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lifestyle. what should I do?
#1

lifestyle. what should I do?

Well I just wanted some input on what others would do/ think I should do.
I'll give you a little background information.
-21 years old graduating with a Bachelors of Business Administration in June
-Currently have a net worth in the mid six figures. (Through a mixture of inheritances and investments if anyone really cares.)
-MENSA Canada member well soon to be once I get my LSATs back.

Now heres where the dilemma comes
-I have the funds to travel, live an adventurous lifestyle throughout my 20s.
-But I also have a job waiting for me that upon completing law school should allow me to make 250k+ coming out. Yes, I realize big firms pay 160k to starters. Well this is my fathers law practice. This is a business that I could turn into a million dollar business as the building is already owned and theres room to host 8-10 lawyers if I were to make an addition above the garage. Now this job would allow me to take 6-8 weeks off a year. It would allow me to take weekend trips every month if I desired as I'd be my own boss. Now the downside is the fact that I would prevent myself from ever really living abroad for extended periods of time. Theres no way I could spend a month on vacation at a time. Two weeks would be tops and that would be pushing it. Id be able to essentially travel for Friday-Mondays relatively often. This obvious limits the distance I can go as I'd be based in the outskirts of Toronto.

So what I ask you is what you think I should do and what you would do.

Do I go live abroad now and just live off interest/work abroad

Do I enter the corporate world

Or any other mix you can think of.

I thank anyone for their input in advance.
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#2

lifestyle. what should I do?

Considering your professional life will be handed to you in a silver platter, I think either way you would come off on top.

Sounds like you're loaded and set for life. I suggest for you to travel your brains out until you get bored. Once bored (and it will happen), go back, pass the bar, and get the job. Just don't pick up any drug habits or diseases, and you're set.

Or maybe you can get out of those Mckinsey guys to do a cost/benefit analysis of your situation, if it helps you sleep any better.
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#3

lifestyle. what should I do?

I guess this came across the wrong way. It really isn't an easy decision to just carry on with school for me. The money isn't really a huge motivating factor for me. I just love travelling. I figured some other people on the board will have gone through similar circumstances where they had to pick a good job vs. travel. The numbers to me are really irrelavant. I read about Vacancier's trips to Brazil for months at a time and that is the kind of thing I would absolutely love to do but would have to give up. I guess though from looking at it people are gonna find the obvious answer is to go through with school. To me its not that simple as I don't have the desire to be super rich. Keep in mind law school is essentially throwing away 3 years of life. Personally, I'll end up just going through with school I just was wondering whether other people would have a different take on it and would just go abroad and live life.
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#4

lifestyle. what should I do?

Why don't you take a gap year? Travel for a year, see the world, and come back and work with your dad. You'll see after the gap year whether this sort of lifestyle is for you.
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#5

lifestyle. what should I do?

@ lavidaloca

Im faced with a similar problem. Just recently graduated with a Business Administration degree, and was offered a great job with DuPont through family connections. Like you money just isnt that important to me. As long as im able to do the things I love, and have a few decent/nice things Im happy.

My passion right now is travel, period. I dont wanna wait for an uncertain future to travel when im older mindset. I wanna travel when im young and actually wanna travel. I wanna live in other countries for months at a time.

The easiest way for me to to make decent money and live pretty much anywhere in the world is to get a teaching licence as there is International Teaching Job fairs every year. So this spring I enrolled in a college back in my hometown to get the show on the road.

The thing is i dont know how long im gonna do this teaching abroad stint. I do know I wanna live in Colombia, Brazil, and Possibly Asia or Europe. So im figuring 6-10 yrs. Problem is people just do go to college to do something for 5 to ten years! As its a pretty big chunk of money and time invested for something im prob not gonna make a career out of. But you know what, fuck it. Im gonna do what I want, as crazy as it sounds to family and friends.
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#6

lifestyle. what should I do?

I walked away from a job that was paying over $90,000 a year plus great benefits. And since it was with the federal government, I was basically immune from getting fired. That was 3-4 years ago. Had I kept the job, I'd now be making about $120,000. But whatever. I hated the job and didn't want to spend my life in front of a computer. Life is short. Go out and enjoy yourself, particularly while you're young.
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#7

lifestyle. what should I do?

Quote: (02-27-2011 08:14 AM)Dash Global Wrote:  

@ lavidaloca


The easiest way for me to to make decent money and live pretty much anywhere in the world is to get a teaching licence as there is International Teaching Job fairs every year. So this spring I enrolled in a college back in my hometown to get the show on the road.

The thing is i dont know how long im gonna do this teaching abroad stint. I do know I wanna live in Colombia, Brazil, and Possibly Asia or Europe. So im figuring 6-10 yrs. Problem is people just do go to college to do something for 5 to ten years! As its a pretty big chunk of money and time invested for something im prob not gonna make a career out of. But you know what, fuck it. Im gonna do what I want, as crazy as it sounds to family and friends.

Dash I am also very interested in teaching abroad. I'm working on my bachelor's degree in business, and I was thinking about adding a second major in English. Doing so would make me more attractive to international schools.

Here is great website I found: http://www.joyjobs.com/index.html
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#8

lifestyle. what should I do?

Quote: (02-28-2011 01:53 PM)zoom Wrote:  

Quote: (02-27-2011 08:14 AM)Dash Global Wrote:  

@ lavidaloca


The easiest way for me to to make decent money and live pretty much anywhere in the world is to get a teaching licence as there is International Teaching Job fairs every year. So this spring I enrolled in a college back in my hometown to get the show on the road.

The thing is i dont know how long im gonna do this teaching abroad stint. I do know I wanna live in Colombia, Brazil, and Possibly Asia or Europe. So im figuring 6-10 yrs. Problem is people just do go to college to do something for 5 to ten years! As its a pretty big chunk of money and time invested for something im prob not gonna make a career out of. But you know what, fuck it. Im gonna do what I want, as crazy as it sounds to family and friends.

Dash I am also very interested in teaching abroad. I'm working on my bachelor's degree in business, and I was thinking about adding a second major in English. Doing so would make me more attractive to international schools.

Here is great website I found: http://www.joyjobs.com/index.html

The MAIN thing you need to get a REAL teaching gig (good wage/benifits ect) is a teaching licence from a University. Unlicensed ESL teachers are a dime a dozen. I too have a Business degree (09) that I wont be using for anytime soon lol.
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#9

lifestyle. what should I do?

A life of insecurity/poverty abroad or making 250k per year in the states? The latter, no question. If you need to get something out of your system, take a gap year. You'll realize that its not all bad here in the states, IF you have money.

Build your skills now, in your twenties, quit and travel later if that's what you still want to do. At least you will have the experience to go back to your old job if you need it. Once you reach your forties, you'll want that high paying job. Being old and poor is a very high probability result for people who make bad bets when they are young. I cringe when I see old guys hustling for rent and food money.

Try to bank 100k a year for ten years, then put it in an immediate Swiss annuity and live off of the annual 40k in a 2nd or third world country for the rest of your life, if your leaning toward that lifestyle. On 40k, in most places, you'll live like the upper middle/lower upper class. It beats trying to save 10k per year on an international teachers salary.

haha...btw, what do you expect Mensa status to get you? Good job my man, but its a meaningless stat except for your own self actualization. Its funny to list it in your profile. It will mean nothing as far as your ability to make money, get pussy, or be happy is concerned. The most you will have is a small group of smart people to network with. They will vary in their degree of personal success. I'm going to bet that you will rarely attend a Mensa meeting.

Let us know what you actually get on the LSAT.
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#10

lifestyle. what should I do?

Quote: (02-28-2011 02:41 PM)Dash Global Wrote:  

The MAIN thing you need to get a REAL teaching gig (good wage/benifits ect) is a teaching licence from a University. Unlicensed ESL teachers are a dime a dozen. I too have a Business degree (09) that I wont be using for anytime soon lol.

I definitely want a REAL teaching gig overseas but I am still a little confused on the process. How do I get a teaching license from a university (not a master's degree)? Could I teach English even if I just have a BBA? Where do you stand right now?
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#11

lifestyle. what should I do?

I'm with Hydro on that one. "Money is not important to me" is a typical mentality in your twenties, and vast majority of those who fall into that mentality feel sorry 10-15 years later. Skills, work experience and credentials are your most important assets, which beat money in the bank in any day. Not surprisingly, they take time and effort to build.
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#12

lifestyle. what should I do?

In reality, I'm going to continue with school even though I'll always have the travel bug. I will probably just spend a summer in Cuba and a summer in Brazil in the law school summers. I've been studying spanish for 2 years now and would like to start portuguese over the summer and ideally be fluent in both languages by the time I finish school in 3-4 years. It's nice to see the differing opinions. The younger guys tend to think go wild and enjoy while working abroad i.e. teaching. Whereas some of the guys a little older tend to think that continuing with education is of utmost importance.
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#13

lifestyle. what should I do?

Don't rule out teaching in a place where salaries are high. I have heard that South Korea is a gold mine for teaching English, and people can save a lot of money working there. I'm sure there are other countries with similar earning potential if you do your research. They're probably not in Latin America, though.
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#14

lifestyle. what should I do?

Personally there are only a few places I would be willing to be an Expat. That would be Brazil, Colombia, Cuba and Russia (Moscow). I'm going to probably start law in 2012 and study at a school which focuses on natural resources particularily oil. I figure then if I do want to expat afterwards I'd be in a more viable position to do so with a high paying job.
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#15

lifestyle. what should I do?

Quote: (02-28-2011 09:10 PM)Ajiaco Wrote:  

Don't rule out teaching in a place where salaries are high. I have heard that South Korea is a gold mine for teaching English, and people can save a lot of money working there. I'm sure there are other countries with similar earning potential if you do your research. They're probably not in Latin America, though.

True. From what I've read Mexico is probably the best place in LA for making money. But you still won't make as much as in certain parts of Asia.
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#16

lifestyle. what should I do?

Quote: (02-28-2011 09:10 PM)Ajiaco Wrote:  

Don't rule out teaching in a place where salaries are high. I have heard that South Korea is a gold mine for teaching English, and people can save a lot of money working there. I'm sure there are other countries with similar earning potential if you do your research. They're probably not in Latin America, though.

Other countries with similar earning potential = The Middle East. period. Some people do well in Japan. Most don't. Similar pay to Korea with a much higher cost of living. Everywhere else, working in the ESL industry, pays subsistence. Of course you might be able to hustle or angle for slightly more, but there will be a ceiling in most places where you won't be able to work past 60 years old or maybe even less. After having lived on substance wages your entire life, and not having paid into social security, you'd be fucked with possibly a third of your life left to live.

Earning potential in South Korea depends on the exchange rate. Generally, you can save 7-10k per year. That might sound like a lot to a younger guy, but its really shit. Especially when you consider the years that you are burning, in a less than ideal country, when you could be getting work experience and building a career. Unless you marry a Korean and are therefore able to get a visa where you can start your own English business, teaching in Korea is a dead end. Now if you want to go and save your 7-10k/yr toward bootstrapping a business or paying back loans, while having a live-abroad experience, then that's another thing altogether.

There is a third option. Go native. Go to a country, and just resign yourself to building a life there. Learn the language (for much better job prospects), marry a local after a while (will give you a huge leg up in integrating - marriage in a foreign country is a good strategic decision as an immigrant) and build a career using your bilingualism to get your foot in the door. You'll be much better off than as an indigent monolingual ESL teacher. But I think that you'll find that the grass isn't greener in most places.
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#17

lifestyle. what should I do?

Quote: (02-28-2011 08:36 PM)lavidaloca Wrote:  

In reality, I'm going to continue with school even though I'll always have the travel bug. I will probably just spend a summer in Cuba and a summer in Brazil in the law school summers. I've been studying spanish for 2 years now and would like to start portuguese over the summer and ideally be fluent in both languages by the time I finish school in 3-4 years. It's nice to see the differing opinions. The younger guys tend to think go wild and enjoy while working abroad i.e. teaching. Whereas some of the guys a little older tend to think that continuing with education is of utmost importance.

As a "older" guy I would say get the money now, make some wise investments and you can live anywhere you want. You can go to Cuba anytime, why not go further a field on your summers off.
I would hate to see that business opportunity go to waste, but as you know once you get on that corporate rollercoaster it is hard to get off.
Travelling is a drug for me, I wish I could re-locate to some eastern european country. But you need money for that, the security you cannot beat it.
You are in a very fortunate position, better to be a bum with a law degree than a bum without one. lol

Our New Blog:

http://www.repstylez.com
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#18

lifestyle. what should I do?

Quote: (02-28-2011 05:24 PM)zoom Wrote:  

Quote: (02-28-2011 02:41 PM)Dash Global Wrote:  

The MAIN thing you need to get a REAL teaching gig (good wage/benifits ect) is a teaching licence from a University. Unlicensed ESL teachers are a dime a dozen. I too have a Business degree (09) that I wont be using for anytime soon lol.

I definitely want a REAL teaching gig overseas but I am still a little confused on the process. How do I get a teaching license from a university (not a master's degree)? Could I teach English even if I just have a BBA? Where do you stand right now?

Most, maybe all states, offer a post-bachelors teaching licensure. Generally they take 12-18 months to complete. You'll probably be taking graduate level classes though you won't have a masters at the end. You'll have to look around to see what's available in your state.

Without the teaching license, you'll probably have to teach english at a language institute. Which could mean crappy pay and crappy hours.
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#19

lifestyle. what should I do?

Quote: (02-28-2011 09:29 PM)emh Wrote:  

Most, maybe all states, offer a post-bachelors teaching licensure. Generally they take 12-18 months to complete. You'll probably be taking graduate level classes though you won't have a masters at the end. You'll have to look around to see what's available in your state.

Yeah, but here's the thing. Follow me here. For international schools, you need two years experience in the states, teaching in a real school district, to be considered. At least to be hired at a desirable international school with a real salary. Around me, unless you want to work in the ghetto, your going to have to sub for 1-3 years before you even get hired to do your two years. And then your going to quit that hard won suburban teaching job, with bennies and a pension, to go teach abroad for private schools that are paying more like language schools every year? Not smart. It could be fun, but it's definitely not a smart move. Then again, it depends on your school district. The districts around here pay well.

Technically, even if you could get hired abroad without your two years experience in the states, most states require a multi-step licensing process wherein the second step (often "Teacher 2") is contingent on 1-2 years experience of teaching in the state of license after you get your "Teacher 1". Your "Teacher 1" license will often expire in three years, and is non-renewable. You have to attain your "Teacher 2" license to stay licensed. Therefore, you can't get out of your multi-year in-state teaching requirement that is required to keep your license active, even if you could get hired abroad right after school. You need a license to teach in international schools, issued by one of the states of the union. Its not "certification", but the state license that is important. If I wanted to teach abroad, with a license form my state, it would take at least 5 years to get the permanent license, counting school and all of the in-state teaching requirements filled for the permanent license. And that's assuming that I could get hired after only a year of subbing (not likely). Or I could teach int he ghetto. Just something to check on and think about.
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#20

lifestyle. what should I do?

Quote: (02-28-2011 09:53 PM)hydrogonian Wrote:  

Quote: (02-28-2011 09:29 PM)emh Wrote:  

Most, maybe all states, offer a post-bachelors teaching licensure. Generally they take 12-18 months to complete. You'll probably be taking graduate level classes though you won't have a masters at the end. You'll have to look around to see what's available in your state.

Yeah, but here's the thing. Follow me here. For international schools, you need two years experience in the states, teaching in a real school district, to be considered. At least to be hired at a desirable international school with a real salary. Around me, unless you want to work in the ghetto, your going to have to sub for 1-3 years before you even get hired to do your two years. And then your going to quit that hard won suburban teaching job, with bennies and a pension, to go teach abroad for private schools that are paying more like language schools every year? Not smart. It could be fun, but it's definitely not a smart move. Then again, it depends on your school district. The districts around here pay well.

Technically, even if you could get hired abroad without your two years experience in the states, most states require a multi-step licensing process wherein the second step (often "Teacher 2") is contingent on 1-2 years experience of teaching in the state of license after you get your "Teacher 1". Your "Teacher 1" license will often expire in three years, and is non-renewable. You have to attain your "Teacher 2" license to stay licensed. Therefore, you can't get out of your multi-year in-state teaching requirement that is required to keep your license active, even if you could get hired abroad right after school. You need a license to teach in international schools, issued by one of the states of the union. Its not "certification", but the state license that is important. If I wanted to teach abroad, with a license form my state, it would take at least 5 years to get the permanent license, counting school and all of the in-state teaching requirements filled for the permanent license. And that's assuming that I could get hired after only a year of subbing (not likely). Or I could teach int he ghetto. Just something to check on and think about.

Thats a tad bit misleading. I know a grl right now at a good coligo in Colombia that was hired before she even fully graduated (hired in feb, didnt graduate till may) Yea US experience is def a plus, but you can def get a decent job without it.

The main thing is to do well in the initial meeting / interview with the international schools.
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#21

lifestyle. what should I do?

Quote: (02-28-2011 05:24 PM)zoom Wrote:  

Quote: (02-28-2011 02:41 PM)Dash Global Wrote:  

The MAIN thing you need to get a REAL teaching gig (good wage/benifits ect) is a teaching licence from a University. Unlicensed ESL teachers are a dime a dozen. I too have a Business degree (09) that I wont be using for anytime soon lol.

I definitely want a REAL teaching gig overseas but I am still a little confused on the process. How do I get a teaching license from a university (not a master's degree)? Could I teach English even if I just have a BBA? Where do you stand right now?

Its real simple. The easiest way is to do an undergraduate education degree program at ur local university(elementary ed, middle grades math, highschool science, anything ect). Once you complete that and pass the state exam you will be a licensed teacher. Then you attend one of the annual international job fairs and try to land a job abroad.
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#22

lifestyle. what should I do?

eh that's one way to do it. But I'm not going to do that since I'm working on my BBA.
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#23

lifestyle. what should I do?

Quote: (02-26-2011 03:45 PM)lavidaloca Wrote:  

-21 years old graduating with a Bachelors of Business Administration in June
-But I also have a job waiting ... my fathers law practice. ... I could turn into a million dollar business

We have threads on the glut of lawyers.

Let's presume you will actually finish law school and pass the bar. The source of your anticipated money is your father and his practice. You will probably inherit the money anyway. There is the idea you could grow the business. But your father has experience and probably enjoys law. It is doubtful you would be more successful.

It would be a bad mistake to waste tuition money and three years of your life on something you dislike. Do not presume you will actually be a good and successful lawyer without motivation. Instead, put your Mensa aptitude and BBA to work now.

Some other guys should start an informative thread on teaching abroad. It seems crazy to spend years getting a lame education degree in the U.S. if you already have a college degree. There must be a more efficient way, especially for guys who just want to experiment briefly.
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#24

lifestyle. what should I do?

If it’s money you want, teaching abroad is not where it’s at. If really care about money, I would say stay in the United States. Traveling a lot and earning gobs of money are generally mutually exclusive things, especially in the short term. The OP seems torn between a sure thing financially and living by his wits in God-knows-where. Both have much to recommend them. I’m assuming you can just postpone the takeover of the family business until you sow your royal oats and get the wanderlust out of your system, right? Sounds like the best of both worlds, unless Dad disowns you or something.
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#25

lifestyle. what should I do?

Also, depending on where you want to teach, you certainly do not need a teaching degree. A university degree in any subject will usually do, and I know people who teach English without even that. But again, nobody’s saving a nest egg this way.
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