Leave Bangalore, Delhi, Mumbai to live a happy life?

Summary

In this video, the presenter explores the growing trend of leaving expensive metro cities in India for smaller tier-2 and tier-3 cities. Highlighting the rising cost of living, the video explains how moving to a more affordable city can improve quality of life while maintaining career opportunities. It also challenges the conventional notion that higher salaries in metros equate to better financial security, pointing out the 'PPP fallacy'. With proper planning, including financial preparation and transferable skills, relocating can lead to long-term happiness and success.

Takeaways

• 😀 Metro cities like Mumbai, Delhi, and Bangalore are extremely expensive, with high housing and rental costs.
• 😀 Shifting to smaller cities in India (like Indore, Kerala, and Goa) can significantly reduce your cost of living while maintaining a good quality of life.
• 😀 Quality of life in metros like Mumbai and Delhi may not be as high as people perceive, with pollution, long commutes, and stress affecting residents.
• 😀 Purchasing power parity (PPP) in metros may not fully account for the higher cost of living in these cities, making smaller cities a more practical choice.
• 😀 The rise of the freelancing economy in India presents growing opportunities for remote work, allowing individuals to live in smaller cities while earning a competitive salary.
• 😀 Satellite cities around metros are emerging, offering more affordable living options with developing infrastructure and opportunities.
• 😀 The digital economy is booming in India, and this trend is likely to continue, making smaller cities an attractive option for professionals in tech and digital industries.
• 😀 Career planning should be done in three phases: the first phase focuses on growth and hard work, the second phase on planning and aligning goals, and the third phase on living with passion and pursuing personal freedom.
• 😀 Before moving to a smaller city, ensure that you have built emergency savings (6X or 12X your monthly income) and have 18-24 months of living expenses saved up.
• 😀 Transferable skills (like tech skills or management consulting experience) can increase your job prospects in smaller cities and support your transition to a new location.
• 😀 The trend of living in smaller cities and working remotely is likely to continue, especially with the growth of digital and freelancing economies, offering better work-life balance and more affordable living.

Q & A

Why do housing prices vary so much across different cities in India?

Housing prices vary across cities due to factors like demand, location, infrastructure, and local economy. Cities like Mumbai and Delhi are considered high-demand metros with strong economic opportunities, resulting in significantly higher prices compared to smaller cities like Indore or Kerala.

What is the concept of 'purchasing power parity fallacy' discussed in the video?

The 'purchasing power parity (PPP) fallacy' refers to the misconception that salaries in big cities account for the higher living costs, when in reality, salaries are often based on average data from across the country, including smaller towns and villages, leading to discrepancies when living in expensive metros.

How do metro cities compare to smaller cities in terms of cost of living?

Metro cities like Mumbai, Delhi, and Bangalore are significantly more expensive in terms of rent and daily expenses when compared to smaller cities. For example, the rent for a 1,000 sq. ft. property in Mumbai could be four times more expensive than in cities like Indore.

What are some benefits of moving away from a metro city to a smaller city?

Moving to a smaller city can lead to a lower cost of living, reduced stress from overcrowding, less pollution, and improved quality of life. Moreover, it can offer more time for personal pursuits and a chance to explore the growing opportunities in digital economies and remote work.

What is the role of the digital economy in shaping future career opportunities?

The digital economy, particularly freelancing and remote work, is expanding rapidly. As India becomes one of the largest freelancing economies in the world, there are more opportunities for individuals to work from smaller cities or even rural areas, leveraging digital tools to access global job markets.

Should you move to a smaller city immediately if you’re currently working in a metro?

No, the video advises against making impulsive career decisions. It's important to plan and prepare before moving to a smaller city, ensuring you have the financial resources, career stability, and skills to make the transition smoothly.

What are some preparatory steps to take before moving to a smaller city?

Before moving, you should ensure financial stability by building emergency funds (6-12x your monthly expenses), save enough for 18-24 months of living expenses, and develop transferable skills (like tech or management) to adapt to new career opportunities.

Why is quality of life often better in smaller cities compared to metros?

Quality of life in smaller cities can be better due to less pollution, reduced congestion, more affordable housing, and a slower pace of life, all of which contribute to lower stress levels and better overall well-being.

When is the ideal time to move to a smaller city in terms of your career?

The video suggests dividing your career into three phases: the first 33% should focus on building your foundation in a metro, the next 33% on planning and preparing for a move, and the final 33% on living with passion and making your move once financially and professionally stable.

What are some locations to consider when moving out of a metro city?

Some recommended locations for moving out of a metro city include Goa, Kerala, Himachal Pradesh, Kolkata, and smaller satellite cities near major metros. These locations offer a better quality of life and more affordable living, while still providing access to professional opportunities.