Theoretical question

[paulboogie]

A friend and I have been debating this. I think most people (if forced into this situation) would take one route, and he has a differing opinion. I'm curious to see what ATOT would do.

Here's the situation:

You no longer have any assets or liabilities. You're earning $100,000 a year and you live in the United States where you grew up. Most of your family/friends are nearby and you are comfortable with your apartment that you rent for $1,200.

You pay $40,000 in taxes on your earnings. However, your job is flexible enough that you can do it anywhere from the world and if you move out of the country, you may take a tax exclusion so that you only have to pay $4,000 in taxes.

Here's the caviat: you must go alone.

(1) So, do you move? Is the $36,000 savings ($3,000 per month) enough incentive for you to step out of your comfort zone and abandon your family/friends?
(2) If so, where do you move to and why? Do you travel the world and enjoy life, then figure out your money issues later? Do you settle down in a country where you can live well for little money and try to save as much as you can?
(3) If not, how much more money would you need to be saving to consider doing this?

 

[spidey07]

I'd go to the Caribbean and make some new friends. Easiest decision ever.

 

[videogames101]

Totally leave! I've always wanted to travel anyways...

 

[Atomic Playboy]

If your friends won't stay friends after you move, they weren't real friends to begin with. I'd move.

 

[Journer]

1) yes, and it is abandonment. you'll have enough cash to visit from time to time
2) i'd move to japan first, then all around the world while i work. i'd save most of my money and hopefully never settle in one place for too long.
3) if i had no liabilities then i would only want to save enough to continue my lifestyle when i'm done working. but with a job like this, why stop?

 

[JS80]

At what age?

Why can't you declare residency in a zero tax country, fly to Mexico, sneak the border and work from your parents house? Or live somewhere that you can pay under the table.

 

[paulboogie]

Originally posted by: JS80
At what age?

Why can't you declare residency in a zero tax country, fly to Mexico, sneak the border and work from your parents house? Or live somewhere that you can pay under the table.

Your age.

Assume that you can't take that angle.

 

[PrinceofWands]

Originally posted by: paulboogie
A friend and I have been debating this. I think most people (if forced into this situation) would take one route, and he has a differing opinion. I'm curious to see what ATOT would do.

Here's the situation:

You no longer have any assets or liabilities. You're earning $100,000 a year and you live in the United States where you grew up. Most of your family/friends are nearby and you are comfortable with your apartment that you rent for $1,200.

You pay $40,000 in taxes on your earnings. However, your job is flexible enough that you can do it anywhere from the world and if you move out of the country, you may take a tax exclusion so that you only have to pay $4,000 in taxes.

Here's the caviat: you must go alone.

(1) So, do you move? Is the $36,000 savings ($3,000 per month) enough incentive for you to step out of your comfort zone and abandon your family/friends?
(2) If so, where do you move to and why? Do you travel the world and enjoy life, then figure out your money issues later? Do you settle down in a country where you can live well for little money and try to save as much as you can?
(3) If not, how much more money would you need to be saving to consider doing this?

There isn't a chance in hell I'd rent anything if I was making more than 30k a year. That being said, I don't care about money, so it would NEVER be an incentive to do or not do anything. I do what I want, and if it happens to come with money so much the better.

I'm not against traveling around to see the world, but I could do that and still have a 'home' with friends and family...especially with that kind of income. There aren't many (if any) countries that I would actually move to permanently. I would certainly not ever abandon family or friends if they needed me, as mine currently do.

If I were to move for some strange reason it would probably be Greenland, Iceland, Norway, Ireland, New Zealand...maybe a few others. I need a fairly strong democracy, pretty good on individual rights and freedoms, with a cool to cold climate. Those things are non-negotiable. Any flaws Ireland has are more than made up for by the proliferation of redheaded women.

 

[MikeyLSU]

assuming everything else equal as in rent and such.

I'd stay. There is so much more to life than money. Family and friends are tops of the list.