Thank you teachers!
It’s Teacher Appreciation Day so we’d like to give a shout-out to all you hard-working and often under-appreciated teachers out there to say a big thank you for the vitally important roles that you play in educating our children and shaping their lives.
We know that the pandemic has not been easy for you. You’ve had to springboard to online teaching with little warning or training and often with insufficient tools. You’ve had to stay upbeat in the face of falling morale amongst pupils, stressed parents and, a lack of digital literacy. You’ve had to adapt to a whole new way of working, communicating and planning lessons. And often you’ve had to do it in less-than-ideal conditions in homes ill-adapted to becoming digital classrooms, while sharing your space with other family members and in some cases while looking after your own children at home.
You are heroes so thank you, thank you, thank you for all that you do!
Financial tips for expat teachers in Asia
Perhaps we can give just a tiny bit back by offering some financial tips that might help you achieve financial security? It might not seem like much but getting your finances in order now could be life-changing over the long term.
So, here are our top three financial tips for expat teachers in Asia – just three, we’re making it easy for you to get started:
1. Seize the day to save
One advantage teachers in Asia often enjoy is higher disposable income than they would have back home. Make the most of it – and that doesn’t just mean spending!
Of course there is a lot of temptation to blow your whole salary each month: the fabulous Asian food, the opportunity to visit dream locations for weekends away and the fantastic nightlife for example. We’re not saying deprive yourself of all that but balance is key. Split your income into three, devoting specific amounts each month to everyday expenses, non-essential fun stuff and savings.
By dedicating a precise percentage of your earnings each month to saving and investing, you will start building wealth to ensure that your enviable lifestyle continues even after you stop work.
2. Invest wisely
Where you put your money is important. To maximise the potential to build wealth you definitely shouldn’t be keeping large amounts of cash in the bank. It’s time to dip a toe into the wonderful world of investing. Many people don’t see themselves as investors because the terminology can be confusing and investment fear is real. We get it!
The biggest fear is the risk of losing money, which is understandable. But what if we told you, you could be losing money by keeping your money in the bank? Lots of people don’t realise that low bank interest rates put their money at risk of falling in value due to inflation.
Yes, investment involves risk but there are off-the-shelf investment products to suit everyone, even the most risk-averse, and a number of strategies to mitigate that risk. Inform yourself, ask questions and compare different approaches. There is bound to be one to suit you.
3. Get professional financial advice
Many teachers think a financial adviser is not for them. They have a false impression that you have to be earning six figures and living in luxury to warrant taking professional financial advice, but that simply isn’t the case.
If you are a teacher in Asia and you are serious about saving and investing a financial adviser can help you maximise the high disposable income you have while living and working here to build a significant nest egg for the future. They have tools to help determine your tolerance to risk and build a financial plan which takes that into account. The best time to seek help is right now.
Why not contact us and find a friendly and knowledgeable adviser near you? We offer a free, no-obligation chat to get you started so you can check that we are a good fit before taking the plunge. You have absolutely nothing to lose and a lot to gain.
A leading provider of expat financial services and wealth management services across Asia.