5 Reasons You Should Become A Digital Nomad

Improvement Pill

17 Nov 202306:57

Summary

TLDRThe 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.

Outlines

00:00

🌍 Maximizing Your Money by Living Abroad

The speaker discusses the financial advantages of living overseas compared to staying in expensive cities like New York. By moving to countries in South Asia or South America, a person’s money can stretch much further, making housing, transportation, meals, and even healthcare more affordable. In Vietnam, for example, rent and daily expenses can be three to five times cheaper than in New York. This allows individuals, even those making moderate salaries, to enjoy a lavish lifestyle comparable to earning $250,000 in the US. The speaker emphasizes that people who are struggling to meet the cost of living in the US could experience a much higher standard of living if they work remotely and live in these cheaper countries.

05:01

💘 Easier Dating Life Overseas

The speaker delves into the controversial topic of dating abroad, explaining how their dating experience vastly improved once they began traveling. Before traveling, they struggled to get matches on dating apps, but after moving overseas, their results improved dramatically, with hundreds of matches and multiple dates per week. This significant shift in dating opportunities is one of the reasons the speaker advocates for the nomadic lifestyle. The speaker also mentions their video on the top five remote jobs for digital nomads, encouraging viewers to check it out for career advice that supports this lifestyle.

🔒 Safety Concerns in the West vs. Overseas

The speaker highlights growing concerns over safety in Western countries, particularly in the US, where there is a rise in hate crimes, mass shootings, and random acts of violence. Their friends and family even advised against taking the subway after 11:00 p.m., something that was once considered safe. They argue that trends in many Western societies are worsening, and as a digital nomad, they’ve found that living abroad in safer countries has been beneficial for their mental and physical well-being. This has allowed them to focus more on their business ventures and personal happiness.

💸 Tax Benefits for Living Overseas

Living abroad can come with significant tax advantages, though these vary by country. The speaker notes that some countries do not tax their citizens if they reside overseas, meaning people can save a substantial portion of their salary. For US citizens, while they are taxed regardless of where they live, there are tax strategies—like the Foreign Earned Income Exclusion (FEIE)—that allow for deductions on up to $100,000 of income if they live abroad for 11 months of the year. By taking advantage of these tax benefits, the speaker suggests individuals could save enough money to cover their flights and living expenses for the entire year.

📈 Better Business Opportunities Abroad

The speaker shares their personal experience of starting a business in Vietnam, where the costs are significantly lower than in the US. They opened a gym with a local friend for only $5,000, which now generates about $400 a month in profit, allowing them to break even within a year. In contrast, starting a business in the US would cost hundreds of thousands of dollars and take much longer to become profitable. The speaker argues that the low cost of living and favorable tax policies abroad make it easier to start and grow businesses, potentially opening multiple ventures each year. This steady stream of income is another major benefit of living overseas as a digital nomad.

Mindmap

Keywords

💡Nomad

In the context of this video, a 'nomad' refers to a digital nomad, someone who travels while working remotely. The speaker emphasizes the advantages of adopting this lifestyle, such as increased affordability and better quality of life in different countries. This term is central to the video's theme, which encourages viewers to explore a more flexible, international way of living and working.

💡Cost of Living

Cost of living refers to the amount of money required to sustain a certain standard of living in different locations. The speaker compares the high cost of living in New York City with the significantly lower costs in countries like Vietnam. This concept underpins the video’s message that money goes further overseas, making it easier to live comfortably while spending less.

💡Remote Job

A 'remote job' is a position that allows individuals to work from anywhere in the world as long as they have internet access. The speaker emphasizes the importance of securing a remote job to fully enjoy the nomadic lifestyle, as it enables financial independence while living in countries with a lower cost of living. This is a key factor in the feasibility of becoming a digital nomad.

💡Dating Overseas

The speaker discusses the ease of dating while living overseas, mentioning that dating apps are more successful abroad, leading to more matches and dates. This concept touches on the social aspect of living abroad, suggesting that certain aspects of life, such as relationships, may become easier in other cultural contexts.

💡Safety

Safety refers to personal security and the level of crime in different countries. The speaker highlights that Western countries, particularly the U.S., have become more dangerous due to increasing violence and mental health issues. In contrast, living in other countries as a nomad can provide a greater sense of safety and well-being.

💡Tax Benefits

Tax benefits refer to the financial advantages of living and earning income abroad. The speaker explains that some countries offer tax incentives to their citizens living overseas. For U.S. citizens, there are strategies like the Foreign Earned Income Exclusion (FEIE) program, which can reduce taxes on a significant portion of income, thereby increasing savings.

💡Lower Cost of Business

The lower cost of starting and running a business abroad is another key point in the video. The speaker explains how they were able to open a gym in Vietnam for a fraction of what it would cost in the U.S., with much lower financial risk. This concept highlights the entrepreneurial opportunities that living in a country with a lower cost of living can offer.

💡Quality of Life

Quality of life refers to the general well-being and standard of living one can enjoy. The speaker argues that living overseas can provide a much higher quality of life compared to Western countries, even on a lower income. This includes better housing, transportation, and food at a fraction of the cost in places like Vietnam.

💡Financial Independence

Financial independence in this context refers to the ability to support oneself through remote work while taking advantage of the lower costs in other countries. The speaker suggests that individuals can achieve a lifestyle that is far more luxurious than they could afford in their home countries, especially in the U.S., on the same or even lower income.

💡Mental Health

Mental health is discussed in terms of the stress associated with living in unsafe or expensive environments, like New York City. The speaker suggests that moving overseas can improve mental well-being by reducing financial pressure and increasing personal safety, allowing for a more balanced and relaxed lifestyle.

Highlights

Living overseas can make your money go 3-5 times further due to lower costs in housing, transportation, food, healthcare, and entertainment.

In cities like New York, rent for a one-bedroom apartment can be close to $2,000, whereas in Vietnam, you can find a similar apartment with amenities for just $600.

Transportation costs are significantly lower overseas, with a 30-minute Uber ride costing $30 in New York versus $6 in Vietnam.

Dining out in New York City can cost around $40 for two dishes, while in Asia, a similar meal would cost about $10, without the need to tip.

Living in Southeast Asia, South America, or Eastern Europe while making a U.S. salary allows you to live luxuriously, as your money has a higher purchasing power.

Dating is easier overseas, with significantly more matches on dating apps, leading to multiple dates per week with little effort.

Safety is a key benefit of living overseas, with lower rates of crime compared to the U.S., contributing to better mental and physical well-being.

Tax benefits can save you money while living abroad; U.S. citizens can explore strategies like the Foreign Earned Income Exclusion (FEIE) to reduce taxes.

Potential tax savings from living abroad could cover flights and living expenses, making it feel like you’re being paid to live overseas.

Living abroad opens up Better Business Opportunities; starting a business overseas often requires less capital and has quicker break-even points compared to the U.S.

The speaker started a gym business in Vietnam with a $5,000 investment and now earns $400 a month passively, breaking even in about a year.

It would cost hundreds of thousands of dollars to start a similar business in the U.S., with a longer timeline to break even and a higher risk of failure.

Lower costs of living and tax benefits enable the speaker to invest in multiple businesses overseas, creating multiple streams of income.

The video encourages viewers to consider becoming a digital nomad to enjoy these financial, safety, and business advantages.

Remote work is crucial for a nomadic lifestyle, and the speaker provides a guide to high-paying remote jobs that don’t require a college degree.