Financial Independence Daily FI discussion thread - December 08, 2019 |
| Daily FI discussion thread - December 08, 2019 Posted: 08 Dec 2019 12:07 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Reaching FIRE or FI through teaching English abroad Posted: 08 Dec 2019 12:18 AM PST Typically when Teaching English abroad or in Asia is mentioned it's thought of to be something broke backpackers do for a few months to sustain their travels. When I first learned about the FIRE movement close to 4 years ago now, I had the opportunity to travel to South Korea to teach English. I calculated I'd be able to save about $1000 USD a month. Certainly wasn't going to FIRE me by age 30, but it was a lot better than I was doing in my home country (Canada) at the time. Once I got there a few months in I discovered teaching English online as well, and was able to ramp that number up to $1500/month and eventually $2000/month. A few years later, I've moved to China and now I'm saving over $4000 USD/month. This is all after taxes, living expenses and multiple international travel trips per year as teachers in Asia get usually a few months paid holidays per year. Granted I work 7 days a week when I'm not traveling. But at this rate a person sound go from $0 - 7 figures in around 12 years. Breakdown of how this is possible: Starting salaries in China are around: $2500-3000 USD, within a year or two you can be between $4-5000 USD If a new teacher making a salary of $2500 was ambitious enough to teach an extra 20 classes a week online then dug up 4-5 privates a week they could earn nearly $5000 a month, and likely be able to save 60-80% of that. Any other ESL teachers pursuing FIRE? [link] [comments]  |
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