It's somewhat difficult to describe what I'm looking for, but I'll do my best. I have very little knowledge about finance, so please bear with me.
I have 210,000 USD in savings, with no debt. Let's say that my goal is to be able to live for as long as possible without any additional income, solely with these savings. Any additional income would go to increase these savings.
To achieve this, I'm looking at countries like Georgia (10% annual interest rate with an account in Georgian lari) or Mongolia (15+% annual interest rate with an account in Mongolian tugrik). Calculating based on exchange rate staying the same, this would give me 21 - 31.5K USD annual income, which is easily enough to live on reasonably comfortably in a lower cost country like Georgia or Mongolia. I have a lot of experience living in lesser developed countries, and it's not a big problem for me.
There are of course many other countries with high interest rates, but I've been to both Georgia and Mongolia, so I'm more familiar with them. I don't really know the situation regarding exchange rates, inflation, and so on in other countries with higher interest rates.
Anyway, the banks in these countries pay the interest into another account each month, so theoretically I'd just pull it out like a monthly paycheck, and live off of it.
My question is, is there some reason that this is a horrible idea that I'm just not realizing, apart from exchange rates and inflation? Also, are there other options? Something along the lines of putting a large amount of money somewhere in exchange for monthly payments, apart from a normal interest-bearing account?
The goal here is to relieve the stress of needing to work to stay alive. I want to be able to work when I feel like I have the right opportunities, but knowing that I can live a normal enough life even if I'm out of work.
Thanks for any advice. Sorry if this is a bit of an odd question! Any ideas are much appreciated.
EDIT: Since a lot of the responses are US centric, I should add that I don't live in the US. I do have US citizenship as a birthright, but I don't plan to return to the US. I haven't ever needed to pay US taxes. I currently live in a country with an abysmal interest rate and a middle-to-high cost of living, but would likely be moving to whatever country I keep my savings in.
Submitted May 01, 2018 at 09:22AM by lardyblabla https://ift.tt/2JDcLvF
