If you have 5-10 million net worth, why do you stay here?

[Anonymous]

Honest question.

Just got back after two months in South America (including some very dangerous areas), and didn’t see much crime.

Land in Newark, and witness a knife altercation outside Newark Penn station.

I just don’t understand why anyone stays in the us outside of the chance of economic opportunity.

But on a more serious note, a lot of dcum’ers have 5-10 net worths…why aren’t you guys buying your way out to San Sebastián or Bilbao or lake garda or lucca or strasbourg, nice, aix-en-Provence, tours, Innsbruck etc…just as examples.

….5-10 is more than enough to insulate yourself from the cost of living in nice European towns, partially retire and live off of an actively managed portfolio while consulting or doing odd stuff here or there for some pocket change if you want to.

Is it friends/family?

Before people accuse me of being a poor, I have a number of friends who make 1.5-2 a year, and I’m not that envious of their lives and they still have to deal with some of the same QoL stuff by virtue of living here. It’s not like their lives are magically in a bubble
where it’s suddenly a Swiss style living for them because of their income and wealth.

Maybe my one friend who exited to park city that makes around 3 a year is the only one that seems to have insulated himself well.

[Anonymous]

Being an expat is hard and lonely.

[Anonymous]

Because we are thinking about long term generational wealth and stability for kids and grandkids. Not just peacing out and living in a vacation destination for the rest of our lives. That’s what travel and trips are for.

[Anonymous]

Anonymous wrote:Because we are thinking about long term generational wealth and stability for kids and grandkids. Not just peacing out and living in a vacation destination for the rest of our lives. That’s what travel and trips are for.

Só looking to get to 30-100 for the grandkids and think it is more achievable by staying in major us metros?

[Anonymous]

I have thought about this a lot and the answer for me is relationships and community.

[Anonymous]

Have you lived in S America? Or Latin America at all? I have, and went to school with many kids who were sent to US by family for safety. High net worth in many countries is a kidnapping concern. You need extra security and bodyguards. It’s really unsettling…and expensive.

Don’t get me wrong, I love Mexico, BR, Arg, etc, but with high net worth they’d be no-go’s for retirement

[Anonymous]

Anonymous wrote:Have you lived in S America? Or Latin America at all? I have, and went to school with many kids who were sent to US by family for safety. High net worth in many countries is a kidnapping concern. You need extra security and bodyguards. It’s really unsettling…and expensive.

Don’t get me wrong, I love Mexico, BR, Arg, etc, but with high net worth they’d be no-go’s for retirement

Sorry my op was a bit all over the place -

I was illustrating that I don’t find the us that different than SA except for better economic opportunities…

…so for people/families that have hit networths of 5-10 million, why aren’t they buying their way into specific European towns with high QoL like the ones I mentioned

[Anonymous]

Because I have friends and family here, and one of the biggest predictors of longevity and happiness is ties to friends and family.

[Anonymous]

When you have $5-$10 million, you’re insulated from most of the $hit here too though. No need to leave.

[Anonymous]

Is it actually possible for an American to just permanently move to some European country if they don't have family or work connections to get them a visa/residency permit? I know some developing countries have "golden" visas that are pretty cheap, so you could do that. I think a few EU countries have them too, but I'm pretty sure the requirements there are pretty high (like large amounts of money and actually starting a business).

Anyway, I think you're overlooking how hard it is to move to another country, particularly if you don't speak the language, and if you go to a smaller town that doesn't have an expat population it's going to be even harder.

[Anonymous]

Countries outside of the US are nice to visit - as you did OP. If you were from one of these paradise destinations, you would think othewise. There is no place like America.

[Anonymous]

Let's blow your mind further: We're Europeans who come from a country with universal, affordable and pretty decent healthcare, and we STILL want to live here for now. Just like all our international friends. We complain about the healthcare industry here and the lack of gun control, but the reality is...

... there's a lot more economic opportunity for us and our kids in this country. My husband was offered half of what he makes here, when he looked for a job in our capital city, which has a higher cost of living than the DC area! And the job was not exactly at the forefront of research - because it's only in certain parts of the world (NIH, certain Asian countries) that his pointy field actually exists.

The USA also has a lot more support for people who are outliers. Our eldest has special needs that would never have been accommodated in private or public schools back home and our youngest is gifted and needs acceleration. Our "wealthy" home country doesn't have the money for special programs - what they do is offer a good education to the average kid, but they don't have gifted or SN supports. Most of the world is decades behind on childhood development, psychiatric treatments, acceptance of disabilities in schools and the workplace, etc, compared to the USA. Not to mention, the USA has a lot more available meds than anywhere else in the world. They cost a fortune, but they exist. In our country, Adderall is illegal, and my thyroid medication is not manufactured or distributed.

That being said, cultural nostalgia and senior healthcare costs being what they are, we might retire in our home country, and leave the kids to work around the world as they please.

But I just want to point out that even for first world nationals like us, the USA has many attractions.

[Anonymous]

Anonymous wrote:Let's blow your mind further: We're Europeans who come from a country with universal, affordable and pretty decent healthcare, and we STILL want to live here for now. Just like all our international friends. We complain about the healthcare industry here and the lack of gun control, but the reality is...

... there's a lot more economic opportunity for us and our kids in this country. My husband was offered half of what he makes here, when he looked for a job in our capital city, which has a higher cost of living than the DC area! And the job was not exactly at the forefront of research - because it's only in certain parts of the world (NIH, certain Asian countries) that his pointy field actually exists.

The USA also has a lot more support for people who are outliers. Our eldest has special needs that would never have been accommodated in private or public schools back home and our youngest is gifted and needs acceleration. Our "wealthy" home country doesn't have the money for special programs - what they do is offer a good education to the average kid, but they don't have gifted or SN supports. Most of the world is decades behind on childhood development, psychiatric treatments, acceptance of disabilities in schools and the workplace, etc, compared to the USA. Not to mention, the USA has a lot more available meds than anywhere else in the world. They cost a fortune, but they exist. In our country, Adderall is illegal, and my thyroid medication is not manufactured or distributed.

That being said, cultural nostalgia and senior healthcare costs being what they are, we might retire in our home country, and leave the kids to work around the world as they please.

But I just want to point out that even for first world nationals like us, the USA has many attractions.

So many Americans are clueless about how much lower salaries are for white collar workers in Europe. They think they have it worse off because they don’t have one year of parental leave at a max of around $500 a week that’s referred to as “fully paid leave.”

[Anonymous]

Anonymous wrote:Honest question.

Just got back after two months in South America (including some very dangerous areas), and didn’t see much crime.

Land in Newark, and witness a knife altercation outside Newark Penn station.

I just don’t understand why anyone stays in the us outside of the chance of economic opportunity.

But on a more serious note, a lot of dcum’ers have 5-10 net worths…why aren’t you guys buying your way out to San Sebastián or Bilbao or lake garda or lucca or strasbourg, nice, aix-en-Provence, tours, Innsbruck etc…just as examples.

….5-10 is more than enough to insulate yourself from the cost of living in nice European towns, partially retire and live off of an actively managed portfolio while consulting or doing odd stuff here or there for some pocket change if you want to.

Is it friends/family?

Before people accuse me of being a poor, I have a number of friends who make 1.5-2 a year, and I’m not that envious of their lives and they still have to deal with some of the same QoL stuff by virtue of living here. It’s not like their lives are magically in a bubble
where it’s suddenly a Swiss style living for them because of their income and wealth.

Maybe my one friend who exited to park city that makes around 3 a year is the only one that seems to have insulated himself well.

Two responses. Your observations are just wrong. You would rather be in Newark than most anywhere in the world. Less crime, poverty, better healthcare than any of the places you mentioned. You just don’t see it. Second 5-10 million does not get you a umc life even in these places. 10 is closer and could work 5 is nothing. But if you have 5-10 life is great in the US. Why would you move?

[Anonymous]

Anonymous wrote:Let's blow your mind further: We're Europeans who come from a country with universal, affordable and pretty decent healthcare, and we STILL want to live here for now. Just like all our international friends. We complain about the healthcare industry here and the lack of gun control, but the reality is...

... there's a lot more economic opportunity for us and our kids in this country. My husband was offered half of what he makes here, when he looked for a job in our capital city, which has a higher cost of living than the DC area! And the job was not exactly at the forefront of research - because it's only in certain parts of the world (NIH, certain Asian countries) that his pointy field actually exists.

The USA also has a lot more support for people who are outliers. Our eldest has special needs that would never have been accommodated in private or public schools back home and our youngest is gifted and needs acceleration. Our "wealthy" home country doesn't have the money for special programs - what they do is offer a good education to the average kid, but they don't have gifted or SN supports. Most of the world is decades behind on childhood development, psychiatric treatments, acceptance of disabilities in schools and the workplace, etc, compared to the USA. Not to mention, the USA has a lot more available meds than anywhere else in the world. They cost a fortune, but they exist. In our country, Adderall is illegal, and my thyroid medication is not manufactured or distributed.

That being said, cultural nostalgia and senior healthcare costs being what they are, we might retire in our home country, and leave the kids to work around the world as they please.

But I just want to point out that even for first world nationals like us, the USA has many attractions.

Kinda agree with this post. We are Indian and based on what I've seen, read, etc. the US is the least racist country in the world for a non-white person, and that includes all the non-white countries in the world. I know some of y'all won't agree but that's a different thread. It is also the country where one can make the most money (gross and after tax) for any given profession, especially white collar. We may also emigrate to India in retirement given better access to medical care and support infrastructure. The biggest challenges in the US are guns and lack of access to medical care. I know of a family where the doctor suspected colon cancer and prescribed a colonoscopy. The earliest they could get was 6 weeks later. They flew her to India, had the colonoscopy, found the cancer, did the surgery, recovered and back in 4 weeks! If those two issues are fixed, the US will be a true paradise. While we have the best insurance possible, it's a royal pain to schedule appointments, tests, follow ups, etc even as a young person. In India, I can see any specialist in town within a day or two and most are way, way more qualified (at least on paper) than the ones I normally see here.

Tl; DR - I stay here for the money and QOL as a young/middle aged person. In old age? TBD.