It's been a couple of months since I've written one of my "World is Your Oyster" posts, and I figured it was time to dive back into it.
Recently I have been discussing the topic of digital media and the Location Independent Lifestyle with a lot of different people. The Internet has changed the face of the world not only on a communication level, but also on a business level. As I've discussed in previous posts on the topic, you (the person working in the digital age in digital media, regardless of its form) are no longer simply competing with people in your same town/city, state, or even country. College degrees exist in nearly every country in the world, and as long as someone has the relevant qualifications it doesn't matter if they live in the US, Canada, Australia, the Philippines, some coastal town in Scotland, a hut in the middle of some unheard-of South Pacific island, or kicked back on the beach in Milan or somewhere in Montenegro.
Digital media has opened the doors for people on a world-wide basis. You are no longer locked into the concept of "I have to live in X to take advantage of Y". As I've expanded my base of operations over the past couple of years, and through my travels as well, I have come across a wider and broader range of people who are taking advantage of working in digital media by living and working in countries far removed from their country of origin.
And contrary to popular belief, it doesn't always have to deal with the tax benefits of living and working abroad. Quite possibly the best part about the LIP lifestyle is the fact that you can live anywhere, as long as their is an Internet connection, and take advantage of the same wage you made back in your home country, but such a drastically reduced cost of living that you can literally spend your hard-earned money on things that you can appreciate now...not in 30/40/50 years when your house is paid off and you can finally retire.
I regularly meet people now who are from the UK, America, Canada, Germany, France, Italy, the Netherlands, and otherwise, who work from countries where the cost of living is a fraction of what it is back in their homeland. People who make 60k+ a year, but in their home country, 55k of that goes towards living conditions and taxes. Now they live outside of their home country and their hard-earned paychecks go towards what they want, because their cost of living is negligible.
I talk about our own situation quite frequently because it's proof of how this works. Our living expenses are less than 1,000 USD per month. In fact...they are about half of that, INCLUDING entertainment. And yet we have the *same* amenities we had back in the US and were costing us 4500+ a month while living in Colorado in a 40+ year old apartment.
One of my favorite websites on the topic, Location Independent talk about this regularly on their website and blog. They chronicle their journey since they first started the lifestyle back in 2007, about a year before Evy and I started doing similar. I actually wasn't even aware of their website until a few months back, but since then I've become an avid fan and I promote the concept to everyone I talk to, and I regularly meet people who are involved.
If you are lucky enough to work in digital media, it's worth looking into. Don't be fooled into thinking that you have to live in a country where your cost of living is 50k+ a year for as a couple, or 25-30k as an individual. You can live quite comfortably in another country for literally a fraction of what it costs to do so in a Western country, and you can enjoy the benefits of frequent travel, a paid-for home LONG before you are 60, and plenty of time/money to enjoy your life now, while you are still young and in your prime.
I highly suggest you read the aforementioned website/blog, because it is extremely informative on how the world really is your oyster.
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3 comments:
Here's a stupid question, and I haven't thought a lot about it.
[I'll assume the quality of life in Bulgaria and Colorado are equivalent.]
Is the lower cost of living mostly due to currency exchange rates or lower taxes or ?
-Steve
If I had to compare Bulgaria to any other place, I'd say Greece about 10 years ago. It's straddling the edge of pre-European Union and post. They are 2 years into the EU, and they are just now starting to see the effects of the money given to them, now that a new government is running the show and actually putting the money to good use.
The amenities are no different than we had back in Colorado, living about an hour north of Denver in Greeley. People here have all the same things as back in the States...iPhones, high-speed Internet...everyone drives Mercedes and BMWs and Audis (these are the Ford, Chevy, and GMC of Europe).
Now, granted, there are still a significant portion of the populace who are below the poverty level of what is considered "standard" rate of living, but the country is developing...and at a rapid pace. But it also depends on where you go. Sofia, Varna, Burgas, Plovdiv...these are major cities which are no different than any other city on the planet. However, when you get out into the countryside you can still see the remnants of Communism, and the "old way" of doing things.
I honestly expect things to change significantly in 2013 when they switch to the Euro for currency, because the economy is going to go into something of a shock.
So the long answer to your question is that the cost of living is simply that the country is still developing, and while the major cities will have many similarities to any other Western city, there are still things which can make you cringe if you pay too much attention. Things like 50 year old trams, buses and trains being used for public transportation, with features such as swipe-cards only just recently (last year) becoming introduced.
But there's also the difference in living. People aren't addicted to consumption like they are in the US, so people don't feel the need to spend thousands every month in order to enjoy life. The family unit here is much more involved. In America the common way of things is once you are 18 years old it's out the door, see you at holidays, and hope you have a good year. Here, families often live with each other regardless of age, and regularly meet. We go out with her dad every Wed/Thursday for coffee, and family get-togethers happen on a weekly basis.
There's a great number of reasons why it's so much cheaper here, but I think most of it has to deal with the fact that the country is still developing. Stick to the cities and you can't see the difference, but once you get into the interior you can tell you are in developing country.
Things are just cheaper, in general.
For example...Evy and I eat fairly well. I drink 2-3 bottles of wine a week, and I cook regularly. Our grocery bill is never more than 300 leva a month, which is about 170-180ish USD per month...for two people.
Her transportation to work and back via taxi and tram is 35 USD for an all-inclusive pass per month.
Our utilities, running the AC all day/night in the summer, were 100 USD a month...max. I can remember one of the last times I paid utilities in Colorado and our bill was upwards of 400 USD for the AC + utilities.
The same computer I purchased 10 months ago was 3800 USD from Dell. I had it built at one of the Bulgarian "Dell" type businesses for 1k USD.
When we go out for dinner we can have a bottle of wine, a full 5 course meal, and we MIGHT spend 50 USD. MIGHT! Normally we go out and have salads, main course, desert, and beers and we spend about 25 USD. The same meal at Olive Garden/similar used to cost us 60-70 USD.
Clothing depends on where you shop. I got a pair of shorts a month ago for 5 leva...that's about 3 USD. Brand new. I also got two brand new button-up short sleeved shirts for 15 USD apiece....same type of shirts that would have cost me 60+ at any American retail outlet.
Gas is about the only thing that costs more than in the US. Here, they do it by the liter, and it's roughly 3x more expensive than in the States.
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