The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: ChristopherGS on March 20, 2017, 08:09:13 PM
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I've built a FIRE calculator which allows you to compare time until retirement in different locations around the world.
It's not meant to be a super-detailed calculator, rather to show the geographic arbitrage opportunities that abound.
Comments would be welcome:
www.nomadsaver.com
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That's cool!
Mostly interesting is the actual average per month living expenses for those places and the difference between local vs expat. Where is that data from?
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Interesting. Is it including owning a house or not? I put in my savings based on owning a cheap house and having the rest in free assets. Apparently, in 2 years time I can live like a local in Amsterdam.
Hm, for how many people does it count? Because I now counted with our combined income. I guess we would need more for 2 people to retire.
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Looks like the cost of living data is sourced from http://nomadlist.com/
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Interesting. Is it including owning a house or not? I put in my savings based on owning a cheap house and having the rest in free assets. Apparently, in 2 years time I can live like a local in Amsterdam.
Hm, for how many people does it count? Because I now counted with our combined income. I guess we would need more for 2 people to retire.
Do the cost of living figures make sense? Cost of living for a local in NYC is $3226/month, but a 1 bedroom apartment is $2982/month. They do explain the $3226 figure is a local person renting outside the city center, buying groceries and cooking at home...
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Cool calculator, lots of fun to play with, looking forward to updates.
To cover your ass, I would put a big disclaimer at the bottom of every page that went something like this "Please see Assumptions. While every effort has been made to ensure the accuracy of this calculator, this website and its creator(s) can not be held liable for any damages or losses, monetary or other, from the use of this calculator or information provided on this website. Please use this calculator at your own risk and consult a professional for financial advice."
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Interesting! I would include the data source on the main page. And San Francisco is spelled wrong.
How did you decide on the list of locations? Those don't strike me as places that are all easy to establish permanent residency if you are from another country.
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Also, for the spending option, instead of just having 2 options, expat and local, maybe a sliding bar that goes above and below both values
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Neat! I'm assuming this is only accounting for one person? It would be nice if those of use with kids could input additional people.
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That's cool!
Mostly interesting is the actual average per month living expenses for those places and the difference between local vs expat. Where is that data from?
Thanks! Data is from www.nomadlist.com (very cool site)
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Interesting. Is it including owning a house or not? I put in my savings based on owning a cheap house and having the rest in free assets. Apparently, in 2 years time I can live like a local in Amsterdam.
Hm, for how many people does it count? Because I now counted with our combined income. I guess we would need more for 2 people to retire.
Up to you - if you own a house / are working with a combined income then you should factor that into your costs / income entry fields.
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Interesting! I would include the data source on the main page. And San Francisco is spelled wrong.
How did you decide on the list of locations? Those don't strike me as places that are all easy to establish permanent residency if you are from another country.
Thanks for pointing that out - will add that to my todo list this weekend. The places are a bit of a random selection of developed/developing, with a slight emphasis on places "digital nomads" like to hang out. Any obvious ones you would like to see but don't?
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I would like to be able to click on the expense estimate for a given location and see a breakdown of what the expenses would pay for (1 bdr apt 30 min from city center by bus, $600/mo; home cooking, $150/mo; health insurance $125/mo for expat; transport by bus & train $100; etc). Example: see the price breakdowns in https://www.theearthawaits.com/.
However, I like the fact that it does give a time estimate of how long until you are ready to retire to a given place, based on the cost estimates that you do have built in. Good idea.