Job Discussion Forums

[kanjizai]

When starting off Teaching ESL how much money should a teacher have saved? I think 10,000 USD is sufficient. Does anyone have another perspective?

[PanamaTeacher]

depends

[Glenski]

[scot47]

The question is a bit like,"What is it good to have for breakfast ?" Meaningless unless we know a lot more about you, where you are and where you are headed. As for a grubstake of US$10,00 I don't think there has ever been a time in my life when I have had as much money as that !!!!! And I will never see 55 again !

[dyak]

Teaching EFL and making money... something doesn't quite collocate here... mwah ha ha.

[grahamb]

Glenski and Scot47 are right. What are your circumstances? Do you have a wife and kids to support, for example?
Dyak made a very pertinent point. The only affluent people in this business are the owners of language schools.

[bnix]

The other posters are right.Depends entirely on your circumstances and where you intend to go.That said, I doubt very seriously if most people start this business with a $10,000 grubstake.Actually,some are students who owe on student loans and hope to pay off at least a portion of the loans by teaching.
Two general things about this field:
1.It is not a stable field(financially,and in many other respects).
2.Do not expect to make a lot of money anywhere.After all,it is teaching.Plus there are some other additional intrinsic problems in TESOL.Of course,in some places you can make appreciably more than in other places....but we are not really talking any big bucks anywhere.After all. it is teaching.

[Roger]

Ten thousand US bucks as a cushion is fine, but it should attract more of its Chinese cousins here in the PR of C, so that you won't need to to diminish it while trying to hold down one job for a protracted period of time!
Say you have found a job with a public school, relatively stable (relatively stable that is - you can still be fired for trifles not necessarily your own fault!), and the salary is a standard 4000 RMB a month. Most of us will be able to save half of it or even two thirds.
You have the exceptional permission to work extra. YOur salary doubles. Now you are in the very thin minority of Chinese upper middle-class, albeit without a home of your own, and no car either. But 8000 RMB is a very thick pad of 100-RMB bills.
Trouble is that your second job is only a part-time job with a training centre or a corporate class. Cancellations of such classes come quicly, and not seldom over night!
You can't plan your finances for any six months straight! Anything over and above your actual needs is potential savings, but your savings attract no interest (you get a grand total of 0.625% from your bank, 1.25% if it is in a time-deposit account!), and there is a Damoclean sword hanging over your head - the fluctuating exchange value!
And at the end of your term, you do not know if your boss will keep you on. All he is heard mumbling is "wait and see!" Finally, your visa is to expire in one month, and you ask your boss to give you a release letter so you can find a new job. He baulks, then gives in - in return for you to cede your airfare reimbursement! There goes 5000 RMB, and the video missing since your coteacher 'borrowed' it from you is deducted from your salary as well.
YOu need all your savings to survive here, mate!