Slow Traveling the World The FI Way With Nomad Numbers | Ep 223

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

Mr. and Mrs. Nomad Numbers

What You’ll Get Out Of Today’s Show

  • As thirty-somethings, Mr. and Mrs. Nomad walked away from lucrative jobs and are living a financially independent lifestyle traveling the world.
  • While researching ways to travel long term, they stumbled upon the concept of FI and discovered that despite being naturally frugal, their investments were suboptimal.
  • With substantial investments in single stock tech companies, they opted to sell the stocks and diversify into low-cost index funds, paying the capital gains tax rather than risk another huge swing in stock valuation.
  • They projected $40,000 per year would be required to travel full-time and planned to have two years’ worth of expenses available in case of a down market year.
  • Travel accommodations account for approximately 30% of their expenses, which they keep low by staying in locations for 4-6 weeks using Airbnb discounts and negotiating the price.
  • For traveling between countries, they save money using travel rewards and have kept transportation to 6% of their budget.
  • They travel with only carryon baggage, so Mrs. Nomad adopted the concept of capsule wardrobing, where 10 different articles of clothing can create 40 different outfits.
  • Between groceries and dining out, food accounts for 41% of the budget.
  • For health insurance, global expat insurance costs them $3000/year for catastrophic coverage.
  • Having a community is the biggest challenge of the expat lifestyle, so they make an effort to reach out to expat groups online. In addition, their blog helps them to connect with like-minded people.
  • Their five-year plan includes creating a home base to spend 6 months a year in while focusing on a passion project.
  • Mr. Nomad is building an app for tracking expenses in different currencies, which long-term will also help determine the true cost of living in countries all over the world.

Resources Mentioned In Today’s Conversation

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    Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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