ESI, New York City, Iowa discussed on Optimal Finance Daily
He goes by ESI, and is a fifty something. Retiree now the site is well known in the personal finance world. So we are super excited to get his permission to read the content to you. And if you visit the site, he actually has a free e book on how to become financially independent that is worth checking out. We've got the site linked in this episode description, so with that let's hear our first post from yes. I and start optimizing your life. Become wealthy, by having a high income in a low cost city by ESI of ESI, money dot com. I've seen tons of articles over the years about the financial impact of where you live. I've even written some of them myself today, I'd like to tackle the issue of your home locations impact on your finances. The result can be pretty substantial. The different philosophies. There are many different philosophies on why people live where they live when it relates to finances. The two main ones are one live in an inexpensive place and save a ton of money and expenses. These people know that living in Davenport, Iowa is much cheaper than living in New York City. So they choose the former to keep costs as low as possible. To live in an expensive place because you can make more money here. These people assert and there is some data to back them up. Then more expensive cities, command, higher salaries, and thus you should live there to make more, by the way, I'm only addressing financial issues of living where you do. There are many non-financial reasons to live in a place such as to be close to family to be near certain recreational activities to provide a certain lifestyle for your family at cetera. I'm not addressing those in this piece. My thoughts. Here's my take on the issue one, it's not great to live in a low cost city and make a low salary to. It's not great to live in a high cost city and make more, but still be no better off. Whether you are better off or not is a subject of debate and three the big money is living in a low cost area and having a high salary it's here, you can make a fortune da. Tell us something we don't know, right? But that's impossible. That's where you're probably thinking right now. Why is this because there's an underlying assumption that you can. Earn a great salary in a lower cost of living area. This bias is even inherent in the philosophies. I just mentioned. But I'm here to tell you that's not the case you just need to follow the right steps how to make this happen. Here are the key steps to.