Hello
I just found out about the ERE blog via Mr. Money Mustache a few days ago. However I have been very interested in frugal living and early retirement since I read the ebook “How to live on $10,000 a year or less.”
I am 30 and I live in Yokohama, Japan. I make a pretty decent wage (especially with the wild exchange rate right now) as an English teacher at a private university owned jr./senior high school, and also doing English conversation classes on the weekend. I live with my girlfriend who is not quite as gung ho as I am about taking the off ramp outta the rat race, but she is certainly not against it either.
I’m hoping to meet some other expats either living abroad or people who amassed their investment dollars abroad and then moved back to the USA or Canada. I have lots of questions about moving thousands of dollars from one country to another such as taxes, and limitations, which I’ll try to get to in other sections of the forum.
ERE is something that I am really excited about and look forward to sharing as well as giving and receiving encouraging words with likeminded people.
Nice to meet you! Yoroshiku!
Hello from Yokohama Japan
@Skinnyneo, welcome. I would be interested to hear how frugal living works for you in Japan.
As for moving cash around, it might depend on your citizenship. If you're an American you're required to report any amount of money over $10,000 in combined overseas accounts anyways. So I'm not aware of any US tax implications or any limitations for moving your money into the US. I don't have any clue about the rules for Japan or Canada.
If you have an account at a bank with branches in both the sending and receiving country then it might be a good way to move money, but you'll want to watch what fees they charge and how they charge them (as a percentage for flat rate). Otherwise, I have seen people recommend this service. http://www.xe.com/fx/how.php I haven't used it personally, but it seems pretty good from the looks of it.
As for moving cash around, it might depend on your citizenship. If you're an American you're required to report any amount of money over $10,000 in combined overseas accounts anyways. So I'm not aware of any US tax implications or any limitations for moving your money into the US. I don't have any clue about the rules for Japan or Canada.
If you have an account at a bank with branches in both the sending and receiving country then it might be a good way to move money, but you'll want to watch what fees they charge and how they charge them (as a percentage for flat rate). Otherwise, I have seen people recommend this service. http://www.xe.com/fx/how.php I haven't used it personally, but it seems pretty good from the looks of it.
@ExpatERE
Great to hear about another expat heading toward the dream abroad. I have lived in Japan for about 4.5 years now, and my current plan is to stay another 3 years or so maybe more. I am pretty lucky to have landed a nice teaching gig which pays more than most other English teaching jobs. However, I don't have any teaching certifications (as long as you can speak English and have the connections its not a big deal in Japan) so I feel that I have taken this career to its limits without going back to school and earning a "piece of paper."
What about you ExpatERE? What are you doing in the Middle East. I'm thinking about starting a new thread for those of us expats about living frugally and sending money back to the US (or wherever your home country may be!)
@tuixiuren
Hi! Thank you for the warm welcome! Yeah I really want to type up some of the ways that Japanese people in general keep costs down. It is surprising to me however that a lot of the ideas promoted on this site and others are already in practice by many of the Japanese. But there are still a few places I think we can improve on.
Good to know about the accounting information. I don't have $10,000 now but if I did I have to report that? Dang! I take it I just report that but I am not necessarily paying taxes on it? I thought I read that expats, in Japan anyway, if we don't make more than US$80,000 per year we don't have to pay or report or something. I really ought to check on this as I haven't filed for the last 3 years based on this (I'm not making that much... YET!)
You are so right on the xe.com website! I should have been more specific and said that I used to use those guys and they were awesome! So awesome in fact that Japan has made it illegal for them to operate in Japan. As the yen is so strong right now people were using services like Xe to send money out of Japan left and right and avoiding having to pay the wire transfer/receiving fee/screw you fee/etc. to the Japanese banks (these fees could add up to about US$50.00 per transaction or US$600/year at one transfer per month). They changed the law now so that your business must have a physical presence in Japan to execute these kinds of transactions (or something similar as XE is based in Vancouver Canada if I'm not mistaken). It was my golden goose! Now I have a Citibank account and I receive free transfers to the US but it is only for one year and that year is almost up. (-_-;)
Great to hear about another expat heading toward the dream abroad. I have lived in Japan for about 4.5 years now, and my current plan is to stay another 3 years or so maybe more. I am pretty lucky to have landed a nice teaching gig which pays more than most other English teaching jobs. However, I don't have any teaching certifications (as long as you can speak English and have the connections its not a big deal in Japan) so I feel that I have taken this career to its limits without going back to school and earning a "piece of paper."
What about you ExpatERE? What are you doing in the Middle East. I'm thinking about starting a new thread for those of us expats about living frugally and sending money back to the US (or wherever your home country may be!)
@tuixiuren
Hi! Thank you for the warm welcome! Yeah I really want to type up some of the ways that Japanese people in general keep costs down. It is surprising to me however that a lot of the ideas promoted on this site and others are already in practice by many of the Japanese. But there are still a few places I think we can improve on.
Good to know about the accounting information. I don't have $10,000 now but if I did I have to report that? Dang! I take it I just report that but I am not necessarily paying taxes on it? I thought I read that expats, in Japan anyway, if we don't make more than US$80,000 per year we don't have to pay or report or something. I really ought to check on this as I haven't filed for the last 3 years based on this (I'm not making that much... YET!)
You are so right on the xe.com website! I should have been more specific and said that I used to use those guys and they were awesome! So awesome in fact that Japan has made it illegal for them to operate in Japan. As the yen is so strong right now people were using services like Xe to send money out of Japan left and right and avoiding having to pay the wire transfer/receiving fee/screw you fee/etc. to the Japanese banks (these fees could add up to about US$50.00 per transaction or US$600/year at one transfer per month). They changed the law now so that your business must have a physical presence in Japan to execute these kinds of transactions (or something similar as XE is based in Vancouver Canada if I'm not mistaken). It was my golden goose! Now I have a Citibank account and I receive free transfers to the US but it is only for one year and that year is almost up. (-_-;)
Just wanted to jump in quickly and recommend that you consider seeking advice from a US based CPA and/or lawyer or one from Japan that specializes in dealing w expats.
My, admittedly non-expert, understanding is that all US citizens making over a minimal amount (10kish) must file taxes. The first 80kish would be exempt under a foreign income exclusion....but a tax return would still need filled.
This post should not be considered to be legal or professional advice. Any statements made are solely my own opinion.
My, admittedly non-expert, understanding is that all US citizens making over a minimal amount (10kish) must file taxes. The first 80kish would be exempt under a foreign income exclusion....but a tax return would still need filled.
This post should not be considered to be legal or professional advice. Any statements made are solely my own opinion.
@Skinnyneo, Cool, I'm looking forward to hearing about frugal Japanese living!
I should also reiterate what @Eliza said. This isn't tax advice, it's just what I have come across during my research. I could be wrong.
As a US citizen you would be required to file a US tax return every year even if you don't owe taxes. The Foreign Earned Income Exclusion would mean you wouldn't have to pay taxes on your foreign income below $92,900 (for 2011). Separately, You would also be required to report any combination of foreign accounts that total more than $10,000. I'm not sure if you would have to pay any tax on that. I would guess not as long as the interest/income from it doesn't exceed the FEIE. Here are some IRS links that might clarify.
http://www.irs.gov/businesses/small/art ... 49,00.html
http://www.irs.gov/businesses/small/int ... 11,00.html
Thanks for commenting on xe.com. I'm glad that it works well, but it's too bad Japan complicated things. If Citibank stops offering good rates, HSBC or Bank of America might be worth looking into.
I should also reiterate what @Eliza said. This isn't tax advice, it's just what I have come across during my research. I could be wrong.
As a US citizen you would be required to file a US tax return every year even if you don't owe taxes. The Foreign Earned Income Exclusion would mean you wouldn't have to pay taxes on your foreign income below $92,900 (for 2011). Separately, You would also be required to report any combination of foreign accounts that total more than $10,000. I'm not sure if you would have to pay any tax on that. I would guess not as long as the interest/income from it doesn't exceed the FEIE. Here are some IRS links that might clarify.
http://www.irs.gov/businesses/small/art ... 49,00.html
http://www.irs.gov/businesses/small/int ... 11,00.html
Thanks for commenting on xe.com. I'm glad that it works well, but it's too bad Japan complicated things. If Citibank stops offering good rates, HSBC or Bank of America might be worth looking into.
@Eliza
Thanks for chiming in. I haven't filed for the past three or so years, but I know that I should be. It's very hard for me to file as I sometimes just have no idea if I'm doing it right or not. I guess it's better to try and fail then to sit back and wait for them to come to me.
@tuixiuren
I'm going to check out those links! I'll definitely check around at those other banks as well.
Thanks for chiming in. I haven't filed for the past three or so years, but I know that I should be. It's very hard for me to file as I sometimes just have no idea if I'm doing it right or not. I guess it's better to try and fail then to sit back and wait for them to come to me.
@tuixiuren
I'm going to check out those links! I'll definitely check around at those other banks as well.
I'm from Canada and I live in Nagoya and I send money home using the post office. I'm even less knowledgeable about US tax laws, but using the post office is the cheapest way I've found to send money home. Although I'm not sure if the fees are different for US accounts than Canadian ones. Anyway...
Post offices have better exchange rates than any bank in Japan and it only costs 2500 yen to send home up to $10,000. I think you can send home more than that but there may be extra forms to fill in (the most I've ever sent is $8000). In my case my Canadian bank at the other end takes $10 - so around $35 total. Money sent to your account typically arrives within 4-5 business days.
The form you ask for is a "kokusai yuubin kawase" (international post office money order) and it takes all of 5 minutes to fill in.
Post offices have better exchange rates than any bank in Japan and it only costs 2500 yen to send home up to $10,000. I think you can send home more than that but there may be extra forms to fill in (the most I've ever sent is $8000). In my case my Canadian bank at the other end takes $10 - so around $35 total. Money sent to your account typically arrives within 4-5 business days.
The form you ask for is a "kokusai yuubin kawase" (international post office money order) and it takes all of 5 minutes to fill in.
Welcome Skinnyneo,
I'm new around here too, but have been thinking about teaching English abroad. I hear it can be very lucrative, and might fit well with an ERE lifestyle. How did you get hooked up doing this work? Do you need any Japanese proficiency going in? Any tips on how to find a program/situation that's reputable and worthwhile?
Don't necessarily want to hijack the thread, so maybe we can start a new thread for this sort of topic if it seems appropriate.
Again, welcome!
I'm new around here too, but have been thinking about teaching English abroad. I hear it can be very lucrative, and might fit well with an ERE lifestyle. How did you get hooked up doing this work? Do you need any Japanese proficiency going in? Any tips on how to find a program/situation that's reputable and worthwhile?
Don't necessarily want to hijack the thread, so maybe we can start a new thread for this sort of topic if it seems appropriate.
Again, welcome!
@Blackfish
Hi Blackfish! Good to meet another foreigner in Japan. Thanks for the info on the post office. I used it once before but then opted for Go Lloyds as I could do everything online. Their rates weren't really that great however, and the charged about the same fees as you said for the post office. If my free Citibank transfer runs out the post office will probably start to be my next stop.
@Rob A
Hi, and thanks for the welcome!
I originally came to Japan on the JET program. This is just my personal opinion but I think that JET program is the best way to come to Japan to teach English. They pay for your airfare, and setup your apartment, give decent pay, etc.
If your interested the application period is coming up. You don't want to miss as it is only held once a year. If you apply and get in you would be coming to Japan in summer 2012. Here is the official website http://www.us.emb-japan.go.jp/JET/index.html
There are many other ways to come to Japan but I think they are not as caring. You can sign up with a dispatch service (try searching for dispatch services Japan) and if they hire you you do the same kind of job as on JET but the pay is usually a bit lower and I have heard good but mostly bad things about working for these guys.
You could also teach at an English conversation school. Some of the more popular ones are Berlitz, Gaba, or ECC. They all have websites and are pretty easy to sign up with. Many many people do this kind of work and have made it into a career. For me personally I did this (and still do it part time) but felt that the companies really didn't care about me. The money was not bad (better than in the states anyway) but it seemed like they had too many hoops.
As long as you are polite, have a college degree, and enjoy interacting with people its not a bad job. Even at the low end of the English conversation school pay you'll still be making over US$3,000 a month (at the current exchange rate). Japan is a bit more expensive however, but that is where being frugal comes in!
That ended up being longer than I thought! Let me know if you have any other questions.
Hi Blackfish! Good to meet another foreigner in Japan. Thanks for the info on the post office. I used it once before but then opted for Go Lloyds as I could do everything online. Their rates weren't really that great however, and the charged about the same fees as you said for the post office. If my free Citibank transfer runs out the post office will probably start to be my next stop.
@Rob A
Hi, and thanks for the welcome!
I originally came to Japan on the JET program. This is just my personal opinion but I think that JET program is the best way to come to Japan to teach English. They pay for your airfare, and setup your apartment, give decent pay, etc.
If your interested the application period is coming up. You don't want to miss as it is only held once a year. If you apply and get in you would be coming to Japan in summer 2012. Here is the official website http://www.us.emb-japan.go.jp/JET/index.html
There are many other ways to come to Japan but I think they are not as caring. You can sign up with a dispatch service (try searching for dispatch services Japan) and if they hire you you do the same kind of job as on JET but the pay is usually a bit lower and I have heard good but mostly bad things about working for these guys.
You could also teach at an English conversation school. Some of the more popular ones are Berlitz, Gaba, or ECC. They all have websites and are pretty easy to sign up with. Many many people do this kind of work and have made it into a career. For me personally I did this (and still do it part time) but felt that the companies really didn't care about me. The money was not bad (better than in the states anyway) but it seemed like they had too many hoops.
As long as you are polite, have a college degree, and enjoy interacting with people its not a bad job. Even at the low end of the English conversation school pay you'll still be making over US$3,000 a month (at the current exchange rate). Japan is a bit more expensive however, but that is where being frugal comes in!
That ended up being longer than I thought! Let me know if you have any other questions.
@Skinnyneo
You're welcome! I looked into Go Lloyds but if you transfer to a Canadian bank you get hit with a charge three times: once from Lloyds (2000yen), once from an intermediary bank (anywhere from $20-$40), and then one last time at your own bank ($10 in my case). Way too expensive for me.
JET certainly pays the highest monthly salary (300,000 yen, correct?) but it's definitely not the easiest way to get to Japan. Certainly the cheapest though. I came to Japan via ECC and got here faster than I would have with JET. They also set up your apartment, but they don't pay for your flight here and they pay less (starting salary is 252,000 a month). However, you only have to work 29.5 hours a week versus the 40 a week you have to work with the JET programme. Fewer full-time hours means more part-time hours and that's where the real money is (most small language schools have an hourly wage starting at 3000yen an hour [over $30 with the current exchange rate]).
Another problem with JET is that most of the places people are sent to are small communities and it's therefore difficult to find work on the side. I'm living in Nagoya (3rd largest city in Japan) and I've never had an easier time finding extra work.
After rent, food is the biggest expense living in Japan. It's difficult to eat cheaply and healthy (cheaply isn't a problem) as fruits and vegetables are ridiculously expensive. Meat doesn't seem too expensive, but just eating meat isn't very healthy. That said, my girlfriend and I manage to live off of ~$1000 a month (rent, food, misc.) so we're pocketing a significant amount of money every month.
Where you can really save money living in Japan is transportation. The company we work for (ECC) reimburses us for transportation, which saves us between $12-1300 a year. We're also able to walk/bicycle to a few of our schools from our apartment and we pocket the transportation expense, which is about $6-800 a year.
We're really happy we came here because we get to save a tonne of money while also having the experience of living in a foreign country. It's the best of both worlds.
You're welcome! I looked into Go Lloyds but if you transfer to a Canadian bank you get hit with a charge three times: once from Lloyds (2000yen), once from an intermediary bank (anywhere from $20-$40), and then one last time at your own bank ($10 in my case). Way too expensive for me.
JET certainly pays the highest monthly salary (300,000 yen, correct?) but it's definitely not the easiest way to get to Japan. Certainly the cheapest though. I came to Japan via ECC and got here faster than I would have with JET. They also set up your apartment, but they don't pay for your flight here and they pay less (starting salary is 252,000 a month). However, you only have to work 29.5 hours a week versus the 40 a week you have to work with the JET programme. Fewer full-time hours means more part-time hours and that's where the real money is (most small language schools have an hourly wage starting at 3000yen an hour [over $30 with the current exchange rate]).
Another problem with JET is that most of the places people are sent to are small communities and it's therefore difficult to find work on the side. I'm living in Nagoya (3rd largest city in Japan) and I've never had an easier time finding extra work.
After rent, food is the biggest expense living in Japan. It's difficult to eat cheaply and healthy (cheaply isn't a problem) as fruits and vegetables are ridiculously expensive. Meat doesn't seem too expensive, but just eating meat isn't very healthy. That said, my girlfriend and I manage to live off of ~$1000 a month (rent, food, misc.) so we're pocketing a significant amount of money every month.
Where you can really save money living in Japan is transportation. The company we work for (ECC) reimburses us for transportation, which saves us between $12-1300 a year. We're also able to walk/bicycle to a few of our schools from our apartment and we pocket the transportation expense, which is about $6-800 a year.
We're really happy we came here because we get to save a tonne of money while also having the experience of living in a foreign country. It's the best of both worlds.
@Blackfish
Good to know! I am not sending money to a Canadian account but my GF is Canadian and if we ever decide to go back to Vancouver than that is where we would be taking our money too. Good information to have.
You are right about JET not being convenient to get into. I suppose that I was equating cheap=convenient. What I didn't like about the English conversation school route however (at least the one that I was hired at) was that the employee takes on all the risk at the beginning. The company that hired me required employees to: buy a ticket to Japan, find and pay for accommodation for a week, pay their own transportation to and from training (this could be over $100 after the week), and until the training was over they didn't guarantee you a job! I am pretty sure that company had a 100% sign rate as by the end of the week you've already sank over USD$3000 into just getting hired. It just gave me a bad rub.
You are correct in that you work fewer hours as well (29.5 or so compared to 40) but you also have to teach more lessons. On JET I found myself with many "planning periods" which many people I know used to do online classes, or study Japanese. And although your right that there is a lot of money to be made in private lessons you would have to work about 16 private lessons at 3000 yen to make up for the 50,000 yen difference in pay. It depends on the length of your private lesson but if it is even 40 minutes that is about 10 hours extra a week so it seemed like a wash to me.
At the end of the day however JET, English conversation school, Dispatch ALT, or private contract you can make pretty good money (USD$3000 or so a month or more) for really just speaking your language. And with the benefits that Blackfish pointed out like your employer paying your transportation, the proliferation of bikes for transportation, and like Blackfish and I, splitting your bills with a partner, you really can save up or pay off debt quickly.
Very soon I will be done with my school loans (was $25,000 plus whatever interest) and have bought a used car (was USD$8,000 and was helping out some family members by buying it from them) in about 4 years. I probably could have done it much sooner too (say two and a half or maybe even two years) if me and my GF didn't like to travel, and I hadn't gone back to the states every year for a month.
Good to know! I am not sending money to a Canadian account but my GF is Canadian and if we ever decide to go back to Vancouver than that is where we would be taking our money too. Good information to have.
You are right about JET not being convenient to get into. I suppose that I was equating cheap=convenient. What I didn't like about the English conversation school route however (at least the one that I was hired at) was that the employee takes on all the risk at the beginning. The company that hired me required employees to: buy a ticket to Japan, find and pay for accommodation for a week, pay their own transportation to and from training (this could be over $100 after the week), and until the training was over they didn't guarantee you a job! I am pretty sure that company had a 100% sign rate as by the end of the week you've already sank over USD$3000 into just getting hired. It just gave me a bad rub.
You are correct in that you work fewer hours as well (29.5 or so compared to 40) but you also have to teach more lessons. On JET I found myself with many "planning periods" which many people I know used to do online classes, or study Japanese. And although your right that there is a lot of money to be made in private lessons you would have to work about 16 private lessons at 3000 yen to make up for the 50,000 yen difference in pay. It depends on the length of your private lesson but if it is even 40 minutes that is about 10 hours extra a week so it seemed like a wash to me.
At the end of the day however JET, English conversation school, Dispatch ALT, or private contract you can make pretty good money (USD$3000 or so a month or more) for really just speaking your language. And with the benefits that Blackfish pointed out like your employer paying your transportation, the proliferation of bikes for transportation, and like Blackfish and I, splitting your bills with a partner, you really can save up or pay off debt quickly.
Very soon I will be done with my school loans (was $25,000 plus whatever interest) and have bought a used car (was USD$8,000 and was helping out some family members by buying it from them) in about 4 years. I probably could have done it much sooner too (say two and a half or maybe even two years) if me and my GF didn't like to travel, and I hadn't gone back to the states every year for a month.
@Skinnyneo
Yeah we weren't too keen on flying ourselves over and signing a rental agreement for 4 months without having a guaranteed job either. But it worked out in the end.
You mean 16 lessons a month, right, not a week? 16*3000 = 48,000 a month, so just barely under the difference in pay. But you're right about any of the jobs being lucrative. And you're also right about having to teach more lessons and not having any preparation time. I have a friend who is an ALT in Okinawa and she spends almost half of her 40 hours a week in her office studying. I am incredibly jealous because I have to do my studying on my own time.
I highly recommend living in Japan as a way to get to financial independence quickly. We've been putting away $20,000 a year each for the 2 years that we've been here and we've still been able to travel around the country and to Southeast Asia. If you lived here for 5 years you'd be set for a long time. More importantly, you could pick up another language and use it to freelance back home. Translating, teaching English to Japanese immigrants, interpreting, etc.
You get the experience of living in another country, the money to set yourself up for whatever you like back home, and you can learn another language. What's not to like?
Yeah we weren't too keen on flying ourselves over and signing a rental agreement for 4 months without having a guaranteed job either. But it worked out in the end.
You mean 16 lessons a month, right, not a week? 16*3000 = 48,000 a month, so just barely under the difference in pay. But you're right about any of the jobs being lucrative. And you're also right about having to teach more lessons and not having any preparation time. I have a friend who is an ALT in Okinawa and she spends almost half of her 40 hours a week in her office studying. I am incredibly jealous because I have to do my studying on my own time.
I highly recommend living in Japan as a way to get to financial independence quickly. We've been putting away $20,000 a year each for the 2 years that we've been here and we've still been able to travel around the country and to Southeast Asia. If you lived here for 5 years you'd be set for a long time. More importantly, you could pick up another language and use it to freelance back home. Translating, teaching English to Japanese immigrants, interpreting, etc.
You get the experience of living in another country, the money to set yourself up for whatever you like back home, and you can learn another language. What's not to like?
@Blackfish
Ack! Yes your very right, it would be 16 a month or about 4 a week. An ALT in Okinawa? Ii naa! Sounds like she really hit the jackpot. I've heard it's really beautiful there and because it is a bit remote I'll bet it would be a great place to save up money.
I'm glad that you also are of the ERE mentality in Japan. I knew so many people when I was on JET that worked for 3-5 years and still had no money when they were done. Some people I know where in even more debt when they left! I don't know how it was possible.
A lot of people went really crazy getting 42 inch big screen TV's, Playstations, Xbox, eating and drinking out every night. No wonder they were broke, and they didn't even have a car! And it wasn't just the "youngins" either. I knew people in their 30's who had no financial sense what so ever.
I have to admit that I am a bit of a gadget-o-phile myself, and I do enjoy video games, but I have learned a lot of moderation since living here. Plus I see my hobby as sometimes keeping me from spending money. If I can get a good game me and my GF will enjoy for a month for 8000 yen that is pretty cheap I think.
I second everything you have said! Come and earn some good money, get some good skills, and have a once in lifetime experience.
Ack! Yes your very right, it would be 16 a month or about 4 a week. An ALT in Okinawa? Ii naa! Sounds like she really hit the jackpot. I've heard it's really beautiful there and because it is a bit remote I'll bet it would be a great place to save up money.
I'm glad that you also are of the ERE mentality in Japan. I knew so many people when I was on JET that worked for 3-5 years and still had no money when they were done. Some people I know where in even more debt when they left! I don't know how it was possible.
A lot of people went really crazy getting 42 inch big screen TV's, Playstations, Xbox, eating and drinking out every night. No wonder they were broke, and they didn't even have a car! And it wasn't just the "youngins" either. I knew people in their 30's who had no financial sense what so ever.
I have to admit that I am a bit of a gadget-o-phile myself, and I do enjoy video games, but I have learned a lot of moderation since living here. Plus I see my hobby as sometimes keeping me from spending money. If I can get a good game me and my GF will enjoy for a month for 8000 yen that is pretty cheap I think.
I second everything you have said! Come and earn some good money, get some good skills, and have a once in lifetime experience.
I toyed with the idea of getting a TESOL Certificate and teaching overseas...though my preferred country would be Thailand.
As for transfering money...check with the major US banks and see if they have reciprocal agreements with any Japanese banks.
I have a fellow employee who lives in England half the year...when he's working here in the US he deposits his money in a Bank of American account and his wife can withdraw from a Barclays ATM in England with no fees courtesy of such a reciprocal agreement.
As for transfering money...check with the major US banks and see if they have reciprocal agreements with any Japanese banks.
I have a fellow employee who lives in England half the year...when he's working here in the US he deposits his money in a Bank of American account and his wife can withdraw from a Barclays ATM in England with no fees courtesy of such a reciprocal agreement.
@Skinnyneo
I have friends like you described. They make the same salary I make yet manage to spend it entirely by month end. I don't know how it's possible to spend that much money every month. Even when I was being irresponsible with my money while I was in college I would not have been able to spend $3000+ a month.
@FrugalZen
At what stage in your financial life did you toy with going to Thailand? I think it would be a great place to go to once you're financially independent since everything is dirt cheap, but I'm not sure it would be a good place to accumulate a pile of cash to return home with. We looked into teaching in Thailand and the salaries are excellent to live in Thailand, but not to accumulate a fund you could live off of in North America. At least not on the ERE time line.
I have friends like you described. They make the same salary I make yet manage to spend it entirely by month end. I don't know how it's possible to spend that much money every month. Even when I was being irresponsible with my money while I was in college I would not have been able to spend $3000+ a month.
@FrugalZen
At what stage in your financial life did you toy with going to Thailand? I think it would be a great place to go to once you're financially independent since everything is dirt cheap, but I'm not sure it would be a good place to accumulate a pile of cash to return home with. We looked into teaching in Thailand and the salaries are excellent to live in Thailand, but not to accumulate a fund you could live off of in North America. At least not on the ERE time line.
I spent 4 years in Japan in the late 80's and I've gotta say that it set me up for life. I was there just before the JET programme started but was effectively doing the same thing as well as teaching after hours. The going rate back then was 5000 Yen an hour. I knew I was on to a good thing and saved close to $120,000, enough to buy 2 houses outright.
I'm bit of a compulsive saver by nature and my time in Japan has allowed me to build a substantial nest egg and I plan to make 2012 my last year of full-time work.
I'm bit of a compulsive saver by nature and my time in Japan has allowed me to build a substantial nest egg and I plan to make 2012 my last year of full-time work.
@Frugal zen
Did you ever go through with the idea? A friend of mine worked in Korea and then he moved to Thailand to teach English using his TESOL certificate. He really enjoyed both, but like Blackfish said he didn't see the salary as high in Thailand as he could make back in the states. I'll have to keep my eye open for banks. The only US bank here that I know of is Citibank and they aren't bad but have very stringent rules about their accounts.
@Blackfish
Exactly. I didn't know any of these people to be happier either. In fact they always seemed so busy and never really enjoyed any of their toys. And when it came time for them to leave Japan it all had to go. So wasteful!
@nz
Wow! I remember reading that the JET salary has never changed over the time of the program. At that time it was considered a really good high paying job (I think like $USD80,000 or more per year, but don't quote me). I'm glad to hear that you were able to save so much so quickly. Were you saving by yourself or did you have a partner?
Not to stereotype (but it's a complement so maybe it's okay?) but I have always found Japanese women particularly frugal in most aspects. They cook at home, and are very good with money as they are usually the house accountant. My co-worker just hands his checks over to his wife and doesn't worry about money ever!
On the other hand I do see many YOUNG Japanese women waste money on designer bags, clothing, etc. I had no idea a Louie Viton purse could be USD$2,000 or more!
Just my small observation.
Did you ever go through with the idea? A friend of mine worked in Korea and then he moved to Thailand to teach English using his TESOL certificate. He really enjoyed both, but like Blackfish said he didn't see the salary as high in Thailand as he could make back in the states. I'll have to keep my eye open for banks. The only US bank here that I know of is Citibank and they aren't bad but have very stringent rules about their accounts.
@Blackfish
Exactly. I didn't know any of these people to be happier either. In fact they always seemed so busy and never really enjoyed any of their toys. And when it came time for them to leave Japan it all had to go. So wasteful!
@nz
Wow! I remember reading that the JET salary has never changed over the time of the program. At that time it was considered a really good high paying job (I think like $USD80,000 or more per year, but don't quote me). I'm glad to hear that you were able to save so much so quickly. Were you saving by yourself or did you have a partner?
Not to stereotype (but it's a complement so maybe it's okay?) but I have always found Japanese women particularly frugal in most aspects. They cook at home, and are very good with money as they are usually the house accountant. My co-worker just hands his checks over to his wife and doesn't worry about money ever!
On the other hand I do see many YOUNG Japanese women waste money on designer bags, clothing, etc. I had no idea a Louie Viton purse could be USD$2,000 or more!
Just my small observation.
@Skinny
I worked in Kyushu at a time when the Japanese economy was at its zenith and money was being thrown around e.g. 'look at us we can afford a private foreign tutor', and there were relatively few foreigners available. My monthly salary was 300,000 yen housing provided and utilities seemed ridiculously cheap.Food was relatively expensive but on the whole it was very easy to save.
I worked in Kyushu at a time when the Japanese economy was at its zenith and money was being thrown around e.g. 'look at us we can afford a private foreign tutor', and there were relatively few foreigners available. My monthly salary was 300,000 yen housing provided and utilities seemed ridiculously cheap.Food was relatively expensive but on the whole it was very easy to save.