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How much money to live in Colombia and not have to work

Hi everyone. Maybe this question has already been asked. I know there are many variables in deciding on how much money to have.

But my question is how much money do I need to take with me to Colombia and not have to work for the rest of my life? Here are my stats.
Age: 43
Martial Status: Single
Current savings: $100,000 dollars(one hundred thousand dollars)
Health: Excellent
Property/Realestate Owned: None
Education: Masters in Computer Science

I want to live moderate in Colombia. I dont need a very nice home/apartment but I dont want to live in a poor area either.

Any ideas? Sorry if this is stupid question. But I am desperate now. I cant stand living in the U.S.

I'm your age and would split rent with you if I could come just stay down there. But I have to come back to the US and save money, so I can spend my vacations in S. America.

I don't know the answer to your question, but it seems that 100k would be enough to buy a hostel. Hostel owners seem to do great business from what I've experienced. But it's a LOT of work. However, I think it'd be super fun and rewarding. And you'd have income.

I don't think 100 grand is enough for a guy our age to retire, even in Colombia. You'd have to spend 12k a year to live, and you have a lot of life left.

There are other business opportunities, too. I hear growing trees for palm oil is booming. But I know jack dookie about farming.

There's the restaurant biz, which scares the hell out of me. It's not an easy business, but there's opportunity in Colombia. The guy that owns Brunch in Salento is from Oregon I think, and he seems to do GREAT backpacker business. That place is booming.

There's a great high-end burger bar in San Gil called Gringo Mike's that's excellent. I hung out with the Chicago guy and the English girl that own it, and that place rocks.

I hear you, though. I'm ready to pull the plug on the US, too. I'm so happy when I'm in South America. But in the USA, I'm just blah.

Thanks a lot for your reply Brandon. Always good to hear other people's opinion. Guess your right I still have alot of time left. And 12k a year seems like a good number to approx the income I would need every year. I need to start thinking about starting my own business. Thanks for all the ideas. Lets keep in touch. I added you to my contacts.

A lot of people with knowledge of computers do quite well in Colombia. I meet lots of people travelling that spend a couple of hours a day online and then just eff off the rest of the day doing fun stuff.

I wish I'd studied programming or something useful with computers. I took two years of BASIC in high school and one semester college and decided I hated it. :)  But now that I wanna go live permanently in S. America, I regret gaffing it off. I should have taught myself C++ or something else useful.

Have you been to Colombia yet? If not, you're missing out. Send me a PM if you want. I'm sitting at work bored to death, and I love talking about Colombia.

Salud!

BrandonBP :

A lot of people with knowledge of computers do quite well in Colombia....

I wish I'd studied programming or something useful with computers.... I wanna go live permanently in S. America... I should have taught myself C++ or something else useful....

I'm sitting at work bored to death, and I love talking about Colombia.

You seem really motivated, Brandon.  Maybe it's not too late to learn computer skills .. and live the dream.

cccmedia

Do like i did and find an educated Colombian woman who makes a good salary.  She supports me and is happy to do so.

Texas Bred :

Do like i did and find an educated Colombian woman who makes a good salary.  She supports me and is happy to do so.

That's easier said than done. A rich Colombian chick that wants to support a gringo? May as well play the lotto.

I have lived in a small town, about 45 kilometers from Medellin, for the past 10 years.  I am married and we have two daughters, one 15 and the other 24, and my mother-in-law lives with us.  My youngest attends a private highschool and the 24 year old is in university.  We have a small, but comfortable, house, which is paid for, so I have no rent payments and our car is also paid for.  So, all we have are living expenses. We live a very comfortable life, taking mostly short vacations two or three times a year and our daughters participate in lots of outside activities.

With that said, I go through about $3600/month (USD) but, I will say, our life style fluctuates with the value of the dollar.  Until about two years ago, it was tight, with the dollar at about 1700 COP's to the dollar but, with the dollar at around 2900 COP's, life has a lot less stress.

I should point out, when I arrived here 10 years ago, I had about $150K USD in my bank account, which got depleted pretty fast, as I learned how to live more like a local.  And, of course, I purchased and paid cash for our house and car.  So, be prepared to spend a bundle getting settled.  Remember, you cannot import a used car to Colombia, period.  So, you'll have to buy a car locally.  We have a 2005 Nissan Terrano deisel, with about 150K kilometers on it and its reasonable value is about 30,000,000 COP's, which is a little more than $10K USD, at this time.  Cars are expensive to buy but, fairly cheap to operate and maintain.  Labor down here is cheap.

You'll need to get health insurance, which is very inexpensive.  But, make sure you get a good provider.  Even though it's a single payer system down here (EPS), you need to be very careful picking a provider.  When I first arrived, I signed up with Comfenalco, which was very good but, within a few years, their financial position deteriorated and service became mediocre at best.  Comfenalco was sold to Salud Coop, which went bust within a year and half and was sold to Cafe Salud.  Now, Cafe Salud is in big trouble.  The problem is, once you sign up with a provider it is nearly impossible to switch to another provider... They own you.  I would recommend either Nueva EPS or Sura.  They are the largest and most stable in the country.  Also, we know several doctors in those two systems and they say things are very stable with them.

So, that's my situation.  I also would be interested to hear how others are doing here in Colombia.  BTW, I just recently became a Colombian citizen.

Merrill

Moderated by Priscilla last month
Reason : no insults please

Chris, If you're from Vegas you've got 20 years until you can live on Social Security.  If you have a military pension you may be set.  But if you're trying to stretch $100,000 for 20 years with today's interest rates or S&P rate of return it's probably not doable.  If it was I would've been living in Colombia 10 years ago.  (I'm 60)  Now at my age I could stretch my savings until 62, but I have my Colombiana here in the US so those plans are on hold for me.

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