saddletramp wrote:saddletramp wrote:I think it is a great idea. Retiring at 40 sounds great.
I did something similar, but I started at 38, I plan to be mostly retired at 50. I have two more years to go.
When I first came to Taiwan, I was on an expat package. I used to have about 25% of my check deducted for taxes, but since I had moved overseas, I was then exempt from taxes. I took that money that I used to pay in taxes, and put it into my 401K package instead. That was like a forced savings plan, so it was pretty easy to do. I never got to see the money, so never missed it.
Also, my pay was deposited directly into my US bank, so I had an automatic wire transfer sent to me here in Taiwan, I only had 30,000 NT sent a month, and I was able to do alright on that. I didn't have easy access to the rest of the money from my check, so my account in the states built up nicely. I also did some investing in the Taiwan market with my NT money.
Like Llary, I also started working for myself. My wife and I have done pretty well, but we still keep a pretty frugal lifestyle.
We bought property both here and in the states for pretty reasonable prices, and we paid cash, so we are not getting soaked in interest fees. Last year I spent 6 months back in the states building on our land, so my retirement home is pretty much in place.
We are now in the process of opening a franchise outlet. After getting it established, we will let a local manage it.
I will also start doing some consulting work for a Taiwanese Solar company that is building some large scale solar generating power plants in the states. Be careful of the toes you step on today, they might be connected to the ass you kiss tomorrow.
Before I came to Taiwan, I was never a saver, I lived paycheck to paycheck. Always borrowing and paying huge interest and finance charges. The cost of living in Taiwan makes it quite possible to accomplish your goals, you just have to stick with it!!
Update: I beat my retirement goal by 6 months. I will retire in May and move back to the States. I will prolly work part time somewhere to beat the boredom.
Keep positive and keep saving. Good luck to everyone on their goals!!