Frank Thomae moved to find a lower cost of living
In 2014, Frank Thomae and his wife, Lissette, were $46,000 in debt. So they left.
They'd been living in Montreal but dreaming of travel, so they set off, with their debt, on an open-ended trip starting with three months in Prague. Frank was retired from his job as the CFO of a Canadian exporter, but Lissette was able to keep her marketing job, work remotely, and earn $125,000 a year.
As they left Prague for Thailand (and then Croatia, Budapest, Romania, and South Africa), they realized their cost of living was only a fraction of what they'd paid home in Canada, and being able to earn money while living on less, their debt was eliminated in only two years.
Again, traveling the world is extreme. But moving to find a lower cost of living is an effective way to buoy your savings quickly — even life coach and personal finance author Tony Robbins recommends it.
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