Passive income when moving abroad for a year?

bp5678

I'm considering teaching English as a foreign language abroad as I think I'll enjoy it, I also love travelling which I'll get to do, plus even if the money isn't good you can save a lot (£1k a month sometimes). This'll probably be for a year with the possibility of it leading to something long term if I really enjoy it.


I'm currently living with my parents and was originally going to buy a house but now I'm considering teaching abroad I don't think I'll buy a house yet.


I also considered buying a property (flat) and renting it out (my parents can help if I'm not nearby to manage the flat and give them some of the money I make). However even with their help I'm not sure how feasible/realistic/worth it this idea is as there's quite a bit of work involved in this and I don't think the returns would be great anyway.


I'm wondering what else I can do?


I'm currently gaining compound interest on my savings but that's nothing substantial in terms of passive income. I have saved £24k (I was going to buy a house in early 2020 and hoped to have £34k saved + a further £12k which my parents have saved on my behalf since I was a child).


Is there anything else I can do to allow my capital to grow with minimum work whilst away?

Kayalana99

If your not actually wanting the money to travel is it worth considering buying a house with the view to move in once you get back - and rent it in the mean time?

Consider you may only make 100-200 profit a month of said rental - but depending on circumstance you may also be knowing off 100-300 or so off the mortgage as well. So even if you can't see it, you could be looking at around £400 a month better off.