Job Discussion Forums

Prof.Gringo · Posted: Wed Nov 17, 2010 2:22 am Post subject:

It is becoming clear to me that EFL is great as a hobby or as a second career, but not as a lifelong career.

So the best thing is to look for your best possible option, it might not be in Mexico.

As an example, I am on-track to get a pension when I hit 55 (with a minimum of 20 years of service) and receive $40,000 per year after that. Of course that is a non-EFL, US based pension.

There are some options in Mexico, and I feel that the main issue here is the Mexican banking regulations. Many other countries offer both nationals and foreigners (in many cases even as a tourist) bank accounts in both the local and foreign (US Greenbacks) currencies.

Funny, I tried to exchange a few US Greenbacks today and the bank told me my Passport Card isn't official ID... Rolling Eyes

Prof.Gringo · Posted: Wed Nov 17, 2010 2:44 am Post subject:

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

http://www.xe.com/currencycharts/?from=USD&to=MXN&view=5Y

Not that much movement beyond the jump from 10 to 13 in 2008.

The peso was about 8.50 to the dollar when I first got here during troubled economic times and the last devaluation had been in 94/95. Mexicans used to talk about el sexenio - where a devalutation would come with a change in PRI presidents. That pattern seems to be broken with PAN as nothing happened in 2000 or 2006. Still, anything goes...the world is in a currency war right now but the peso hasn't moved relative to the dollar.

Property is the best way to go I agree. We never experienced the housing bubble that the US did...slow and steady growth. Mortgage rats are hideously high here though as credit has never been cheap or particularly easy to get in Mexico.

Prof.Gringo · Posted: Wed Nov 17, 2010 3:17 am Post subject:

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

Yeah I think the Mexican government let it go then since they pretty much control what the peso is worth day to day, save for shocks. I think that 17 you refer to happened during the swine flu 'crisis' last year over the period of week or so before settling back to normal.

Samantha · Joined: 25 Oct 2003 Posts: 2038 Location: Mexican Riviera

We keep pretty close track. I don't recall it ever getting close to 17-1 here. I do remember it getting close to 15, without looking back, which we found amazingly high.

Tretyakovskii · Joined: 14 Aug 2009 Posts: 462 Location: Cancun, Mexico

Prof.Gringo · Posted: Wed Nov 17, 2010 1:38 pm Post subject:

Tretyakovskii · Joined: 14 Aug 2009 Posts: 462 Location: Cancun, Mexico

You may have missed the essential point of my suggestion, Prof G.

I was talking about an investment with significant potential capital gains in mind- just the sort of thing people who are looking to retiring some years hence might take an interest in.

One of the frequent posters to Dave's has mentioned that he's bought five rental properties in the U.S., over the years, and intends to buy more, with his retirement in mind.

There's never been a better time to enter the U.S. market, all things considered.

We just bought a condo in Mexico for our home, but a place to live is not what this thread is about.

Prof.Gringo · Posted: Wed Nov 17, 2010 2:21 pm Post subject:

Tretyakovskii · Joined: 14 Aug 2009 Posts: 462 Location: Cancun, Mexico

An average teacher couldn't do it: this guy has a plan, and great self-discipline when it comes to his finances. He's also worked in Korea and some other, better paying places, where saving significant amounts of money is a little more easily done. In addition, he's made use of credit which, in the U.S., can be significantly cheaper than in Mexico- especially now.

Professor · Joined: 22 May 2009 Posts: 449 Location: Mexico City

Tretyakovskii · Joined: 14 Aug 2009 Posts: 462 Location: Cancun, Mexico

Mexico is very nearly the lowest paying place I've worked, although I briefly hit my highest hourly rate ever, here.

Korea, and the middle eastern countries are those mentioned, most often, when the subject turns to making and saving money as a TEFLer. A friend of mine was offered $70,000 USD, plus housing and free trips home, in one of the later. It still wasn't enough to lure him away from SE Asia. Many people feel the same about Mexico.

Professor · Joined: 22 May 2009 Posts: 449 Location: Mexico City

So the teacher you mentioned who bought five properties in the states got the money from working in the middle east or asia?? I'm really curious as to how someone could do that while only teaching EFL in Mexico.
Answer please. You got my curiosity up.

Tretyakovskii · Joined: 14 Aug 2009 Posts: 462 Location: Cancun, Mexico

Prof, have you met no one who owns their own place, here in Mexico, who is teaching English? Several of our posters have said they do, and it's probably easier to buy in the U.S., now, than it is here.