How to Pay Off Student Loans Fast Living In the Cayman Islands Work Offshore Tax Free

Hi everybody its Bruce here welcome to my channel Travelling with Bruce I hope you enjoy the upcoming video if you like it consider giving me a thumbs up if you really like it become a subscriber if you like my channel as a whole check out my patreon page and consider supporting me there too ok let's go to the video right now Hi everybody its Bruce here with Travelling with Bruce One of the things I love to do on my channel is not only tell you about places I've been but people I've met and I'll tell you my wife and I we met this young lady in Grand Cayman at a restaurant on a Sunday morning we used to live on the island full-time and we decided you know rather make breakfast today why don't we go for a bite to eat I feel like pancakes and we went to a restaurant down there and we caught up with this waitress who was from Canada and delightful young gal and got to talk to her a little while and found out she's 24 years old and she had just recently finished her university education and she had about $40,000 in student debt and her game plan was that she was working on was she was working in this restaurant serving breakfast and lunch and dinner for regulars and tourists and being paid in Cayman Islands dollars so for her efforts and making tip money and her plan was to pay off her student loan and we asked her how long she thought it would take based on how it was going so far and she had mentioned to us if she'd been there for both three months and that she was averaging about $3,000 to $3,500 a month towards the debt and she felt that within the first year that she would pay off the loan and I was just delighted to hear this news and I asked a little bit more about her what her big picture is her big game plan and she said well she's hoping to stay on the island for up to two years she had a one-year work permit the renewal wouldn't be a big deal she go for a second year and that by the time the second year was over that she would have upwards of fifty thousand dollars saved up and then she would go traveling with her good friend of hers who was also doing the same thing there and then they were gonna travel the world for a year and I gave her kudos I thought this was an absolutely wonderful story what a great strategy you have a goal in mind first to get out of debt number two you travel the world and I said have you thought about what happens after that and then she said well we've been tossing this around a little bit but well the two gals were saying you know what we might do is we might either come back here or do the same thing again for a two-year stint on another Caribbean island where again we can cater to tourists from around the world and save up enough money for perhaps a business or for advanced education where we really haven't decided but we were pretty determined that we're going to take least a year off to travel and then we'll work two more years and we'll have a bit of a nest egg for our next venture for our next step forward and I thought man this is absolutely fantastic and I asked her do you recommend this for any other students out there she said I recommend it for anyone who is a student that has student loans so this is the way to go were renting an apartment or like a condo with two other workers for them were were paying about $2,000 in rent per month with a unit which is typical in the Cayman Islands nothing outrageous with that number so they were splitting it four ways and with utilities and their grocery bill they were each able to live down there for about of thousand bucks a month I'm quoting basically US dollars just to give you an idea what's going on about a $1000 us a month is what it really costs you and they were making more in the $5,000 a month range if not even more because they were willing to work more than 40 hours a week I mean they're there to make money they're not there to socialize and just hang out on the beach all day long they got the days off for that anyway but if she could get in a ten-hour shift or a 12-hour shift she took it she was young she was strong she was energetic she was motivated and for every hour they were working they were making some good coin remember you live down there you're not paying income tax it's a tax free environment so the gross money coming in you got it and they were taking advantage of this of this opportunity to make the money and pay off bills and I said well what about getting home sick coming here from Canada your thousands of miles from home oh don't you miss the folks and she said are you kidding me she said I've been down here for six months I've had three different visitors come down here already my mom and dad came down they spend a week down here that I've had other friends come down and other relatives were hardly lonely matter of fact our calendar is constantly being filled in with other people who want to come down here we're not lonely at all you don't feel abandoned or we don't feel that we are in a remote area it's easily accessible and the other thought that they had was that they have already taken the opportunity to take a quick weekend getaway to Miami when we used to live on the island we had an expression called island fever so after a few months of being on the island all the time you kind of miss you missed the taste of cheap Chinese food in a shopping mall so we would call that island fever we'd grab a plane ride to Miami an hour and 15 minutes each direction and spend a couple of nights and hit a shopping mall do some shopping and come back with a bunch of stuff duty-free back to the island that was a great cure for Island fever just a quick 36-hour 48 hour getaway all you needed and these gals were already doing that the other thing they also noticed too was that there were a number of other students down there from around the world doing exactly the same thing and they were meeting them they you start to form these expat groups and tribes and parties all the time and get-togethers on the beach get together for a cookout get together for beach volleyball this kind of thing so they were constantly being invited to different outings and what have you and they were hardly lonely so for those of you out there who worked your tail off and have got your degree or you've gone to college for two or three or four years you're taking a bit of a break or you're in between regular school and graduate school want to make some money pay down some debts build up some cash this is something to look into it's not the perfect solution for everyone out there but there are a lot of youngsters out there a lot of young people between say 21 the 30 years of age who taken it upon themselves to become expatriates and live and work offshore and these islands of the Caribbean and other places I would recommend you want to be on an island like this a resort island like this where the demographics are higher you don't want to be working ending up in a country where the demographics are low you want to be in an area where the labor is needed and where the tourists are relatively well-off and the Caymans fit the bill the Cayman Islands is not an island where you will get a one-week all-inclusive holiday for rock bottom prices they can't compete with Cuba not even close it's a very expensive place to visit but it's a beautiful place to be and a great place to work as an ex-patriot especially if you're willing to work hard and generally speaking the work ethic of a twenty two-year-old recent university graduate out does the work ethic of almost anyone out there employers on the island would kill for twenty two twenty three twenty four year old guys and girls who are going to come down there and work as bartenders doorman concierge waitresses Beach servers there are jobs down in the Cayman Islands for scuba diving lessons just all kinds of opportunities and the way you do it is you scour the internet for job openings for the Cayman Islands that's one way to do it another way to do it is take a quick vacation down there yourself stay at the Holiday Inn or at the Best Western there's a couple of cheaper hotels go down there with a friend and share a hotel room and share a car rental and look around town and start asking the locals about the different venues that hire people from offshore to come down and work and if you have any kind of waitressing experience or bartending experience like that already you're a shoe-in for for the application if you're healthy and you're strong and you're ready to work you'll find work and believe me if you put in the hours you can make some good coin and getting paid in Cayman Island dollars which is a $120 to the American dollar so it's twenty percent more valuable than the American dollar and working tax free without income tax you can direct all that extra cash towards your student loans or any other debts you have and build up some cash reserves and within short period of time it'll make a huge difference to your financial outlook and you may find that Hey it's time for a bit of a holiday or or get right back at your studies and back to the mainland or wherever you're from and go back to school and continue your education the possibilities are endless and there's just no end to the possibilities it's fantastic

Anyway that's a quick little video from me as I say my wife and I were delighted to meet this young gal and and we talked to her for 15 minutes and she really had her act together and she was focused and it was working for her really well and that can for you too so there you go there's a way to pay off your student loans a lot quicker than working for minimum wage back in Canada of the USA and if you enjoyed this video give me a thumbs up and if you like my channel as a whole why don't you subscribe and we'll just keep the videos coming take care we'll talk to you next time on Travelling with Bruce