I'm a Black Expat AMA

[Wiseborn]

In Kenya what we call a a certificate of Deposit is called a Fixed Deposit. according to the website African Banking Corporation has a 12.83% APR for a Fixed deposit.

The point of this is to let brehs know that they can stash some cash in an overseas bank (if you can get an account) and really stack some money. I have bread in Goldman Sachs bank and I get like 3.75% APR on my money. a CD gets me a measely 4.5% return on a 6 month CD.
Make a CD ladder overseas and you'll get way higher rates of returns again better than the historic rate of return on the S&P 500.

But never put all your eggs in one basket diversification is the key to life.

 

[MikelArteta]

Thanks this is the information we need you have boots on the ground knowledge. I couldn't get a bank account In Kenya either.

You're married with a kid aren't you a citizen or on the path now?

Again you have more knowledge than me being a repat.


I also liked the ease of using Equity Banks ATM's and my ex in Kenya banked with them they were the bank that was most popular with Kenyans and it's Kenyan run.

Id need like 20 years of residency or big time investment to become a citizen .

I'm sure I could prob pay someone to get it but my daughter and wife do

But yeah I think I&m is in Kenya as well as long as you have a visa longer than a year you can open an account

 

[Wiseborn]

One last thing about foreign Banks the reason they have much higher rates of return is because they Need your Money drop 20 racks in an overseas bank and you'll definitely get a personal Banker money manager

Obviously they'll advise you on what's in the Banks best interest but tell them that you'll go to a nother bank and best believe they'll match or beat the rate to keep you.

Remember Banks make money off you're money so you coming through with US currency that they need to lend to others who have to buy american shyt in dollars makes you extremely valuable so use that you your advantage.

You drop over 100K in an american bank they'll treat you similarly. Use your money leverage to your advantage.

 

[Wiseborn]

Id need like 20 years of residency or big time investment to become a citizen .

I'm sure I could prob pay someone to get it but my daughter and wife do

But yeah I think I&m is in Kenya as well as long as you have a visa longer than a year you can open an account

I wish I knew this L&M is in Kenya basically all the banks in East Africa are in all the countries. Equity was even in Goma DRC

 

[MikelArteta]

I wish I knew this L&M is in Kenya basically all the banks in East Africa are in all the countries. Equity was even in Goma DRC

I just googled and it's owned by Kenyans lol

 

[Wiseborn]

I just googled and it's owned by Kenyans lol

nairobi is the financial capital of East Africa.

Uganda is the big booty capital of East Africa.

 

[Wiseborn]

General retirement advice that any Financial advisor will tell you.

the 4% rule basically if you withdraw only 4% of your retirement a year you should be good for at least 30 years.

What Is the 4% Rule for Withdrawals in Retirement?

Discover the 4% rule for retirement withdrawals, a strategy to make your savings last. Learn how it adjusts for inflation and helps manage your financial future.

www.investopedia.com

If you lived like a middle class local in Colombia, Kenya Brazil Thailand or the DR in that order you could easily get by om around 1000 to 1200 a month which will get you imported foods a decent apartment and a date night an an expensive restaurant a couple nights a week.

Not balling out of control money not poppin bottles in the club everynight money but plenty for a family or dates or maybe a weekend at the club. At thousand bucks a month you'd still be way richer than the majority of your neighbors who if they're lucky get by on around 600 or so a month.

The minimum amount of this to work is to have as little as 300,000 saved. You add up what you have in your 401K and what you have in the bank and everything you own sold on facebook marketplace at 15 to 20% of it's value and most Coli brehs have that,

I say this to say if you have only 600K in your 401K and don't own a home you're gonna have to work until you're a hundred if you want to live in the states If you live overseas just living off the interest of 300K especially if you have a ROTH and the taxes have been paid you're gucci.

No need to work until you're a thousand you can have the good life sooner than you think

 

[Wiseborn]

I', super uncomfortable giving financial advice but since brehs are asking I'll use A.I. Definitions to explain and tell you what I do take this with a whole Box of Salt though but it can give you ideas so you can start planning

Prime Money Market funds
Prime money market funds are a type of mutual fund that primarily invests in short-term, high-quality debt securities issued by corporations, banks, and other financial institutions, including commercial paper and repurchase agreements. These funds are also known as taxable money market funds and typically offer higher yields than tax-exempt funds, although the income earned is subject to federal and state income taxes. They are designed to provide stability of capital, liquidity, and income, making them suitable for investors seeking a low-risk, liquid investment option.

The U.S. Securities and Exchange Commission (SEC) classifies money market funds into three main categories based on their investments: government, prime, and municipal. Prime funds are further categorized as either retail or institutional, depending on the type of investors they serve. Retail prime funds are generally available to individual investors and are subject to specific SEC rules regarding liquidity fees and gates during periods of market stress. Institutional prime funds, on the other hand, are designed for large investors and may price and transact at a floating net asset value (NAV), meaning the NAV can fluctuate and is typically quoted to four decimal places.



In short Prime Money Market fund are mainly government treasuries (basically loans to the government ) so if you trust the government then they're a good safe relatively short term investment.


That being said I invest in Vanguard Money Market Funds personally because they give a slightly higher return on investment than Fidelity and Schwab and they require less money to get in.

 

[Wiseborn]

Hard Incel advice for the breh that asks

Sosua is dead now the best place is now Santo Domingo. But really to get the Sosua tricking situation the new best place is Cartagena.

I've actually never been there @Canon has better boots on ground experience there I'd DM him but on a two week traveling balling out of control budget I'd say less than about 100 bucks a day for everything 1400 or so will cover any and everything you could possibly want unless you hand out 100 Mil peso notes to every rapper on Hollywood Beach

 

[Wiseborn]

For brehs looking to lock in current interest rates for a couple of years for a big purchase

a Multi Year Guaranteed Annuity might be for you.

Granted these investments are like 1 to 5 years till it matures

Usually there's are investment products used by Insurance companies so if they go under bye bye investment but you can use Morningstar to gauge your risk but as the time of writing I've seen some as high as 6% for a one year MYGA like Global Atlantic.

You can buy them on the major investment houses like schwab

Whatever you do get into saving and investing money don't fukk it all off.

here's schwab's explaination

Charles Schwab

 

[97Pac]

Wow



TLDR basically if you marry a foriegner and you can prove that it was a sham marriage on her part She doesn't get to Stay

That massively increases the leverage in the American's favor.

If I marry a foreign chick I'm not bringing her back to America

 

[Wiseborn]

If I marry a foreign chick I'm not bringing her back to America

That's the right attitude to have I've success stories but I heard of any disasters.

 

[Wiseborn]

One thing People don't think about when Buying houses at home or abroad a Clean Title is key so is a good surveyor. But something people tend to forget is Zoning laws. Zoning laws are everywhere. I saw an Indian guy in Nairobi lose a whole strip mall because the land that he built on was a flood zone. He never had a flood but Ten years after he built The government literally came through and crushed the building.

If you're in a gated community pre buid then make sure you know what kind of generator you can have and who pays for it's maintenance?

Finally in the contract insure what currency and what amount you will pay the dollar is currently down in Colombia in the span of six months my rent went from 483 to 492 to 498. the rent was always two million the dollar changed Just imagine what might happen if you close later than you thought.

 

[Wiseborn]

From the facebook expat groups if you fly within the country use a TSA approved lock to secure your non carry on luggage. Baggage handlers get sticky fingers overseas. It's a good idea in the states as well.

 

[Wiseborn]

If you're planning on one bagging it or even multibaggging and you don't want to lose something small the Cyre Hot weather Field pants can't be beat and one other thing I used that always wasn't counted as a bag is a Hill People Gear Front Pack. For some reason this is seen as the same as a woman's handbag and not counted against a one bag so using a 5.11 72 hour rush or a Stone Glacier R1 2200 backpack and a Hill people gear front pack is all you need.

https://hillpeoplegear.com/Products/ProductID/2/SearchValue/chest%20rig