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Making money so I can live my dream
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Hod



Joined: 28 Apr 2003
Posts: 1613
Location: Home

PostPosted: Wed Jan 18, 2017 9:15 pm    Post subject: Reply with quote

If you want to make big money within two years, you won't do it teaching. In Europe right now, IT contractors are making over £50 an hour, and from what I've seen, most aren't any good. Of course, you'll need to learn how to use Java or one of these programs, but you're a teacher and have the time.

(I'm not in IT, but I work with such people now and just observe how they operate.)
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PC Parrot



Joined: 11 Dec 2009
Posts: 459
Location: Moral Police Station

PostPosted: Thu Jan 19, 2017 2:19 am    Post subject: Reply with quote

danshengou wrote:
If money is the main focus, the savings range for most gigs will depend on different factors. Ultimately, you need to maximize income and minimize expenses. The former comes with experience, training, and contacts, etc. The latter requires cheap housing and low taxes (or zero), as well as a frugal lifestyle, which takes time to develop the knack for. If all factors are in you favor, I would say the absolute max savings per month would be $5k per month in TEFL, rarified air indeed. $24k saved per year puts you well above the median TEFLer, and $36-48k per year is well in the top 10% of savers. Finally, those at the top end are generally living in less than desirable locations and/or dealing with low-end students, which means very few will actually be able to sustain the level of savings year over year.

I guess the main message is to avoid burnout, either from spending too long in a miserable place, or by working too much. This is why only a small percentage reach $100k in savings (from doing TEFL), though a smattering may even reach $250k+ over a good career. It takes discipline and sacrifice and dedication to the goal for a long time, and often in a boring, loathsome place. But it can be done. That said, for a well-qualified TEFLer, a sustainable career-long savings rate is probably $1500-2000 per month, assuming maximum company paid benefits and a good salary in an otherwise cushy job. So $20-25k per year over 30 years, well-invested, might lead to a TEFL-made millionaire, of which there must a couple in the world. Work solidly for many many years in a good job and live frugally and invest wisely. Seems the advice applies not just to TEFL.


You forget that the TEFLer may have a working spouse who may also be a TEFLer or educator. To the $36-48,000 per annum savings from teacher 1, you can therefore add the full salary of teacher 2, giving a savings figure closer to $100,000 p.a. from salary alone.

Add to that the investment income earned and you start to get the picture.

I work with several people in this position. I know one couple whose net wealth increased by almost $250,000 in one year alone.
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bograt



Joined: 12 Nov 2014
Posts: 331

PostPosted: Thu Jan 19, 2017 2:22 am    Post subject: Reply with quote

Quote:
In Europe right now, IT contractors are making over £50 an hour


Which, after factoring in European tax, works out to what a TEFL teacher can make fairly easily in Asia these days.
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bograt



Joined: 12 Nov 2014
Posts: 331

PostPosted: Thu Jan 19, 2017 2:23 am    Post subject: Reply with quote

PC Parrot wrote:
danshengou wrote:
If money is the main focus, the savings range for most gigs will depend on different factors. Ultimately, you need to maximize income and minimize expenses. The former comes with experience, training, and contacts, etc. The latter requires cheap housing and low taxes (or zero), as well as a frugal lifestyle, which takes time to develop the knack for. If all factors are in you favor, I would say the absolute max savings per month would be $5k per month in TEFL, rarified air indeed. $24k saved per year puts you well above the median TEFLer, and $36-48k per year is well in the top 10% of savers. Finally, those at the top end are generally living in less than desirable locations and/or dealing with low-end students, which means very few will actually be able to sustain the level of savings year over year.

I guess the main message is to avoid burnout, either from spending too long in a miserable place, or by working too much. This is why only a small percentage reach $100k in savings (from doing TEFL), though a smattering may even reach $250k+ over a good career. It takes discipline and sacrifice and dedication to the goal for a long time, and often in a boring, loathsome place. But it can be done. That said, for a well-qualified TEFLer, a sustainable career-long savings rate is probably $1500-2000 per month, assuming maximum company paid benefits and a good salary in an otherwise cushy job. So $20-25k per year over 30 years, well-invested, might lead to a TEFL-made millionaire, of which there must a couple in the world. Work solidly for many many years in a good job and live frugally and invest wisely. Seems the advice applies not just to TEFL.


You forget that the TEFLer may have a working spouse who may also be a TEFLer or educator. To the $36-48,000 per annum savings from teacher 1, you can therefore add the full salary of teacher 2, giving a savings figure closer to $100,000 p.a. from salary alone.

Add to that the investment income earned and you start to get the picture.

I work with several people in this position. I know one couple whose net wealth increased by almost $250,000 in one year alone.


That's a bit of a leap from $100,000 pa to $250,000pa
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PC Parrot



Joined: 11 Dec 2009
Posts: 459
Location: Moral Police Station

PostPosted: Thu Jan 19, 2017 4:22 am    Post subject: Reply with quote

bograt wrote:
PC Parrot wrote:
danshengou wrote:
If money is the main focus, the savings range for most gigs will depend on different factors. Ultimately, you need to maximize income and minimize expenses. The former comes with experience, training, and contacts, etc. The latter requires cheap housing and low taxes (or zero), as well as a frugal lifestyle, which takes time to develop the knack for. If all factors are in you favor, I would say the absolute max savings per month would be $5k per month in TEFL, rarified air indeed. $24k saved per year puts you well above the median TEFLer, and $36-48k per year is well in the top 10% of savers. Finally, those at the top end are generally living in less than desirable locations and/or dealing with low-end students, which means very few will actually be able to sustain the level of savings year over year.

I guess the main message is to avoid burnout, either from spending too long in a miserable place, or by working too much. This is why only a small percentage reach $100k in savings (from doing TEFL), though a smattering may even reach $250k+ over a good career. It takes discipline and sacrifice and dedication to the goal for a long time, and often in a boring, loathsome place. But it can be done. That said, for a well-qualified TEFLer, a sustainable career-long savings rate is probably $1500-2000 per month, assuming maximum company paid benefits and a good salary in an otherwise cushy job. So $20-25k per year over 30 years, well-invested, might lead to a TEFL-made millionaire, of which there must a couple in the world. Work solidly for many many years in a good job and live frugally and invest wisely. Seems the advice applies not just to TEFL.


You forget that the TEFLer may have a working spouse who may also be a TEFLer or educator. To the $36-48,000 per annum savings from teacher 1, you can therefore add the full salary of teacher 2, giving a savings figure closer to $100,000 p.a. from salary alone.

Add to that the investment income earned and you start to get the picture.

I work with several people in this position. I know one couple whose net wealth increased by almost $250,000 in one year alone.


That's a bit of a leap from $100,000 pa to $250,000pa


You'll note I said net wealth, not savings.

If your net wealth is $1 million and it appreciates 15% in value in one year, that's a $150,000 rise. Add the $100,000 savings and there is your $250,000.
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bograt



Joined: 12 Nov 2014
Posts: 331

PostPosted: Thu Jan 19, 2017 5:52 am    Post subject: Reply with quote

PC Parrot wrote:
bograt wrote:
PC Parrot wrote:
danshengou wrote:
If money is the main focus, the savings range for most gigs will depend on different factors. Ultimately, you need to maximize income and minimize expenses. The former comes with experience, training, and contacts, etc. The latter requires cheap housing and low taxes (or zero), as well as a frugal lifestyle, which takes time to develop the knack for. If all factors are in you favor, I would say the absolute max savings per month would be $5k per month in TEFL, rarified air indeed. $24k saved per year puts you well above the median TEFLer, and $36-48k per year is well in the top 10% of savers. Finally, those at the top end are generally living in less than desirable locations and/or dealing with low-end students, which means very few will actually be able to sustain the level of savings year over year.

I guess the main message is to avoid burnout, either from spending too long in a miserable place, or by working too much. This is why only a small percentage reach $100k in savings (from doing TEFL), though a smattering may even reach $250k+ over a good career. It takes discipline and sacrifice and dedication to the goal for a long time, and often in a boring, loathsome place. But it can be done. That said, for a well-qualified TEFLer, a sustainable career-long savings rate is probably $1500-2000 per month, assuming maximum company paid benefits and a good salary in an otherwise cushy job. So $20-25k per year over 30 years, well-invested, might lead to a TEFL-made millionaire, of which there must a couple in the world. Work solidly for many many years in a good job and live frugally and invest wisely. Seems the advice applies not just to TEFL.


You forget that the TEFLer may have a working spouse who may also be a TEFLer or educator. To the $36-48,000 per annum savings from teacher 1, you can therefore add the full salary of teacher 2, giving a savings figure closer to $100,000 p.a. from salary alone.

Add to that the investment income earned and you start to get the picture.

I work with several people in this position. I know one couple whose net wealth increased by almost $250,000 in one year alone.


That's a bit of a leap from $100,000 pa to $250,000pa


You'll note I said net wealth, not savings.

If your net wealth is $1 million and it appreciates 15% in value in one year, that's a $150,000 rise. Add the $100,000 savings and there is your $250,000.


Sure but when people ask about how much you can save in a job in two years they don't usually want to know how much a person's wealth can increase if they already have a million dollars, or have I missed something? Also who was this couple going round telling everyone about this? They sound awful.
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PC Parrot



Joined: 11 Dec 2009
Posts: 459
Location: Moral Police Station

PostPosted: Thu Jan 19, 2017 6:52 am    Post subject: Reply with quote

Why mention the other amount? Because money makes money. It's called the snowball effect. I'm surprised, you haven't heard of it. The OP wanted to achieve $100,000. The snowball effect will help him get there.

The couple I mentioned achieved their wealth through teaching in the UAE and investing their savings. They came to the UAE with nothing and will leave in 18 months to retire to Western Europe both below the age of 50. It will have taken them 16 years.

And who said anything about the couple swanning around telling everyone about it? You said that. I didn't. They don't do that. I don't know why you would assume that they did ... well I can take a pretty good guess, but it doesn't reflect well on you ..
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bograt



Joined: 12 Nov 2014
Posts: 331

PostPosted: Thu Jan 19, 2017 6:57 am    Post subject: Reply with quote

Why mention the other amount? Because money makes money. It's called the snowball effect. I'm surprised, you haven't heard of it. The OP wanted to achieve $250,000. The snowball effect will help him get there.

In 2 years?

The couple I mentioned achieved their wealth through teaching in the UAE and investing their savings. They came to the UAE with nothing and will leave in 18 months to retire to Western Europe both below the age of 50. It will have taken them 16 years.

And who said anything about the couple swanning around telling everyone about it? You said that. I didn't. They don't do that. I don't know why you would assume that they did ... well I can take a pretty good guess, but it doesn't reflect well on you ..

Ok they didn't tell anyone, it just got out. And they sound lovely. Rolling Eyes
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PC Parrot



Joined: 11 Dec 2009
Posts: 459
Location: Moral Police Station

PostPosted: Thu Jan 19, 2017 7:04 am    Post subject: Reply with quote

bograt wrote:
Why mention the other amount? Because money makes money. It's called the snowball effect. I'm surprised, you haven't heard of it. The OP wanted to achieve $250,000. The snowball effect will help him get there.

In 2 years?

The couple I mentioned achieved their wealth through teaching in the UAE and investing their savings. They came to the UAE with nothing and will leave in 18 months to retire to Western Europe both below the age of 50. It will have taken them 16 years.

And who said anything about the couple swanning around telling everyone about it? You said that. I didn't. They don't do that. I don't know why you would assume that they did ... well I can take a pretty good guess, but it doesn't reflect well on you ..

Ok they didn't tell anyone, it just got out. And they sound lovely. Rolling Eyes


Sad ...
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Hod



Joined: 28 Apr 2003
Posts: 1613
Location: Home

PostPosted: Thu Jan 19, 2017 7:07 am    Post subject: Reply with quote

bograt wrote:
Quote:
In Europe right now, IT contractors are making over £50 an hour


Which, after factoring in European tax, works out to what a TEFL teacher can make fairly easily in Asia these days.


Even if these IT contractors paid full tax, where in Asia does a teaching job match their net income?

And contractors have limited companies, at least they do in the UK, and pay very little tax.
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bograt



Joined: 12 Nov 2014
Posts: 331

PostPosted: Thu Jan 19, 2017 7:32 am    Post subject: Reply with quote

Hod wrote:
bograt wrote:
Quote:
In Europe right now, IT contractors are making over £50 an hour


Which, after factoring in European tax, works out to what a TEFL teacher can make fairly easily in Asia these days.


Even if these IT contractors paid full tax, where in Asia does a teaching job match their net income?

And contractors have limited companies, at least they do in the UK, and pay very little tax.


Net income in the UK on 50 quid an hour working 37 hours a week = 1,231.10
Gross income in Korea making 50,000 an hour for a 37 hour week = 1258
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Hod



Joined: 28 Apr 2003
Posts: 1613
Location: Home

PostPosted: Thu Jan 19, 2017 7:40 am    Post subject: Reply with quote

I'll take your word for it with the hourly rate in Korea. However, 37 hours a week sat at a computer is viable whereas 37 hours of teaching isn't.

And your UK calculation includes full tax and NI which contractors will only pay a fraction of.
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bograt



Joined: 12 Nov 2014
Posts: 331

PostPosted: Thu Jan 19, 2017 7:48 am    Post subject: Reply with quote

Quote:
I'll take your word for it with the hourly rate in Korea. However, 37 hours a week sat at a computer is viable whereas 37 hours of teaching isn't.


Depends on the teaching I guess. I've just finished a 45 hour working week with different types of adult learner and it was fine.
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Jmbf



Joined: 29 Jun 2014
Posts: 663

PostPosted: Thu Jan 19, 2017 8:08 am    Post subject: Reply with quote

Hod wrote:
I'll take your word for it with the hourly rate in Korea. However, 37 hours a week sat at a computer is viable whereas 37 hours of teaching isn't.


Very much depends on the teaching work. I regularly do 40-50 hours per week and have done so for years.
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danshengou



Joined: 17 Feb 2016
Posts: 434
Location: A bizarre overcrowded hole

PostPosted: Thu Jan 19, 2017 9:48 am    Post subject: Reply with quote

PC Parrot wrote:


You forget that the TEFLer may have a working spouse who may also be a TEFLer or educator. To the $36-48,000 per annum savings from teacher 1, you can therefore add the full salary of teacher 2, giving a savings figure closer to $100,000 p.a. from salary alone.

Add to that the investment income earned and you start to get the picture.

I work with several people in this position. I know one couple whose net wealth increased by almost $250,000 in one year alone.


Not per year. I mean total net worth (most likely cash savings) from an individual TEFL career, however long it might be, and whatever expenses you may have had. In other words, few save much money at all, for various reasons and have any kinds of quality long-term investments. Those who can sustain the overseas life and live tax free in comfortable free housing, and who live frugally, obviously stand the best chance to reach $250k+. But most would agree that these are rare cases in the TEFL world.
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