Job Discussion Forums

valley_girl

Recently, I've started thinking a lot about my financial future. Specifically, will I be able to stop working when I want to and retire comfortably? Language programs and schools are notorious for being short-term operations. Language teachers are notorious for moving from job to job. Teaching ESL/EFL is for the most part neither lucrative nor secure.

Are you preparing for retirement and if so, how? If not, do you plan to go from teaching job to teaching job until you keel over or just marry "well" and not worry about it? Cool

spiral78 · Joined: 05 Apr 2004 Posts: 11534 Location: On a Short Leash

I don't suppose many teachers with basic qualifications who work for private language schools really use the profession as a long-term career or plan for retirement. If you really love teaching, ultimately you probably need more qualifications and a different level of employment. I fall into this category - got a basic TEFL cert eight years ago, but now have an MA in TESL/TEFL and six years of university teaching experience. I am considering a Phd - it means a whole different level of professional commitment, but also a different level of possibilities job-wise.

denise · Joined: 23 Apr 2003 Posts: 3419 Location: finally home-ish

No clue what to do about my financial future. Crying or Very sad

Getting out of debt is goal number one, a pretty lofty goal when my current salary is about $700 per month and my loan payments are about half of that!

Sigh.

d

Jizzo T. Clown · Posted: Mon Jan 30, 2006 8:14 pm Post subject:

I tried to cover this before:

http://www.eslcafe.com/forums/job/viewtopic.php?t=30799&highlight=retirement

But it turned into a discussion about real estate! I have a pretty good retirement package included with my job right now, but I'm in the process of earning my MA TESOL so I can be more selective about where I work and continue to receive retirement benefits. The only downside to that is the older I get, the less likely I'll be to live abroad. Crying or Very sad

I'd highly recommend a Master's for anyone considering this line of work as long-term employment (read: as a career). Otherwise, you're pretty much on your own as far as retirement goes. Not that that's a bad thing, it'll just require much more discipline on your part.

denise · Joined: 23 Apr 2003 Posts: 3419 Location: finally home-ish

Even with an MA, it`s difficult. An MA is generally a minimum requirement in the US. It might be more sought-after and respected abroad, but salaries in most places are far lower.

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khmerhit · Posted: Tue Jan 31, 2006 7:07 am Post subject:

sigmoid · Joined: 21 Jan 2003 Posts: 1276

I reckon the upcoming Apocalypse will render any retirement plans unnecessary.

merlin · Posted: Tue Jan 31, 2006 12:16 pm Post subject:

We could all start a multi-level marketing business with an ESL twist.

Something like: Hey, You pay me and I'll train you to be a teacher in my cool new ESL business after you buy my training program. Then you train 5 other people to be teachers and pass 10% up to me, then when each of them train 5 teachers they'll pass 10% on up to you ... and so on and so on until everyone on the planet is an ESL teacher.
Rolling Eyes

valley_girl · Posted: Tue Jan 31, 2006 1:52 pm Post subject:

OMG, Merlin...too funny! Laughing

Sigmoid, I don't know about an Apocolypse, but we're expecting a Noreaster to hit in a few hours. Something tells me we'll be plowed out by lunchtime, though.

I agree on the MA issue. I hate the thoughts of putting myself $20,000 further in debt by taking on a student loan, but it is an investment in the future. If and when I go overseas again, I'd like to continue teaching adults in a higher institution of learning and not little rugrats in an English daycare-slash-"kindergarten" or even elementary school. I imagine an MA will be a key factor in getting the kinds of jobs I want.

So are we talking RRSPs then? Mutual funds? Savings bonds? Even if you are lucky enough to get a job with a real pension plan, you cannot cash it out when you leave. By law (in Canada, at least) we must put it into a "locked in" RRSP. Since most ELTs are nomadic at heart (and maybe even by necessity), a standard pension plan doesn't really fill the bill.

I suppose if I get too old for conventional jobs in this field, I could still volunteer in Belize or somewhere like that... Cool

ls650 · Joined: 10 May 2003 Posts: 3484 Location: British Columbia

I think this is why Jizzo's previous thread degenerated into a real estate discussion. You have to live somewhere; why throw money away on rent when you can buy a piece of land? If you buy it in the right place, it's bound to increase in value.

naturegirl321 · Joined: 04 May 2003 Posts: 9041 Location: home sweet home

I am. I have a Roth and non traditional ROTH in the USa. Even if you can only save a bit a month, it adds up over time.

Gordon · Joined: 28 Jan 2003 Posts: 5309 Location: Japan

Valley girl,
Anyone who is a non-resident CDN can't put away RRSPs and even non registered ones too, buy CDN stocks or mutual funds. Not very investor friendly. RRSPs wouldn't work anyways since there would be no reason to save taxes on something yo aren't paying anyways.
I am saving money, but as yet have not put the money anywhere that is actually earning anything decent. I am looking.

ls650 · Joined: 10 May 2003 Posts: 3484 Location: British Columbia

valley_girl · Posted: Wed Feb 01, 2006 11:47 am Post subject:

moot point · Joined: 22 Feb 2005 Posts: 441

Invest offshore. Run a search of investment banks in the Channel Islands and you should find several to choose from offering every investment combination you can think of.

It's simple and tax-free, although you'll want to look into the local tax laws when it comes to cashing in your savings.