We mostly discuss about decrease expense and ways how to do it at this blog. For many people this is the most important thing to consider as they have high expense rate and low saving rate (less than 50% of income). But sometime you should consider not only about expense decrease, but also how to increase your income. One of way is working abroad.
Never considered? You should.
Today’s article will be exactly about this point. If you are lucky enough you were born in some country with high “purchasing power parity rate” (PPP) such as Luxembourg, United States, Switzerland, Iceland or Norway. But many of us have not this luck, including me.
According to UNECE (United Nations Economic Commission for Europe) average wage in US is $4,893, but for example in my country it is only $1,065 at same time. And now there is the main question of today. Why to work all your life in your contry if you can work for higher salary at other place? Of course contries as US has higher cost of living as well, but in my case it is just 2 times higher. So if you compare 4 times higher salary and 2 times higher cost of living, you see that you can earn a lot more money working abroad.
Again if you check PPP rate you can see difference. Please check your current situation here at this wikipedia overview.
Easy example from my life. Currently I can save something as 60% of my salary which is around $2,000 so it is $1,200 for monthly retirement saving. But in case you will increase your salary by working abroad the numbers would be different. Here it is – 60% of $4,893 is $2,936. As you can see this is 2.44 times more compare to my curent earning.
Of course working abroad is not easy. During my life I was already living in UK and Japan for more than 3 years so I think I can say something about it. Beginning is tough, especially in Japan it was very difficult due to language. But when you learn language it is not so difficult anymore to be honest.
Also you don’t have to live abroad for all your life. As we plan to retire during next 10 years every year abroad is helping you to earn more money and increase your retirement savings. So let’s consider working abroad as potentional way to earn more money next time you think about decrease your expense.
The last reason is experience. Of course money are important, but experience you earn by working abroad is extremely important as well. You would be surprised how you change your view about your country when you work some time abroad. I was horified when I return to my country after 2 years in Japan. Not because my coutry is bad place for living, actualy it is very nice.
But if you compare this with Japan, ohh man this is completely different world. One of reason (of course not only) is higher salary. People in Japan (or US, Australia, Germany you name it) can spend more money about things they like and it is visible everywhere. But this is different story so let’s talk about this later. At first plase consider idea of working abroad by yourself.
Thank you for your time and hope you like this article. If yes, please share it with friends.