[Applause] hey YouTube Alex here and in today's video I want to respond to the prompt why there won't be a flood of expats the first reason is families a lot of people have family members back home that are
getting older or that they want to be close to maybe they grew up in the town and they are accustomed to living close by with some of these family members they have a really strong emotional attack M to
them they're really close to them they don't want to be far away from them and the idea of living Halfway Around The World Is disconcerting or unsettling to them or their family members and they want to be there
for them they want to help support people who helped to support them when they were younger for a lot of folks the benefits of compounding interest negate the advantages that would come from living overseas they want to be
close by they want to be a 30 minute drive away they want to be a 1 or 2 hour flight away as opposed to a 24 plus our journey in some cases whatever benefits that we get from living
abroad they just feel like those tradeoffs would not be worth without the closeness of family for others of us we're not super close to our families and that's not really a big disadvantage for all we could care we
prefer to be farther away some of our family members have personality disorders and are toxic while it's certainly not this extreme for everybody some of us may not even talk to some of our family members you can see
in my video about a Strang man I haven't talked talked to some of my family members in a long time and it's been the best decision for my mental health and well-being so that was number one the top
reason there won't be a flood of xats is that a lot of people do still want proximity to their families the number two point is economics I recently read a study that said that 40% of Americans could not
afford a $1,000 emergency if a person cannot afford a $1,000 emergency then they're unlikely to be able to afford a $1,000 plus plane ticket for some people maybe they didn't save a lot at their last job maybe they
couldn't save a lot for people who are struggling financially I can't imagine them becoming expats people are consistently talking about the rise in cost of living in America and for those who are struggling to get by in America
their problems aren't going to necessarily be solved by coming overseas in some ways America can be a hard place to save money because while the salaries can be high your living expenses are generally also quite High I don't
know anybody in America paying less than $1,000 per month for rent and that's just the start of things that doesn't get into Transportation costs like car payments or food bills so it's very expensive live in the US and
it can be hard for a lot of people to have the extra left over to be able to take that currency somewhere else where it goes a lot farther with the internet in terms of consumption more and more
people than ever are aware of Tropical Paradise however the distribution of digital skills is not equal and if you want to be an expat I would say you basically have to have some digital skill skill set you may
be in a place where you can't speak the language and you're going to need to rely on the internet to figure anything out aside from the cost of the flight it can also be expensive to rent a place
overseas first month's rent deposit Etc it's not necessarily cheap to get around if you can't drive in that country you may be Reliant upon grab if there isn't a great local public transportation option while it can be economical
by Western standards it's never going to be free you will hear people saying I live here for $500 a mon month but they own a place with their significant other they have a farm where they're able to produce
a lot of fruits and vegetables there's all these upfront costs that help them get to that low number in many cases and it's not necessarily fashionable to admit all that when you can just say oh I live for
$500 a month in the cheap Olympics when most people aren't going to be able to get their expenses down to that number living like a local can be quite affordable most of us would not be comfortable living like
a local person where you want want to have air conditioning we want to have Western food on occasion we want to be able to go out with our friends we want to be able to do different activities that
would not fall into a local person's budget or the local person may have some cheaper alternatives to some of these activities three is health care for some of us we have certain health concerns that necessitate us staying in
a certain location we're working with a certain specialist we need access to certain kinds of medication that are unique to our illness and we don't feel comfortable with the idea of living overseas for a long period of time
away from these Health Care Providers we may be Reliant upon family members or friends or neighbors to help us out and we're worried that if we're far away from that support network that if something bad befalls us we're
not going to be able to respond and it does happen there are expats that go to another country have some kind of Health incident don't have a way of notifying emergency personnel and pass away that's really unfortunate I
wouldn't wish it on anyone it is a reality for some other people are sensitive to certain weather conditions maybe some people are sensitive to heat other people are sensitive to certain kinds of pollen there can be some environmental
factors that cause us to question the idea of living abroad and when it comes to health I don't just mean physical health it can also refer to mental health and well-being some of us have therapists or counselors that
we work with maybe it would be difficult to work with some of them via Zoom due to the time zoom differences so that's another factor that you may have not considered number four point is the language barrier for
some of us who are looking at places where English is not the language commonly spoken and our language is English then can really make it difficult to consider living in a place where we have that issue I've heard
of some people giving in a shot trying it out and finding out hey you know what this place well it's wonderful I'm just struggling to communicate with people I feel like I'm kind of isolated cuz I'm not able
to connect to as well as I'd like while the people seem really friendly I'm not able to have a deep conversation with them because of our language barrier because we lack a mutual language there are places you can
go to get around that or to alleviate that but I found that as the level of English Rises so does the expense that the places with the most English tend to be among the most expensive the fourth and
final Point here is that the USD may lose value now I know it's recently gained strength against a number of global currencies but Western currencies in general the New Zealand dollar the Australian dollar the Euro may all decline
in terms of exchange rates most of us are relying on Western currencies maintaining strength to facilitate our life overseas but in the future our currency may not be as strong and it may dissuade a lot of people who
are doing that geoarbitrage from doing it in the far future now of course I'm not here to preach Doom and Gloom you're already seeing this in Mexico to some extent where the strength of the peso is hurting some
foreigners who are counting on having that strong exchange rate to enjoy Mexico I think when I first went to Mexico it was something like $1 us is 20 pesos now it's down to [Music] $17.38 pesos so that's something
like a 12% decrease in terms of purchasing power if all else is equal that doesn't consider inflation certainly there are going to be be some places that today are affordable and tomorrow are not going to be so affordable
now I once again I'm not here to predict which places those are I'm not here to give Financial advice but I think that for some people who think about moving overseas some of these places may lose their affordability
Factor if the US dollar loses Global Reserve currency status that may mean a lot of dollars come back to America and strongly reduce the purchasing power of US dollars in which case cost could increase dramatically no longer making
a deal to live overseas now I'm not saying that will or won't happen this has been five reasons why there won't be a flood of xats in the future let me know what you think Down Below in the
comments do you think any of these reasons will stop people from wanting to live overseas try to become an expat give us a thumbs up to help boost Us in the algorithm subscribe to the channel down below if
you want to see more content like this and we'll see you next time [Music]
