What countries can Americans get rich by working in (from the exchange rate)?
I met some guys (I live in Florida) and they were from South America. They explained how they'd come to the USA to work LONG HOURS for a few years, then go back to their country and they'd be rich because the exchange rate. The US Dollar goes very far in their countries. What countries can an American do this in?
Answer:
None. Doesn't work that way. As usual they are confusing mere exchange rates with the fact that wages are much higher in the US because the US has a much more productive economy than their home country does.
They are simply benefiting from the opportunity to work in America, where they will get paid far more than in South America. The currency exchange rates have NOTHING do to with it. Your acquaintances apparently know little about economics and so they're misinterpreting the situation.
This plan won't work for an American, because Americans already get paid the most (as the US has the most productive economy). Even when the dollar is weak against the Pound or Euro, you'd still make less money in Europe or Japan than in the US for a comparable job, PLUS everything you have to buy while living in those countries costs substantially more. You'd lose out big time.
But here's a variation on the plan, if you can swing it. Get expatriated to some third world country but retain your American salary. THEN, you still make the same dough but you'll spend less money, primarily because you'll have fewer choices and be forced to consume far less -- you'll be forced to become a better saver.
.
Bali might be nice. They'll want to hear that you'll offer some enhancements to tourists industry, I suppose. There's a gold rush taking place in Brazil. ...A light comes on: Shovels!
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Answer:
None. Doesn't work that way. As usual they are confusing mere exchange rates with the fact that wages are much higher in the US because the US has a much more productive economy than their home country does.
They are simply benefiting from the opportunity to work in America, where they will get paid far more than in South America. The currency exchange rates have NOTHING do to with it. Your acquaintances apparently know little about economics and so they're misinterpreting the situation.
This plan won't work for an American, because Americans already get paid the most (as the US has the most productive economy). Even when the dollar is weak against the Pound or Euro, you'd still make less money in Europe or Japan than in the US for a comparable job, PLUS everything you have to buy while living in those countries costs substantially more. You'd lose out big time.
But here's a variation on the plan, if you can swing it. Get expatriated to some third world country but retain your American salary. THEN, you still make the same dough but you'll spend less money, primarily because you'll have fewer choices and be forced to consume far less -- you'll be forced to become a better saver.
.
Bali might be nice. They'll want to hear that you'll offer some enhancements to tourists industry, I suppose. There's a gold rush taking place in Brazil. ...A light comes on: Shovels!
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