Korean Job Discussion Forums

hiua25 · Joined: 03 Feb 2006

So, I got back from Korea 3 months ago. And I had a big personal crisis. I realised that I had just been drifting in life, and that life was now starting to pass me by (I'm 25 coming up to 26 years old).

So I had a big think about things and I decided to study a Masters degree in TEFL this year. So I just replied and I'm waiting for that.

My big dream is to work in the middle east where the money is good and save enough money to give myself an income where I can just travel without having to work. Travelling, particularly in S America and SE Asia is my passion really.

What do people think of that as a plan? I'd like to start a discussion about this, I'd love your comments. Positive or negative but constructive I hope!

aboxofchocolates · Joined: 21 Mar 2008 Location: on your mind

hiua25 · Joined: 03 Feb 2006

thanks for the encouraging words

I'm happy with my plan. But I reckon I'll buy property and rely on the rental income. Maybe two flats of about 60-80 thousand pounds easy, and then say 20 thousand more in a savings account.

Is there anyone else out there who is doing what I'm planning to do? And can anyone give me any advice. It'd be most welcome.

Ukon · Joined: 29 Jan 2008

Why not just work as a teacher in those countries rather than go through the trouble of getting a masters, then working in the ME, then spending that cash on living in South america....

hiua25 · Joined: 03 Feb 2006

there are a few reasons mate

first, getting a work visa for almost any country is very difficult and time-consuming, often 2 or 3 months.........and I don't want to be doing that all the time

second, the salaries are generally relatively low in S America, SE Asia etc, and I wouldn't be able to save much, in the Middle East salaries are excellent

third, believe it or not, I don't really like working, I much prefer lazing about doing nothing, or travelling and taking in the sights in some exotic country somewhere.......but obviously I have to work, it's something I can't escape so why not make it so one day I don't have to work at all and be free to do whatever I want?

I have thought this through a bit btw

harlowethrombey · Joined: 17 Mar 2009 Location: Seoul

Good luck with it.

But, you really want to work in the middle east? Why not try for Spain, Italy, or even Brazil?

hiua25 · Joined: 03 Feb 2006

simple really,

because while my lifestyle would obviously be excellent in a country like Italy, Brazil etc I wouldn't be able to earn a huge amount of money

the best money in TEFL is in the middle east, it might be hard to live and work there, but I'll earn and save tonnes of money. so it would be worth it in the end because I'd never have to work again, and I could just travel around and bang exotic girls, drink, see the sights of the world etc 'til my heart's content Very Happy

pidgin · Joined: 31 Jul 2005 Location: Seoul

And what if the bottom falls out of the ME as many are predicting? Always have a plan B Wink

Also, tho it seems as if it is a pot of gold, you're going to have to put in about a decade of work in there to absolutely ensure that you get your properties and don't have to work again. And that is with zero dependents relying on you!..and lucrative property with hassle-free, rent-paying tenants.

I've heard worse plans, but you need some contingencies, imo.

PRagic · Joined: 24 Feb 2006

It'll take longer than you think to get property paid for and generating income. Plus, you're going to have to pay for property management fees and maintenance on each place should you even ever get them paid off.

Now let's hope that you don't require any inpatient surgery, because you would have to kiss your meager 20K cash egg good bye.

Best deal IMHO would be to get your MA, get a university job, slowly get capital together and invest it (let your property start paying for itself now), and travel a LOT during your semester breaks. I have a couple of friends who've been doing this for years, and they have great lives.

And you're 26. Don't take my word for it, but you might just find out that you have a different take on extensive travel further on down the road. As other posters have advised, it's always good to have a backup plan.

Good luck to you whatever you decide.

michaelambling · Joined: 31 Dec 2008 Location: Paradise

the ireland · Joined: 11 May 2008 Location: korea

RufusW · Joined: 14 Jun 2008 Location: Busan

It'll be a long haul getting enough capital to invest/get property. How long do you think it'll take you to get nearly 200K in savings?

That's the mortgage paid on a small house in the UK.

If the wages really are that good in the middle east and you want to nail probably 10 years then (basically) retiring is fair play. Travelling on interest/rent is certainly a dream of mine....

But it's also pretty easy to work and travel....

hiua25 · Joined: 03 Feb 2006

I suppose I does sound like I contradicted myself. What I meant by drifting was that I didn't have a coherent plan of where I wanted to go.

My dream is to be in a situation where I can travel and drift, yet not have to worry about being finacially secure and having to work.

Thanks for the replies everyone. Mostly positive atm, which is unusual for a thread here. But seriously, thank you.

Yes I am from the UK, I'll take out travel insurance when I'm away. But I always have the NHS to fall back on.

To answer the other question about taxes, maintainence costs etc. It's very very easy mate. Use a property services company to do it. They're called AFLR (or something like that). They find tenants for you, look after all the mantainance and all other costs for a fee (like 10% of the rent income) and you don't have to lift a finger.

And I'm not looking for a small house. I thought about 2 modest flats in the 60-80 thousand pound range which I think should give me about 10-12 thousand pounds a year income after tax etc.

hiua25 · Joined: 03 Feb 2006

I suppose I does sound like I contradicted myself. What I meant by drifting was that I didn't have a coherent plan of where I wanted to go.

My dream is to be in a situation where I can travel and drift, yet not have to worry about being finacially secure and having to work.

Thanks for the replies everyone. Mostly positive atm, which is unusual for a thread here. But seriously, thank you.

Yes I am from the UK, I'll take out travel insurance when I'm away. But I always have the NHS to fall back on.

To answer the other question about taxes, maintainence costs etc. It's very very easy mate. Use a property services company to do it. They're called AFLR (or something like that). They find tenants for you, look after all the mantainance and all other costs for a fee (like 10% of the rent income) and you don't have to lift a finger.

And I'm not looking for a small house. I thought about 2 modest flats in the 60-80 thousand pound range which I think should give me about 10-12 thousand pounds a year income after tax etc.

losing_touch · Joined: 26 Jun 2008 Location: Ulsan - I think!

I have my own big master plan. It doesn't involve a Masters. From time to time, I fluctuate regarding where I am going next. My wife isn't too keen on going to the middle east, but it is definitely in the cards. However, there is some big money to be had in China. I have been looking there lately. I am not so sure about the whole real estate thing. Personally, I would just live off of interest, dividend payments and capital gains from investing wisely!