Now that our family has moved to North Carolina, our next big financial goal, ten years’ hence, is retirement. We’ve decided to wait until Little ThreeYear graduates before we retire (although we could always change our minds). Since we’ll be retiring somewhat early, before the “official” age of 65, we’ll need to structure our retirement so that we have access to different pools of money, or streams of income, to tap into.
Though Mr. ThreeYear and I primarily invest in index funds (we have a “slow and simple-don’t get greedy” philosophy), we currently plan to have several streams of income available to us when we retire. Some will be passive, and others active. While this wasn’t necessarily a conscious plan on our part, life has worked out this way and we’ll take these streams of income we’ve developed along the way. Continue reading “The Six Streams of Income We’ll Rely on in Early Retirement”
Nevertheless, when I came across this post from Financial Panther on earning money through bank bonuses (well, it was really a sub-topic of the post, but it peaked my interest), I bookmarked it. I found this site that showed me banks in my new town (in North Carolina) that were offering bank bonuses.
Low and behold, when we moved in to our house in July, we received a pamphlet from Fifth Third Bank offering a $550 bank bonus!
Fifth Third Bank
Here were the details:
We had to be a resident of one of ten states (North Carolina was one, so we were good there).
We had to set up two accounts, a checking and a savings account.
We had to deposit a minimum of $500 in the checking account and $15,000 in the savings account. The savings account paid a minimum amount of interest.
After 60 days, if we kept a minimum balance of $500 in our checking account, we’d receive a bonus of $250!
After 90 days, if we kept a minimum of $15,000 in our savings account, we’d receive an additional bonus of $300.
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Is it possible to increase your net worth through optimism and hope? Last week, I was listening to this episode of the Australian All in the Mind podcast featuring American positive psychologist Martin Seligman, speaking on the power of positive psychology and optimism in changing our outcomes.
One of the reasons I was drawn to this podcast was because Seligman is an academician. He’s interested in quantifiable research in neuroscience that psychologists can use to improve people’s outcomes, that is, their happiness levels. Seligman is the Director of the Penn Positive Psychology Center at the University of Pennsylvania and is widely known as the founder of positive psychology (here’s a TED talk he did from 2004).
In the podcast, Seligman shares how early on in his career, he realized that his colleagues were focused on the alleviation of misery and suffering, but he was interested in how to increase happiness: “I said, look, when you lie in bed at night you are generally not thinking about how to go from -8 to -5, you’re thinking about how to go from +3 to +6 in life. Psychologists have never worked on this, we’ve never worked on happiness, well-being, the stuff that is above zero.”
When you’re building wealth by saving and investing, one of the things that can help you save much more rapidly is earning more. In Part 1 of “How to Be a Rockstar at Your Job,” I detailed three ways Mr. ThreeYear and I have been able to increase our wages over the years: taking responsibility, working as contractors, and tooting our own horns.
Today, I’ll offer several more ways we are able to become rockstars at our jobs in order to increase our salaries as much as possible.
Find a Mentor
Jalpan from Passive Income Engineering cited finding a mentor as one of the key ways he’s been able to progress in his field in intellectual property.
A mentor is a co-worker at your job who’s ideally a couple of positions above you, or someone who has more experience in different areas. He or she can teach and guide you, answer questions, and generally help you become better at your job.
Last week, I wrote about building wealth, and how Mr. ThreeYear and I began saving and investing.
I would be remiss if I didn’t discuss one of the major ways we’ve been able to save: our incomes. Mr. ThreeYear has worked hard to increase his earnings over the years and now earns a very competitive salary for his field.
While I work part-time (as a teacher no less), I have increased my hourly wage with my job so that were I to work full-time, I would earn a very competitive salary (higher than the average teacher salary).
Mr. ThreeYear and I have worked hard to rock our jobs, and this is one of the key ways we’ve been able to pay off debt, invest, and increase our net worth.
Earning more during your working years is one of the fastest ways you can increase your savings, especially if you’ve developed the discipline of banking your raises.
Many financial bloggers talk about side hustles, building your own business, or buying real estate as a way to increase your income. These are fantastic ways to earn more money, but today I’m going to focus on increasing your wages as an employee (or a contractor–we’ll get to that).
Hi all! Today, I’m really excited to have a guest post over on Chief Mom Officer’s awesome site on how Mr. ThreeYear and I met and how I became the financial nerd I am today. Liz, AKA Chief Mom Officer, and I have been “blog friends” for almost as long as I’ve been blogging, and we’re now IRL friends, too, since we got the chance to meet in person in Boston last fall.
Last week I got some news. One of my English Language Learner students, a newcomer with whom I’d spent several hours a day, was returning to her home country.
How thrilling for her! She is Puerto Rican and came to New Hampshire after Hurricane Maria. As much as she likes our school and learning English, she left most of her family there, including her dad, her dog, and her cat. And she misses the warmth! She misses going to the beach every day. Now she gets to go home. She is so happy.
As excited as I am for her, I’m bummed for myself. Because I worked with her so much each day, I’ll now have a lot less to do each day. And my income will drop significantly. I enjoyed teaching her, and all of the hours I worked with her provided a significant bump in my paycheck. This is a downside of being a contractual ESL Teacher, though. I can’t choose how many students I work with–it’s entirely dependent upon who moves into the district. Continue reading “When Life Gives You a Kick in the Pants”
Hello! Welcome to “Location Independent, International Jobs,” the Wednesday series where I showcase stories from people who have become location independent, work internationally, and/or continuously travel.
In today’s interview, you’ll hear the story of Andrew, who lives in Dubai with his wife, Jamie, and their two young sons.
This interview will cover:
how to get an international job (hint: your network is important!)
the benefits of an MBA
how to become an international entrepreneur
some cultural shocks from Dubai
the financial benefits of fasting
For the complete story of how Andrew made a life in Dubai from Atlanta, Georgia, keep reading!
Can you tell us a little bit about your background?
I am an American from a small town in north Georgia. My wife and I have been living in Dubai since 2008. We have two boys named Jack (who’s six) and Zain (who’s three), or as we call them, Thing One and Thing Two. They were born in The Emirates.
I graduated from Furman University with a degree in Spanish. I earned an MBA at Georgia State University in Atlanta. I attended part time for a few years while working for DHL (the delivery company).
How did you make the decision to move internationally?
My wife and met while in graduate school for international business. Both of us wanted to live overseas – mostly for the adventure [Laurie: Andrew has traveled to over 80 countries!] . As a part of our graduate school program we had to intern overseas. I worked in China and she worked in Argentina. After we graduated we got jobs in Atlanta and then when an opportunity to work overseas just before the Great Recession. We never planned on living in the Middle East and we thought we would just stay for a year.
Last week, I decided to talk to one of my English Language Learner students about his job prospects. He’s in ninth grade, and just arrived from Vietnam last December. He’s made great progress on his English, although he is still reticent about speaking in his general classes. But he’s a jokester at heart (he likes that word) and we always have lots of fun in our classes.
His mother, like many Vietnamese immigrants to the US, works in a nail salon. I have talked to my student about this many times, but I, being his “well-educated” teacher, wanted to officially broach the topic of his prospects after high school. Several teachers and I had discussed how we wanted him to have more lofty goals than working in a nail salon his whole life. I wanted to expand his horizons.
Turns out, he had some things to teach me.
First off, a peak inside my head: “successful,” according to me, means having my kids go to a four-year university. If it’s Ivy League, that would be amazing. Mr. ThreeYear and I plan to pay for the majority of our kids’ college, so we’re looking at the majority of $45,000+ a year (currently!) for four years, the average total cost (tuition, fees, and room & board) for a private college, times two.
Then, they’ll graduate, study medicine, law, architecture, or engineering, get a great job, and change the world!
I wanted my student to know that he could and should! expect more from life than working in a nail salon. “I don’t want to work in a nail salon,” he said. “But… you can make a lot of money there. My mom,” he told me, “can make $1800 a week in the nail salon.”
Our family is on a three-year journey to double our net worth and become location independent, so part of our strategy is earning more over the next three years. One of the ways we’re doing so is through my teaching position. But how do you earn big bucks in education?
I admit that the title of this post is meant to reel you in. Because, as we all know, if you want to earn a big salary, then education is generally not the field to pursue. And, truth is, if you’re in education, you’re probably not going to ever make the big bucks that lawyers or doctors make (but kudos to you guys!).
However, if you’re already in the education field, or you’re interested in pursuing a career that gives you summers off, may I recommend a way to make more money in education than the average salary schedule of a classroom teacher?
Here’s the big secret: become a contracted service provider for a school district. I am a contractor for two school districts, and while I’m a part-time worker, my hourly rate is high enough that I’d be a six-figure income earner if I worked full-time, year-round.
Surprised? So was I when I first started teaching this way. Read on for more details.
First of all, what is a contracted service provider? It’s a person who provides some type of service to a school or district, but not on a full-time basis. Usually, specialists like ESOL teachers (that’s what I do), Reading Specialists, Special Education teachers, Curriculum Developers, psychologists, Physical Therapists, Occupational Therapists, and Speech and Language Pathologists can work with a school as a contractor. Usually, these professionals work on a part-time basis with the district, and may provide services for multiple districts.
I am a contracted service provider for two school districts about fifteen minutes apart. I provide English to Speakers of Other Languages services for both districts. What this means, practically speaking, is that I am a 1099 contractor who owns my own business and provides ESL teaching services to both districts. In one district, I have two students with whom I work, and in the other, I have four. I work a total of about 30-35 hours per week at both districts.
Many school districts have just a few English Language Learners in their populations, so it’s hard to attract an ESOL teacher to work for just a few hours a week. If an ESOL teacher is able to find several districts with the same small population of students close to one another, then he or she can work part-time at several schools. This is not just true for ESOL teachers, but for Occupational or Physical Therapists, Speech and Language Pathologists, School Counselors, psychologists, and many other professionals.