• Living the Dream – 5. Making a living

    In posts 2 & 3, I wrote how we were lucky enough to be able to assume zero revenue for the beginning of our adventure. Short-term, making a living is not a priority.

    Of course, in the longer term, that’s not sustainable.

    Where the time goes

    Since 2003, I have been offering training and business consultancy through Lime Training and Consultancy. Latterly, this has involved increasing work in anti money laundering (AML) compliance. The UK and Cyprus are ostensibly at least, governed by the same European regulation, so my knowledge should travel well. Cyprus is an offshore financial centre, and has recently attracted increasing volumes of both Russian citizens and Russian cash. One doesn’t like to cast aspersions, but I suspect there might be some demand for AML expertise.

    The Dog's Head

    Neros Notes Logo

    I invest a lot of time working for Nero, our miniature schnauzer, at Nero’s Notes. All work that can be done from a computer anywhere.

    I write, here, and elsewhere. There remains my novel, which languishes in draft form on my hard drive and beside my desk. I plan to get that finished and published. I also intend to write and publish more.

    My newest project is 1857, a podcast, that I co-host with the awesome TJ Cosgrove.

    Making a living

    Ultimately , I hope to be making a living from some or all of these activities.

    Mags has recently launched a new venture, pursuing a long-held desire to help others. I will tell you more about that in another post.

    All of our projects translate to the new home. Much of my work can be completed remotely, and Mags feels confident that she will find market locally.

    Will making a living in a new country be easy? No, of course, it won’t. Just like anywhere else, making money is hard work and the challenge is not diminished by being in a foreign country and culture.

    Still. It wouldn’t be any fun without a challenge, would it?

  • Living the Dream – 4. Ship or Store?

    Ship or Store?

    The house in Cyprus is sparsely furnished; mostly by a well-known Swedish furniture retailer. We felt this was perfectly adequate for a holiday home, and why not for our full-time home? We resolved to store our UK furniture, rather than ship it, and obtained several quotes.

    Wow!

    Once revived, I resolved to consider alternatives. I had no idea that storage space was so expensive.

    Having decided that the car was coming with us, the alternative was clear. We could combine space for the furniture and ship it with the car. We obtained quotes to ship some, or all of our furniture. Not cheap, but as we had discovered, storing furniture was not cheap either.

    There began a process of frantic measuring. Would our bed fit? What about our giant American fridge-freezer? Where would that live?

    Reality Check

    Accidentally, we had arrived at a new place emotionally. Initially, coming to Cyprus was ‘an experiment‘. An extended sabbatical, if you will. Mags had agreed a nine month career break from her employer. This gave us a nice escape clause. We could go, and then, as a nine month deadline approached, make a decision as to whether we came home to resume “normal” life, or continue to build a new normal for ourselves in the sun.

    Then, Mags’ employer announced that they were closing the store where she worked. Subtly, this changed the dynamic. Of course, if we are not enjoying life in Cyprus, we can come home. However – with the nine month clause gone, we could look at expenses a bit differently. Shipping our furniture out and back within a year would be very expensive. If we stayed longer however, well, it became progressively better value, the longer that we stayed.

    Both in terms of the spreadsheet and on the emotional ledger, shipping our furniture changed the calculation.

  • Living the Dream – 3. Making a Budget

    Making a budget

    Regrettably, life in the sun still has pretty much the same bills as life in the rain.

    In ‘Living the Dream – 2. Paying the Bills‘, I explained that we were assuming zero revenue to start. Hopefully, we will both be generating something, but budgets are all about worse-case scenarios.

    How much will life cost us?

    There are no shortcuts here. It was time to break out a spreadsheet, cold towels and start entering in numbers.

    What are the major costs? Accommodation, transport, subsistence etc. Much the same as living anywhere. As we have holidayed here regularly over the last couple of years, we already have some experience of local prices. Unsurprisingly, we are unlikely to spend as much on heating as we do in England, but anyone who owns an air-conditioner knows how easy it is to run up a massive electricity bill.

    Major Expenditure

    One of our key decisions was around transport. With an absence of ferries, the only way to bring a car onto the island is as freight. On top of that not inconsiderable cost, there is a compulsory re-registration fee to pay too. Initially, we planned to mothball our car in the UK and buy a run-around in Cyprus. However, a little research goes a long way. Cars do not depreciate as quickly in Cyprus, so a run-around was going to be a significant investment, particularly if there were certain features that we wanted to ensure were included. Even paying registration and transport costs, it’s better to bring our car over from the UK, so that’s what we will do.

    Output

    I have never known a budget that turns out to be perfect in every detail. There will be overshoots and undershoots, but at least we have a starting point. The budget allows us to plan cash flow and expenditure, and also focuses the mind on targets for revenue. Just because we are assuming zero revenue, that doesn’t mean we’re not aiming to generate some.

    Putting a spreadsheet together is a great way to focus the mind…

     

  • Living the Dream – 2. Paying the Bills

    Paying the bills

    Like it or lump it, paying the bills is fundamental. If you want to build a new life, it is one of the first things to address.

    In my last post, I promised to give an insight into the decision-making process that led to us choosing to emigrate, at least for a while. The first thing that we looked at was paying the bills.

    Since selling a business in the summer of 2014, I have looked at a number of projects. None of them is lucrative enough on its own to pay the bills. Mags was working part-time at UK retailer Marks and Spencer.

    Projects

    I do some work as an anti money laundering consultant, I write here and at Nero’s Notes and I record a weekly podcast. Most of what I do can be done remotely, or with some travel. My priority is to grow these projects so that individually, or together, they make enough to fund the life that I want.

    On the other hand, Mag’s position was different. She really enjoyed her work, and by its nature, she needed to show up in a specific place. However, her employer provides for a ‘career break’. Essentially, Mags could take up to nine months off to go do something different, and then come back to her job.

    This created a timeframe for us. We could look at a suck it and see approach, moving to Cyprus for up to nine months. Nine months is doable. It’s a decent period of time, without being forever. Emotionally, it was easier to commit to. Additionally, a determined period provides parameters for the finance. I was looking at paying the bills for nine months.

    My first assumption was, no income. If neither Mags or I made any income for nine months, was paying the bills from savings going to be possible? Now, we both hope to be generating revenue, but worst-case, could we survive without any?

    We have some savings, so that was going to work, but to answer the question fully – we needed to do some research. How much did we need?

    It was time to do a budget…

  • Living the Dream – 1. Can we do it?

    Living the Dream

    Three hundred and twenty six days of sunshine per year, a laid-back lifestyle and some decent golf courses. That’s living the dream.

    My wife, Margaret (Mags) and I are going to test that statement. Thirteen weeks from now, we are upping sticks, leaving the UK and moving to the Island of Aphrodite, Cyprus.

    Exciting? You bet.

    The really lucky people might be able to jump on their private jet, check into a five star hotel for a year and start having grapes dropped into their mouth by willing servants. For most of us however, it’s not quite as simple as that. It takes planning.

    Mags and I are designing a life. We are putting together an action plan for living the dream.

    My my. There’s a lot to this emigrating malarkey.

    Some decisions have made themselves. My Mum and Dad retired to Cyprus and built a wonderful home. They enjoyed several happy years there together and after my Dad passed away, my Mum stayed on another fifteen years before returning to England.

    Nevertheless, Cyprus isn’t terribly handy for a weekend bolt-hole. Depending on the wind direction, the flight is between four and a half and five hours from England. Add in the land transfers and the mandatory waiting around of modern air travel, and you are pretty much writing off a full day each way.

    To really live the dream in Cyprus – we need to move there.

    Questions

    Did we want to? Could we? How would we make it work? What are the pros and cons?

    On this blog, I’ll log how we arrived at the decision to move and how we went about turning that decision into a plan.

    I’ll post weekly; covering both the logistical challenges of living the dream and how we intend to craft and finance the lifestyle. Look for the category, ‘Living the Dream’.

    Follow along. 😁