This iReport is part of an assignment:
Are you a Millionaire in the Making?
About this iReport
 |
Posted October 16, 2008
by
|
Location
Shanghai, China
Shanghai, China
Assignment
 |
More iReports you should see
Our China Expat Opportunity - Capitalizing on China
The reality of the “real world” (money in particular) was made clear to me in the second year of my college career. My parents had a financial set back and all of the sudden, I was on my own. I was faced with the decision to take out a loan for college. But having been brought up mowing lawns and shoveling snow for $5 here and $7 there, I decided I wasn’t going to take the easy road. I found myself a decent paying job using my language skills acquired from serving a church related mission in Taiwan. I later picked up a second job as a teacher’s assistant (language related as well)...and a third job as an internship councilor. My job hours outweighed my class hours but I was determined to finish college debt-free. I invested in a $700 50cc scooter which helped me get to work then back to school in time for classes. It only cost about $3 to fill up the tank with gas which would last an entire week. I found internships though out my college career which allowed me to earn money while gaining school credit as well. I spent hours and hours applying for scholarships and grants which also helped ease my financial situation. In the end, I did it. I made it out of college debt-free and surprisingly, was able to save up 10k from working as much as I did. I was even able to sell my scooter for $650 after 3 years of use. I promised the young lad who bought it that it was a “babe magnet.” I got married after college and like many others, did so without the security of a full time job. So my wife and I kept the wedding simple. We kept it to friends and family who all met in our local church for a small reception. The reception was actually catered by my own family (my wife and I included). We did it keeping our budget under $1000. Deciding on a job was the next step. It came down to a $42,000/year job in Virginia or a $50,000/year job which required my wife and I to relocate to China. The China gig provided a small relocation package and with a housing package that took care of 2/3rds of my housing costs, we decided to go to China. It was the lure of an adventure more than anything that tipped the scale but financially, China turned out to be a great choice. My wife didn’t work then but to our surprise, the cost of living modestly in China is extremely cheap. We were able to save at least 60% of my income and that added up quickly. We invested most of it in mutual funds and that has continued to grow. I switched jobs two years ago and now enjoy a slight increase from where I was when I started. On top of that, my current compensation includes more benefits which my previous employer did not offer. These benefits help me save even more (trips back to the US, medical coverage, more housing allowance etc.). I now save close to 75% of my current income and continue to invest the majority of it in mutual funds as well as contribution to our IRA. I do keep a cash reserve of about $20,000 in the bank for emergencies. China has been a great chance for my small family (my two year old daughter makes three of us now) to save money. I credit our current situation to my willingness to work through college and come out debt free as well as our current willingness to live within our means. Having chosen to work in a country much less comfortable than the United States, I have reaped the benefits of having a low cost of living. At the same time, I haven’t had to worry about a mortgage since my employer is generous enough to cover the rent on our more than comfortable apartment. If my boss has somehow stumbled upon this, thanks for being a great boss! (I hope me showing my cards won’t come back to bite me in the butt) Withe the credit crunch affecting the US as bad as it is, being on this side of the world has seemed to be pretty good. Although our business has been heavily affected by the econmic crisis, being able to save like we are gives us an added sense of security. I continue to save and invest and have now saved over $130,000 (investments and savings combined). I’m 29 years old. The Jan Family My website www.china-business-traveller.com is where I share some of the insights gained while traveling in and out of China on business. Come take a look!
What do you think of this story?
Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
Be and editor! Choose an option below:
More from this assignment - Are you a Millionaire in the Making?
iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.
© 2011 Cable News Network. 
Comments