Hey everyone! Here we are again with our next installment of the FIRE Community Guest Interview Series!  

For anyone new here, this interview series will cover people within the FIRE community who are on their way to becoming financially independent, have already reached financial independence, or who have retired early. If you are reading this and you are financially independent, retired early, or close to reaching these major financial milestones, please reach out to the Modern Fimily! You can check out the previous FIRE Community Guest Interviews here.

Today, we have the pleasure of having Adam join us from all the way in Saudi Arabia!  Adam has ties to both South Africa and Canada and him and his family decided to uproot their lives in Western Canada to supercharge their FI journey by moving across the globe to the Middle East.  Adam is living proof that geo-arbitrage is a very real way to reach FI.  I love how most people in the FIRE community think of geo-arbitrage as part of their post-FI plans but here’s Adam showing how you can incorporate it into your FIRE journey.

Adam and I chat quite a bit with each other and I’m hoping that when it’s time to move back to Canada this lovely family ends up in our town.  

I’d also like to highlight that Adam is not a blogger/podcaster so I appreciate him coming on to share his story.  So many people think the FIRE community is full of these “influencers” trying to “make it big” by shouting their story from every rooftop when in reality the large majority are silently crushing it to FI. (And if anyone thinks we are trying to make anything out of this blog…. I will gladly share with you our laughable annual blog “income” which could maybe buy us groceries for a month.)

I hope you appreciate these responses as much as I do and hope you can relate to these guest interviews in some sense to see that there is no cookie-cutter way to FI. If you have any follow up questions or would like to get in touch with Adam, please leave a comment on this post. Without further ado, take it away Adam!


1. Can you give us a little background of who you are, what you do, and how you became interested in personal finance? How did you discover the idea of financial independence?

I am a South African/Canadian in my late-30s and currently living the expat life with my family and working abroad in the Middle East – Saudi Arabia to be exact.

A few years ago, I read a book called “Millionaire Teacher” by Andrew Hallam. This inspired me to change the way in which I thought about, and in turn invested, our money. As I sought more and more information, I came across the concept of financial independence…and was immediately hooked.

As per most people when they first stumble onto FI, I went down a rabbit hole pretty quick and pretty deep. While it was great to be exposed to a wealth of material I also found myself thinking about finances way too much.

I decided to take a step back, focus on the “major” things and let the little things go…there is only so much you can tweak and adjust.

2. When in your journey did you realize financial independence was actually possible?  Was that the original goal at the beginning?

I think I always believed that FI was attainable, but after landing a job abroad – and all the benefits that come with that – it became clear that we would be able to ramp up the trajectory to us reaching our “FI number” a lot sooner. Once this was in motion, the belief was definitely cemented.

3. To help put things into context, if you are comfortable sharing some numbers, what is your savings rate, FIRE number, net worth, salary, how many hours a week do you work, etc?  How long have you been working towards financial independence and where are you today?

I would say that I have only really been focused on FI intensely for the past five years and our situation is more niche than if I was living back home in Canada.

As expats, we are subject to a number of perks. While I’m hesitant to share exact numbers, I can say that I earn about double what I was earning in Canada…and add to the fact that we have our rent covered, majority of my kids’ education paid for…we are able to save about 85% of our monthly income. 

Another non-financial benefit to this lifestyle is that my wife is able to stay home with our kids’ – something that she has always wanted to do, and something that we could never have been able to do back in Canada with all the financial obligations that come with younger children i.e. daycare costs, etc.

4. Do you feel deprived?  Do you feel like you are sacrificing and missing out on life?  How would you say your mindset has shifted throughout your FI journey?

Nope, don’t feel deprived at all.

For the past five years – prior to this COVID-19 chaos anyways – we have lived in a great family-friendly compound, and been able to travel to both Canada and South Africa to visit family and friends. While we miss Canada and the great surroundings, we have also been able to live a great family life in unique culture and surroundings…if anything, we have been thriving – not been deprived. 

5. What do you spend your money on and what don’t you spend your money on? What brings you happiness and joy? How much money do these things cost?

Honestly, I feel that we are quite dull when it comes to this side of things. Besides travel, and the occasional splurge on a restaurant or takeaway, we don’t really spend our money on much.

Working a 5-day week, and having three kids under the age of 6, our days are pretty unadventurous (but also busy).

I feel this will change dramatically when we do decide to return to Canada, but for now we are comfortable with our daily visits to the pool and playgrounds (which are free!).

6. Do you use a budget?  Do you track your expenses? Do you track your net worth? If so, how often do you update these?

We don’t use a formalized budget but we do have a general idea of monthly spend. 

Once a month, my wife and I will sit down and map out anticipated costs for the upcoming month i.e., groceries, kids’ activities, residency permit fees, etc. More often than not, we are pretty spot on in our projections.

As far as net worth tracking – I check our net worth once a month on the last day of the month. At the beginning of the FI journey, I used to track this closely but you reach a point whereby you realize you just need to let go a little bit…so once a month works for us.

7. What are some of the more unique/uncommon ways you’ve cut down costs? 

For us – embracing the expat life was the game-changer. By taking a job abroad in a more tax-friendly region, we were able to completely alter the way in which we saved and spent our money.

By putting ourselves in an environment with zero percent income tax, as well as additional perks – I was able to increase my income, eliminate our rental costs, and drastically alter our financial projection…all at once.   

8. As someone who is now an expat living aboard in the Middle East, how has that impacted your finances? 

Pros: The financial impact has been massive. Usually, expat opportunities include a number of perks. These will vary according to location, but the main ones for us are:

  • Tax free US$ salary
  • Substantial/ full rental assistance
  • Travel assistance – fee paid to family each year to travel.
  • Educational coverage for children 
  • Full medical coverage

Cons: While there are plenty of benefits to the expat life, there are also of course sacrifices too. Being abroad means being apart from family and places that you love, while also missing out on the memories that come with that. This is something that definitely needs to be taken into consideration when thinking about making the move abroad.  

9. As a FI member from Canada (well South Africa actually eh?), are there any pros to living in Canada specifically that have helped you along your journey?  Conversely, any cons?  What have you noticed are some of the major pros/cons now that you are living abroad?

From the pros side – I do like some of the tax-beneficial accounts that I feel will help us in later life – such as the TFSA and RRSP…but until now there wasn’t anything massively beneficial. 

From the cons side – I did find having young kids a challenge in Canada and trying to deal with some crazy daycare costs (in BC anyways). Another con was definitely the rental/housing costs in Vancouver (and spreading throughout BC)…the costs are insane!

10. What is your investment strategy? Do you invest in index funds, dividend stocks, real estate, other businesses, etc.?  Has your investment strategy changed over the years?

Yup, it changed a lot – I used to fool myself into thinking that I knew what I was doing and tried to invest in individual stocks (including some very high-risk penny stocks). Once I woke up to the fact that I was useless in timing anything in the market, I converted to a full index fund ETF approach. 

We don’t own any real estate, and have the vast majority of our net worth invested in index funds. I like the simplicity and low costs of a single “all-in-one” ETF, and so purchase VGRO on a monthly basis with a long-term hold approach in mind.

11. Do you take advantage of tax advantaged accounts offered to you?  If so, which ones and how so?  Do you have a game plan to be able to withdraw from these funds when the time comes? 

When we became expats, we declared ourselves as non-residents of Canada. The advantage of doing this when working in Saudi Arabia is that I am not liable to pay any income tax (in either Saudi or Canada).  However, when you declare non-residency, you also give up your right to invest in accounts such as the TFSA, RESP and RRSPs.

For now, we invest in a regular brokerage account and if we ever decide to return to Canada, we will likely shift these across to resume our tax-advantaged account contributions. 

12. Speaking of withdrawals, what is the withdrawal rate you plan to use when you withdraw from your portfolio?  Are you a fan of the “4% rule” or something else?  Why?

While I use the “4% rule” as a guide, I definitely don’t bet the bank on it. Right now, I use the 25X approach as something to set targets, but until we have moved back to Canada and built a lifestyle that we are happy with – I am hesitant to commit to any form of withdrawal strategy.

13. What are your post-FIRE thoughts/plans regarding health coverage?  What do you estimate your post-FIRE health costs to be per year?

No idea – to be honest, I haven’t thought that far ahead as I doubt I will be going the “retire early” route. I think that when I hit FI, I will be looking to change my schedule and hopefully freelance/consult. As for now – me and my family have private medical coverage.

14. As a parent, have you found that having children has greatly delayed your timeline to FIRE?  What were some of the bigger costs that were worth it and what were some of the bigger costs that were not worth it?  Are you able to open up a RESP for their post-secondary education while abroad?  Is there an equivalent type of account you can fund to help with their post-secondary studies if they choose to go that route?

Nope, definitely don’t feel that they have delayed us. The situation would definitely have been different had we been living in Canada, as we were definitely feeling the pinch of high daycare costs in BC before we moved abroad.

We have three kids – all under the age of 7 – and having lived in Saudi for five years now, we have been lucky enough to dodge some of those exorbitant costs. 

As far as larger costs that were worth it – definitely travel. You definitely notice the cost of kids on flights – as airlines charge about 90% of the full ticket price from the age of 2 – but it has been worth it. As far as other costs – we stock up on clothes on sales, and also pick-up loads through Facebook market sites…so we have kept prices in check.

We were able to open up RESPs for two of our kids when we were residents of Canada, but have not been able to contribute to them since becoming non-residents. For now, I include the kids’ education investments as part of our larger investment portfolio, and if we decide to return to Canada, I will look to begin contributing to their RESPs again.

15. If you could go back in time and change things, what would you have done differently?

This sounds cliched, but I definitely wish I was more financially educated at a younger age. 

It took lots of mistakes and seeking out solid educational materials to finally get me and my family on the correct path. 

Also, I would have looked for expat opportunities sooner – the lifestyle is great for young families that are willing to try something different, and the benefits can really give a family a good financial step forward.

16. Has discovering financial independence changed how you view your job and life overall? 

For sure – while I enjoy my work, I am not sure I am meant to follow this path forever. And hopefully achieving FI means that I won’t have to…so I suppose that ticks the “life affected” box.

17. Have you come out of the FIRE closet yet? Meaning, do your friends, family, co-workers etc. know about your financial independence goals?  If so, how did you bring it up and what were their reactions?  If not, why not?  Why do you struggle with this conversation and why do you feel that money is such a taboo topic?  

Never considered it a taboo topic. In the beginning I was trying to shout it from the rooftops to anyone that would listen…but found out pretty quickly that not everyone likes talking about finances, and some people prefer to chart their own paths forward…which is fair enough.

While I used to steer conversations towards personal finance, I now prefer to let conversations get there organically and will provide my input and perspectives if they do.

18. What pieces of advice would you suggest to someone who is just starting out or someone who is working toward reaching financial independence? 

My advice would be to tackle the “big ticket” items – income, rent/mortgage, travel, and vehicles, etc. 

By looking to tinker and maximize returns on every single item or activity in life, you will begin to not enjoy the journey. Look to set your ship on the right path, and let time and compound interest do the heavy lifting.

19. What does the word ‘success’ mean to you?

For me, it would mean raising a family that feels loved, safe and financially secure.

For me, the biggest superpower that comes with financial independence is being able to eliminate financial stress. By doing this, you open yourself (as well as your family) to an environment that promotes positivity and more options…and this can only lead to bigger and better things.  

20. Are there any books, blogs, or podcasts that you would recommend for our readers to check out?

Books: Millionaire Teacher (by Andrew Hallam) and “The Simple Path to Wealth” (by JL Collins). Both focus on the power of diversity and index funds and both are easy reads applicable to those new to the FI space or seasoned veterans. 

Podcasts: While I used to take in an endless amount of FI-related content, I have stepped back from a lot but still like to listen to “FI Garage” and “Explore FI Canada.”


Love this interview and Adam’s responses! Here are some of our key take-aways from this interview:

  • I love how Adam dove right into FI upon discovering it (as most do) but then realized he needed to find that proper balancing spot – kuddos to you as that is a hard for many to do.
  • The more and more expat stories I hear, the more I’m convinced I want our kids to try out this route if they are keen (and we’d have a place to visit too – woo!).  If you can find the right opportunity, the pay/benefits can be insanely good – and of course you also get to explore a new place, learn about a different culture, learn a new language, try new foods, etc.  I totally understand it’s not for everyone but I personally love the idea of it.  I can really see this as an appealing route for those who are younger and just starting out in their careers.
  • I’m still dreaming of the day when someone comes on and explains how deprived they feel… Not even uprooting to a new country will do it.  Shocker.
  • I still find it crazyyyy that there are a few countries in this world where you can live/work and pay $0 in taxes each year.  Just wild.  That is a huge game changer when it comes to your savings rate as most people are sitting in a 20-30% tax bracket.
  • I appreciate Adam being candid about some of the cons when it comes to expat living as it’s definitely not all rainbows and butterflies.  Like anything, it’s important to weigh both the pros and cons and speak to others who are already living that lifestyle to get a true representation of what to expect.  So for those who are considering this lifestyle, you now know who to contact! 😉
  • And my favourite quote of the interview: “By looking to tinker and maximize returns on every single item or activity in life, you will begin to not enjoy the journey. Look to set your ship on the right path, and let time and compound interest do the heavy lifting.” YES, THIS!

Thank you again Adam for being a part of our FIRE Community Guest Interview Series, appreciate it! In next month’s interview, we have Lauren and Steven from Trip of a Lifestyle on to show how they were both able to retire at 29 while traveling and enjoying life along the way.

Did you enjoy this interview? Any thoughts or additional questions for Adam? Please let us know in the comments below 🙂 Thanks for tuning in and check back next month for the next interview.

We love highlighting other members of the FI community. Please contact us if you’d like to be a part of the FIRE Community Guest Interview series and we’ll see if we’re a good fit!

And in case you wanted to read the previous interviews that make up our FIRE Community Guest Interview Series, here you go!

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12 thoughts on “FIRE Community Guest Interview #20 – Canadian Expat Super Charging His Family’s Path to FI In The Middle East”

  1. Thanks for sharing this! I spent most of my 20s teaching English in Asia (Taiwan and China) and I really enjoyed it. And I suspect we have some more expat time in our future. We just moved from the US to Canada (which I guess makes us expats already) and when our daughter is a bit older, I think we’d like to try some “world schooling”.

    1. Hey Dave, good to hear from you! You’re more than welcome to come on anytime to share your story here – wink wink 🙂 I see you now have a blog, so awesome! I have to dig through your Cross Border Investing 101 Series – so amazing that you put that together!

      We too are on team world schooling the more and more we dig into the topic. We’re so keen to explore difference places with the kiddos each year but also want to maintain our Canadian residency for many of the sweet benefits we currently have.

  2. Hey Adam! It’s nice to learn more of your story. It’s inspiring and exciting to know how much becoming an expat has accelerate your journey to FI—even with kids. It’s not only beneficial to your finances, but an amazing adventure as well!

    It would be pretty cool if you decided to settle down in Cochrane with all the other FI peeps one day!

    1. Thanks Chrissy!

      I estimate that by 2026, there will be a FI commune and Court will be our undisputed leader.

      On a serious note – the expat element of FI is underrated (and not too commonly promoted). Can be a massive catapult for many in their journey.

      1. Ha! Take me to your leader

        Totally agree that the expat element of FI is underrated. Just like geo-arbitrage in a post-FI world is a way to stretch your dollars further, earning/living abroad is a way to speed up the path.

    2. Isn’t it crazy how some creative thinking and an out of the box lifestyle can be both enjoyable, memorable, and boost your journey to FI…!

      Slowlyyyyyy Cochrane is going to be the Canadian FI Commune muhahaha 😉

  3. >>I’m still dreaming of the day when someone comes on and explains how deprived they feel… Not even uprooting to a new country will do it. Shocker.

    I think it’s about self-knowledge and pursuing what’s right for you. I would hate uprooting to Saudi Arabia, so I don’t do that. Adam would hate carefully optimising his grocery-shopping process to save forty cents on scallions, so he doesn’t do that. (I think it’s fun.) We each end up with a lifestyle we feel comfortable in, even if we *would* feel deprived if we swapped places.

    1. Brin – spot on that all journeys are personal.

      And when it comes to small savings and deals – believe me, still a fan! Strategic in all our purchases and love saving – whether it’s $1 or $1,000…think that’s a common trait for all.

  4. In my book, what Adam and his family did in moving abroad is highly commendable. Many people talk about doing this, but so few do. It must be a fantastic growth opportunity and education for their children.

    Saudi Arabia, eh, sure beats shoveling mountains of snow off your drive at -27C; three times this week!

    Thanks for sharing Adam.

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