In this video, I will share advice people gave me when I said I was retiring overseas. They said, Dan, here are the reasons why you can not retire overseas. Hearing this advice may help prepare you for the fears that family, work associates, and friends will have for you when you share your ideas with them.
Only one or two people were happy when I shared my plans to move overseas. Only the people who had already lived overseas encouraged me. Everyone else seemed skeptical or fearful and tried to convince me that it was a bad idea.
After I share what they said, I will share what I did or said at the time, and how things actually turned out over the years since I left the USA 18 years ago. Then I will share the three biggest mistakes not to make when you are getting ready to leave your home country.
There were two critical times when family, coworkers, and friends gave me advice about moving overseas: at the ages of 46 and 59. I will share the advice I received in reverse order, starting with age 59, then age 46. Then I will share three quick mistakes not to make when you are leaving home.
Retirement Advice I Received: My age was 59
I am 65 today. But 6 years ago, at age 59, I was laid off from a job. In that job, I was working over the internet on my computer as I traveled the world. When I got laid off, I looked carefully at my financial situation.
I checked the “My Social Security” webpage, and it looked like I would get just under $2000 USD per month if I retired in 3 years at age 62. I had savings and investments, but I didn’t think I had enough to carry me through retirement into old age. I wanted a bigger buffer.
From age 20 until age 40, I had worked for myself. During that time, I had started several businesses on a shoestring. I had succeeded at some and failed at others. I never really got rich at anything, but at age 59, I was pretty confident I could start an online business again.
Since I had already learned to live overseas on much less, I knew I didn’t need to make a lot of money to continue my travel lifestyle in these cheaper countries. So, I decided to start a YouTube channel to see if I could cover my travel expenses. I shared my plans with a friend, and here is what he said.
Friend’s Retirement Advice: Starting a YouTube channel is a long shot in 2019. Plus, you only have 3 years until you can draw Social Security at age 62. Just come home to the US and drive an Uber taxi for a few years, and let your investments grow. People are making $40k to $60k per year driving Uber taxis. And, while you are here in the USA, you can put out your resume to see if you can snag a higher-paying job.
What I did/said at the time: I listened to his advice and thanked him. In his defense, he was sharing the sure thing. Not everyone who tries is successful in starting YouTube channels. Plus, I met him on the job when I was about 45. He never knew me as someone who had started a few businesses and succeeded. So, his advice was in good faith, and the sure thing.
What happened over the next 6 years (until now): In 2019, I decided to risk $40k of savings to continue traveling the world and sharing my travels on my YouTube channel, called Vagabond Awake. Within two years, before I spent the whole $40k savings, my YouTube channel and webpage, VagabondBudhha.com, were making enough money to pay for our slow travel life. Now in 2025, we make more than we need to slow-travel the world.
Life Advice From Family and Friends: My Age 59
After I was laid off at age 59, I knew I didn’t need to make a lot of money to continue my travel lifestyle in these cheaper countries. So, I decided to start a YouTube channel to see if I could cover my travel expenses. I shared my plans with family, and here is what they said.
Family Advice: Dan, you have been living outside the USA for 13 years now. You will be old enough for Medicare and Social Security soon. How much longer do you think you can keep traveling around the world this way? You should come home and spend more time with family while everyone is still alive. Aren’t you afraid that these overseas doctors will screw up if you get really sick? It is okay while you are young and healthy, but now it is time to get serious about your retirement.
What I did/said at the time: I thanked them for the advice. It came from a sincere place, even though it was not a well-informed place. I had already spent time in hospitals overseas and knew how good and cheap the healthcare was. Plus, I went home to see family and friends every other year or so for a week or two. Since they lived in different states, I saw them in person as much as other family members who lived out of state. Plus, social media had become so common, we were on Zoom calls periodically, so I saw their faces and heard about their lives as often as I did when I lived in the US state next door.
Friend’s Advice: Everyone is starting Travel YouTube channels. It could take years to make any money at it, if you ever do. How are you going to support living overseas in the meantime? You have spent years in the same industry developing a skill set. Why not put your resume out there to see if you can find another job in the industry? It’s been a long time since you started a business. And things have changed a lot since then. It takes most companies 5 years to be profitable. By that time, you will be able to draw your full retirement pay. Is it really worth putting in all that extra work when you can retire in another 5 years?
What I did/said at the time: I thanked them for their free advoice, and then decided to risk $40k savings while I successfully built my YouTube channel. I don’t believe dreams die at a certain age. I don’t believe in giving up hope as we age. I took a calculated risk, but I worked my ass off and got to where I am today by never giving up. I don’t believe age is a death sentence. I think age comes with wisdom. But I also didn’t just hope it would all happen. I worked hard to make it happen.
What happened over the next 6 years (until now): I started my online business and continued to travel home to see family every other year or so and join family on Zoom calls periodically. Within two years, before I spent the whole $40k savings, my YouTube channel and webpage, VagabondBudhha.com, were making enough money to pay for our slow travel life. Now in 2025, we make more than we need to slow-travel the world.
… going back in time to my age 46, before I first left the USA, in early 2007.
Job Advice I Received: At age 46
At the company where I worked before I left the USA in 2007, I shared that I was probably taking a job overseas, an outsourcing job in India..
Senior person: Dan, you can’t quit this job. You are only 46 years old. Your salary will double in the next 3 to 5 years. Don’t be foolish. You would be leaving this seniority, and if you move back, it could take years to recover where you are now. Plus, the job market is good now, but if we enter a recession, who knows if you will even be employable?
What I did/said at the time: I thought he was probably right, but I didn’t care because I was so bored at my job. I took the Job in India. They offered me almost double my existing pay with 6 weeks of paid vacation per year.
What happened over the next decade: I worked that job for about 8 years, the first 3 years in India, and then 5 more years working remotely on my laptop as I traveled all over the world. I was unemployed for about 1.5 years before I was offered another online outsourcing job for another 2 years, or so.
Life Advice From Friends: At Age 46.
Various friends and family gave me advice about moving or retiring overseas. So as not to offend anyone I love, I will not name names or quote people, but I will share the main ideas.
Friend: Dan, you are not a kid anymore, you are 46. Once you hit age 50, some companies won’t hire you anymore. You don’t have enough to retire early yet. Your investments are not great enough to pay your expenses for a decade if you get laid off. Keep the job you have until you are closer to 62 when you can at least start taking Social Security.
What I did/said at the time: I had worked for myself for most of my life until I took this job at age 40. I started many businesses, and most had failed, but they failed pretty quickly without much investment. And it was usually just a few months before I figured out a new way to support myself. So, I just wasn’t really worried about starting a new business that could at least pay my expenses. I just didn’t want to do the job anymore. I felt creatively cramped, and the job didn’t offer me any self-expression. So I quit and moved overseas.
What happened over the next decade: Eventually, I got tired of the work I was doing for others in India, so I quit. Eventually, I actually did end up working for myself again and enjoying what I do. In 2019, I went full-time with my YouTube channel and my retire overseas memberships, and I have found a creative outlet for this crazy slow travel lifestyle I love so much.
In my new business, I have even started teaching other people how to retire overseas on less money and how to make money online with their hobbies. You can visit VagabondBuddha.com to find out more about those two courses I created.
Expensive Mistakes Before Leaving Home
You have to properly set up your home country phones, address, and banking before leaving. How expensive is it if you get this wrong? This could easily cost you $5000 USD if you don’t do this.
I know what you are thinking … Dan, why is it so expensive if you get it wrong? Because you may actually have to fly home to correct this mistake. And you might have to spend a month or two in your home country to get this right, before you can leave again. So don’t skip any of this.
Now, I have a 41-page free eBook that covers many of these topics in more detail. I will give you that for free at the end, but here is the gist of what you need to do before leaving home.
One. Banking
Most people living overseas temporarily lose access to the money in their home country bank, even if just for a few days. The internet goes down, they lose their ATM card, or the bank flags their account as suspicious activity.
When you are in your home country, you just walk into a branch and immediately recover access. You can’t walk into your bank when you’re overseas. You don’t want to fly home to solve this problem. That could cost thousands of dollars.
So you need a backup plan when you are overseas.
Banking back-up Plan: Set up accounts at two separate, unrelated banks in your home country. So if your ATM card issued by Bank A is temporarily unavailable, you can get money out of Bank B using your Bank B ATM card.
Now you have access to your money without flying home.
Banking Details Matter: Having two banks isn’t enough. You also have to set up online banking at both banks, so you can find out why your Bank A card is temporarily not working, order a replacement ATM card, or move money between banks A and B.
To set up online banking, you will need two-factor authentication set up at both banks. So they can confirm that you are who you claim to be. Set up two-factor authentication at both banks before leaving your home country and test it multiple times to ensure it works properly.
Pick Second Bank: Pick a second bank that rebates foreign ATM fees or has some other benefit, such as the best currency exchange rates. In the US, Charles Schwab rebates foreign ATM transaction fees.
Two-factor authentication: When setting up two-factor authentication at your bank, if given the choice, always opt for the authenticator application recommended by your bank instead of SMS or text-based authentication for two reasons. First, SMS authentication is not as secure as an authenticator application, and second, some SMS-text carriers, such as Google Voice, have reportedly been discontinued by some banks and brokerages.
If either bank does not allow authenticator applications, check with your existing smartphone service in your home country to see if they have an international phone service that will forward SMS authentication codes internationally (verify by country name).
These international call and text packages can often save you hundreds of dollars on international roaming fees.
Two. International Phone Service
If you insist on staying with SMS authentication, one option is to buy an expensive International Phone Service (package) with your existing home country cell service. These seem to start at around $75 per month or more.
Some of these international calling plans will allow you to continue using SMS authentication with your home country banks.
But I don’t buy one of these expensive international phone services. I use Tello.com, which costs less than $10 USD per month. In my free eBook, I cover how to set up tello.com. Grab my free eBook for more information on that.
If you get stuck, contact Tello.com customer service and tell them you will be traveling outside the USA, and you want to make sure to get your SMS-authentication codes, and that you want to be able to do international Wi-Fi calling with your Tello service. They helped me set up both.
Three. Keep an Address in Your Home Country
Many banks, brokerage houses, and government agencies will treat you differently if you use an official address outside your home country. Some people use mail forwarding services, but I do it a different way, which I explain in my free eBook.
Use your home country address in all correspondence with businesses and government in your home country.
Bonus Idea: Free Family and Friends Communications
Set up free communications with your family and friends before leaving home. This will work for communicating with friends and family for free, but not for banking. For communicating with banks, I use Tello as discussed above.
For each family or friend that you want to maintain communication with, set up a free application for communication, such as text, video calling, or phone calling. I suggest using WhatsApp since it seems to be the most accepted free application for communicating with family and friends back home.
You could also use other similar free applications, such as Facebook and Google Voice. Or other messenger services that also allow phone and video calls.
Grab my free eBook and watch my YouTube playlist of 140 expats who left home and retired overseas or slow-traveled the world like me. Thanks for watching.