So, regarding the apartment: is there not a mortgage available for it? I would expect a secured mortgage to be a lower interest rate than an
Easy champ, every sane person would appreciate being taken seriously. We all have our learning curve right? You seem smart, so take a moment to absorb that this is literally my second post, and an awakening towards serious life-change. Through years of reflection. With spouse. She's even read my posts. We're in.
Can you rephrase what you said "Using cash on hand to py the balloon seems lazy--It's just the solution at hand. Don't settle for that, if you wouldn't finance your balloon by taking out the personal loan right now, if you didn't already have it." I couldnt quite understand it.
Sell the Ducati. Noted. It was implied in my original post with the ":D" funny smile. I've been a sport bike rider and track hobbyist for over 15 years. Even considering teaching it professionally. The Ducati is a midlife-crisis dream-bike-gift from me to me. Let me grieve.
Moving on, I actually like what you've said about setting out priorities and really understanding what the next way forward is, and yes you're absolutely right that I (that means we) have a list of different options, but kind of stuck in a loop. Even discussed it with a life coach. I did assume I'd find people who've been in that "stuck" position.
I guess I did everyone here a disservice by not disclosing more details. I'm actually impressed you folk took the time to read my post and reply. Very much appreciated. Please look at my below post, and feel free to ask for whatever details I've missedHello everyone!
It's a great pleasure to see all you great souls in one place! My name is Adam and I live and work in a tiny desert island in the Middle East.
Im 38 years old, married, with a beautiful 1 year old daughter. I aim to retire by 45 and quit as soon as possible. I work as a Startup Counselor and Marketing Expert for an IGO (employed). I previously ran my own business, and dabbled in writing (published writer). Most of the Middle East is tax free (indirect taxes and VAT - thats it) so I am completely illiterate and lost when I read about financial planning here!
I spend my time reading, hanging out with family, playing with my Jack Russell, and offroading in my jeep. I ride my Ducati during the winter. Yes, I have much to learn.
This is what I'm seeking: (in no specific order)
1. Less work, stress, and pain. More priority to family, travel, reading, being. I suffer from long term depression, anxiety, and chronic migraines. I also had 2 bouts with skin cancer. It changes you. May God keep you all safe!
2. Inner reconciliation between my spirituality and wage/money/materialism slavery. Taking the time to address subjects of personal fulfillment, purpose, and explore methods of positive contribution to humanity.. and pursue them in a way that is productive and enjoyable. (Work in progress)
3. Methods of building financial autonomy. I accept advice and wire transfers.
4. Connect with nature and live a more meaningful, empathic, and responsible life. This part includes minimalism/frugality/eco-living/immigration.
5. A MENTOR. Someone (online) who can offer direction, inspiration, or anything at all that would help. It's a tiny island.
Quick questions!
- Is there somewhere (or someone) on this forum who I can present my case to? Financial, life direction, relocation? anything!
- Are there are any "group initiatives" that put us together and accommodate our similar goals? Partnerships, collaborations, residential solutions etc?
My best,
Adam
Here are scenarios and options we're considering: Building Passive Income to Cover Spending: 50% from: New apartment was bought with an off-plan price, and we expect rent no later than Jan 20. That rent would cover at least half of my annual expenses.I purchased it with over $10k discount (it's not my first real estate buy) and got a waiver on government fees (another $10k discount). We can safely good rental demand due to location, and capital appreciation the day it gets delivered. 5 and 10 year projections seem promising for further appreciation.
20% from: Second step is to further build on my wife's small business to double profits. It shows promise and I can assist her as an Entrepreneur Counselor. It's already happening. It just needed time considering motherhood. (This does contradict with immigration, as it requires extensive local market knowledge)
30-50% from: It seems I'll need to formulate an equation that would suit my priorities, ideals, and goals. See below.
Formulating Life Direction: We'd appreciate finding a sense of purpose, servitude, and a calling embedded in our lifestyle and naturally our professions/roles. I'm talking about servitude to humanity. Fortunately for us, my wife is a nursery teacher and certified in teaching English as a second language. The name escapes me. I am also a startup and communications counselor. I assume that it's best to offer some type of value online, considering that we wish to be mobile, slightly offgrid, in a nature setting. This is entirely new for us.
Ideas:
- Online App for improving communication /presentation skills (spoken/written). New territory.
- Wife teaching part time at a nursery in the vicinity
- Me considering being certified in teaching to do the same
- Find a network of business/communications trainers and join their seminars with profit sharing and very welcomed travel. Was in discussions with the Dale Carnegie institute of NY to join them as a trainer. They offered me the full agency for the country which required some money I wasnt willing to part with.
- Online professional writing (attempted partially - I'm in discussions with another writer in Dubai and a translation office in Bahrain to collaborate some kind of mutual partnership. Hmm.)
- Online translating of English/Urdu/French/Arabic/Persian. Did some online research and we simply cant compete with neither quality, quantity, price, nor speed. Perhaps this can be offered as an offline business, or in live communications dialogue. I'll brainstorm more ideas.
- Small (and suitable) business acquisition in a target country of residence (more below). Last serious attempt pursued after 1 year of research, scouting 4 suitable options, conducting negotiations with each, lawyer, accountants, diligence, the works. It just didnt pan out.) I might try this again.
- Become an adventure travel guide or entrepreneur, considering I visited over 25 countries and understand the concept quite well. So well I was highlighted in the Oman Times during their Tourism Expo. I was scouting for a small tourism business to buy there. Nowadays with the instagram informal business boom, I could easily offer my services with literally zero overhead. My health got in the way, and I realized that my energy is limited (and considerably so for the service sector).
- Invest in multi purpose property and finance both passive income and your residence: Explored options in Oman and Sharjah, Ajman in UAE. I can afford them with some squeezing. Ongoing. I didnt find anything I'd consider LIVING IN.. and I certainly dont have the money to finance 2 additional properties.
- Explore real estate investment as an industry, and see where I fit. I enjoy learning about this subject and undergoing a nice spike in the learning curve for both domestic and international property transactions particularly from Bahrain. I could expand on that and even offer it online.
(This list will expand and contract as we filter more deeply and do a swot with some guidance)
We already agree on our ultimate goal (our real real retirement) which is to finance buying a large courtyard house in a very beautiful yet impoverished area, connect with the locals and offer free food and classes to develop their language and business skills and empower them to take charge of their lives. God willing. Pakistan seems like an optimal choice considering my wife spent significant time there before Dubai. Her mother is also a real estate mogul. I'm currently trying to organize a trip (it's very cheap to go there) to guesstimate what kind of budget this dream would need and adjust.
Target Countries/Immigration: They may seem random, but they are/have been a part of our upbringing. They are also quite low-cost in some form or another.
- Dubai. We both have family there. It's Dubai. Probably most promising city in the world. Only fools would say otherwise (sorry, much love). Yes it's loud but most of the UAE is a ridiculously beautiful natural reserve.
- Bosnia. I havent found a better allrounder so far. Combination of low cost, developing economy, educated citizens, beautiful landscapes, and ultra low cost property and living expenses ($100k will get you a large house and acres, and you'd live like a king with $500 per person/per month). I was in discussions to buy a small motel in a great location there, but our due diligence brought up too much dirt. Ongoing.
- Switzerland/France. The family (extended family) have a house right on the border, in a beautiful hilltop in a rural area just outside the nearest town. Cost of living is equal or less than Bahrain. Spent most of my childhood there. I consider it my second home and know all the ins and outs of running it. I also speak French. I enjoy studying real estate there, and have attempted to move there by means of employment, business acquisition, and study immigration. I always considered a freebie that I should capitalize on, but big tax numbers harsh visa laws discouraged me. Please ask if you wish I expand.
- Oman. Strong network of friends there. Attempted to move by means of employment, business acquisition. After a lot of hard work (and pulling strings), I secured an awesome interview with the Head of Tourism Projects of the government of Oman (who actually was in charge of establishing the Ritz Carlton in Bahrain). It went awesome. He quit shortly after. Lots of stories.
- OTHER. Why so open? Because during my extensive travels, I realized that are ALWAYS beautiful spots with demographic niches, micro economies, and thriving businesses and professions ANYWHERE you go. Life finds a way. I do have a criteria though, but something tells me I’m going on too much here.
Monthly Expenses: We are pretty happy where we are at. We get to enjoy small pleasures like fancy bottled drinks and a few dates and outings during the month. Since cars are a necessity here, we have 2 cars. We always imagined one would be in another location serving a more functional purpose. Cars are bought with full service packages here and insurance costs peanuts (about $200).
Building Mobility: The Jeep I have is actually a full camper one, which can definitely accommodate my family, including Chai (that's my dog). It has been fitted out over the last few years to use inside the car as well as an adjacent awning/tent for 4... and offers us more versatility and lower residence costs as we make the transition. I'd rather not sell my other vehicles as they can be relocated to Bahrain, Dubai, France, or a new target country. It's not ideal, but we'll have a shade over our heads and fun stories to tell.
I'm sure you're seeing a pattern:
1. Rearrange finances
2. Build mobility and financial autonomy
3. Focus on target country
4. Start/shift efforts there
I feel like I'm all over the place. Help!