Welcome to Diaspora Dollars
Picture yourself in a place where the sun shines all year round, your money lasts longer and buys more, and you are surrounded by the rich cultural heritage of your ancestral roots. Welcome to Diaspora Dollars, where we explore the exciting journey to financial independence and early retirement on the African continent.
The Problem
Most of us have heard or said, "I want to go back home" or for those of us up north, "It's too cold". As personal finance enthusiasts, we noticed that Africa seemed consistently absent in Financial Independence Retire Early (FIRE) conversations. We aim to address this gap by providing tailored information and resources for achieving financial independence in Africa, where the generally lower cost of living creates an ideal environment for attaining FIRE more rapidly than Western methods. We have always been curious about the feasibility of returning to our homeland but never quite knew how to approach it. And so, in true pandemic fashion, we resolved to "do our own research" and created Diaspora Dollars: a dedicated forum for exploring the journey to financial independence and early retirement in Africa, with a particular focus on those living outside the continent and interested in returning to Africa.
Why should you care?
Regardless of where you are around the world, money is a constant concern. While most people recognize the need to take control of their future by building wealth, many struggle to save for retirement. Often, they do not know how and where to start, especially amidst current financial worries. In fact, 25% of Americans have no retirement savings, and this percentage climbs to 38% for those aged 18-29. As for Africans, 64% of African adults report having no savings whatsoever.
Additionally, research indicates that starting retirement planning earlier significantly improves your chances of achieving financial independence, underscoring the crucial role of time. Financial planning for Africa can be intimidating and even more challenging when most available information is tailored for the West. That's where Diaspora Dollars comes in.
The Solution
Our objective is to foster a thriving community dedicated to exploring topics such as:
Comparing costs of living
Uncovering the benefits of achieving FIRE in Africa
Navigating healthcare options
Identifying investment and business opportunities
And more!
By delving into the intricacies of retirement strategies within Africa and promoting financial literacy, we aim to create a dynamic network of like-minded individuals passionate about achieving financial independence.
Join Us on This Incredible Journey
We invite you to embark on this incredible journey with us as we learn, grow, and share valuable insights, strategies, and resources to make retiring on the African continent a reality.
Coming up next
Stay tuned for our upcoming posts, where we will cover FIRE principles and how they can be applied in Africa. (Our intro article on FIRE is already out!)
"Once you start learning, the L disappears."