Picture this: It's 2017, and I'm staring at my bank account, a mixture of frustration and disbelief washing over me. After eight years working full time as an engineer, and a master's degree under my belt, what did I have to show for it?
Not even enough savings for a house deposit.
Sound familiar?
Well, buckle up, because I'm about to take you on my experience from financial frustration to getting started on my financial freedom journey.
And it all started with a one-way ticket to the Middle East….
This journey would later lead me to explore how Bitcoin could accelerate my path to financial independence even further, which I wrote about in detail in my post on achieving financial independence with Bitcoin.
The Wake-Up Call
Let's rewind a bit. After slogging through my degree in the UK, I'd moved to Canada, chasing that engineer's dream, as a Brit I swear at some point in your life you contemplate either moving to Australia or Canada – I chose the colder one.
I had been fed all my life the standard dream, you know the one – get a degree, good job, steady income, financial stability. Turns out, that dream was more of a mirage.
Eight years in, and I was contemplating a move back to the UK. That's when reality hit me like a ton of bricks.
If I pooled every penny I'd saved, I still couldn't scrape together enough for a house deposit. Mind you, I wasn't living large – no fancy cars, no extravagant holidays. Just a normal, modest lifestyle.
The frustration was real. There I was, a qualified engineer with nearly a decade of experience, unable to even get a foot on the property ladder. This wasn't how life was supposed to go, right?
I was told I just needed to get a good job with a good company and the rest would fall into place, WTF was I doing wrong?
I felt stuck in a hamster wheel, running faster and faster but getting nowhere. The traditional path I'd followed – the one society had told me would lead to financial stability – was clearly a dead end.
Well, I didn’t know that at the time, I thought I must have been doing something wrong, later on I would find out the real explanation is that the old way of getting ahead just isn’t possible for us millennials and later Gen Z.
Something had to change. And that something turned out to be everything.
Taking the Leap
So there I was, sitting in my apartment, feeling financially stuck and increasingly frustrated. I knew I had to take action. But where to go? What to do?
That's when an opportunity in the Middle East caught my eye through a previous employer. Not Dubai or Abu Dhabi as you might expect, but Oman. A two-year project in the middle of nowhere, literally. It wasn't glamorous, but it was exactly the drastic change I needed.
It thought, i’ll just do 2 years….
In 2017, I packed up my life into a couple of suitcases and boarded a plane to Oman. Talk about a leap of faith!
I was nervous, excited, and if I'm being totally honest, a bit terrified. Would this gamble pay off, or had I just made the biggest mistake of my life?
Looking back, it was nowhere near as risky as I had thought – the risk of not doing something different to get ahead is far greater than a steady job.
In reality actually getting further behind thanks to inflation and money printing but those are two subjects I later learnt more about. For now I just saw the opportunity to earn more money than ever before and earn it tax free.
The first few weeks were a whirlwind. The heat, the vastly different culture, the isolation of being in a remote area – it was all a shock to the system. But amidst all the newness and occasional bouts of homesickness, one thing became crystal clear: the financial opportunity here was real.
Yes, to other people it seemed drastic and to me in the early days it did too – what was I doing but over time and especially now, years later, I don't know why more people don't do it.
I'll never forget my first payday in Oman. As I looked at my bank balance, I had to double-check the numbers.
Was this right? Had there been some mistake? But no, it was all there – my full salary, untouched by income tax. And just like that, I could feel the weight of financial stress starting to lift from my shoulders.
This was jsut the first pay cheque but if I could just keep doing this for a few years, man I would have saved more money than I even thought possible.
For the first time in my life, I felt like I had more control over my future. Later on I would also learn I had a choice and could increase my personal sovereignty if I played this right.
I have also cheekily coined my own FIRE term – SovFIRE (Sovereign FIRE) 😄
You see, for me, money has always been about emotional safety. The more I was able to save, the more confident I felt that I could forge a path in life that I actually wanted – not just work for 40+ years, retire, and call it a day.
This newfound financial stability was boosting my confidence in ways I hadn't anticipated. It was like I'd been given a key to a door I didn't even know existed.
Thankfully I am not saying I turned into a massive douchebag or anything, the message I am trying to get across for me is that money to me is safety and security – every payday I felt that little bit more safe and hopeful.
The Financial Transformation
Now, let's talk numbers. Because, to be honest, the financial transformation I experienced was nothing short of mind-blowing.
For some people used to earn the big bucks, maybe this isn’t as mind blowing as I think but going from working full time and being able to save maybe 10% of my income in a good month to being able to comfortably save 50% or more on a much higher income was massive.
Remember how back in Canada, I couldn't even scrape together enough for a house deposit after eight years of working? Well, within my first year in the Middle East, I had saved more than I had in the entire previous decade. I'm not exaggerating – the difference was that dramatic.
Here's a quick breakdown:
- In Canada: I was living paycheck to paycheck, maybe squirreling away 5-10% of my income if I was lucky.
- In the Middle East: Suddenly, I was saving 50-60% of my income without feeling deprived.
Can you imagine the psychological shift that comes with that kind of change? It was like someone had lifted a massive weight off my shoulders that I didn't even realize I'd been carrying.
But it wasn't just about the savings rate. My entire financial picture changed:
- Tax-Free Income: This was a game-changer. Every Rial or dirham I earned was mine to keep, invest, or spend as I saw fit.
- Higher Salary: The engineer's salary in the Middle East was about double what I was earning in Canada. The most important part though was my take home, net pay – all in, in the Middle East my take home pay was 4 – 5x what is was in Canada.
- Lower Living Costs: Despite the reputation for luxury, I found that many everyday expenses in Oman and later in the UAE for some things were actually lower than in Canada. Some things for sure were more expansive but now, as I write this, thanks to inflation the cost of living in all western countries is getting worse.
- Investing Opportunities: With more disposable income, I could finally start seriously investing. Through trying to figure out WTF investing was, I came across the Financial Independence movement and I was hooked – more on that later.
- Debt Elimination: I was able to wipe out the small debts I had accumulated much faster than I ever could have back home and finally pay off my student loan.
Now, I'm not saying it was all smooth sailing. There were challenges, like figuring out how to invest as an expat and navigating the complexities of international banking. But these were good problems to have – the kind that come with having money to manage rather than struggling to make ends meet.
Let’s talk about Cost of Living
Now, let's talk about the cost of living. When I first moved to the UAE, I found it more expensive than Canada. But here's the kicker – over the years, I've watched as the cost of living has skyrocketed almost everywhere.
I explained in my post on how much your money is being devalued why this is.
These days, I don't think Canada or the UK are much cheaper, and for some things, they're actually more expensive. And remember, in those places, you're paying taxes on top of those high costs!
It's gotten ridiculous, hasn't it?
Everywhere in the world, everything is getting more expensive. Taxes are increasing, but wages?
They're not keeping up. So unless you do something different, you're getting left behind. It's a sobering reality, but it's one that's made me even more grateful for the path I chose.
Beyond the Money: Personal and Professional Growth
Here's the thing about making a big move like this: it changes you in ways you don't expect.
Yes, the financial transformation was huge, but it was just the tip of the iceberg.
Professionally, I was working on projects that I could only dream of back home, here things actually get built and quickly.
These weren't just lines on a resume; they were massive, innovative projects that challenged me and helped me grow as an engineer.
But it wasn't just about the projects themselves. Working in an international environment exposed me to different approaches to engineering, project management, and problem-solving.
I was learning not just technical skills, but also how to navigate diverse teams and cultural expectations. Trust me, that kind of experience is gold in our globalized world.
Personally, the growth was even more profound. Living in a completely different culture pushed me way out of my comfort zone. I
had to adapt, to be more open-minded, to see the world from new perspectives. It's one thing to read about different cultures; it's another thing entirely to live and work in them day in and day out.
Financial Independence – Opening a Door I Could No Longer Close.
As my financial situation improved, I found myself becoming more confident in all areas of life. I was taking more risks, speaking up more at work, and generally feeling more in control of my destiny.
And then I stumbled upon the concept of financial independence. It was like finding a map when I didn't even know I was on a journey.
It was during one of those late nights, browsing the internet for investment advice, that I stumbled upon the FIRE (Financial Independence, Retire Early) movement.
At first, it seemed too good to be true – people in their 30s and 40s retiring? But as I delved deeper, I realized this wasn't about early retirement per se, but about having the freedom to choose how to spend your time.
The principles of FIRE – high savings rates, frugal living, and smart investing – resonated deeply with me. It wasn't just about accumulating wealth; it was about creating a life where work became optional.
This aligned perfectly with my desire for financial security and the freedom to pursue my passions without being tied to a traditional career path.
The idea of being able to get a passive income and not have to work a 9 to 5 job really appealed to me.
For someone who had felt trapped by financial constraints for so long, the idea of financial independence was revolutionary.
It gave me a concrete goal to work towards and a community of like-minded individuals to learn from.
More importantly, it showed me that my move to the Middle East wasn't just a temporary solution and wasn;t jsut about saving some money and returning to work for 40+ years – this could actually change the entire course of mine (and my future family’s) lives.
This could literally be the key to unlocking a future I had never even dared to imagine.
To say I was hooked was an understatement and it was like I had opened a door that I could no longer close – I had seen the possibility of a different future and I could no longer forget that.
Suddenly, I had a framework for thinking about money not just in terms of saving, but in terms of building a life of freedom and choices.
I started asking myself questions I'd never considered before:
- What if I could retire in my 40s instead of my 60s?
- What if work became optional rather than mandatory?
- How could I structure my life to have more control over my time and choices?
These weren't just daydreams anymore. With my new financial situation, they were becoming real possibilities. And in a world where traditional paths seem to be leading to financial struggle more often than not, having these options felt more valuable than ever.
To be honest, this period of my life wasn't just about making more money or advancing my career. It was about expanding my idea of what was possible – for my finances, for my career, and for my life as a whole.
It was about finding a way to thrive in a global economy that often seems stacked against the average person.
Later on in my journey I would find out just how stacked against the average person the world really is.
Reflections and Lessons Learned
So, here's the thing about taking a leap into the unknown – it teaches you lessons you never even knew you needed to learn. Looking back on my journey from struggling engineer in the UK & Canada to financially confident expat in the Middle East, a few key insights stand out:
- Conventional Wisdom Isn't Always Wise: We're often told to follow a certain path: get a degree, land a good job, work hard, and financial stability will follow. My experience showed me that sometimes, you need to chart your own course. The traditional path wasn't working for me, and it took a drastic change to turn things around. This is where I researched what sound money is and stumbled into the world of cryptocurrency.
- Financial Independence is About More Than Money: When I first learned about FIRE, I thought it was all about the numbers. But I've come to realize it's really about freedom and choices. It's about building a life on your own terms, not one dictated by financial necessity.
- Discomfort Leads to Growth: Moving to a new country, adapting to a different culture, navigating unfamiliar professional environments – none of this was easy. But each challenge pushed me to grow, both personally and professionally. Embracing discomfort and focusing on progress over perfection, I've found, is often the first step towards positive change.
- The Power of Perspective: Living abroad has given me a global perspective that I never could have gained otherwise. It's changed how I view money, career, and success. I've learned that there's no one-size-fits-all approach to life or finances.
- Financial Confidence Changes Everything: As my financial situation improved, I noticed a ripple effect in all areas of my life. I became more confident at work, more willing to take calculated risks, and more optimistic about the future. It reinforced for me that financial stress can hold us back in ways we don't even realize.
To be honest, the journey hasn't always been smooth sailing. There have been moments of homesickness, cultural misunderstandings, and times when I questioned my decisions. But even in those tough moments, I never regretted taking this path. The growth, both financial and personal, has been worth every challenge.
Looking to the Future
Now, you might be wondering, "What's next, Adam?" Well, I'm glad you asked!
Let me be crystal clear about something: I'm not anywhere close to achieving financial independence yet. But here's the thing – I've made progress that I never thought possible, and it's all thanks to my decision to become an expat in the Middle East. Without this move, I'd still be struggling to make ends meet, let alone save for the future.
For myself, the only way I have been able to save far make any money has been through my day job and the only way I have experienced to increase this is to be an expat – not saying this is the only way but it has been so far the only way for me.
I am always trying to find and test new ways (hence this blog 🙂 ) but for now this has been it.
So, what does the future look like from where I stand now? Here's what I'm thinking about and working towards:
- Financial Goals: While financial independence is still a fairlyt distant goal, I'm on a path I never thought possible before. My aim is to continue maximizing my savings and investments while I have the opportunity here in the Middle East. Every step forward is a step I couldn't have taken if I'd stayed in Canada or the UK.
- Career Evolution: I'm exploring the idea of transitioning from traditional employment to starting my own engineering consultancy in the future. The skills and network I've built as an expat have given me a unique perspective that I believe could be valuable in a consulting role. But for now, I'm focused on making the most of my current position and the financial benefits it offers.
- Balancing Expat Life and Home Ties: One of the big questions I'm grappling with is how long to continue my expat journey. The financial benefits are significant and crucial for my progress towards financial stability. However, being closer to family also has its pull. It's a delicate balance I'm constantly reassessing.
- Embracing Technology and AI: The engineering field is evolving rapidly with the integration of AI and new technologies. I'm committed to staying ahead of this curve, continuously learning and adapting to ensure my skills remain relevant and valuable in the global market.
- Sharing Knowledge: As I've progressed on my financial journey, I've become passionate about sharing what I've learned. Whether through this blog or personal conversations, I want to help others understand the potential benefits of taking an unconventional path like I did.
- Sustainable Living: I'm increasingly interested in how I can align my lifestyle with my values around sustainability and alternative living. I'm researching sustainable living practices and considering how I might incorporate them into my future plans, both here in the Middle East and potentially back home.
So Adam, Was it Worth it?
I often wonder what my lfie would have been like if I had either stayed in Canada or returned home to the UK, almost 7 years ago now.
While I'm not financially independent yet – really just starting on this journey but for me, in all honesty, its a start I wouldn't have been able to make without becoming an expat.
I'm no longer feeling as stuck and unsure of my future. The progress I've made here in the Middle East has given me options and opportunities I never had before.
Of course, there's still a long way to go and plenty of uncertainty. The world is changing rapidly, and who knows what challenges or opportunities might arise?
But, having the good problem of trying to figure out what to do with the spare money I have been able to accumulate I have forced myself to learn more and more about the economy and investing and I feel better equipped to handle whatever comes my way.
The financial progress I've made gives me more flexibility and resilience than I've ever had before.
As I look to the future, I'm filled with a mix of optimism and determination. The journey from financial stress to where I am now has been transformative, and while there's still a long road ahead, I'm excited to see where it leads.
One thing's for certain – if I hadn't taken the leap to become an expat in the Middle East, none of this progress would have been possible.
Frequently Asked Questions
As an expat who's been through the journey of moving to the Middle East for better financial opportunities, I often get questions from others considering a similar path. Here are some of the most common questions I receive:
Is moving to the Middle East worth it financially?
In my experience, absolutely yes. The combination of tax-free income in many Gulf countries and higher salaries for engineers can significantly boost your savings rate. However, it's important to consider other factors like cultural adjustment and being away from family. For me, the financial benefits have far outweighed the challenges.
How much can engineers save in UAE?
While individual experiences may vary, many engineers in the UAE can save 50-60% of their income. This is a stark contrast to the 5-10% I was able to save in Canada. The tax-free status of income in the UAE is a major factor in this high savings rate. Of course, your savings will depend on your lifestyle choices, but the potential for high savings is definitely there.
Can I achieve financial independence as an expat?
Absolutely! In fact, working as an expat in the Middle East can accelerate your path to financial independence. The higher savings rate and exposure to the FIRE (Financial Independence, Retire Early) movement can put you on a fast track to financial freedom. My own journey is a testament to this – while I'm not there yet, I've made more progress towards financial independence in a few years as an expat than I did in nearly a decade working in Canada.
What are the financial benefits of working in Gulf countries?
The main benefits include tax-free income in many Gulf countries, higher salaries for skilled professionals, and often lower living costs (though this can vary). These factors combined can dramatically increase your ability to save and invest. Additionally, the experience you gain working on large-scale projects can be invaluable for your career progression.
How to start FIRE journey as an expat?
Start by educating yourself about the FIRE movement. Resources like the "Mr. Money Mustache" blog and the book "Millionaire Expat" were instrumental for me. Then, take advantage of your increased savings rate to invest wisely and consistently. Look into investment options available to expats, and consider seeking advice from a financial advisor who specializes in expat finances (but be cautious of those targeting expats with high-fee products).
Should I become an expat for a better financial future?
This is a personal decision that depends on your goals, family situation, and willingness to adapt to a new culture. For me, it was a game-changer. Consider both the financial benefits and the personal challenges before making the leap. If you're struggling financially in your home country and are open to new experiences, becoming an expat could be a powerful way to reset your financial trajectory.
How to manage finances as an engineer in Middle East?
Focus on maximizing your savings rate, avoid lifestyle inflation, and learn about investment options for expats. Be cautious of financial advisors targeting expats and do your own research or seek advice from trusted sources.
Take advantage of the tax-free status of your income, but also be mindful of any tax obligations you might have in
Most importantly I have learnt something that's proper depressing – our investments need to at least beat the hurdle rate just to break even
