Today's episode rounds out our series on utilizing your location as a tool to financial independence and is led by just thew of us hosts.

You may hear this idea called geo-arbitrage. We wanted to pick two locations where we would actually like to take a test run of financial independence in a foreign country.

Cody picked Santiago, Chile and Justin picked Porto, Portugal.

This episode covers an honest and holistic look at what it would cost for a couple to live in these countries while still really exploring and enjoying them.

Take a listen and consider where you'd move if you had the freedom.

Santiago, Chile

Housing

- $500 for a one BR apartment

- Comes with parking, laundry, gym, BBQ and pool

Utilities (Electricity, Heat, Cooling, Water, Garbage)

$135 per month

Cost of Flights to Other Locations

- Flights around South America starting as low as $35.

- $385 to get back to  Cody's home in New England

Restaurant Samplings

- Simple meal at inexpensive restaurant costs $5

Grocery Samplings

- $30-35 per week. With mostly fish, vegetables, beans, eggs, “healthy” pasta, fruits, and smoothies

Phone/Internet

- $45 per month

Public Transportation

- Taxis will take you anywhere for less than $10

- Average of $150 per month (per expat survey)

Healthcare

- Ranked 33 out of 190 countries (similar to Australia and Denmark and many of the doctors speak english)

- $100-120 for healthy adult expat insurance

Visa Requirements (how long can I stay?)

- 90 days (plus can pay $100 for another 90 day extension)

Weather

- Coldest months are June and July with average highs of 61 degrees Fahrenheit

- Only downside is that it rains 4-5 days per week

Total cost = $1650/month

500 housing

135 utilities

120 groceries

250 restaurants

45 phone/internet

100 transport

120 healthcare

400 entertainment

$19,800 per year

 

Porto, Portugal

Housing

- $833 for a one BR apartment in heart of the city

- Comes with parking, laundry, wifi, all utilities

Utilities (Electricity, Heat, Cooling, Water, Garbage)

Included

Cost of Flights to Other Locations

- Flights around Europe starting as low as $25.

Paris: $25

Barcelona $49

Milan $53

- $670 to get back to  Justin's home in Austin

Restaurant Samplings

- Simple meal at inexpensive restaurant costs $6

- Anthony Bordain visited restaurant also serves $1.80 martinis

Grocery Samplings

- $40 per week.

$2.60/lb chicken, $1.30/lb pork, $0.75 fresh bread, $0.90 apples, $2.50 bottle of wine as examples

Phone/Internet

- Wifi is free, 22gb data and unlimited call cell phone for $18

Public Transportation

-Amazing train system for very cheap which I factor into "Travel"

Healthcare

- Emergency room visits are free

- Research shows ~$40 per month for plans

Visa Requirements (how long can I stay?)

- 90 days with just the passport

- Full citizenship appears attainable if you can prove you have healthcare as well as stable income source to fund your retirement

Weather

- Lowest highs are 57 degrees December/January

- Highest highs are 77 degrees in July/August

Total cost = $1770/month (for a couple)

833 housing

140 groceries

300 restaurants

18 phone/internet

80 healthcare

400 entertainment (includes transportation)

$21,240 per year

 

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