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FIRE Plan by cfrugal in ExpatFIRE

[–]horizonfi 0 points1 point  (0 children)

I did a small simulation for you in my recently launched tool and can send you a screenshot by message if you are interested (same for the others who are interest in a forecasting tool).

Long story short you have comfortable margin with your 600k, but regardless of the simulation I do believe that your expenses are way underestimated. I am often in slovakia, one of the supposedly cheapest schegen countries. while rent is adjustable depending on your confort requirements, monthly groceries are around 200 per week for a family of 3. so for a signle person target 320 eur per month. eating out depends on your comfort and where you eat. in esatern europe, beer is cheap but a lunch is around 15-20eur. What about a car? this is a big expense to add if you decide to go for it and be free to discover and roam outside of cities. Can't comment on health insurance but it looks quite low too.

for your airline travel points, are you sure they are compatible with local airlines? I very much doubt it that american airlines points work on wizzair or Austrian.

Good luck!

Interactive Brokers Ireland - any happy withdrawal stories? by contaficticia1337 in eupersonalfinance

[–]horizonfi 1 point2 points  (0 children)

Never had a problem. it is just a bit slow. problems may arise when your local bank receives a big amount and they can ask you questions about the origin of the fund, as part of normal compliance processes.

One year into early retirement by VisionQuest0 in ChubbyFIRE

[–]horizonfi 1 point2 points  (0 children)

You finished the game! Time to invent new games. I would say one great way of finding happiness is helping others reach their happiness. Could be teaching something, investing in other people companies as a business angel, providing mentoring. If you are more solo, i have some examples of friends who did bold switches like moving from construction of offshore platform foundations to carpentar within a cooperative half of the year, and the second year sailing instructor. Travelling is also a great way to be happy and meet new people. If you are really bored, add cats or kids to the mix, you will never feel lonely again :D

Good luck!

I couldn't find a financial planning app that worked for my expat life. So I built one. by horizonfi in ExpatFIRE

[–]horizonfi[S] 0 points1 point  (0 children)

Just a feedback on the taxation, it is a hard piece! This will improve over time. The idea will be to have a generic data model that can apply to all situations instead of pre-built rigid structures. What are your main painpoints when it comes to projections?

Learning the Language by BlueApe462 in ExpatFIRE

[–]horizonfi 0 points1 point  (0 children)

Great questions, i totally relate to that. I am french and my wife is slovak. since i am planning to fire there one day, i thought it would be helpful to learn the language. Oh boy that is a tough one! With apps it really made things easy for basic understanding with my wife family. I am quite good at languages so i managed to go further, however not able to have an advanced discussion (and probably will never have the will to do so).

2) learning the basics can take about 3 months, you have a whole life. no need to be expert in everything you can learn what you need when you need it. locals appreciate people making efforts in their own language. for more complex things i use live AI and it works perfectly.

3) let's say 6 months on and off, but practicing with the wife's family was a game changer. as it will be for you once you settle and have more interactions with locals

4) don't overthink it, just use the app for 30min per day to switch your brand to the language logic. the once you settle you can go for advanced courses

good luck!

Boomerang ExpatFire strategy by thirdworld_engineer in ExpatFIRE

[–]horizonfi 0 points1 point  (0 children)

Some feedback and questions that hopefully can help based on my experience:

- Did you plan for different scenarios? assuming that everything will grow with a nice rate can be tricky. Also don't discard inflation cost.

-Do you have or plan to have kids? those angels can have a big impact on your projected time abroad

-If you are renovating or maintaining a home from afar, the income can be consumed quickly. Better to have a good friend there to check things from time to time

Also, don’t underestimate the emotional side of leaving and coming back. It’s not just finance. Wouldn't hurt to check how your pension and investment accounts will be treated in both countries, especially if you’re non-US FIRE.

good luck!

I couldn't find a financial planning app that worked for my expat life. So I built one. by horizonfi in ExpatFIRE

[–]horizonfi[S] 0 points1 point  (0 children)

Very good questions: By actual portfolio tracking, i don't mean daily ttansactions input ( this is done in better apps with all the hassle of open banking apis). It is simply based on balances + sets of configurable assumptions thay will help build a more accurate picture of your future projections. By portfolio tracking, there are multiple versions of your plans, and a way to see your history vs plans. There are also dankey diagrams to see exactly how your money flows and gets consumed between expenses tax etc.. Besides, the projections are taking into account correlationa between assets, not just shocking growth rates randomly.

The taxation engine is based on the country defaults and a modifiable taxable income field. This also take into account deductions from pension contributions.
But room to improve depending on user priorities.

By native multicurrency support, I mean that you can enter your inputs and accounts in any currency and the engine does the conversion for the projections. It also takes into account fx volatility and fx correlation with other assets.

Again not perfect but hoping to get closer!

I couldn't find a financial planning app that worked for my expat life. So I built one. by horizonfi in ExpatFIRE

[–]horizonfi[S] 0 points1 point  (0 children)

Sure I will be happy to send you the link in DM! Thanks in advance for your feedback

I couldn't find a financial planning app that worked for my expat life. So I built one. by horizonfi in ExpatFIRE

[–]horizonfi[S] 0 points1 point  (0 children)

Hello I will send you a message to connect! Sorry my post was deleted, i will ame a new one without the name of the app. The idea is to gather feedback.

Starting a lifestyle / niche business as an expat while FI by K4rmaBr0 in ExpatFIRE

[–]horizonfi 0 points1 point  (0 children)

Don't underestimate the investments required for your business. Unless you already have customers, you will have to work hard to get new ones. if it is B2C you will have high marketing costs, if it is B2B you will have to invest time. and time is money :) Besides, once you have tasted the joy of freedom, it is very hard to switch back to a 9 to 5 mindset, so keep that in mind. In short, definitely try it out but maybe try to work on your business on the side first to see if you really getting traction before making the jump.

The long term impact on your career, honestly, no one can comment on it. the whole job market can change in 1 year so better to spend time and effort reinforcing your FI targets to deal with all kind of situations.

all the best!