Have you thought about sleeping with overweight Canadian women who go to DR for vacation? I hear you can get monthly royalties.
- Thread starter explorer1
- Start date
generating an income stream...
That is exactly what Dominican women say and think about tourist or expats visiting or living in the DR!
Added Bonus, Fat Canadian women are "Warn In Winter, and "Shady In Summer"!!!!!!!!!
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Said the morbidly obese,300lb, PLUS "Gringo"!!!!!!!
:cheeky::cheeky::cheeky::cheeky::cheeky::cheeky::cheeky::cheeky:
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Said the morbidly obese,300lb, PLUS "Gringo"!!!!!!!
:cheeky::cheeky::cheeky::cheeky::cheeky::cheeky::cheeky::cheeky:
Fellow Bostonian here my friend...I'm exploring doing the same thing. Trying to move down there and generate a little income to keep me from spending all of my nest egg. How much did you go down there with if you don't mind me asking? Wondering if I go down with $200-$250K if I can survive for the rest of my life. I'm 51 now...thanks Go Patriots!!
Then your options are quite limited, unless you have a meaningful pension headed your way in the next few years.
If you have money to invest, I assume you are effectively debt free. That means no house or car note, no student loans, alimony or child support, medical debts, etc., to pay off. If you do, pay the debts off or down. If not, good for you!
If you have an interest in RE, consider either a serious fixer-upper apartment you can repair and rent out, or a real estate investment trust ("REIT"). It's like owning shares in apartment complexes and commercial developments, and the better ones will give you a return of 6-10% a year. They can be a bit turbulent, but you can invest (and divest) at your leisure, as opposed to being in an asset that is not easily liquidated.
For the time being, I'd seriously consider taking a second job (or even better, learning a new skill set) to help increase your monthly income potential. The money to be made online is with coding, design, SEO, and e-commerce. Some use all those skill sets to create and popularize blogs, which then generate money through ad placements. However, that's a lot harder to do and more time consuming than some would lead you to believe.
Other than that, the basic common-sense moneysaving stuff applies, i.e., getting a roommate, living beneath your means, spending only a few months traveling vs. living abroad full time, etc.
Good luck to you!
"Maco", that's very "doable", providing you have a fixed income stream coming in every month.
I Do!
"Thank You Uncle Sam"!
I came, bought a nice house, furnished it, and bought a good vehicle.
I soon added a wife, 4 kids, and my "Parents In Law"!!!
Then I was given a great paying job here, where I worked for 10 years, until I "retired" Again, 7 years ago!
Just figure out how much you think you will need to live "Comfortably" here, THEN,....."Double THAT"!!!!!
My income as a DR! Moderator I use for Prostitutes!
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"Crep", 200 to 250,000 can set you up VERY well!
Much less for a man who is single, or a married couple no kids!
There is a beautiful two bedroom condo here in SD,on the DR1 real estate forum, in a great city location, for 96,000 dollars!
They key, in my opinion, is the amount of money coming in from outside sources on a monthly basis.
I could NEVER recommend living here in the DR,and having to work everyday to support me and my family.
Too Much PRESSURE for me!
Several DR1ers do exactly THAT, "God Bless Them"!!!!!!!
I Do!
"Thank You Uncle Sam"!
I came, bought a nice house, furnished it, and bought a good vehicle.
I soon added a wife, 4 kids, and my "Parents In Law"!!!
Then I was given a great paying job here, where I worked for 10 years, until I "retired" Again, 7 years ago!
Just figure out how much you think you will need to live "Comfortably" here, THEN,....."Double THAT"!!!!!
My income as a DR! Moderator I use for Prostitutes!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
"Crep", 200 to 250,000 can set you up VERY well!
Much less for a man who is single, or a married couple no kids!
There is a beautiful two bedroom condo here in SD,on the DR1 real estate forum, in a great city location, for 96,000 dollars!
They key, in my opinion, is the amount of money coming in from outside sources on a monthly basis.
I could NEVER recommend living here in the DR,and having to work everyday to support me and my family.
Too Much PRESSURE for me!
Several DR1ers do exactly THAT, "God Bless Them"!!!!!!!
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You should have an external source of survival first.
Many have tried here,
-and many have failed.
As elsewhere in the world, making a buck has got a lot harder and, as soon as you do,
Somebody else wants it,
-and more.
Not an easy country to make it unless you have something that people want, and are able and prepared to pay for.
I have three different very businesses here, all obstinately refusing to scrape a profit.
Suerte...
Many have tried here,
-and many have failed.
As elsewhere in the world, making a buck has got a lot harder and, as soon as you do,
Somebody else wants it,
-and more.
Not an easy country to make it unless you have something that people want, and are able and prepared to pay for.
I have three different very businesses here, all obstinately refusing to scrape a profit.
Suerte...
Sorry for the "dislike," clicked the wrong button.
If you are in good health, the short answer is "no." One of the "rules" of retirement planning is the "rule of 25," meaning that by the time you reach "normal" retirement age (that's 65 in this example), your total funds available should be at least 25 times your annual spending. The assumption is that the amount saved will generate an average post-tax income of around 4% a year.
So, if you require USD20,000 a year in TOTAL living expenses, you need to have safely invested @500,000. Of course, this does not take into consideration pensions, social security, family assistance, etc.
Keep in mind, the "rule of 25" is fairly aggressive and optimistic in nature (as it presumes low inflation and consistent appreciation). Given the longer life expectancies of most NA and EU retirees, you should consider the "rule of 33," which means saving 33 times annual spending, and assuming post-tax post-inflation income of 3%.
That means you'd need to invest 660k to make that same 20k annual budget.
As you will undoubtedly have startup expenses upon arrival, you'll likely spend far more than 20k a year. On this board, the general consensus is you need about 2-2.5k a month to live off of after you've been in DR for about two years, and have figured out how things work.
The GOOD news is you have almost 10x as much in savings as the average American, so you have something to really start with. For you, retirement really is more about "when" you can do it as opposed to "if" you'll ever be able to afford it.
But you do need to have funds allocated for a rainy day. You're still fairly young for non-pensioned retirement, and a lot of ish can/will happen over the next 20-40 years.
My advice is to invest 80% of what you have in some solid investment, and let time (and the effect of compounding interest) work for you. Get a fee-based financial advisor to offer some good advice.
Keep the remainder in an easily accessible MMA. Maintain a healthy lifestyle, and look for ways of cutting your expenses while increasing your income (perhaps a second gig, or turning a hobby into something profitable), and look at moving in a few more years.
Good luck!
Criss, I think that he's saying that's all he has, no other monthly income sources. If there's a rock-solid monthly source IN ADDITION TO the 200-250k, then he's set just about anywhere in the caribbean or latin america.
If not, he needs to be very, very careful. 250k will set him up, and leave him "house poor," which does not make for a happy retirement.
Here's the deal: right now I have $250K equity in a property in Massachusetts. I'm currently looking into purchasing a small hotel at the North Coast and was hoping that if I pay $150K cash and have no mortgage and come there with $100k to get it marketed and running correctly. So I was thinking,becuase I know another ex pat whos doing this now, that I could make enough money to live there (probably in the Penthouse suite at the hotel). I'm single, never married and no kids. The only other income would be social suc. down the road.
Theyre not asking $150K...Its what I hope to pay. I've looked at it twice. In Fantastic shape...Needs to be marketed and run correctly. It could also work as apartment rentals as each room has cooking capabilities.
ANY person that is thinking of moving down here SHOULD NOT RELY on a message board. Only a few will be able to post some good insight as THEY SEE IT. Too many variables and way too many conflicts of interest.
IMO.... each individual should come down and do their own research for a couple of months and understand that those that they talk to while looking around have their own way of looking at and doing things with their own agenda mostly being looking out for themselves being number ONE.
IMO.... each individual should come down and do their own research for a couple of months and understand that those that they talk to while looking around have their own way of looking at and doing things with their own agenda mostly being looking out for themselves being number ONE.
I'll throw my 2 cents in.
I live off interest from Dominican pesos. I've been doing it now for around 10 years. My father before me also lived off them while also getting his S.S check from the US Government. I'm still getting 10%, compounded monthly. When i'm away working in Europe, it compounds monthly and i do not use it. When i get back, i go out every night and eat out like its my last days on earth. Oh well, i don't cook. Can't be bothered. Hate doing dishes. Makes my hands rough, and face dry.
People here rightly warn against the devaluation of the Dominican peso. That's a real threat. A major threat!! It's too late for me. My money has been in pesos for over a decade. I'll keep collecting it. I got my stomach to build on. Anyway, i make enough off the interest to live here, but i also work part time on the side in order to get away from the redhead. She snores, she farts, and she bickers. So i leave the house and work part time to get away from her and a crazy, wild pet we have. I love it. I love leaving the house that is.
Anyway, yes, it can be done. You can make 10% interest here off of "Pesos." But man, do your homework. And then re-do it again. Many, many people here have lost everything they have by investing in supposed "Great interest rates!" "Great deals!" and "Great investments!" Anyone claiming to pay more then 10% should have all kinds of red flags coming up in your head. Someone offering interest rates on US dollars should also be drawing all kinds of red flags up in your head as well. Run away. Run far away. Charlatans are everywhere down here.
I would never invest in real-estate down here and "hope" that you can survive off of rental income. Have you seen how many places are for sale here? Everything is for sale...including my redhead.
Please do not PM me. I don't recommend or suggest banks over other banks, or any other financial businesses over another one. Just do your homework. Banco Popular, Banco Santo Cruz, and Banco Reserva should be the first places you check. Forget about all others. Too many fly-by-night operations springing up all the time and offering stupidly high interest rates.
Frank
I live off interest from Dominican pesos. I've been doing it now for around 10 years. My father before me also lived off them while also getting his S.S check from the US Government. I'm still getting 10%, compounded monthly. When i'm away working in Europe, it compounds monthly and i do not use it. When i get back, i go out every night and eat out like its my last days on earth. Oh well, i don't cook. Can't be bothered. Hate doing dishes. Makes my hands rough, and face dry.
People here rightly warn against the devaluation of the Dominican peso. That's a real threat. A major threat!! It's too late for me. My money has been in pesos for over a decade. I'll keep collecting it. I got my stomach to build on. Anyway, i make enough off the interest to live here, but i also work part time on the side in order to get away from the redhead. She snores, she farts, and she bickers. So i leave the house and work part time to get away from her and a crazy, wild pet we have. I love it. I love leaving the house that is.
Anyway, yes, it can be done. You can make 10% interest here off of "Pesos." But man, do your homework. And then re-do it again. Many, many people here have lost everything they have by investing in supposed "Great interest rates!" "Great deals!" and "Great investments!" Anyone claiming to pay more then 10% should have all kinds of red flags coming up in your head. Someone offering interest rates on US dollars should also be drawing all kinds of red flags up in your head as well. Run away. Run far away. Charlatans are everywhere down here.
I would never invest in real-estate down here and "hope" that you can survive off of rental income. Have you seen how many places are for sale here? Everything is for sale...including my redhead.
Please do not PM me. I don't recommend or suggest banks over other banks, or any other financial businesses over another one. Just do your homework. Banco Popular, Banco Santo Cruz, and Banco Reserva should be the first places you check. Forget about all others. Too many fly-by-night operations springing up all the time and offering stupidly high interest rates.
Frank
I have no experience in running a business. I rented my house once, after I had bought another, and made perhaps $200 per month, after paying taxes and the mortgage. But I observe that Black hair and skin products have a high profit margin and there are many that are not sold in the DR, shea butter being one good example. The difficult part would be getting your stuff through customs and onto store shelves. I have no idea what amount of difficulty, bribes, and connections this might take.
i would add some other normal banks to frank12 list: BHD, scotia. just your normal large bank. the rate on pesos is around 10% and dollars is about 5% (below that, i think). do not invest with private people or small companies, many people have burn their fingers on that and never recovered the money. if the deal is too good to be true - it really is.
OP first says 200k dollars, then says that he does not even have that much. hard to give solid advice in this situation. in any case, i do not see 200k as a lot. after you buy a small condo and a car you have it down to 150k. that will generate some small income but there is no contingency, nothing to fall on. it's fine when you are 20 and dumb - we've all been there - but when you are 50 or 60 to risk everything you have to live in DR is crazy. and DR, really, of all the places on earth. not worth it.
200k is also not that much if you want to open a nice business generating decent monthly income.
OP first says 200k dollars, then says that he does not even have that much. hard to give solid advice in this situation. in any case, i do not see 200k as a lot. after you buy a small condo and a car you have it down to 150k. that will generate some small income but there is no contingency, nothing to fall on. it's fine when you are 20 and dumb - we've all been there - but when you are 50 or 60 to risk everything you have to live in DR is crazy. and DR, really, of all the places on earth. not worth it.
200k is also not that much if you want to open a nice business generating decent monthly income.
I think Criss most recently said, "The easiest way to have a successful business is to buy a business that's already successful."
There's a lot of wisdom to that, particularly in a different country where you may not know all the variables/players out there.
Like dv8 said, if that's your total nest egg, gambling in the DR may not be the best option. Stick it in some interest bearing account or CD or other safer investment, and let the money work and grow over time for you.
In the meantime, do longer visits and see if you'd really like to live in DR after the paradise syndrome wears down a bit. DR's not a bad option at all, but it certainly isn't the only option, either.
There's a lot of wisdom to that, particularly in a different country where you may not know all the variables/players out there.
Like dv8 said, if that's your total nest egg, gambling in the DR may not be the best option. Stick it in some interest bearing account or CD or other safer investment, and let the money work and grow over time for you.
In the meantime, do longer visits and see if you'd really like to live in DR after the paradise syndrome wears down a bit. DR's not a bad option at all, but it certainly isn't the only option, either.
"Mako", without a secure monthly income from abroad you will soon be broke here!
And no "Nanny State" to feed you.
In the DR, the "Dreams" you had in the USA, or anywhere else,soon become "Dominican Nightmares"!
This place is Great, if you have the money to remain, "Above the FRAY",and purchase the "Greatness"!
No money?
Stay "Home" no matter where "Home" is!
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And no "Nanny State" to feed you.
In the DR, the "Dreams" you had in the USA, or anywhere else,soon become "Dominican Nightmares"!
This place is Great, if you have the money to remain, "Above the FRAY",and purchase the "Greatness"!
No money?
Stay "Home" no matter where "Home" is!
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