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Radical Personal Finance

842-Moving Around Is Not Conducive to Your Wealth (A Report from 6 Months of Digital Nomadism)

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 17 January 2022

⏱️ 45 minutes

🧾️ Download transcript

Summary

Transcript

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0:00.0

Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge

0:03.8

skills, insight, and encouragement you need to live a rich and meaningful life now, while

0:08.3

building a plan for financial freedom in 10 years or less.

0:11.8

My name is Joshua Sheets.

0:12.8

Today, I want to share with you why I do not believe moving around is conducive to wealth.

0:22.0

Now, you'll notice that I'm giving myself quite a broad scope of conversation here.

0:27.6

By moving around, I mean, traveling a lot, but I also mean just frequently moving around.

0:34.4

In today's episode, you can basically consider this a report from me, your intrepid experimenter,

0:41.8

your intrepid investigator, about what I've learned of moving around a lot and trying

0:47.0

on some alternative lifestyles and how I think that those things impact wealth.

0:54.8

My thesis is simply that moving around is not conducive to wealth for the vast majority

1:00.2

of people.

1:01.2

I want to leave a small caveat here for the point that moving around might be helpful

1:07.3

to wealth for those who take jobs because changing jobs on an appropriately frequent schedule

1:14.1

or going to places where there are jobs that pay highly can actually be a pretty decent

1:19.5

strategy, whether this is from the professional, on the professional level, right?

1:25.0

Maybe you're a turnaround specialist that goes in and takes command of a failing company

1:31.5

works there for two years, fixes the major problems, and then that company is sold.

1:36.6

That might be a very highly profitable job.

1:40.0

It could also be the case at the low end of the income scale.

1:43.0

There are people who only work during certain times of the year on a seasonal basis, but

1:48.9

the seasonal labor that they do is actually pretty highly paid.

...

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