Why I QUIT the USA...

Transcription:

What if the IRS and uncle sam paid you up to fifteen thousand dollars to live overseas? Is this something you would be interested in if you had to live overseas for a certain period of time if you saved fifteen thousand dollars in extra taxes? Would you do this, so this is my reality. Later at the end of the video, I’ll discuss how you can potentially take advantage of this to get paid to live overseas. Still, in this video, I’m going to discuss my top five reasons for why I left the united states more than ten years ago and why I love living overseas as an ex-pat and as a nomadic entrepreneur. Let’s go ahead and dig into my top five reasons why I left the united states.

 

So before we dig into this video, I want to have a very strong disclaimer and prefaces that I absolutely love America. I love being American; I had an amazing time growing up in the united states until my early 20s. I cherish that time in the united states, but I’ve also really enjoyed my time overseas. I’m extremely grateful for the foundation in the united states that helped build this lifestyle that I’m able to travel and enjoy the world. I’m very appreciative of that. Please don’t take that to heart. I love America. I greatly enjoyed my time there, but I really enjoy my lifestyle now overseas. Hey everyone, I was looking at my youtube analytics, and I noticed that a big portion of people isn’t subscribed, so if you have a second make sure to go ahead and click that subscribe button just down here, click that and then click that bell notification icon to turn on all notifications.

 

Starting at number one is travel. Let’s go ahead and hop in a time machine travel back to 2011, and this was my final year of university. I had been leading study abroad programs over to Europe. I was a student manager, so I was teaching university classes at the University of Missouri. I was taking students overseas to Prague in the Czech republic. I just fell in love with study abroad with traveling, and it’s something that I wanted to continue doing after graduating. Hence, it was my final summer to take students abroad. After I graduated, I skipped my graduation. I had the option to go to Europe a few weeks early, paid by the university I kind of had these two paths I was interviewing for corporate jobs like Pepsi and other management positions. Still, I decided to go another route go to the unknown route and move to Europe with a one-way ticket with no real job prospects.

 

I knew I would be able to figure it out and just make it work because I was so passionate about it because I loved my experience traveling. I knew if I put my mind to it, I would be able to work and travel and build a career sustainable over time, and that’s exactly what I did. I decided to move to Europe within a month or two. I found a job working in Europe, and I knew this was that light bulb moment for me. I could move over to a foreign country, get a job, continue growing my career, make good money while still traveling, and build a lifestyle that I absolutely love. During these early days, I became very aware that my goal in life was to travel around the world, have unique experiences learn more about cultures, and have these experiences with people I love like friends and family, and that’s exactly what I wanted to do I learned my why from a very early age, and I’m extremely fortunate for that.

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So that’s one of the things I want to continue doing for the rest of my life is traveling this beautiful world, learning more, and experiencing as much as I can, so that kind of leads on to my next number two is I honestly just prefer the culture overseas I think in the united states we have a lot of strengths. I think our work and determination really is a part of our culture, and it’s, you know, embedded in me to always be working. Still, I think Europe kind of balances that out really well. I’m able to take a hybrid approach from each culture and really just build a better, more sustainable work-to-life balance that I enjoy. Again I think each person has a different vision of what their perfect work-to-life balance is, and that’s something that I’m always adjusting and fine-tuning to make sure that it fits all of my goals. I’m able to sustain that still and reach all my goals, so I would say number two is I just enjoy the culture over here in Europe and overseas.

 

I do think they have a lot of benefits. They really emphasize molding your life around work and not the other way around, so putting that priority and emphasis on enjoying your life and work will come along. It’ll help you fund those experiences, and I think one of the best examples of this is there are some really strong surveys from people who are talking about the regrets they had while they’re in hospice. One of those biggest regrets is working too much and not spending that time on things you love and enjoy. Again I think that’s something that maybe America realizes now, but it’s all about finding that right balance. It’s not always about the hours you put in. It’s about making those hours as impactful no matter what you’re doing, and I think living overseas has really taught me that and showed me how to create a life that I really love and enjoy. Moving in at number three is more freedom.

 

I was actually pretty surprised to hear in the united states. We aren’t the most free country. According to multiple different surveys, we’re not even in the top ten, which is shocking new Zealand is one of the top places. I’ll have to share the article here. Still, essentially it’s saying that based on a bunch of different factors, they’ve ranked the most free countries and America isn’t even in the top ten, and that’s something that I quickly realized when I was studying abroad in Italy, where there weren’t so many rules there. People just weren’t really concerned with what’s going on or what you’re doing. As long as you’re not bothering anybody, they really don’t care. I love that kind of part of the European culture because we have so many rules and laws and restrictions that kind of become a really negative part of our culture. Everyone’s trying to sue somebody. There’s always we’re one of the most incarcerated countries. I think overseas, you kind of just have this freedom where they don’t really care what’s going on as long as you’re not bothering anybody.

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I think that is a really important part of why I enjoy living overseas and living in different countries moving on to my number four reason is the geo arbitrage again looking in the united states if I wanted to live in one of the top 10 or 15 biggest cities where you know there’s a lot of stuff going on there’s a lot of things happening the cost of living in one of those large cities is astronomical compared to the lifestyle that I’ve been able to build overseas I would say I’m able to take a normal new york lifestyle and move that overseas and have a much more elevated lifestyle than if I was going to live in any large city or any city in the united states at all so essentially I can get more for a lot less and take advantage of earning in us dollars and spending in local currency.

 

One of the things that I love is I’m able to really earn more money, save more of that money, and invest that money into businesses and other things that will make me more money and compound over time. Still, it opens up many things. You can just live a much higher lifestyle. We have a chef. We have maids. We have a much larger house than we would have if we were living in the united states. It’s all at a fraction of the cost than if we were going to live in us. Hence, we can take that money to reinvest it and spend it on things we love and enjoy, like travel, so I think living overseas in the right location can definitely save a lot more money and bring me on to my last point is the taxes.

 

The first example that I was talking about is how I’m able to utilize tax incentives by the IRS. This isn’t even a gray area. This is the foreign earned income exclusion, so up to 105 000 is tax-free if you spend 330 days or more outside of the united states. Because I’m not taking advantage of any of those public services in the united states, they break you some tax incentives. They’re super nice, and essentially the united states government is paying me fifteen thousand dollars to live outside of the united states. I’d leave some more details if you want to find more information about that. I made a video about how you can take advantage of the foreign earned income exclusion, and again, thank you so much for tuning in to this video. If you made it this far, please consider subscribing and turning on the bell notification icon to get alerted about the two new videos I’m publishing every week and again if you learned something new in this video, make sure to smash that like button and leave a comment below if you have a reason for loving the united states or wanting to live overseas I’m curious to find out what you think to take care.

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 Moving in at number three is more freedom. and flexibility with your schedule, and I think that’s an area where you could really benefit just as a person and as a professional.I agree with this one too. I love the idea of being able to travel, plan family trips, explore new places that might be off limits otherwise. The world is so big! Sometimes we get stuck in our own little box.

 

Hence, we can take that money to reinvest it and spend it on things we love and enjoy, like travel, so I think living overseas in the right location can definitely save a lot more money and bring me on to my last point is the taxes.

The first scenario that I was talking about is how I am able to take advantage of tax incentives by the IRS. This is not even a grey area, this is the foreign earned income exclusion which means up to 105 000 can be earned tax-free if one spends 330 days or more outside of the United States. The second scenario is what happens when I am working abroad, but I have to come back and pay taxes on my foreign income. For me, this means that if I have foreign income in the United States, then it is subject to a 30% tax.