Myth Busting Monday: Moving abroad requires a big bank account. It doesn't. It requires recurring monthly income. Those are completely different things. Visa programs aren't impressed by lump sums. They want proof of sustainability. $50,000 in savings? Great. What happens when that runs out in 2 years? You become their problem. $800/month in passive income or remote work? That's sustainable indefinitely. That's what they want to see. People obsess over building huge savings accounts before moving abroad. Then they discover their $40,000 savings doesn't qualify them for a single visa. Meanwhile, someone with $3,000 saved and $3,000/month rental income qualifies for 30+ countries. Because visas assess MONTHLY INCOME, not total savings. Remote employment. Freelance income. Investment returns. Rental property income. Retirement benefits. Online business revenue. Build one of those to the minimum threshold ($500-$10,000/month depending on country) and you're qualified. Having savings is helpful for moving costs, settling in, emergencies. But it doesn't unlock visa pathways. Recurring income does. Link in bio for strategies to build qualifying income streams. ๐๐บ๐ธ
@nomadveronicaTranscript
Welcome to Mythbassy Monday, where all day long I talk about popular myths about moving abroad and tell you the truth as a person who's been living abroad for the last five years on three different continents. There's a common myth that you need to have a lump sum of money to move abroad. People will come to me and say, "Hey, I've got $50,000 in the bank. Where can I go with that?" But the reality is there aren't really visas for just having a lump sum of money. They want to see ongoing money. If you have a lump sum of money, the best thing that you can do with that is invest it in a way that you can create dividends from it, to create passive income. But there aren't government programs that just say, "Hey, if you've got $50,000 in the bank, come live here." You have to show remote income, passive income, retirement income that's ongoing. And even though that amount is much smaller, sometimes as low as $600 monthly that you need to earn ongoing, that's preferable to having a lump sum of money. So that's a myth. Having a lump sum of money in your bank account doesn't really open any doors in terms of visa programs that are going to allow you to move there. Now is it nice and comforting to have a stockpile of money like that to live off of when you move abroad? Certainly. But it is not necessary and it doesn't open up any visa doors for you to move abroad.
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