Those are some nice cost of living numbers. Thanks. 🙂

We (2 people) live in Lake Chapala area, own our home and have two cars. We take regular trips to Guadalajara and the east end of Lake Chapala to visit family, so we use 4 tanks of gas per month. Gasoline is currently about $ 5.15 a gallon here. We eat out about 5 times a week just to get out of the house. We spend about $350 month at Costco. Our monthly budget is $ 2, 700 / month.

@RetireInLakeChapala

5 ай бұрын

Thanks for watching and for your comments!

Yes I completely agree.our budget is very similar.

@RetireInLakeChapala

Жыл бұрын

Thanks!

Thanks so much for the notification of this video. Very accurate and thorough. It’s always ice seeing you about town Your always approachable and your clients are always enjoying themselves with you. Your many years of experience are so helpful and I hear your seminars are outstanding. Thanks again for another informative video 👍

@RetireInLakeChapala

Жыл бұрын

Thanks for watching! Your videos of the area, restaurants, etc, are invaluable for people considering the move here!

@jaliscoguanajuatotravelsan5679

Жыл бұрын

Thanks Ricardo

Thank you for this

@RetireInLakeChapala

4 ай бұрын

Thanks for watching! If you have questions please contact me through our website RetireInLakeChapala.net

@MNDanno

4 ай бұрын

@@RetireInLakeChapala I did! :)

Fantastic and informative. Thank you so much. Canadians here and looking to relocate in 3 to 5 years!

@RetireInLakeChapala

Жыл бұрын

Thanks for watching!

@steve4296

Жыл бұрын

That’s us as well. We’re in B.C, where do you live?

@larah287

Жыл бұрын

We are in Ontario!

Excellent info

@RetireInLakeChapala

3 ай бұрын

Thanks for watching!

So here in the US I am a single person with one vehicle and I run a strict budget every month. My expenses right now are 4800 a month. HUGE rent and all the rest, no car payment or credit cards. From what you described for two people, I have extrapolated that my expenses would be less than 2k if I moved to that area and rented a place sized just for me. Plus I would never use a maid service. Probably not have a car to start with. I have watched JBT and several others and the videos show a very different picture from the one that people blab on about on Fake book. I have been to Panama and it has opened my eyes to the possibilities of living elsewhere. Especially with the cost of living here in the US. So why Mexico? was there a specific reason for you? Do you have a video about that?

@RetireInLakeChapala

Жыл бұрын

Hello. Thanks for your comments. Yes, most people will see at least a 50% reduction in their cost of living by moving here. $2000 per month is very doable, especially without a car and paying a reasonable rent of around $1000. How much you go out to eat (and what type of restaurants), and how much imported food you purchase can determine if you pay more or less. Why Mexico? Good question. I've also explored all of western Panama with my ex over a period of 3 and a half months and determined that I didn't like it (also, I'm Canadian, and as Panama is on the US dollar, we pay the additional exchange rate difference which is usually in the neighborhood of 30-35%!). I've also spent a month in Nicaragua and Guatemala and Belize. Michaela has spent time in other areas before I met her, including Panama and Costa Rica. While there are good things and bad about all of the places, none of them have ALL of the following: infrastructure, perfect climate, ease of access to the US/Canada, large supportive expat community, stable economy, excellent health care, huge variety of excellent restaurants, easy/quick online ordering and delivery, and an abundance of recreational activities to suit your lifestyle with like-minded people. One thing I want to add, is that the cost of living has increased here (as everywhere) due to expats and (even more so) by the wealth and growth of middle class Guadalajarans who are purchasing second homes in Lake Chapala and vacationing in the area. There are many places you can go to in Mexico where you will find you'll pay 25% less than here, but you will require a stronger command of the Spanish language and you'll have less expat interaction. There is lots that goes into the decision of where to move to and no one place is perfect for everyone.

Thanks, that’s very informative. There is another option I’m considering and that’s sell my home here in Canada and invest the entire amount to receive an income. I’ve found that a certified deposit will return up to approximately 12%. That is a serious amount of income, which might warrant renting over purchasing.. I’ve also found out that the IPAB will insure up to $250,000 per bank and it’s Mexican law that the Mexican government has to pay out the creditors if the IPAB is unable to. This appears to be much superior to the banking system here in Canada. Your thoughts.

@RetireInLakeChapala

Жыл бұрын

Hi Steve. What you propose is certainly an option. I've seen as high as 12% but I'm not sure you can get that at the moment. I'd have to check, but you can figure on 9-10% anyway. If you go this route I would suggest spreading your money out over 2 or 3 banks to protect yourself.

@steve4296

Жыл бұрын

@@RetireInLakeChapala Correct as it is $250000 per bank. I'm still not sure if that is the best option though. It would provide the highest income for sure, but in the long run owning still might prove to be best. I plan on renting for 6 months to a year to Begin with, and hopefully by then I have things figured out. Thanks again for the great videos.

@RetireInLakeChapala

Жыл бұрын

@@steve4296 Thanks for watching! We're always here if you have questions

Do you see many Teslas down there? I really don't want to give mine up!

@RetireInLakeChapala

Ай бұрын

Amazingly enough, yes. I am seeing quite at few. However, I don't know if Tesla is "importable" to Mexico. This is something I can look into for you if and when you get serious about moving down. You can keep the Tesla here if you apply for a Temporary residency for up to 4 years under a Temporary Import Permit but the car will have to be taken back to the states before your 4 years runs out because at the end of 4 years you will be 'grandfathered' to a Permanent Residency. Of course the other option is to start another Temporary Residency Visa in the states and do it all over again but that's not advisable. I don't know of any charging stations so one would need to be set up in your house limiting your range in Mexico.

I live alone, is it possible to live there without a car? Is there a grocery near by in walking distance. Thanks great podcast

@RetireInLakeChapala

Жыл бұрын

Hi Steve. Yes, no problem not having a car. The weather is always great and there is a good bus system, taxicabs, and private drivers. I lived in Lake Chapala almost 5 years without a car and only got one because I needed it for work. Look forward to seeing you down here.

@swimfit57

Жыл бұрын

Thanks so much for the information!

@RetireInLakeChapala

Жыл бұрын

@@swimfit57 we're always here for your questions. Reach out any time.

@swimfit57

Жыл бұрын

Thanks

@oceanlvr97

Жыл бұрын

I'll be in the same situation. : )

Is it true the water in Lake Chapala is too polluted to swim in? I would not want to live on a lake I could not swim in. i understand Lake Chapala has a large expat community.

@RetireInLakeChapala

5 күн бұрын

Lake Chapala has had extensive studies done on it and many scientific papers. I did my own research in 2020, gathering as many papers as I could find on the internet and coming to my own conclusions. I have written about my findings in a chapter of my book "The Ultimate Retirement Guidebook To Visiting And Retiring To Lake Chapala" My analysis revealed there is some pollution in the lake. Too much for swimming in? No. The reason why this is not really a swimming lake is because of underwater hazards which cannot be seen in the opaque waters. Underwater vegetation, stumps, branches, wire fencing, and fishing nets. If swimming is really important to you then Lake Chapala is not for you. It does, however, offer a world class bass fishery kayaking, and water skiing/wakeboarding. There is even a community dedicated for such activities. Wish you best in your search and thanks for watching!

@newvision101

3 күн бұрын

​@@RetireInLakeChapala Thank you, I will look elsewhere. However, if the lake has underwater hazards such as underwater vegetation, branches , wire fencing, and fishing nets that cannot be seen in the opaque waters, how can it be worthy of kayaking, water skiing, and fishing? Seriously. I'm curious.

@RetireInLakeChapala

3 күн бұрын

@@newvision101 It's an excellent question. These are predominately near shore hazards. So if you had a boat to row out a ways you would avoid the majority of these hazards and be able to swim safely (other than the possibility of sunken nets). Most people think of wading into the water and start swimming which I would not advise. Kayaking is for the most part very safe to do and the kayak club is very active. Water skiing (Lake Chapala has been on the water ski competition circuit many times) is also done in waters away from shore. Fishing is excellent because of the underwater hazards. Largemouth (black bass) are the main sport fish and are predatory creatures who like to hide in the tules or any sunken cover to ambush their prey which is charales and young tilapia. I'll point out that this type of fishing is done with very heavy line in order to yank the bass out from the cover before they take the lure into the branches/cover and break you off. The fishery is world class!

Thanks for this! What kind of insurance coverage on your cars? Are you self insured for major medical?

@RetireInLakeChapala

Жыл бұрын

Hi Tracy. We have full, standard coverage on the cars, including roadside assist. I'm happy to send you a scan of the policy for you to view. Just contact me through our website RetireInLakeChapala.net Medical will be different for everyone but it's going to be either Self Insure, Buy a Private Mexican Policy, or Buy a Skymed Evacuation Policy to get back to Medicare or whatever good insurance you have. In our case, we pay but can get reimbursed some from a Canadian Government Plan as Michaela used to work Federally in Canada. Every situation is different and this is something that we cover in depth in our Personal Seminar

@traceyb715

Жыл бұрын

@@RetireInLakeChapala great thanks for the info! Sure I will get hold of you through the website. Happy Sunday!

Tooo Much $$$$$$ For WEALTY