I was just talking to a coworker of mine this morning about how he views the job that we do as more of a part-time thing and that he has other stuff going, as I do with this blog and other online ventures.
And I guess that that’s the best part about the English teaching overseas gig – most jobs are not really “full-time,” as in 40 or 50 hours a week, but are generally between 20 and 30, and even less if you work at a Korean university like I do. Vacation varies considerably, but it can be quite significant at some places. Of course the pay goes along with the part-time nature of the job, but in most cases the OT potential is almost unlimited and you’re only limited by the burn-out factor.
People come overseas to teach for various reasons, including things like: having fun, learning a language, experiencing a new culture, travel opportunities, escaping something back home, saving money, and paying off student loans. I didn’t initially come to Korea to be able to have time and money to build passive income streams, but in a lot of ways it’s just kind of happened. If you want to be able build passive income streams through teaching English overseas, here’s some advice that I have:
1. Your job selection is quite important. Try to get the maximum amount of pay for the minimum number of hours worked. This will give you a good amount of time to either work OT for more money, or get your online ventures up and running.
2. Thrifty living is key if you have student loans or other debt. Sacrifice one or two years of fun just to pay everything off. It’s totally worth it.
3. Thrifty living can also help you save enough money to start investing in dividend paying stocks. It really is a case of where you need money to make money. When you have a decent amount of money invested, you can ease up and start taking more vacations and living a bit more luxuriously.
4. Choose a country and stick with it. Better pay and job opportunities come with longevity. If you switch countries every year or two, you’ll never make it into the top jobs and you’ll also burn through a lot of money moving and starting over all the time.
5. Find some like-minded friends. By that I mean people who are dedicated to eating healthy food at home, playing board games, hanging out at the beach, camping or hiking or whatever you like to do that doesn’t involve going to the bar every weekend. You’ll be happy and have a good social life, but you won’t have to spend a lot of money to do it.