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If it's not in the contract, do you plan on not saving for retirement at all? Do you know what the tax rates on your investments would be in Korea? Would their be an equivalent tax-deferred account similar to an IRA?
If there are taxes on your investments, you will have set aside more after-tax income to make up the difference compared to an IRA or 401k account.
If you don't plan on saving anything for retirement now, it's going to be hard to do it later. What does a 40-something old fart like me now?
The above calculation is AFTER TAX which is still attractive to me. I will maximize any tax deferring opportunities, then probably will buy some property with the savings for long term growth.
Nobody on their deathbed wished they spent more time at work. If I didn't have a job and can't find one anywhere for months and this was the only gig available to support the family, maybe....but otherwise nope. I took a 25% pay cut and lesser job position once to reduce my commute from an hour to 15min and that was making half of this back then. That was to gain an extra 1.5 hrs/day I could spend at home with my little kids. Got to see them to school, help with homework, sports practice, scouting, see them grow into fine people. Can't even place a money amount on that time. Money was tight but no regret.
That doesn't count "everybody" by a long, LONG shot.
I spent quite a bit of time trying to get away from my family. Worked, too. Distance made the heart grow fonder, in my case, and I was glad to see them a couple times/year after that. Now, I must say, number one I'm an only child. Two, they themselves raised me to be a (very) independent kid. Three, they were older parents. And four, they were a bit more indifferent than (some) parents, but I never missed a meal and always had a roof over my head in a solidly middle class upbringing. I'm grateful! But I also needed to get the hell away from (what I thought of as) their oppressive rules. The Man Keeping Me Down, as they say. Some kids are like that. Hell, some adults are like that.
I had a friend with various kids he doesn't or didn't see too often growing up, didn't bother him much that I could tell. He didn't remark on it much, if at all. The reappeared as late teens and sued him for college education money, don't know how that went as we've not spoken in years. Oh, he loved spending time at work, number one, and number two riding dirtbikes and offroad with his pals like me. That's what he wanted to do, not be bothered with parenthood. His second wife was a hippy with her own part-time kid from some other marriage, my friend never remarked much on him either.
Odds of me marrying, now at 50, are slim to none being a huge proponent of #MGTOW and not being screwed out of half I own. I love my work and find women and children a massive annoyance. What, were they mine I'd feel different? Doubtful in the extreme. Had myself fixed at 29, best $300 I've ever spent in terms of ROI to-date.
If OP wants to live in a bunkhouse or slum in Singapore or whatever, put half a world between himself and problems for as long as possible, have at it for as long as it lasts.
That doesn't count "everybody" by a long, LONG shot.
I spent quite a bit of time trying to get away from my family. Worked, too. Distance made the heart grow fonder, in my case, and I was glad to see them a couple times/year after that. Now, I must say, number one I'm an only child. Two, they themselves raised me to be a (very) independent kid. Three, they were older parents. And four, they were a bit more indifferent than (some) parents, but I never missed a meal and always had a roof over my head in a solidly middle class upbringing. I'm grateful! But I also needed to get the hell away from (what I thought of as) their oppressive rules. The Man Keeping Me Down, as they say. Some kids are like that. Hell, some adults are like that.
I had a friend with various kids he doesn't or didn't see too often growing up, didn't bother him much that I could tell. He didn't remark on it much, if at all. The reappeared as late teens and sued him for college education money, don't know how that went as we've not spoken in years. Oh, he loved spending time at work, number one, and number two riding dirtbikes and offroad with his pals like me. That's what he wanted to do, not be bothered with parenthood. His second wife was a hippy with her own part-time kid from some other marriage, my friend never remarked much on him either.
Odds of me marrying, now at 50, are slim to none being a huge proponent of #MGTOW and not being screwed out of half I own. I love my work and find women and children a massive annoyance. What, were they mine I'd feel different? Doubtful in the extreme. Had myself fixed at 29, best $300 I've ever spent in terms of ROI to-date.
If OP wants to live in a bunkhouse or slum in Singapore or whatever, put half a world between himself and problems for as long as possible, have at it for as long as it lasts.
Important info, he OP is married with kids, very different.
That doesn't count "everybody" by a long, LONG shot.
I spent quite a bit of time trying to get away from my family. Worked, too. Distance made the heart grow fonder, in my case, and I was glad to see them a couple times/year after that. Now, I must say, number one I'm an only child. Two, they themselves raised me to be a (very) independent kid. Three, they were older parents. And four, they were a bit more indifferent than (some) parents, but I never missed a meal and always had a roof over my head in a solidly middle class upbringing. I'm grateful! But I also needed to get the hell away from (what I thought of as) their oppressive rules. The Man Keeping Me Down, as they say. Some kids are like that. Hell, some adults are like that.
I had a friend with various kids he doesn't or didn't see too often growing up, didn't bother him much that I could tell. He didn't remark on it much, if at all. The reappeared as late teens and sued him for college education money, don't know how that went as we've not spoken in years. Oh, he loved spending time at work, number one, and number two riding dirtbikes and offroad with his pals like me. That's what he wanted to do, not be bothered with parenthood. His second wife was a hippy with her own part-time kid from some other marriage, my friend never remarked much on him either.
Odds of me marrying, now at 50, are slim to none being a huge proponent of #MGTOW and not being screwed out of half I own. I love my work and find women and children a massive annoyance. What, were they mine I'd feel different? Doubtful in the extreme. Had myself fixed at 29, best $300 I've ever spent in terms of ROI to-date.
If OP wants to live in a bunkhouse or slum in Singapore or whatever, put half a world between himself and problems for as long as possible, have at it for as long as it lasts.
I appreciate your, um... encouragement? =)
Your story probably deserves a thread of its own. Personally I think you potentially have missed a lot of pleasure with spouse and kids, despite all the work, but everyone has their own view on happiness. I would agree with you on one thing.... After about age 40, when some serious assets have been accumulated, it is very hard if not impossible to find pure love.
It seems you can become a permanent resident of Singapore after you work there for certain years. Then you can contribute to Central Provident Fund and become eligible to buy their affordable housing units.
Whether you can save money during your expatriate days in Singapore depends on the way you choose to live: local style or American style.
If you choose to live like some expatriates do, i.e. buy a car and drink some beer after work, then your salary won't be enough. Both car and beer are outrageously expensive in Singapore.
But if you choose to live like locals do, i.e. commute by public transportation and go dine at those hawkers center, then you can save a lot.
Don't think the OP could afford to buy a car on that salary. The permits (just to have the right to own one) are around $32k USD and expected to go up as the govt is lowering the number available starting this month. A few years ago the cost was over $50k USD so the market may push it back to that range. That's before considering the cost of the vehicles themselves, which are far higher than US prices.
Quote:
Originally Posted by flyingsaucermom
Maybe if in 7 years another one of these adventurous opportunities arises we will gladly go. I don't like to think to often about the kind of money we've turned down... twice...
Good luck! I hope you all have another opportunity. It's more about the adventure than the money, right? Though both are good.
Quote:
Originally Posted by foundapeanut
No dental insurance, welcome to the real world. Would you want to use a dentist in asia anyway.
Sounds uglier all the time. Never mind picking income (and not that great) over seeing your little ones grow up. You will never have taht time back.
Why not?? Lots of Americans travel to Thailand and the Philippines for dental work. Obviously those are far destinations and far more Americans go to Mexico and Costa Rica instead. In some cases it's not just cheaper but better care.
Quote:
Originally Posted by rhbj03
We have pretty much decided to proceed. The decision deadline is imminent because the project work for the new year is starting over there. Wife and I sketched out this high level plan:
Wow! Good luck!! I worry for you that you don't really know what you're getting into. Budget for some unexpected costs since things never go perfectly smoothly, and I really hope you are able to handle the transition and don't feel too homesick.
I like SG and have a handful of relatives living there, but it's hard for me to imagine doing this strictly for the savings. Consider the portions where your family visits to be a good opportunity for them to widen their horizons as well. It will be hot! You will have to get accustomed to Singlish, assuming you don't speak Mandarin. Keep your wife away from Orchard Road when she visits!! You might consider "living" at the airport for free (just read an article about a dozen or so folks who do this lol) Seriously though, keep us updated and best of luck!
We have pretty much decided to proceed. The decision deadline is imminent because the project work for the new year is starting over there. Wife and I sketched out this high level plan:
1. I will find a very inexpensive housing (room in a flat, basically back to college days) and keep expenses very low. I will eat primarily at the hawker centers, take public transportation, pretty much live like a local. No beer except the free beer at company events; entertainment will be mainly surfing the internet which is free. I think I can keep my monthly living expenses to under $1200 USD.
2. With my 30 days annual leave plus the 10 Singapore public holidays that amount to about 6-7 weeks that I can spread among 4 trips back to US. A few untimely public holidays cannot be utilized.
3. We will chat via Skype and Facetime during my lunch hour, which is just after dinner in CA; and just before I go to sleep around 11, which is when they eat breakfast. This is pretty much what an average father sees his kids during a normal weekday.
4. During summer time, we will send kids to Singapore for 4-6 weeks to live with me (wife stays in US but may take a vacation there for 2 weeks). I will rent a service apartment short term for that period. On weekends I will take them to neighboring countries. This is extra expenses but will give me a lot more time with the kids. I consider this part of cost of doing business there.
5. Saving money is what justifies this whole thing. So a final accounting: My biggest cost will be tax; SG does have a lower rate about 1/2 of US. My second biggest expense will be the living expense. My 3rd biggest expense will be the plane tickets to and from SG. After these 3 big ticket items there really isn't anything else and anticipate being able to save at least $8000-$9000 a month. We think that's worth the sacrifice.
Sounds like you have it figured out! Best of luck to you.
Some advice from one who has been through something similar.
do what you can to show the family you love them. surprise gifts for the kids, flowers, a spa day
if you can hire a maid to help your wife with cleaning
This could be too complex, with so many considerations and variables, to make a good recommendation, without knowing a lot of specifics. Such as, how much more would be earned at this job, than in current employment? Are there hidden costs that would reduce net income? Double taxation, perhaps? How well would the family left behind, be able to cope without this person and would the family itself be in jeopardy? How long would this job last? Why not take the family along? How important to the person's career would it be to take this job?
No. My wife cant take care of anything while Im gone a week at a time,much less 3 months at a time.
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