Destroy My Finances and Move to the Bahamas?

0:00Brought to you by CHM, a budget-friendly faith-based alternative to health insurance. CHministries.org slash budget. I'm kind of curious if I'm about to commit financial suicide. I've been following the baby steps for a while and I am looking at changing jobs. And I've been at this company for a very long time. But it's gotten to a point where I'm super frustrated and don't want to be here anymore. What's a long time? What have you been there? Coming up on 20 years. Wow. What do you do? 19 and a half years. I work in manufacturing. OK. And you want to jump ship to what? Working on boats. Like, like, like, like, my panic? Yes. OK. And do you have the skills to do that? Or would that require some licensing, some education? So I have, I have a job offer. Wow. A company that is willing to train.

1:01Great. What are they going to pay? But it's a big pick up for me. OK. So I'm currently making about 135. This new job would be about 48,000. OK. Are you single? I have a fiance. OK. What does the fiance think about this? She's kind of down for whatever I'm down for. I'm the breadwinner of the house. And I need to, you know, keep things afloat. What does she make? So she doesn't make very much. She makes about 15,000 a year. What does she do? She's actually on disability. OK. So for the foreseeable future, 15K is the ceiling? Yes. OK. When do you guys get married? I'm not sure about that. OK. How old are you guys? I haven't said a day. I am 44. She's 52. 44 and 52. OK. And what's your financial situation? Do you have any savings? How much debt do you have?

2:01Yeah. So we said I've been following the baby steps for a while and now I'm kind of struggling with the other side of actually being OK with spending some money. So I managed to receive up. I got about 550 in the 401. That's split between traditional and raw. I got about 25,000 in the stock market, about 30,000 in a high yield savings account, and about 10,000 in my working, checking, and savings account. And no debt. I owe 57,000 on my house, which is worth how to reorder come out. She said we would list it between 350 and 375. Nice. OK. No consumer debt. So you're in really good shape on that side. Where is this job going to be? Do you have to relocate? Yes. So it's actually down in the Bahamas. So why? Oh, so this is like a life change. Yeah, this is a complete, complete life change. OK. I'm on aware of the cost of living in the Bahamas.

3:01Is it more or less than New York? So that's actually there's a shared living arrangement with this company. And I would have the potential to stay there and not have to pay rent. Beyonce is welcome as well. However, it's shared living and I'm not really. When you're in the baby steps, every expense deserves a second look. And health care is one of the biggest. That's why I recommend Christian health care ministries. CHM is a health cost sharing ministry and their program start at just $115 a month. A lot of families find CHM gives them more room in the budget. And it's why members say they're better with CHM. Right now, new members can get a 50% credit towards their first month. Go to CHministries.org slash budget and use promo code Ramsey. What does that mean? Yeah, like you. Does your house with other people? Yeah, so it's basically a two bedroom apartment. And there's two of the employees within that apartment. So you have your own bedroom, room bathroom, but you share a living room and kitchen.

4:04OK, maybe doing that while you're still engaged. But once you guys get married, probably not, right? Right. That's the idea. Yeah. So what wouldn't be comfortable with that? Yeah, that's fair. That's fair. OK, so have you figured out costs of living down there? How much it would take you to pay rent and everything a month? Yeah, roughly, I'm thinking, over here, around $3,000 a month. OK. So what you make basically will, for the most part, be going towards living. And you may get, I don't know, a couple hundred bucks or a thousand bucks extra a month. Because after taxes, if you're making 48 gross, right? I'm like, I don't know what the Bahamas tax for. I mean, yeah. But if you're making 48 gross, you're going to be probably netting around 3 grand. Yes, so they only pay an insuredy bond, which is like 3.5%. OK, so it's not as much. And that would also still be concerned about the potential US income tax, whatever that might be.

5:05Because you're not going to be a citizen there. Because you don't have to pay it. OK. Correct. Yeah. Man, OK, well. I am a disabled veteran. OK. And I do have substantial income from that as well. OK. How much? About to be equal to $4,500 a month. Oh. Well, you buried the lead there. That really helps us out here with the expenses. We were scared. You were running it up to the line. But if you have that kind of margin, I'd say, oh, boy, I don't know what they say in the Bahamas. Captain John. I mean, it sounds like a fun adventure. If your fiance is on board and it's not going to destroy your relationships, even if you do this for a couple of years. I was going to say, yeah. You've got some wiggle room to do this and then go, oh, that was fun. I think you'd be fine. Yeah, again, long term. I don't know if that's what you want to do. But the great thing is you've set yourself up well that your investments are going to continue to grow. You're going to be able to live well within what you are making. Probably hopefully maybe still investing. I don't know how that works with taxes.

6:05And I don't know. But kind of figuring that out. And yeah, and then maybe you look up in five years, six years, you're like, you know, what? I could probably go get a job and manufacturing again for 90,000 different companies, less stress and keep moving. And then you're going to get some equity from your home when you sell it to do this move. You'd walk away maybe 300 grand right there. Yeah. You just invest that. Just leave that. For the time being. And yeah, I mean, you'll come out for sure over a million dollar net worth, John. By the time this is all said and done. Yeah, we're sending us in at nine 50 right now. And maybe that's part of the block right is continuing to move the goal post and one is enough enough, right? That's that's kind of what I'm struggling. I'm just wondering, is there an alternative where you go do a different job that you enjoy? And the boat stuff is still a really fun hobby. Maybe it's a side hustle versus jumping ship pun intended. I would say that. But it's it's be different. He's working on the, I don't know, Harbor, New York versus the Bahamas, you know?

7:08Yeah, I mean, it sounds enticing. It's it. Well, it just sounds like a different lot. Like it's almost like you're just itching to get a different lifestyle too. And it doesn't sound like this is a permanent pay cut. The goal would be, how do I get back to making, you know, close to six figures or more while doing something I enjoy? If you came back though, but would you be okay with him on a Baham, uh, what's the other side there? Is there a, is there a room to grow there in the create? But I hate to say it. It doesn't matter. It doesn't matter. I mean, if you've got a million bucks sitting in the bank, you live off of what you're making. I mean, I don't do you have kids, John? No. I mean, she has three that are out of the house. Okay. Okay. I mean, it sounds like a fun adventure. To me, there's a, there's a low fail scenario. It doesn't bother me. Knowing that this may not be a forever plan. Why do you keep saying that? I'm just wondering if you're going to be 68 working on boats in the Bahamas. Yeah. He might be. He might be. What do you think, John? The ultimate goal would do to own my own boat and sail it around the world.

8:10Or at least, you know, island hop and cruise and now we're talking. Wow. All right. That's some vision right there. That's what you can invite me and George on. We'll bring our spouse. You can think right over a great advice. It'll be a super yacht. Okay. So that's great. I mean, in a sense of having, there is an external goal, right? So you're not just sitting idle, like there's something you're still working towards, which is your point, George, that like, how can we be growing working towards something and the boat thing is great. And you'll have plenty of margin in your budget with, with what you're getting from the military and what you're making to make that a goal to, yeah, save up for the boat and do charters. And I think it's great. Congratulations, John. All right. All right. Well, put in your two weeks. I'm about to go to HR. No. See? All right. Good luck. George, that's what scares me, you know? We have fun and grow. We get to say whatever we want. But John has to go meet with HR. That's right. He's got to go and actually take the advice. And then he's got to tell me a Rachel Cruz told me that I should do it.

9:13I do. I do. I stand by it. But it's a good reminder. You don't have to do work that you hate just because it's good money. That's right. Absolutely. And you don't have to go to the Bahamas to find a great life. To your point, he could have found a totally different manufacturing job. Yes. But it sounded like he's single. This was a dream. He's single. He's single or down. What was his age? 44. 44. Beyonce's 52. You know, and there's not much time. I'm down. So it's like, you know, if not now, then when? You know, he's still got the energy to do that. I think it's fun. Send us some pictures. I want to see you working on this boat in the Bahamas. I know. Beautiful water. Oh, enjoy it. You work tar. You got, yeah, you got plenty of money. You're going to be fine. Christian health care ministries can save your family hundreds of dollars on health care every month. Learn more at CHministries.org slash budget.