With political turmoil reaching a fever pitch, many Americans are looking to get out of dodge. In fact, according to The Hill, Google searches for “moving to Canada” spiked as the 2024 election results rolled in. But relocating one’s entire life to another country is no easy task — the move takes time, planning and, above all, financial resources.
Money experts and authors of the book “Cashing Out: Win the Wealth Game by Walking Away,” Julien and Kiersten Saunders, appeared on the Blaxit Global podcast to speak with host Chrishan Wright, who was in the process of moving to Portugal herself.
While this process is not a speedy one, getting financially ready to take the plunge can be attainable with the right planning and education. So what methods did the Saunders family offer for cashing out on one’s current lifestyle? And how can this prepare individuals to move abroad?
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Put Yourself in the Driver’s Seat
Most people rely on their salary as their sole source of income. Unfortunately, this keeps them chained to their office jobs.
“Have a plan outside corporate America just waiting to rise you through the ranks,” said Julien, who argued that dependency on large corporations to give you the raises and promotions you want is unreliable; you are not the company’s priority and they don’t owe you anything. (Just look at how many employees were furloughed during the COVID-19 pandemic.)
Decide to take control of your finances so that you are eventually stable enough to walk away from that corporate job without losing everything. This may look like increasing financial literacy, contributing to your 401(k) or investing your money in diversified index funds.
Moving abroad requires financial autonomy. And you are the arbiter of your fate. The Saunders duo left their corporate jobs in 2018 and 2020, respectively.
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Adhere To the 15-Year Plan
Julien and Kiersten Saunders broke down their 15-year financial plan designed to enable employees to eventually walk away from their 9-to-5 jobs.
Years one to five: In the first five years, employees should strive to live below their means. Those making $100,00 annually should live on roughly $60,000 (or less) and put the extra money toward paying down debt or getting a jump on their financial investments.
Years six to 10: Once employees enter their sixth year, debt should be removed or significantly reduced. Employees should also begin developing and/or honing skill sets separate from their 9-to-5 in order to one day set up additional revenue streams by way of side hustles. Financial investments (e.g., stocks and retirement accounts) should continue to grow.
Years 11 to 15: By years 11 to 15, employees should continue to manage and grow their investments while also putting a price on their skill sets and taking them to market.
At the end of 15 years, those who follow the plan should have enough of a financial cushion (and monetized skill sets) that they can afford to walk away from their corporate job — and live abroad if they so choose.
Feel the Fear and Do It Anyway
Given people make most decisions based on their emotions, don’t neglect mindset when it comes to your financial journey. Once you’ve cashed out, don’t chicken out.
“If you are looking for reasons not to go, you will find them,” Kiersten said. Instead, look for all the reasons why stepping out on your own can be a great thing.
While it can be difficult to leave behind aging parents or adult children, moving abroad may be the most mentally and financially beneficial step you can take for yourself. And the healthier you are, the better equipped you are to care for others.
“Feel the fear and do it anyway,” Kiersten said.
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This article originally appeared on GOBankingRates.com: How These Money Experts ‘Cashed Out’ To Move Abroad — and What You Can Learn
