One problem, this assuming though that I am working online. If you are, lets say, earning 1,000+ a month (hard to live on here in the US), and have expenses of less than $400 dollars, then I can have 600 dollars to invest, which if I invest in dividend rich stocks, may eventually pay for my expenses. Then you can build real wealth, and not just pseudo-wealth, based on debt and working you brains out. The way to wealth is to develop systems that work for themselves, and you collect the pay check. If you can do this, you are golden. I did not say perfect. But it beats having to break your back just so you can enjoy two days off on the weekend, if you are lucky. But anyways that is for another post. I also have contingency plans if things hit the fan for some reason. Also, other people have moved overseas for higher quality of life. The maker of Google Sniper training course resides in Thailand, the founder of Mcaffee (sorry for name butchering) is living in Belize with his 17 year old gf. So there is precedence.
Now in regards to cost of living, Eastern Europe has some low rates, as does the Philippines, South East Asia, Africa, and India. Now obviously some of those on the list have serious flaws, but others have only minor flaws, which are being fixed as we speak. Let the data speak for itself. Check out this for ideas on cost of living:Numbeo Price of Living Index