A more radical but nonetheless effective strategy in many cases is to relocate to an area
with lower living expenses, which will allow you to stretch your nest egg and other resources.
By choosing an unconventional primary house (or unconventional living situation), you can set yourself up for
extremely low living expenses now, and massive cash flow expenses in the future.
Even though the median household income in New York is slightly lower than in Hawaii and California,
lower living expenses help residents hang onto more of their paychecks.
And the experience left us with a keen desire for my husband to focus his attention on one business instead of two, and to
lower our living expenses so we're better prepared for the future.
If a parent paying child support has
lower living expenses because his new spouse is also working, the paying parent may have additional income available to share with his children from a previous marriage.
With
the low living expenses we have now — no car payments, no cable television, no smartphone bills, no expensive hobbies — we can afford to tuck a large percentage of our incomes away.
Thanks to
low living expenses — especially housing — residents are less likely to live paycheck to paycheck.
Lower living expenses, more options in a crisis, less debt, paying off your mortgage sooner, an extra million dollars or so — can you see how financial freedom starts with a lower house payment?
From here, Pabrai discusses some of the financial details that made these investments value investments: low risk (the few thousand dollars initial investment) and high reward (with
their low living expenses and hard - working attitude, Patels could make back their initial downpayment in the first four months!).
You have to either increase your income (more on that later),
lower your living expenses, or some combination of the two.
In other words, remote working programs aren't a way to
lower your living expenses or live life on the cheap.
When people get laid off, they often sell to
lower living expenses or lose their home to foreclosure.
In contrast to
the low living expenses, salaries are relatively strong.