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Metus comments on Open thread, 21-27 April 2014 - Less Wrong Discussion
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Something that keeps nagging me in my mind: A young college graduate comes up to you and asks "Where should I look for what kind of work to have the highest living standard?"
Remember, a lower nominal wage in a country where this wage has higher purchasing power should be better suited to this individual. Naively I might say the US or Switzerland but something tells me I am overlooking a gigantic hole.
For someone skilled enough to choose your location and who thinks long-term enough to live very cheaply for a number of years, higher nominal wages means higher absolute savings amounts.
Live somewhere expensive when you're getting started, and move somewhere cheap when you're slowing down.
Cost of living is an overblown statistic because dumb people spend their money poorly. You can live in expensive areas on the cheap without that much effort. This isn't to say that living in the bay area isn't more expensive than many other areas, but it certainly isn't as expensive as the cost of living calculations would make it seem.
Yes, provided you're young, healthy, and childless.
What makes youth a necessary condition independent of overall health?
Mostly risk and stress tolerance.
...but also less established social ties. And less settled long-term investments (though this correlates with with risk part).
Living standard as quantified is not particularly helpful to the individual. Someone might be comparatively far better off living in malaysia with a long-distance high paying freelance programming job, but I think you'll find that being around cultural compatriots is not to be ignored.
In some fields, doing freelance work for clients in a country with low purchasing power while living in one with high purchasing power is an option.