you're participating in the conversation. Government subsidized housing is for Portuguese citizens. Most of the visas assume that the recipient will be adding to the economic base, not becoming a burden. Additionally, most VISA recipients can apply to pay less taxes for 10 years, so Ric and I decided that we will keep our private health insurance and only use the public system when absolutely necessary. We don't want to take away from the citizens who can only use that system.
I haven't lost a thing in Africa.
Genial! In what country do you reside? We have family in South Africa.
😊😊
Hey SL, thank you for watching. 😊 Do you need to get your money straight? Here are some resources: ourblackutopia.thinkific.com
American people don't know what what Will SS
I'm not sure I understand. Are you saying we're not sure how long SS will be around?
Not only black people, please
80% of our audience are english-speaking black folks. Our community is in dire need of folks that look like them to show them what is possible. We get so many who literally say, "we didn't think that we could move abroad until we found you two"...🤷🏽♀️. Because of our unique experience on this planet, one of the first questions our Black clients ask is "will they accept me or will I be treated like I am in the US?"🥺