5 Reasons You Should Become A Digital Nomad

Summary

The video discusses five compelling reasons to become a digital nomad, highlighting the benefits of living overseas. It covers the financial advantages, with money stretching three to five times further in countries like Vietnam compared to places like New York City. Other benefits include better dating opportunities, improved safety, significant tax savings, and lower business startup costs. The speaker shares personal experiences, emphasizing the lower cost of living, greater security, and the potential for remote work and business growth in regions like Southeast Asia and South America.

Takeaways

• 💸 Living overseas can significantly stretch your money, with costs being 3 to 5 times cheaper for rent, transportation, food, and other expenses compared to cities like New York.
• 🌍 Remote work allows you to enjoy a higher standard of living in many countries, especially in Southeast Asia, South America, and Eastern Europe, where $50,000 can provide a lifestyle equivalent to making $250,000 in the US.
• 💑 Dating is easier overseas, with significantly more matches and opportunities compared to Western countries, due to various factors like different cultural norms.
• 💼 Getting a remote job is essential for living as a digital nomad, and there are several high-paying, legitimate careers that don’t require a college degree, many of which can be landed in 3 to 6 months.
• 🔫 Western societies, particularly the US, are becoming increasingly dangerous, with rising crime rates, random acts of violence, and mass shootings. Living overseas can offer a safer environment.
• 💰 US citizens are taxed regardless of where they live, but there are tax strategies, such as the FEIE program, that can help reduce taxable income by up to $100,000 annually for those living abroad.
• 🏢 Lower startup costs in many overseas countries provide better business opportunities. Opening a gym in Vietnam, for example, costs far less than in the US, with quicker returns on investment.
• 📈 By saving money on taxes and living expenses, it's possible to open multiple businesses abroad and create steady streams of income.
• 🚍 Transportation is considerably cheaper in many countries. A 30-minute Uber ride in New York might cost $30, while the same ride in Vietnam could cost just $6.
• 🍽️ Dining out is also much more affordable abroad, with restaurant meals costing a fraction of what they would in Western cities, often 4 times cheaper.

Q & A

What is the first reason the speaker gives for becoming a nomad?

The first reason is that money buys you three to five times more overseas compared to places like New York City. Living costs, such as rent, transportation, and meals, are significantly cheaper in countries like Vietnam and other parts of South Asia and South America.

How does the cost of living in Vietnam compare to New York City according to the speaker?

In Vietnam, rent, transportation, and meals are much cheaper. For example, a one-bedroom apartment in Vietnam with amenities like a pool, gym, and sauna costs around $600, while in New York City, it could cost close to $2,000. Transportation and meals are also several times cheaper.

What does the speaker say about dating while living overseas?

The speaker mentions that dating is easier overseas. While living in places like South America, Europe, or Asia, the speaker received significantly more matches on dating apps compared to when living in New York City, making it easier to go on multiple dates per week.

Why does the speaker believe being a digital nomad offers better safety compared to living in the US?

The speaker suggests that Western societies, particularly the US, have become more dangerous due to rising hate crimes, random violence, mass shootings, and a decline in mental health. Living overseas, in contrast, provides a safer environment, benefiting both mental and physical well-being.

What tax benefits does the speaker mention for nomads, especially for US citizens?

The speaker highlights that some countries do not tax their citizens if they live overseas, potentially saving 10-30% of income. For US citizens, there is a program called the FEIE (Foreign Earned Income Exclusion), which allows for a tax deduction on the first $100,000 earned if they live abroad for 11 months of the year.

How does the speaker compare living overseas on $50,000 a year to living in the US on the same income?

The speaker argues that earning $50,000 a year while living in Southeast Asia or South America allows one to live a lavish lifestyle, equivalent to earning $250,000 in the US, due to the significantly lower cost of living.

What example does the speaker give about starting a business overseas?

The speaker opened a gym in Vietnam for just $5,000, which was a fraction of the cost compared to starting a similar business in the US. The speaker earns roughly $400 per month from this investment and expects to break even in about a year.

How does the speaker's gym business in Vietnam compare to starting a gym in the US?

Starting a gym in the US would cost hundreds of thousands of dollars, require loans, and take 3 to 5 years to break even. In Vietnam, the speaker's gym only cost $5,000 to start, and the expected break-even time is about a year.

What are some of the key benefits the speaker associates with being a nomad?

The key benefits include a lower cost of living, better dating opportunities, increased safety, tax advantages, and better business opportunities with lower startup costs.

What advice does the speaker offer for people who want to become nomads?

The speaker advises getting a remote job, highlighting that there are many high-paying, legitimate careers that don't require a college degree. The speaker has created a video on the top five remote jobs and suggests that people can get hired within 3 to 6 months by following the provided instructions.