Ever thought about working oversea? Not a bad idea huh, I will list some pro & con of working oversea.
Pro’s of working oversea:
•You make good money depend on your location. I have been working in the Middle East for over 2 years so you can expect around $80,000 - $250,000 if you’re looking in the Middle East. There are many construction projects worldwide that you can consider like Africa, Dubai, Germany, and more.
•Paying down debt, mortgage, student loan, and expenses that you have acquired faster with the bigger paycheck. Then you will be able to contribute more in your emergency fund, savings account, and retirement accounts.
•You are surrounded with a diversify culture and environment. Meeting new people from host country to Americans and other foreign countries. Developing into a long lasting friendship.
•Oversea sea tax benefit for working in foreign countries. Yes! You get some tax free benefit up to a certain amount of course. Having the benefit allow you to pay more debt down and invest more. Check out my article here for more details on the oversea benefit.
•Traveling to different countries and experiencing new landscape. Seeing different animals, structure, and experiencing a new lifestyle.
Con’s of working oversea:
•Family separation from wife, daughter, and son. Missing out on holidays and important family events.
•Long hours and days, it will depend on what contract you’re working and location. So the hours vary but from my experience and where I am working at is 12 hours 7 days a week.
•No holidays off, but again will vary between contracts.
•Living arrangement may not be like home and may reside in tent or a small room.
•Adapting to different culture and learning new language.
•Changes in sleep pattern due to the time zone difference.
•Traveling for long period, stopping at different airports, and trying to get rid of the jet lag.
•Adapting to different technology and power input for your devices.
•Figuring out how much to pack and what to bring.
•Learning how to get around in a new country.
•Trying to keep up with paying taxes depend on your location and what countries you’re from.
As you can see I have more cons then pros, but I am still targeting my goal of financial freedom. As you can see I have to make some sacrifices, but I think in the end it will pay off. I was able to fund my emergency fund, bought my mom a house and a rental house for myself trying to earn some passive income. No credit card debt just my 2 house mortgage. I am able to contribute more into my retirement and also opening a secondary saving account. Hope this list help you to decide if working oversea is worth it. Let me know if you have ever thought about working oversea or if you’re currently working oversea. I would like to hear from your experience.