ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

US Man Saves Enough to Retire at 34, Then Moves to Quebec City; How to Plan an Early Retirement

He is now living in Quebec City which is allowing him to lead a good life at just USD 1000 monthly on all expenses.
PUBLISHED MAR 19, 2024
Cover Image Source: Quebec City, Canada | Unsplash
Cover Image Source: Quebec City, Canada | Unsplash

As more and more Americans find themselves spending more than 30% of their income, people are looking at different avenues to live a better life at lower costs. In a similar quest, an American turned to Canada in hopes of taking advantage of the lower cost of living in cities like Quebec, which boasts great standards of living at low costs.

Grigory Lukin says he managed to save enough money to retire at the age of 34 and is now living in Quebec City which is allowing him to lead a good life at just $1,300 monthly on all expenses. "When I tell people I live on USD 1,000 a month or $1,360 Canadian, it just blows their mind and they refuse to believe because it’s so far outside their belief system and what they perceive as normal," he said, via City News Everywhere.



 

He says that making a list of what he needs for housing has allowed him to live well. His priorities were to get a quiet place with hot water, internet, and no roommates. "It’s that simple," he said. "I managed to pair down my budget to something most people just think is ridiculous." Lukin, who was born in Russia, moved to the United States with his family at the age of 16. Since then, Lukin has lived in many cities before finally settling in Seattle, where he was an employee at Amazon.

He tells the publication that initially it was a job offer that made him move to Toronto which he was inspired to take after reading "The 4-Hour Workweek" by Tim Ferriss. He talks about how it's extremely important to move someplace in the world that is "cheaper but has the same standard of living." "For example, the rental apartments here in Quebec City are infinitely cheaper than they are in Toronto or Vancouver," he continues. 

CityNews | YouTube
CityNews | YouTube

Lukin says that after he successfully obtained permanent residency with Amazon’s help, Lukin was free to move anywhere in Canada. He later decided to move to Quebec which boasts a significantly lower cost of living. After comparing cities like Sherbrooke and Quebec City, he decided to settle in Quebec City which he says is a "beautiful and walkable city." He is currently residing in an apartment with two separate bedrooms and a living room. "I’m renting it for $674 a month," he said. "It’s a brick building, in a nice part of town and within walking distance of all the fun places."

Québec, | Canada | Timothée Geenens
Québec, Canada | Getty Images | Timothée Geenens 

The total amount he spends on his home costs close to $734 a month after adding electricity and insurance. "When I lived in Toronto that would have been impossible," he said. Now, Lukin has retired and says that he has made enough money to be able to live off his savings and investments which is all part of his early retirement plan.

Lukin sheds light on the advantages of investing money from a very young age. "I am not a millionaire, I just live like a monk or a grad student," he said. "I managed to squirrel away enough money by the age of 34, just a few hundred thousand dollars to embark on the most universal basic income scheme, and that worked for me."

As per CNBC, 56% of Americans say that they don't see themselves retiring comfortably, let alone retiring early. However, people like Lukin tell us how meticulous planning can help you achieve goals that may look impossible from the macro perspective. "The idea is not to retire and sit in the corner for the next 25 years, It’s to have fun and do whatever you want," Lukin says.

MORE ON MARKET REALIST
All three contestants were unable to make the right guess, and fans pointed out what was wrong online.
17 hours ago
The guest was enthusiastic about the painting and the expert was marvelled by its story.
19 hours ago
Even the contestant lost his balance as he laughed at his answer immediately.
20 hours ago
The Duke of Wellington gifted them the table and a set of willow-patterned tea sets to go with it.
21 hours ago
Her product could help a lot of people protect their homes and loved ones from deadly fires.
1 day ago
A lot of the sharks were unsure about the product due to unfortunate incidents in the past.
1 day ago
“He seems like a lot of fun as a dad,” Seacrest admired Tony and Mike Nunes' relationship.
1 day ago
The painting was made by Francois Gilot, the ex-lover of the famous Pablo Picasso.
1 day ago
However, few fans loved their coordinated moves, "Steve Harvey be sharp all the time!"
1 day ago
The founder of Chirp scored a creative deal with Lori Greiner after much deliberation.
2 days ago
“Read the room, Ken, not the time to joke when his dream just got crushed,” a viewer slammed.
2 days ago
The guest claimed that her father worked on the film and was gifted the item by the camera crew.
2 days ago
The worst part was that Chum never even called in an expert to take a look at the guitar.
2 days ago
The guest thought that her items were worth $100 but was not expecting them to be in the thousands.
2 days ago
She was stunned by what she saw and the amount of worms that must have been in that bag of nuts.
3 days ago
The company had an innovative product and the sales figures to back up their valuation.
3 days ago
A lot of people gathered to hear the appraisal of the item somewhat related to the notorious killer.
3 days ago
Fans were quick to point out his blunders that cost him the big prize during the round.
3 days ago
The contestant's answer did not make a lot of sense, and Harvey didn't let the opportunity slip by.
3 days ago
Lydon B. Johnson made the piece iconic for being the first ever President to sport a 36mm Day-Date decorated with a silver dial. 
3 days ago