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Rising Star
I moved here from LCOL city in TX. The first 6 months was pretty stressful as I learned to reduce my expenditures (I'm a single earner with 4 kids). It's been three years now and I've enjoyed the experience, but I just can't build wealth here. Plan to move back to US this year and continue to build wealth.
It's interesting that a lot of people complain about the costs in London, while others, including myself, see it as the land of opportunity.
The jobs here are well paid for European standards and offer an excellent career growth (and salary progression). If someone comes from another European country (like myself) , speaks English and does not want to move to US or UAE, London is an amazing place to live and build wealth despite the high costs to rent or buy a house.
Rising Star
Are you single with a higher than average salary? Saving £33k / year seems pretty good to me (I'm a sole-earner with kids).
I was born and bred in London, but after starting my consulting career there, I decided that I had to move abroad for wealth creation.
Did a stint in Dubai and that was fun and I saved a bit of money, but same point as what someone else made is that you spend a lot more keeping up with the Jones’s.
Then moved to the US 5 years ago. Whilst COL is high (food, healthcare, pretty much everything) your comp is far higher. Allowed me to get on the property ladder here in 2 years and save some money too.
London is great for non-financial reasons, but when wealth is so highly concentrated it becomes difficult for the middle class to access and grow that. Unless you’re a footballer or a Love Island celebrity.
Love Island it is then
Same here. From developing country and have the same experience. However I'd just caution that you remember the experience you gain in London is almost certainly more interesting and valuable than equivalent experience in your home country. If you view this time as an investment in yourself and future career, it may seem a worthwhile pursuit.
Yes!! I keep telling myself this exact thing 😁
I don’t think u need to move to UAE to make money.
Go into contracting. Before I was a consultant, I contracted for a year and have saved enough for a house. After being a consultant, I can increase my day rate by 25% at least.
The area you have experience in. You can search roles by day rate on sites such as efinancial careers to get an idea of what type of skills are wanted in the market
Absolutely feel you A. London has become unbearably expensive to live in, let alone purchasing reasonable properties that are not in Zone 5+
I have an offer from Dubai (upwards of 90k-100k) and also interviewing with MBB in London.
Now, I feel like taking that Dubai offer because in London, I would make 1/3 of what I would make in Dubai.
Yup no tax at all
I wonder if “feeling poor” will be “cured” by moving to Dubai. Take home pay is higher however one is surrounded by a lot of very rich individuals - often young kids driving £200K cars or people spending family money - I am currently in Dubai and it feels like being in Knightsbridge in London when you are the only one without a gold plated Maserati.
What about other U.K. cities - Manchester, Bristol etc?
I think it’s about the purchasing power for general things, e.g., in London I am not comfortable in taking taxi everywhere, couldn’t afford to have a 2BR apartment for myself (still need to share as if I am a student), eating out or takeaway as often as I’d like, or buying “luxury” stuffs without compromising my savings/ emergency funds
Sadly other cities in UK not an option because they dont have office there 😂
Lots of big firms hiring heavily in UAE e.g. Kearney. You can probably double your take home salary moving there 😉
Any recommendations on how to land a job there? I've been really interested in getting a role there but haven't had any luck
Have you considered moving to Sydney? Absolutely love it here
I’m from Aus and would say defs move there if you get the chance. The WLB, innovation (from a smaller market) and values (diversity, social and environment) make it a much more rewarding place to work.
Could you elaborate on why you feel that way?
I am not comfortable in taking taxi everywhere (need to take public transport), couldn’t afford to have a 2BR apartment for myself (still need to share as if I am a student), eating out or takeaway as often as I’d like (need to cook), or buying “luxury” stuffs without compromising my savings/ emergency funds
I have been in London for ~2 years and I can say despite everything, my quality of life really dropped significantly vs where I came from (developing country in Asia)
Would Dubai be a good move for a woman too? I know they’re more liberal, open and more westernized than some of their conservative neighbors but I’ve wondered this when I’ve been approached for roles in the UAE
Strategy& experience above sounds right of the female consultants I’ve worked with / managed in the region over the years
That's why i decided to move to dubai...
Which firm and how do you like it?
I’m moving to the US the moment corona allows :)
I think I’m gonna have to do the same haha