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danshengou
Joined: 17 Feb 2016
Posts: 434
Location: A bizarre overcrowded hole
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 Posted: Thu Jan 19, 2017 10:03 am Post subject: |
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| PC Parrot 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 $100,000. The snowball effect will help him get there. |
While that is the general effect, the process is actually called compounding. And assuming the OP is starting out with next to nothing, he will most likely reach the first $100k after about 46 months at 5% apr with $2000 per month deposited. The power of compounding saves him 4 months of time and labor (i.e., generates about $8k in interest). Now that's called getting your money to work for you. *Of course individual returns on investments may vary. |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Thu Jan 19, 2017 11:17 am Post subject: |
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| Jmbf wrote: |
| 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.
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Very much depends on the teaching work. I regularly do 40-50 hours per week and have done so for years. |
In terms of making money, though, the IT contractor can work 52 weeks a year, but schools have holidays and students cancel.
Also, as this is a teaching forum, I'm curious how people teach 40 or more hours a week. There has to be an element of preparation, marking of homework and breaks. I can't see how this fits into a working week. |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Thu Jan 19, 2017 12:26 pm Post subject: |
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PC Parrot has missed the obvious move. Get FOUR wives who are also teachers and then you will FIVE salaries coming in ! You will be reich beyond your wildest dreams.
Consult my new book "How Polygamy Made Me a Millionaire". Only $19.95. |
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Jmbf
Joined: 29 Jun 2014
Posts: 663
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| Posted: Thu Jan 19, 2017 12:28 pm Post subject: |
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| Hod wrote: |
Also, as this is a teaching forum, I'm curious how people teach 40 or more hours a week. There has to be an element of preparation, marking of homework and breaks. I can't see how this fits into a working week. |
Plenty of folks work that amount of hours in language centres but that's usually hard work.
I tutor privately so it's a different ball game.
No commuting time.
Minimal prep time of around 15-20 mins per day (I've got it down to a fine science over the years, largely thanks to experience and a huge resource library)
No marking
No meetings
Very limited admin
Lessons are scheduled back-to-back at my place
Usually 7-8 hours per day (typically something like 9:30am-12:30pm, 2pm - 6 / 7pm) |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Thu Jan 19, 2017 12:39 pm Post subject: |
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Sounds like you're sorted. Fair play. You've clearly done the work and built up the reputation.
But bograt is implying that such money is "fairly easy" to come by when I don't think that's the case at all. If the world's most qualified, popular and handsome teacher landed in Asia today, it'd be years before they made a steady £1500 week after week, if ever. The IT guy will have retired in the meantime. |
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bograt
Joined: 12 Nov 2014
Posts: 331
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| Posted: Thu Jan 19, 2017 1:19 pm Post subject: |
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| But bograt is implying that such money is "fairly easy" to come by when I don't think that's the case at all. |
To be fair I was talking about the hourly wage being fairly easy to come by, as that's what you were quoting. |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Thu Jan 19, 2017 3:59 pm Post subject: |
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| bograt wrote: |
| 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 |
To be even fairer, you did make out that a teacher in Korea can get more than a £50/hour UK IT contractor.
Does this mean the UK economy is safe and not at risk from an IT brain drain? |
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PC Parrot
Joined: 11 Dec 2009
Posts: 459
Location: Moral Police Station
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| Posted: Thu Jan 19, 2017 5:43 pm Post subject: |
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| scot47 wrote: |
PC Parrot has missed the obvious move. Get FOUR wives who are also teachers and then you will FIVE salaries coming in ! You will be reich beyond your wildest dreams.
Consult my new book "How Polygamy Made Me a Millionaire". Only $19.95. |
Is there a chapter on getting No.1 wife to consent to the plan? |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Thu Jan 19, 2017 11:25 pm Post subject: |
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| We have a correspondence course. |
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