March 2, 2010

Caveat for English Teachers in "Poorer" Countries

If you get an English teaching job in a place like Thailand or Chile and you get paid in local currency, please be prepared for one thing. When you get back to the "First World" and apply for loans or credit or other such things, you will often have to put on the form the amount of money you had been earning. If you had been working in Thailand making 30,000-40,000 baht a month and living like a king, or working in Chile or Mexico making oodles of pesos, you will seem like a pauper when you put that you have only made USD$8,000-13,000 a year. The loan officers will not care that it was big money in the "Third World". You are below poverty line in your country, making less money than what a janitor would make. That means that you will not qualify for credit, home loans and the such.

Please keep that in mind when you head for all those exotic countries where you will be living the life of Riley compared to the locals. You will be seen as a poverty-stricken street bum on the dole by credit agencies of your own country when you get back.

What is the solution? Make sure that you have enough credit built up before you go to such exotic destinations for sizable downpayments when you get back home as your earning history may not look that great to people who will be granting you credit.


No comments: