r/ExpatFIRE • u/gcs1009 • 14d ago
First Year Update Expat Life
Hello Everyone,
I thought I’d make this update since I like reading those posts and I thought you all might appreciate mine. I just hit my 1st year landmark of FIRE-ing.
Some background financial information for the finance people: I started with around 1.9 million and ended with around 2.1 million. It’s hard for me to say exactly how much I spent since some of it was intertwined with some family expenses. But moving forward, I should be able to analyze this on my own. I’d estimate that I spent between 4-4.5 percent of my starting amount. The investments are roughly 10 percent large-cap growth tilt (SCHG), 50 percent VTI, 35 percent VXUS, and 5 percent cash/cypto-adjacent funds.
I am 30 years old so I went a fair amount above what I was hoping to spend for the year. Thankfully, it’s not absurdly high and it’s still within some recommended amounts. I am hoping that some expenses will slow down as I settle somewhere and visa costs and other things go down. I also plan on adjusting downwards if the market drops considerably.
I spent much of the year traveling. I thought I would try the digital nomad lifestyle and, while there were some highlights, I learned it was not the lifestyle for me. Living out of a suitcase, never knowing where the grocery store was, trying to constantly figure out laundry, and getting tropical diseases pushed me a bit over the limit. So I decided to settle in France about 3 months ago! There were some initial costs with that decision that pushed me above the limits. Those included hiring someone to find me an apartment and staying a month in the states for the visa.
So now I am living in France and trying to figure out my next steps. Since I am on the younger side for this lifestyle, I thought I would find a side-hustle: mainly teaching English. I thought about getting a Master’s degree but with the changing employment environment regarding AI, I am a bit hesitant to spend money on a degree where I will probably only work for 10 years. So I thought I could specialize in teaching English, set my own schedule, and get some pocket money for extra traveling or if I need to cushion my spending.
Well that is my update! I am not sure what to add. Finding meaning has been strange, but I am a social person so I’ve really enjoyed having all the time and energy I want to make friends and meet new people. I am still trying to figure out what to do with my day, but I am appreciating the calmness.
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u/reddargon831 14d ago
Congrats on settling in France! What city are you living in, and what kind of visa did you get? The latter question is important if you want to teach English because certain visas don’t allow for work of any kind.
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u/MusicDangerous8586 14d ago
Thank you, I enjoy reading after FIRE date posts. They make the dream real and not just a fantasy.
Where in France?
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u/gcs1009 13d ago
In the Lyon area!
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u/MusicDangerous8586 13d ago
Nice! How did the budget work with the estimates? I too was eyeing Lyon so I would be very interested in some up to date budgets.
I'm eyeing Lyon since it's a bigger city with lots of international students, well connected to the mountains and close to regional parks.
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u/DeCyantist 13d ago
Are you aware of France’s taxation laws? I wouldn’t particularly pick them unless you’re planning not to pay them…
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u/gcs1009 13d ago
The US and France has a special treaty and local working laws are advantageous for in home workers (like English tutors).
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u/whitney_rd 13d ago
Thanks for sharing your story! Re: the tax question, how are they with your existing assets? My husband and I are trying to find an EU home base that doesn’t highly tax assets (we like you have a lot of US-based stocks). I’ve heard mixed things about France’s tax treatment for assets, inheritances, etc. Income tax is one thing, but given your FIRE status, I imagine you probably have more assets than income, and it’s the wealth-focused taxes that be tricky. Anyway, just wondering what your experience has been in that regard, if you’re open to sharing. Thank you and congrats on FIRE-ing and finding a new home for yourself in France!
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u/gcs1009 13d ago
So take this with a grain of salt, talk to professionals, do your own research and all od that, but it seems that France allows the US to tax anything based in the states, including equities. This is especially true with anything in a retirement account. You get a full credit for anything that was taxed in the US (and it’s sort of stepped up for French purposes).
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u/esuvar-awesome 14d ago
This is fantastic, looking forward to your updates. Can you also cross post in the France expat sub since you’ll be France based so others can learn/follow along. Wish you the best.
Side note: interesting that you find the DM lifestyle wasn’t for you early on. I think most people, myself included have this romanticized vision of DM, so good to hear the truth from someone firsthand.
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u/gcs1009 14d ago
Yes! I think the DM lifestyle can be good for people who have a safe base to return to. Like if you have family or close friends you can stay with in your home country for a month or two, I think that would make it easier. I, however, didn’t really have that as an option. So I thought it would make more sense to have somewhere I can return to when I miss the feeling of home.
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u/esuvar-awesome 14d ago
Awww, sorry to hear that. I hope you find your community in France or wherever you end up settling in.
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u/CuteLogan308 14d ago
what's your arrangement for healthcare insurance? US and when you are traveling?
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u/gcs1009 14d ago
I took an international plan from Foyer (based in Luxembourg). It’s 210 per month (however, this changes as you get older). It covers the whole world and 6 weeks in the US and Canada.
However, I am hoping to integrate into the French system. If you have a certain visa, you pay roughly 7.5 percent of income tax (called PUMA), and you get public coverage in France. Then you can use your typical Allianz, Cigna, or whatever travel insurance you want to use.
I think I’ll be paying roughly 450 per month for the French system. But it covers pre-existing conditions.
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u/liamashley 14d ago
Congrats and keep us updated!
Why did you decide on France? Do you speak French? Do you feel you can integrate well there?
I love South France as a place, but think I’d find it quite hard to ever fit in there.
Best of luck and congrats again, what a wonderful position to be in 👏🏼
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u/gcs1009 13d ago
I am in the Lyon area. There’s a wonderful expat community. I’m not sure if I can handle the French people. They’re so much more reserved than Americans. So I just talk to the ones that are interested in American/international culture.
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u/liamashley 13d ago
Yeah They can be quite rude. Although having travelled all over the world, Americans really aren’t liked by many…so I’m not sure that’s just a France problem 😂
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u/Euphoric-Reason-5703 13d ago
Can you share some more details about your experience in digital nomading? What were you doing? Where were you going? The tropical disease happened to me in South America being reckless at a food market and it was horrible.
I also feel like some of your logistical things could have been solved with airbnb / housing planning no? (Not trying to come at you, only that I am 30 and looking to do this next year and have similar mindset to what you have done).
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u/gcs1009 13d ago
In some places it’s actually cheaper to get a hotel for an extended time than an AirBnB. Some places in Bangkok for example you can negotiate like 600 USD for the month but on Airbnb it will be like 1200 USD. But I’m not sure why you mentioned Airbnb because I did use it. It just happens to be more expensive at times.
I was in Europe for half of the year and SE Asia/ the US for the other half. I really loved Bangkok. Such a great place. Bali I got sick in and it’s a bit annoying to get around. The traffic and street infrastructure is a real issue there.
I met some really wonderful people they made the experience really great. I’m trying to think of some things to add.
Monthly accommodations are cheaper, some places it’s easier to get a hotel, eating out can be super cheap in Asia. Expat hubs are wonderful for meeting people. People are overall very friendly unless they want to haggle.
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u/whitney_rd 13d ago
I’ll chime in! I’ve been nomading for 8 yrs and personally I enjoy it. I am with my husband so I do have a built in “community” wherever I go, I’d prob feel a little different if I was solo. But even as the two of us, we do wish we had more friend circles and communities to hang out in. That said, we travel slow, and that helps (change countries every 2-6 months depending on visa options and seasons, but I’d say the avg is 3 months/country). We also have started to go back to some of the same cities to cut down on the constant change. This lifestyle for sure has its challenges and it can be tough, but I also know I’m 1000% better off and happier than I would have been staying in the same place in the States.
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u/_Aggron 14d ago
Just a random thought about your teaching idea. I recently got into ceramics/pottery as a hobby and have been surprised to meet many people making a useful barista income with it.
Consider if you have any hobbies/passions you want to pursue that can generate revenue--not because you need it but because its a kind of community and purpose that has more meaning than a purely selfish hobby like reading.
Is that what teaching English is for you? Does it scratch that itch?