109 | Exploring International Teaching Opportunities | Scott & Rob

High Savings

Scott and Rob share their strategies for achieving high savings rates while teaching abroad. Scott, a math teacher in Santiago, Chile, manages to save 80% to 90% of his income by cutting costs on essentials like housing and phone plans, and by adopting a frugal lifestyle 1. He explains, "It's the first time in my adult life where I haven't had to worry about money" 1. Rob adds that living overseas often makes certain luxuries more affordable, such as dining out, which is much cheaper in Taiwan compared to the U.S. 1.

   

Cost Advantages

Living abroad offers significant cost-of-living advantages that contribute to financial independence. Rob highlights the affordability of travel within Asia, where flights can be as low as $70 round trip, making it easy to explore the region 2. He advises against stacking flights too closely to avoid delays and suggests using layovers as opportunities to explore new cities 2. Additionally, Rob's experience in Taiwan, where he earned $18 an hour with free room and board, allowed him to maintain a stable financial situation despite not saving much 3.

   

Financial Lessons

Both Scott and Rob reflect on their financial mistakes and lessons learned. Rob regrets investing in real estate before the 2008 market crash, noting that his properties barely regained their purchase value 4. He reflects, "If I could go back and just put that in VTSAX, I'd probably be better off with a lot less headache" 4. Scott considers his choice of an expensive college a financial misstep, as he could have graduated with a positive net worth had he chosen a more affordable option 4.