I'm a 32 year old high school teacher living in Melbourne. Over the last few years, I've become increasingly concerned about my financial future as I have very little super (<20k) and virtually no assets to my name. I do currently have about 115k in a high interest savings account for a deposit on a house, but haven't bought anything as I fear buying in Melbourne is well beyond my meagre salary (72k). Only debt I have is HECS (40k).
The options I currently have:
- Try to increase my salary as much as I possibly can. I currently do tutoring which gives me a little bit extra (2-3k a year), but am also thinking of adding in some retail/hospitality work (lower pay, but more hours available).
- Choose a new career. Unfortunately most high income careers will require that I retrain, which I'm quite happy to do. I have just been offered a place in Deakin's bachelor of engineering. As its online, I will continue to work full-time whilst studying part-time. Given that I am getting a lot of credit, I can get it done in 4-5 years.
- Teach overseas somewheres that pays better than what I am currently getting. I have done a bit of research and it appears the Dubai pays rather well with the possibility of free accommodation.
- Move to the country. I have previously lived in the country and hated it, but it may be only hope of ever buying a house.
Any suggestions of what I should do?
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