IB Folk from Developing Countries - Ever Thought of Working ~10 years in the US and Moving Back to Home?
I am currently working in NYC in IB. Originally I was born and raise in a developing country, where the average income is around $5k/year.
As I was walking home from work today, I was thinking: if I work for 10-15 years in New York, I can return to my home country and spend what I’ve earned for at least a decade or more.
Has any one here come from a similar country of origin, and thought of returning to home after working here for a decade or know any persons who has?
Or has any one come from a similar country and decided to stay in the US? Why did you decide to do so?
Ah, the classic "work in the US and then return home" plan. It's a thought that has crossed many minds, including mine.
Based on the most helpful WSO content, there are a few things to consider. Some folks have found that working in the US can be quite challenging, especially for foreign workers. They often face exploitation, overwork, and underpayment, with promises of visas that never materialize. This can lead to a lot of frustration and disappointment.
On the other hand, there are those who have found great success and happiness working abroad. They've made new friends, experienced new things, and had the time of their lives. However, it's important to note that working abroad may not necessarily propel your professional career.
As for returning home, it's a decision that's deeply personal and depends on your individual goals and values. Some people find that they miss their home country and the comfort and familiarity it offers. Others may find that they've grown to love their new country and decide to stay.
In the end, it's all about what makes you happy and fulfilled. So, take some time to reflect on what you truly want and make the decision that's best for you. And remember, no matter what you decide, you're always welcome here on WSO for advice and support.
Sources: Working Abroad - Regrets/Benefits, Should I come to the US or stay in my home country?, 6 Things to Consider Before Accepting an International Work Assignment, Is my American Dream Over?
Bump
I grew up in a very rural part of a country in Africa. I will not be planning to move home any time. From living in the US, I look back and realize life was slower, I had limited access to technology, markets are mainly outdoor. You may think it is a slower, simpler life but it was a hard life. Water and food made me and my neighbours sick. Health care is expensive and difficulty with access. It was heavily polluted in many parts. Local people have malnutrition. There were high levels of illiteracy. There is many other differences from here that make it not even close to comparison. Many other countries are nicer region than where I am from but I would want to remain in the US to work, not return to home country
do you feel 0 obligation to maybe try and go back home and have some impact on the African continent? You could make a difference you know...quite sad that people just run away and don't see the major role they can play
Ok, so move to Africa and play a major role.
Not going to take me up on that offer? Now you know how OP feels.
He has no more obligation to them than you do.
Africa ~ you mean west Africa like Ghana or Nigeria, almost all you are from the same country or from the commonwealth nations. Represent your own country mdrrr ! Learn geography!
I have a similar background except the average income where I'm from is not that low. I'm basically planning to go back when I'm 40-45 because I personally don't feel like the grind is sustainable or worth it in the long-term and the weather is frankly much better. A few things I've considered: 1) Life (pace, activities, etc) where I'm from is much different than that in NYC, can I really re-adjust? 2) Is life really going to be as simple and great as I remembered it when I return? One of other the reasons to return is because most of my family and close friends that I grew up with are still there. What happens when some of them die or move away? Will I even still have the same relationships that I did with these people 15-20 years on? 3) Life is a lot simpler & uncomplicated where I'm from, but there are clear deficiencies (fragile health system where quality of care is subpar for eg). I'm not sick now but who knows in the future? 4) What if I find my long-term partner before I go back? I have doubts about whether or not most people would be willing to make such a change in lifestyle and relocate. Then you add kids into the equation and that makes things even more complicated because you have to consider if the life where your from is the most optimal for raising a child. 5) I don't have a clear and defined plan about what I'm going to do if/when I return. I don't really know if that type of situation (ennui & indecision) is better than the perennial grind
I have older family members who moved away and have also shared that they always intended to go back permanently but for one reason or another it just tends not to happen. I think my underlying point is time changes a lot, so be prepared to change your mind. Your future life is probably going to look a lot different than you thought it would, and you may start thinking about things much differently down the line.
What country?
what's the next step after you spend those savings after 10 years? because going back is not an option.
What I would do would be putting everything I have into Vanguard and never touch it. I'll go to my home country, take a cushy and properly paid job that will cover my monthly costs and just lead a normal life. After 10 years, instead of spending my savings, I will cash out my savings and maybe move to a better country to "retire", but this won't mean spending lavishly, it would just allow me to livea middle-class lifestyle without needing to work. Keep everything on Vanguard and just take out monthly whatever you need. Maybe Italy/Spain for low cost of living
how about this plan?
I’m from the US, but wanted to comment here because you and likely everyone else who joined the financial services field, signed up for this industry so you can live well. You likely want to reside in a nice rental unit, a luxury building on the upper east or big suburban house 40 minutes away from the city.
Why would you work until you make half a mil annually and then go back to a third world nation where the average person makes under 7k a year and running water may be filled with particles and gives you a stomach virus? Is that the life you aspired to have when you applied to NYC banking jobs with starry eyes back in college, or when you were working until 2am every night for years?
I came here from the south (think MO, AR, MS) where I spent 18 years growing up in an area that in retrospect is actually worse off than many of the “developing countries” that I’ve visited in recent years when it comes to infrastructure, safety, quality of life and overall atmosphere. I would never move back to the south, and definitely not to the area where I grew up, although I will say there are a lot of countries outside of the US that seem quite nice to be, particularly in Europe and Latam that are probably more developed and well established
I'm sorry but you are extremely out of touch... do you think every single place/person in developing countries is drinking from water that has viruses in them... there are very nice places in the cities that have clean water, technology, and pretty much a lot of the things you can find in the West. Sure there are bad places but... assuming everywhere is a slum hole is complete BS.
It's also a pretty braindead assumption to think that because living standards are bad for the average person, it was/would be the case for OP. There's plenty of wealth in developing countries, but it just tends to be highly concentrated among a small group of people; people who are largely insulated from the economic woes of the everyman, who can afford the hedonistic lifestyle, and afford expensive international education for their children and healthcare if that is necessary. OP could very well be rich or comfortably ahead of the population already.
Yes every country has a few areas with good water and nice neighborhoods. However, generally speaking, I would not want to drink tap water in many third world countries. Here is a map, let me know which country you would confidently drink water from out of a faucet (and no, let’s exclude the five star resort you probably stayed at)
https://bigthink.com/strange-maps/drink-tap-water-50-countries/
Agree with you on this - I'm from Louisiana and would not aspire to return to where I grew up either. From recent travels, I have noticed that many cities in "developing nations" are surprisingly more developed than lots of places here in the US, and definitely places in the south... it kind of sucks seeing slow developmental progress with our infrastructure, roads and buildings.
Currently trying to get out of Louisiana and regional banking; what was your path and where did you land?
The answers you get here can vary quite a bit - a lot of it depends on what country a person is from, what city, how much they make here, how they like it here compared to back home and how well off they were in their country of origin, whether they need to return home and perhaps numerous other factors.
I would be interested in hearing more people’s inputs and thoughts on this topic though as I’ve wondered this quite a bit
I see I did not think of that, but good point. I am wondering as well
Everyone’s circumstances and situations are different, people come from so many different backgrounds and places of origin, so therefore the answers you get can vary quite a bit depending on numerous factors. What may work well and make sense for some people may not make as much sense for others.
Did you also consider returning home as some point?
definitely. but doesn't have to be home. can pick literally any country you want. after working in high finance in US for 10 years, you can retire to any country you want, or better travel around the world for the whole life. there are a lot of great places in the world. don't know why most people spend there life in 1-2 places.
Disagree, many countries that seem nice as a tourist may not be that great to reside FT.
Unless you have any specific places that you’re actually familiar with? Happy to hear suggestions as I’ve thought this as well
why do you need to reside somewhere full-time? get a place wherever you want. once you're bored, move to another place, and continue for the life. life is not that long. if you don't have to work, you're not restricted to any specific place.
I am originally from South America. I thought returning back to my home country would be a good idea, but then I realise the pay there just won't be the same as here, so I may not be wealthy enough to retire but other job options just do not pay anywhere near what I make in the US
It really depends, you have to think how much 10 years of ib pay can get you in your home country. If you’re from a place where the average person makes a few thousand a year, maybe it makes sense but everyone’s situation is different
I am from a developing country. I moved here for uni and began working a couple of years ago in US for better job opportunities than what I could get back home. I think if I worked for 10 years in IB and retired back in South America, it would be a relaxed but boring lifestyle. I would be in my early 30s and doing what all day? Versus if I continued to work here I could still help my relatives while being more productive here
Wasn't the whole point so that you wouldn't need to put in as much if any work from the place you're from?
No people were planning to move home after a certain number of years? Why do so many people move home then?
Eveniet incidunt aut nihil labore in. Explicabo tenetur aut qui voluptatum maxime sed. Et quos hic in iste.
Enim magni natus temporibus dolore quod voluptates quia. At quia nobis illo enim praesentium dolor at facere. Harum omnis assumenda nobis. Sed nulla non perspiciatis dolor repellendus veritatis ut eius. Nostrum quas eligendi ipsum et.
Ut non accusantium quod officia dignissimos. Odio et sunt exercitationem eos aperiam voluptas est odit. Laudantium non laudantium ipsa harum accusantium iste perferendis. Expedita delectus ut ipsam rerum aliquid qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Illum totam ut et saepe veritatis expedita. Itaque ut quia veniam et ea. Dolores delectus harum nihil cumque quisquam amet earum. Sunt aspernatur occaecati tempora. Est ipsam rem architecto veniam eveniet veniam aut nemo. Ut hic exercitationem nemo quasi.
Dolorem dolorem id voluptate in quis ea. Possimus aliquid mollitia suscipit quae ut placeat quasi assumenda. Corporis doloremque in est consequatur. Nisi sint nobis debitis debitis praesentium velit eos.