Job Discussion Forums

[howell83]

My primary and foundational goal, for such an endeavor, is to save money and pay for a debt accumulated here at home.

I want to teach English abroad, and I really do not care what country and cultural experience I go with. My main concern is to bank some salary the best way, in order to come home with the most money possible.

What is my best option?

So far, the overall consensus is Korea, with Japan taking a seat in the race. Quickly passing Japan and approaching Korea are the two countries of Vietnam and Taiwan.

Out of these four, actually, make it three (minus Japan), which country will be my best bet to make the most money?


Cheers,

Anthony

[tedkarma]

Bankable bucks, without being a spendthrift - probably Korea.

Base wages are roughly the same these days - unless you work for a special program, but that goes both ways for both countries.

The difference: Free housing in Korea and probably a higher cost of living in Japan.

Let the arguments begin . . .

[movinaround]

Saving money?
Definitely Korea. And you don't even have to try to save. If you actually try to save, you can 'easily' bank 1500 CAD a month. This is not including...

*1 month severance bonus when you leave
*plane ticket there and back
*if you are Canadian or American, you get double whatever you put into your pension back. You pay 4.5% of your monthly salary in, and your employer pays that much too. So on 2000000 salary (minimum nowadays), you pay 90000 a month and your employer pays 90000 a month (180000 a month). Times that by 12 (if you only stay one year, you can stay more ofcourse), and you get 2160000 when you leave the country (after a year). Since half is what you paid, you are getting a free 1050000 bonus when you leave (per year). There is also interest (I heard) on the money you put in too.

Anyone who disagrees can try to make an argument against it if they like

[howell83]

HEY movinaround...could you elaborate more on that for me please?

So, let me see if I get this correct...

Each month, you place part of your wage into a Korean pension plan, whereby your Korean employer matches whatever you put in. After you are done your one year contract, in another following year, you get all the money back?

Now, I think I am missing something here, it seems like a sure fire way to inflate your earnings.

Do they send you a check? Wire it to your bank account in your home country?

This just sounds to good to be true, I must be missing something here!

[jpvanderwerf2001]

Actually, India had something like that called the Provident Fund. I got a couple grand at the end of my one-year contract, if I remember correctly.

Money can be saved in Russia. You have to get here and find the private students, however. I run an English Club in my free time and this pads the pockets, too. I usually save about $1k in a good month, and $400-500 when I'm not as cognizant of saving...

[movinaround]

[tedkarma]

What movinaround says is exactly why many of us head to Korea to salt away a few bucks. It is why I spent three of the last four years at a university in Korea.

Not only could I save US$1000+ a month without much effort - but at the end of the three years I collected three months bonus AND three months pension - literally SIX MONTHS wages.

Doesn't matter how you count it - it adds up nicely.

[JZer]

Well, if one gets a university job or a hogwon with a lot of overtime, one can save $2000 a month and eat out and drink. With free housing $1000 US a month should be enough for a single person. That would give you $100 a weekend for drinking and $300 for food. Internet is around $40US.

One thing that people have left out is that in Korea, English teachers don't pay taxes on their overtime. Maybe no one does, I am not sure. So if you make $2000 a month and get another $1000 in overtime, you get to keep all that money and don't have to give a dime to the Korean government. I am hoping to save about $21,000 from March to next February. Right now I am between jobs and will be starting at a new university March 1. I would be able to save $24,000 but I will pay my credit card off during the first three months.

[howell83]

Essentially, the general consensus around these boards is that Korea is the number one pick for saving money in any ESL excursion, taking into account a first timer's experience.

And, it would be beneficial to invest part of my salary in government offered savings bonds.

Thanks for the help everyone!

[tedkarma]

I couldn't save quite as much as JZer, probably about 2/3rds of what he suggests. But, we all have different habits and will make different amounts.

People should probably guess on the conservative side. And, generally, you spend more just getting set up when you first arrive - and when you don't know where to buy things inexpensively.

[howell83]

Hey Tedkarma, how are things in Thailand? Are the opportunities just as available as South Korea?

How do the wage/savings in Thailand compare to South Korea?

[tedkarma]

Wages in Thailand:

You can easily SAVE double in Korea what you would EARN in Thailand.

I can't really recommend Thailand for TEFL right now - until they get the visa, work-permit, background-check mess sorted out. Lots of teachers are in legal limbo here right now.

Actually fewer opportunities in Thailand than in Korea - or maybe comparable.

[howell83]

Thanks for the run-down!

It's beginning to look like Korea is the ultimate destination for what I am looking for!

[JZer]

[howell83]

Do any of you drink?

I rarely at all consume alcholol...so if you do drink, how much of your income usually goes to those beverages?

I tend to gravitate towards the cannabis culture when looking for some kind of intoxicant...(as a side note, what is the availability of this plant overseas?)

I almost never drink coffee either.