Where to Save Money or Party It Away

by ISR Guest Author

No one went into teaching with the thought of getting rich. For most of us, however, money does play a distinct role when deciding whether to sign a Contract at a specific school.

If your motive is to stash away a nest egg, live the high life while taking advantage of travel opportunities, or maybe a bit of both, my goal in this short Article is to offer some insight into making the right financial decision for You.

Where to Make Money

You can make good money in the following countries but the local economy may take it away. Here’s an example:

• Switzerland
• Norway
• Luxembourg
• Qatar
• United Arab Emirates

The key to hanging onto your money in these high cost-of-living countries is to keep your expenses low. Restricting excessive lifestyle spending such as restaurants, nightlife, travel and luxury purchases is the way to do it. You will have to decide on the lifestyle work-play balance which is more important to you: safe financial goals or living your life’s adventures.

Some Money Saving Locations

When the level of pay is high and the cost-of-living is low the opportunity to sock away some dough is quite appealing. Here’s an opportunity to pay down debt and/or build up a savings account. Included on this list are these countries to consider:

• Saudi Arabia
• Kuwait
• China
• South Korea
• Japan

Just about every place in the world where oil is the main export can be a good place to make and save money. Middle Eastern oil countries such as parts of Russia, Malaysia, and Angola often provide high salaries (tax-free) and basic accommodations as part of the package.

Poor administration, bureaucratic delays, low level of teacher support, along with Islamic country restrictions on alcohol, and/or gender issues often deter teachers from accepting positions or staying long-term in the Middle East.

Japan, South Korea, and the big cities in China provide an interesting mix. These areas are very modern, foreigner-friendly, and treat guests well. In Eastern Asia a work culture to which Westerners are not accustomed often pressures foreigners to fit in with the work ethic and employer expectations. Many extra tasks, social events, and other participation are often mandatory.

Where to Party Your Money Away

There are numerous options for those willing to forego savings in exchange for the adventure of a lifetime. These locations normally pay a fairly decent wage in comparison to the economy, but not enough to really sock away savings. In exchange there’s a million ways to spend your money on fun and travel:

• Thailand
• Vietnam
• Malaysia
• Indonesia
• Bangladesh
• South America
• Nepal
• South Africa

Teaching in these areas can be exciting and rewarding. Rapid development in recent decades and the low cost-of-living means teachers can make an above-average salary and enjoy life in fun cities like Bangkok, Bali, Hanoi or Saigon.

International Schools in India, Bangladesh and Nepal may only pay $2000-3000 USD a month, but the low cost-of-living and interesting cultural experience is definitely one-of-a-kind.

South Africa faces high unemployment, crime, and a general devolution of services. Interestingly enough, their top-tier private schools pay well and give teachers a safe environment with a high quality of life.

In Conclusion: Picking a host country depends on many factors, one of which is your financial vs. fun goals. Careful research on a specific school and its host country’s economy, along with talking to people who have, or currently live there, is a must.

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