Expat Personal Finance
If you’ve decided to teach English in a foreign country, it’s not so uncommon that you’d have some student loan debt. You perhaps have just finished university and want to travel a bit, see the world and have some adventures before returning home. If you aren’t from the USA (!), you can probably pay off your student debt in a year or two, especially if you work in a place where salaries for ESL teachers are reasonably high.
But, what to do with your money after that? Parking it in the bank is a bad idea due to inflation. With the low interest rates these days, you’ll actually be losing money. There are lots of ways to make better use of your free cash.
Unfortunately, there isn’t a lot of information related to expat personal finance. There is almost none in fact. There are however three sources which can offer some solid information to help you get started on your journey towards expat personal finance awesome.
Sadly, I wanted to make this into a top 5 or 10 post, but there just isn’t enough good ones out there. Anyway, three is better than nothing so take a look around these ones, particularly Hallam’s site which has enough information for years of reading.
And of course comment below and let us know if you find another good source of expat personal finance information.
Top 3 Expat Personal Finance Websites
#1: Andrew Hallam
If you’re going to attempt to understand your financial situation as an expatriate, there truly is no better place to start than Andrew Hallam’s site. He’s the author of: The Global Expatriate’s Guide to Investing: From Millionaire Teacher to Millionaire Expat. In my opinion, this really should be in every single expat’s personal library. It’ll cost you around $15, but could potentially save or make your thousands.
There is also a lot of great information on his personal website. It potentially has most of the information from the book in various spots here and there. But, if you like organized, and easy to understand, the book is probably better. I’d rather read a single guide than waste hours searching around for little bits here and there.
You can find Andrew Hallam and lots of excellent expat personal finance information at: www.andrewhallam.com.
In the past year, I ran across Brandy and Stephen who are the brains behind TESOL Lifestyle. I feel like they’re basically my sister and brother from other mothers and I think their website is awesome. They talk about things like making money on AirBnb, budgeting, passive income and side hustles. As you might know, I’m all about this stuff too.
Check out their site, particularly the budget stuff because I think they do a way better job at talking about the particular topic than I do. I’m not gonna lie to you-I don’t keep a budget and it’s a huge weakness of mine. It’s mostly just because I’m almost always thrifty and quite rarely feel tempted to overspend. Anyway, they’re fellow English teachers like myself so check them out if you teach abroad.
You can find TESOL Lifestyle at: www.tesolifestyle.com.
I heard that they might have a podcast coming out soon? I really hope they’ll get it up and running because they’ll be the only ones talking about this important topic.
#3: Expat Finance
This site isn’t bad for expat personal finance, but it’s more geared for the business person working abroad than it is the average English teacher. Many of the things they talk about are more advanced-level moves such as offshore bank accounts and REITs.
However, they do have some solid information related to expat personal finance and it’s well worth a glance around. They also have an expat finance subreddit that you can ask some questions on and hopefully get some solid answers but it’s not super active. The archives are however a decent source of information and you may have had your question already answered.
You can find Expat Finance at: www.expatfinance.net.
Need more Expat Personal Finance Information?
If you’re looking for a book that is geared directly for English teachers and related to personal finance, you’ll need to check out The Wealthy English Teacher: Teach, Travel, and Secure Your Financial Future.
It has ten easy steps that will get you started down the road to some financial awesome in your future. Budgeting, paying off debt, saving up money to invest in the stock market, building passive income steams, and more. Wherever you’re at in the journey, you can jump right in and get started with building wealth.
The book is available in both digital and print formats. The (cheaper!) digital one can be read on any device (Kindle, Mac, PC, Smartphone, or Tablet) by downloading the free Kindle reading app from Amazon. If you’re never done it, it’s super easy to do and it’ll make your reading habit more affordable. Ebooks are cheaper than print ones!