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saint57
Joined: 10 Mar 2003
Posts: 1221
Location: Beyond the Dune Sea
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 Posted: Fri Apr 28, 2006 3:00 am Post subject: |
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I understand that making 6 figures and working only 2 hours a day is hard for people to believe and may be reaching for the sky but I have reason to believe that I can do it.
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What did I miss? I must admit it sounds sketchy. Please expand on this. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 3:24 am Post subject: |
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| If money is your motivation then there are certainly faster paths than TEFL. |
The point is that there are ways to increase your income and still be an ESL teacher and live in another country. You purchase a rental property in your home country and once it is paid off you would have a nice second income. You could also trade stocks in your free time online. There are many ways to make a good amount of money and enjoy the benifits of TEFL as well. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 3:31 am Post subject: |
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| What did I miss? I must admit it sounds sketchy. Please expand on this. |
The only thing that you missed is to be able to save enough money to make six figures. Of course I am not going to make six figures tomorrow but these days I double my money every year in the stock market. That is how I will eventually get to six figures. I doubt I will risk it to make 6 figures since I will move some profits into bonds but I can add $30,000 a year to my ESL salary in years which the stock market breaks even. I think $60,000 a year will give me a quit a nice life. |
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saint57
Joined: 10 Mar 2003
Posts: 1221
Location: Beyond the Dune Sea
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| Posted: Fri Apr 28, 2006 4:26 am Post subject: |
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| Discuss your portfolio. Please feel free to link me to charts. I would also like your rationale for purchasing these stocks. Which sectors do you believe are most likely to produce stocks that will double in value next year? |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 4:57 am Post subject: |
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| A friend says that night ER nurses are easily doing $35/hr in my metro area and demand isn't going to go down due to all of the people that will be retiring over the next decade. |
I doubt that anyone is getting too rich making $35 an hour in a metro area in the U.S. At $35 an hour you would make around $6,160 a month before taxes. After federal income taxes that would only be $4620-$500 for state income tax. The leaves you with $4100- local taxes=$4000. If you rent a decent apartment in a metro area you are down to $3000. Many ESL teachers in Korea and Taiwan have $2000 a month after taxes and paying into the a healthcare plan. That is with only teaching 20-25 hours a week instead of working 40 back home. If I wanted to teach some privates I could also have $3000 to spend after taxes.
Now, I hope no one will jump down my throat. Living in Korea is not for everyone though living in a metro area in the U.S. is not for everyone but if you really want to compare how much money one has to spend, an RN in a metro area may not be as far ahead of an English teacher as one would believe. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 5:01 am Post subject: |
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| I would also like to add that if you are only trying to save the most money possible being an RN is better due to the fact that you could probably rack up substantial overtime. Maybe someone can give me some feedback on this but I bet that an RN could rack up 15 OT hours a week at $50 an hour. They may even get double time on weekends. If you are willling to work enough hours you could probably make $120,000 a year before taxes as an RN which is not bad with only be required to have two years of schooling. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 5:09 am Post subject: |
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| Discuss your portfolio. Please feel free to link me to charts. I would also like your rationale for purchasing these stocks. Which sectors do you believe are most likely to produce stocks that will double in value next year? |
Saint 57, I am cuurently using these strategies.
http://www.stockoptionsuccess.com/?hop=agorot |
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valley_girl
Joined: 22 Sep 2004
Posts: 272
Location: Somewhere in Canada
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| Posted: Fri Apr 28, 2006 11:52 am Post subject: |
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Last edited by valley_girl on Fri Apr 28, 2006 8:34 pm; edited 1 time in total |
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cam
Joined: 22 Jan 2003
Posts: 124
Location: Maine, USA
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| Posted: Fri Apr 28, 2006 1:06 pm Post subject: |
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I would like to add my two cents on the topic of saving money as an ESL teacher. I worked in both Korea and Taiwan at the university level. I also had some extra work in both countries. I am very frugal and I struggled to save $2000 Can. a month. I would like to know how other people manage to save so much in these countries and still claim to be enjoying themselves.
Staying in Korea or Taiwan for years and not paying into a pension plan back home will have consequences down the road. It is almost impossible to live from old age security alone. Just look at the number of old people working in restaurants, Walmarts, etc trying to make ends meet. What about health insurance? Most of these people have none. People talk about living in third world countries but what if these countries catch up and your 250000 no longer goes so far?
Buying rental property is a good idea but I'm not convinced it will lead to great wealth down the road. I have used my saving to purchase two homes in rural Canada which I now rent. It would have been impossible for me to purchase a home in a larger urban area on my meager savings as an ESL teacher. Having said that I rent the properties for 350 a month. I have to pay the taxes (850 and 1650) and insurance (1800). So at the end of the year I have if I am lucky and nothing major needed repairs about 4000. Now where could I live confortably with less than 400 a month?
Looks like I need to keep on working before I can live 6 months in Canada and travel/work 6 months. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 1:59 pm Post subject: |
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| I am very frugal and I struggled to save $2000 Can. a month. I would like to know how other people manage to save so much in these countries and still claim to be enjoying themselves. |
In Korea, I don't know why you had such a hard time saving at least $15,000 if not $20,000 These days one can get a job that pays 2.3 to 2.5 won. If you are single, maybe I am just cheap but I think $1,000 U.S. a month is plenty to live on, when you have free rent. So lets say you save $1300 U.S. a month. That leaves you with $15,600 for 12 months +2,000 in severance pay + pension refund 2,000. That is $19,600 US is one year and you could eat out everyday and drink every Friday and Saturday night and save that. If you did some overtime or privates you could save a whole lot more. |
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GambateBingBangBOOM
Joined: 04 Nov 2003
Posts: 2021
Location: Japan
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| Posted: Fri Apr 28, 2006 2:07 pm Post subject: |
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| Read it again. He was struggling to save $24,000CDN a year. |
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mlomker
Joined: 24 Mar 2005
Posts: 378
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| Posted: Fri Apr 28, 2006 2:18 pm Post subject: |
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| JZer wrote: |
| Now, I hope no one will jump down my throat. |
Your figures are quite accurate. After paying for my car and maxing out my 401k the leftovers is about $1k. It's what you do with that extra money that matters, I think. I'm not inherently an investor...have a big screen TV, though!  |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 2:24 pm Post subject: |
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GambateBingBangBOOM wrote,
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| Read it again. He was struggling to save $24,000CDN a year. |
I don't understand $20,000 U.S. is virtually $24,000 CDN a year. Sorry if I missed something. |
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valley_girl
Joined: 22 Sep 2004
Posts: 272
Location: Somewhere in Canada
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| Posted: Fri Apr 28, 2006 3:17 pm Post subject: |
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| Well, it seems that I did not get offered an interview due to my lack of (Master's) credentials. My consolation prize is an MA completely paid for by my employer. Hmmm, not a bad consolation prize, methinks! So I guess I'll stick with this a bit longer. I'll still consider doing other things at some point, though, as TESL is exhausting to say the least. Denise, you may see me in California one of these days!! |
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mlomker
Joined: 24 Mar 2005
Posts: 378
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| Posted: Fri Apr 28, 2006 3:48 pm Post subject: |
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| cam wrote: |
| People talk about living in third world countries but what if these countries catch up and your 250000 no longer goes so far? |
That's really only a factor if you have your heart set on one particular country. There will *always* be a cheaper country that will allow Americans to retire there. Thailand seems the most attractive to me at the moment.
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| about 4000. Now where could I live confortably with less than 400 a month? |
You either leverage the equity in these properties to purchase more income producing properties or you sell them to invest or spend the equity. If you don't gain equity then you just had bad luck selecting a locale--that can happen. In the US property values do go in cycles but statistics show that they never stay down for long...it's an upward trend that always seems to defy inflation.
I've looked into the economics of renting property before and as an absentee landlord (having to pay for management) it is probably a break-even affair in my area. It's all about the equity and appreciation. |
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