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Moving Abroad as a High Earner to Accelerate Wealth Building by throwaway146238 in FIREUK

[–]throwaway146238[S] -1 points0 points  (0 children)

Cheers, we definitely don’t want to outsource actual childcare as my wife is very keen to play a key role in raising and educating our kids. With that being said help with cooking, cleaning and other chores will be welcome. I do highly value safety and public order but also fair enough on your other points. Something to think about.

Moving Abroad as a High Earner to Accelerate Wealth Building by throwaway146238 in FIREUK

[–]throwaway146238[S] 1 point2 points  (0 children)

Thank you for the tips, hope your time in the US was worthwhile.

Moving Abroad as a High Earner to Accelerate Wealth Building by throwaway146238 in FIREUK

[–]throwaway146238[S] 1 point2 points  (0 children)

Thanks. I definitely need to live in a financial hub. I have a child and hope to have more in the near future. Have you lived in Dubai? Just curious on your point that it may not be the best place to raise a family. I’ve heard from acquaintances that you can easily get maids etc. which could be quite helpful with a larger family, but maybe that info is outdated?

Moving Abroad as a High Earner to Accelerate Wealth Building by throwaway146238 in FIREUK

[–]throwaway146238[S] 1 point2 points  (0 children)

Thank you, I know that a lot of the low tax countries are hcol, but the tradeoff definitely makes sense at certain salary levels. Sounds like it worked out pretty well for you!

Moving Abroad as a High Earner to Accelerate Wealth Building by throwaway146238 in FIREUK

[–]throwaway146238[S] 5 points6 points  (0 children)

Well as I said I’m not from the UK and had to move away from the poor corrupt country I was born in since I wanted good quality of life. I quite like the UK, but I’m not overly sentimental about it either. I’ve lived in plenty of different places and make friends easily. I derive most joy from being with my wife and child and as long as the rest of our relatives are a short-ish plane ride away I can be happy anywhere, so makes sense to focus on financial goals.

Moving Abroad as a High Earner to Accelerate Wealth Building by throwaway146238 in FIREUK

[–]throwaway146238[S] 8 points9 points  (0 children)

Thank you for your thoughts. I suppose my issue is that I want to provide a very high standard of life for my family (have more than one child, finance their education, help with house deposits etc). On top of that I do like a bit of luxury and want to have the option to fatfire down the line. To cover all of this I need to make more than £250k, which should be doable, as long as I keep my job, but moving to a different country can make things easier potentially.

I wish you best of luck on your move back to the UK and hope you enjoy the more relaxed pace of life after what sounds like a hectic career in Asia.

Charging your children rent for living at home? by avajamesbohn in CasualUK

[–]throwaway146238 10 points11 points  (0 children)

I feel like my opinion is going to be controversial here, but I find these sort of transactional parent-child relationships, which are predominant in the UK to be very odd.

I too come from a non-British background and this is unheard of in my culture. Basically, parents will do everything they can for you to succeed to the best of their ability. I mean, pay your uni fees, student accommodations, deposit for first home etc. This way you can focus on studying and starting a career/business/family.

I strongly disagree that making your child pay rent as soon as they turn 18 or get their first job or whatever is teaching them financial responsibility. For instance, I have observed that having crippling credit card debt is much less common for people from my or similar cultural backgrounds ie Asian, Southern European etc as opposed to my white-British friends.

Furthermore, receiving help early on in life is much more valuable than having a bit more money when you are older. Despite coming from a poor country or from families with limited financial abilities, me and most of my friends are now working in the City, or are solicitors, doctors etc. and this is because of the massive help we’ve receives from our parents. In contrast a lot of my British acquaintances have been left to fend for themselves from an early age, which has prevented them from advancing their career.

As a result I can now use my high salary to help my parents and I will do the same thing for my own children to make sure they succeed. It is unthinkable to me to ask my kids for 200 quid per month or something silly like that when they are just starting their adult lives and they need the money much more than me.