4 Ways for Expats to Make Extra Money

  As many of you know, I am an expat- person living outside of my country of  citizenship. I've been living in South Korea now for over 14 months. As expatriates of our respective countries, it's easy to sometimes find ourselves trapped within the confines of our employment- which, in many cases, is our sole motivation for living abroad.

With all the muck and fuss with visas, contracts, and language barriers, it seems many times like there is no way to flourish financially beyond the set means of our employers.

This article is devoted to creative approaches to generating extra income while living, working, studying outside of your home country.


1. English Tutoring

English, in many parts of the globe, is a hot commodity. Assuming that you are comprehending what is written here, you surely have the capacity to teach English to natives with skills ranging from low levels on up to fluency. However, before you start posting fliers all over your neighborhood, be sure that you check the laws in your country in regards to foreigners employment. Particularly if your visa is linked to your employer( ie: you are in the country on a work visa), be sure to know the laws surrounding your pursuit of supplementary employment sources BEFORE pursuing anything. Depending on what you find, you may be in the clear, or might have to make a calculated assessment of the situation to see if the benefits outweigh the cons and possibility of getting caught(and deported)!

However, if you do decide to pursue English tutoring, know that it is a lucrative market, depending on where you are in the world, the saturation of native English speakers in the market, and the economic situation of the host country.

Resource: www.ESLCafe.com 
  I recommend this site because they have listings for teaching positions all over the globe.


2. Promotion

This is an obvious one, but getting a promotion in your current job can be a way to make extra cash while living abroad. Getting promoted from abroad though can be difficult, particularly when your boss or supervisor might not even be on site with you, or on the same continent for that matter.

However, getting promoted in any organization begins with you proving more value to the current situation that you take. Adding value to your workplace can be as simple anything from taking on the extra hours that nobody else wants, to communicating effectively and being a source of positive energy in a negative office environment. Overall, it never hurt to try!


Resource: www.DaniJohnson.com

  I recommend this resource as a way to improve your personal skills in working with people, and ultimately increasing the value you personally offer to your organization, family, and everyone that knows you.

3. Starting  Business

Starting a business has become easier than ever with today's technologies. Additionally, starting a business can provide a more long-term solution to your financial woes. Depending on the flexibility of your business- whether or not it can be operated without your physical presence, you might even be able to take your flourishing business with you on your next overseas assignment, or back to your home country when your employment term is finished. Starting a business can also give you certain tax benefits, depending on your country's regulations.

Again, do your due diligence in regards to laws about foreigners owning businesses in your respective host country. Additionally, know that businesses come with expenses that will be yours to bear as sole proprietor. Therefore, an initial investment is definitely necessary when strongly considering doing business abroad. It is advisable to start a business that is more or less automated as to avoid dealing with issues that come with having employees, as well, have capabilities to be run remotely from your home country(if you intend on ever going home or travel frequently on business). In addition, lowering costs may be key to your financial success because many countries do not readily offer bank loans or business lines of credit to foreigners as well, again, putting the weight of expenses solely on you.


Resource: www.NotEasyButWorthIt.com
  This site is by two guys that have made millions in business for themselves marketing via internet remotely from all over the world. 


4. Financial Investments

Expanding and diversifying your investment portfolio while living abroad can be a great way to put extra funds to work for you while you are hard at work as well. Depending on the amount of money you want to invest will determine exactly which financial instruments you are eligible to use.

Finding a good Financial Adviser that speaks English will be your first task. After that, surely be cognoscente of the length of time surrounding each investment product option and how they coincide with your immigration situation. For example, opening a 2-year high interest yielding Certificate of Deposit(CD) is a great idea only if you will be there on site in the host country in 2 years. Also, I have always been wary of signing papers in a language I can't understand- particularly when there is a large sum of my money on the line. Working with a firm in your home country is possible, particularly if you travel to your home country frequently, but can be a real pain when it comes to communicating with time differences and coinciding business hours.

Investing for the future is a necessity, but if you don't have some money set aside that you can live without ever seeing again( remember there is a risk involved), then this may not be the option for you. However, if you've really been saving your pennies taking advantage of the cheap cost of living in your host country while pocketing more money than you spend, a financial investment might just what you need!

Resource:  http://www.iamadvisors.com/
  This is a firm that works specifically with expatriates. I have never used their services, but seems to be good resource, particularly for American expats.


In an effort to give complete and relevant information to all readers, please feel free to leave comments, additional information, and links to resources that you have found. Expats unite!