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There is a current treat about importance of ER at BH forum. I think it is worth reading. "I feel that there is a significant segment of people who post here who, IMHO, are overly obsessed with making money and planning for a future that they cannot control. You can spend your life from age 18...

We also had somewhat your dilemma back in 2010. I am a dual citizen of US & Turkey. My wife is a US citizen. We have two kids ages 11 & 2 and they are also dual citizens. We still have a house on Long Island, NY & a condo in a sea town of Turkey, and an undeveloped land in Turkey. Long story...

Nothing new but an interesting read on cnbc How early retirees are different from the rest of us 6 things early retirees do differently: Have happy marriages Appreciate what they have Follow their parents' example Teach their kids about money Keep calm and carry on Worry about an early death

That (the local inflation & exchange rate) is the wild card in the equation. The rest is easy to calculate, as you pointed out. I guess there is no easy answer/solution for it :) The Essential Expenses is our current expenses based on actual numbers.

Yes. Our business is under DW's name, so she has been paying into it. I also paid into SS, and have 40+ credits (10+ years).

We’ve been living overseas (Turkey) for about 2 years, and the city in which we live is similar to Miami, Florida. We have the intension of settling here indefinitely. I am 39, DW is 36. We have 2 kids ages 11 and 2. We don’t necessarily budget but keep detailed track of our spending for many...

"You answered 19 out of 20 correct for a 95%". I only got the first question wrong :(

Got 5 out of 5 right. Agree with Walt34, this community needs tougher questions for sure :)

+1 Visiting a place as a tourist is one thing, but living in it is totally another thing. We moved from Long Island, NY to Istanbul, Turkey about a year ago. It turned out that we really don't like a city with 14+ million people. So, we have decided to move to a smaller sea town in the South...

nun - Thanks for your concerns but I think I have mostly covered them all. Whatever is remaining will be taking care of in its due time.

I am currently just a tourist living in here for now; haven't done anything to require these just yet. When I do, I will have to.

You made me smile, ha! Well, I am an expat, yes but I am also a dual citizen of US & Turkey. Joke a side, real estate has done well in Turkey for the past 10-12 years. On the other hand, don't trust everything you read about Turkey. It is a far better place than most of the world IMHO.

I am not sure about the exact numbers of Americans visiting Turkey, but it is a beautiful country. Why Turkey? It was an easy choice; my two boys and I are dual citizens of Turkey and US, my wife is a US citizen only. My older boy is 9 turning 10 soon. So, I wanted to give him a chance to...

Yes, I have been lucky so far :) Recent devaluation of Lira has worked perfectly for me since I had to set up a brand new home from scratch; new furniture, appliances, etc.... No complain there. I also use Fidelity Debit card so there is no ATM fees either.

Thanks for the practical advice. I have two kids (10 &1) so I have kept the LI house for "what if" scenarios. My older son doesn't want to go back to US (for now?), so I think selling the house would make the most sense but I still want to wait another year or two before I do that. Istanbul is...

I agree 100%. I intend NOT to do anything major for another year or two. After that, I know that something must be done. Time will tell what that might be, I guess.

Yes, you are correct. 9-10% inflation is in local currency. Real estate is a little crazy with 15-20% annual price increases for the past 5 years+ so I am a little afraid that it may already be in the bubble territory. That being said, I also own the condo I am living in free and clear as well.

Some background: We have moved to Istanbul, Turkey from New York, US about a year ago. We operate an LLC based in New York, therefore all of our income is in US Dollars. We don’t earn any money in Turkey and all of our financials (retirement accounts, checking accounts, credit cards, etc.) are...

We've moved overseas a few months ago but here are our 2012 numbers for our Long Island, NY house; Property Taxes: $7,112 Homeowners Ins: $1,048 Utilities (electric, oil, water): $7,916 Landscaping: $1,100 Total: $17,176/yr or $1,431/mo. Add at least 5% increase every year... We also spent...

We moved overseas from our NY home a few months ago. It took months to go through all the stuff we had. We sold whatever we could. We donated whatever we could. On the final day of our flight/move, we called a junk remover and they hauled two big trucks full of whatever were left out. It was a...

My wife and I have done something similar for our kids, we gave up our corporate jobs for home-based consulting. My kids are 9 and 7-month, so no regrets. You may wanna look at this for our details...

That's also welcomed :coolsmiley:

I expect to net around $12k to $14k depending on the vacancy rate. I am hoping that the house will appreciate in the next few years since we had bought it at the height of the market in 2006. I understand that there is no guarantee it will go up though. If we do decide to stay here long term (7+...

DJRR- 1) There are costs associated with buying, especially if you are using a RE agent. I think there is 2-4% taxes plus RE agent fees involved. If we do buy, we would buy for the long run. The laws have changed lately and non-citizens can also buy property in Turkey. For me, there is no...

Our business is a New York based LLC so we have to file for not only FED but also NYS as well. We do have a taxable account and I think we will use it more.