Job Discussion Forums

mark_in_saigon · Joined: 20 Sep 2009 Posts: 837

Everything is relative. For 98% of the natives, $17 an hour is manna from heaven. For the Filipinos and folks from other countries that are not on the "desirable" list, it is fine, or great. For those of us who are making about twice that, it depends. For people with very detailed work (like IELTS trainers), we may make a big hourly rate, but put thrice as much time into it as guys who troop around from place to place in the hot sun and flooded streets. Still, it is better to spend hours in your own office for a high rate than to spend less time driving thru the sewage at a low rate. Maybe it depends on your age and time over here, at first it may be exciting, but after a while, you may get tired of it.

I always thought that the earnings were not as important as the way we managed our money. I have known folks who made only average wages and ended up wealthy because of how they took care of what they had. I have also known folks who were handed a fortune and blew thru it in no time.

I do believe it is getting harder and harder to make and keep a fortune, as money is being more and more concentrated in the hands of the wealthy, and this is going on all over the world. Costs are really going up, this is one of the few places in the world where a normal western income is worth quite a lot more than it would be back home. Food, transportation, labor expenses, and (for some of us) housing are all a bargain.

We had another good chance to buy real estate about 2 years ago (back in the U.S.), but most folks had lost so much of their wealth, they did not have the chance to take advantage of it. Those of us who were able to keep what we had may have seen our holdings recoup their losses entirely, depends on location of course. Where I am from we are at new highs, but that is mostly a matter of luck. My secondary location has not done all that much, though it did come back to its previous high, it was never that high to begin with. Certainly glad I never invested my grandma's fortune over here, that is for sure. Lots of guys come over here with enough money to live out their lives only to lose it all in some deal here. Guys who go to Thailand are even more likely to do so.

kurtz · Joined: 12 Mar 2008 Posts: 518 Location: Phaic Tan

I set the context before: Western style living of a middle-class or upper working- class background. No need to bring Filipinos into the mix. The question was what does the man in question call a decent amount of savings whilst not eating street food every night and drinking cheap and nasty beer whilst knocking knees with the peasantry and backpackers boasting of their overland trip from Bangkok.

No answer so far. How long is a piece of string. For me, it is $2000 in the bank every month. Any less and you are stuffed unless you are happy going native and are happy being single.

Want a real laugh? Go swing by the Thailand branch and learn if you are really frugal, you can save $400 a month.....yes, sign me up for that one.

$17 per hour is shocking money if you call yourself a serious EFL teacher, or you are at least trying to be one.

H5N1 · Joined: 15 Feb 2005 Posts: 80

mark_in_saigon · Joined: 20 Sep 2009 Posts: 837

I think to make a fortune for an average type person (not born into big wealth, or with some very high paying skill), the key is managing his investments and especially watching his expenses. The average westerner would have a fortune at the end of his life if he invested the money he spent on cigarettes or booze (especially booze bought by the drink). We also spend our chances away on things like pets or flashy new cars. Most of us have a discretionary expense that drains us. If we would just be conservative, we would have a pretty good chance of getting there, though it is getting more difficult as time goes on.

Real estate has done very well over the last several decades, but I would be more nervous about trying to make a fortune on it now. Still, you have to put your money into something, so having real estate as part of your holdings is a good idea. It was my big score, though for the longest time I thought equity markets or my own business would be the key. In the end, they were not, it was properties that really performed. You never know the future, so diversification does give most of us a better chance to make it.

VietCanada · Joined: 30 Nov 2010 Posts: 590

VietCanada · Joined: 30 Nov 2010 Posts: 590

kurtz · Joined: 12 Mar 2008 Posts: 518 Location: Phaic Tan

VietCanada · Joined: 30 Nov 2010 Posts: 590

I love Kalbi restaurants Sitting on the floor, Quarts of OB lager. Cooking your own.

I got paid well at hogwons and taught privately which can be quite lucrative. Hogwons pay 13 monthly salaries remember and you don't pay rent or transportation costs.

Morning, afternoon and evening shifts just like here. Early morning business classes pay very well too.

Saving money is hard work.