A short term move made all the difference!

Your financial advice has helped me so much! I had a good sized student loan which really ate me up inside. For two years I made minimum payments and felt like I was never going to get out of debt. Then I decided to take a job in the United Arab Emirates and managed to pay off $25,000 in ten months thanks to free housing and no taxes. It was a huge change, but I did it! I am staying for one more year and saving up for a downpayment. I made the move for financial reasons, and I have ended up with many new friends and lots of memories from travelling. Thank you for giving me financial awareness, and more importantly, looking for reasons to save rather than spend.

4 Responses to “A short term move made all the difference!”

  1. @John…good for you! It is tough to make a decision to uproot yourself, but so rewarding when you can manage to pay off that student debt. My nephew had over $40,000 in student debt and he and his now wife moved themselves to Japan to teach English so that they could pay it off! They did it too and they are so much happier for it as well!

    Here’s hoping you save up a great downpayment! It will be worth it!

  2. Sounds like a really neat idea. I think you still have to pay taxes in Canada on money earned overseas. Just check before you assume it’s totally tax free – you wouldn’t want that to come back and bite you later on!

  3. GS is right- you will be paying taxes to Canada on the money you make in the UEA and unfortunately higher taxes than what you would if lived in Canada unless you declare yourself a non-resident of Canada. However this means you will need to give up everything in Canada with the exception of a single bank account that is to be used to pay prior debts accumulated when you resided in Canada ( ie: student loans,etc).

  4. Grate site, there is so much information. Great JOB ! I like IT. Thanks !

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