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athenssoest
Joined: 24 Dec 2009
Posts: 41
Location: middle of nowhere United States
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 Posted: Fri Apr 29, 2011 1:37 pm Post subject: saving money? |
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| I really want to teach ESL abroad when I finish college, however being able to save some of my salary would be a must for me. Other than the typical Korea and Middle East, can anyone tell me some countries where the salary will allow teachers to save? |
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Zero
Joined: 08 Sep 2004
Posts: 1402
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| Posted: Fri Apr 29, 2011 2:21 pm Post subject: |
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That's the problem with EFL in general. Not enough money in it! I most places, you probably won't be able to save much.
Some people can save in China. The key is to live a modest lifestyle and to supplement your main job with extra part-time work or private lessons. In some ways the second- and third-tier cities are better for this, because the cost of living is lower. But wages may be higher in the biggest cities, so it's a toss-up.
When new posters come here and say, "I am moving to Shanghai to teach English, can anyone tell me the best nightclubs?" then I know they aren't going to save anything. |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Sat Apr 30, 2011 12:46 am Post subject: |
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Everyone in the world wants to save money. Help us out here.
Where exactly are you interested or not interested in living/working?
Exactly how much are you hoping to save? (I realize that immediately after college, you will probably have student loans to repay, so include those in your calculations.) |
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tttompatz
Joined: 06 Mar 2010
Posts: 1951
Location: Talibon, Bohol, Philippines
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| Posted: Sat Apr 30, 2011 2:17 am Post subject: Re: saving money? |
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| athenssoest wrote: |
| I really want to teach ESL abroad when I finish college, however being able to save some of my salary would be a must for me. Other than the typical Korea and Middle East, can anyone tell me some countries where the salary will allow teachers to save? |
US citizen, BA + TESOL ...
Best bang for the buck is still Korea for a newbie with a college degree.
Minimal start-up costs, TESOL and/or experience not required. Go read the Korean forums for a better idea.
Most of Europe is out of the picture for visa reasons.
Pay at the newbie levels in most of the rest of the world won't allow you to pay back or save anything until you get a few years of experience under your belt (not a great plan if ESL is not a career path you are interested in).
Taiwan is not a bad 2nd compared to Korea. Start-up costs are a bit more but savings are possible.
Vietnam is another option as well.
Japan is do-able but you will need a lot of luck or a good sized bank roll to get started (unless you get get into something like the JET program).
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Sat Apr 30, 2011 12:15 pm Post subject: |
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| TEFL is a hard job to save in when you're starting out. (Honestly, I've been told that construction workers and truck drivers actually do pretty well.l A friend of mine was looking into those) Korea is probably the best. The Middle East as you get more experience. And just about anywhere if you're willing to work a lot, charge his prices, do privates, company classes, etc. And have the legal ability to do so. |
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athenssoest
Joined: 24 Dec 2009
Posts: 41
Location: middle of nowhere United States
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| Posted: Sat Apr 30, 2011 1:14 pm Post subject: |
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Thanks everyone!
Let me expand on my original post. I don't have any debt to pay off or anything so I'm mainly looking to be able to save enough for grad school. Also, I already have 2 years of ESL tutoring experience in the United States, so i don't know if that would help me get a higher paying job at all. |
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tttompatz
Joined: 06 Mar 2010
Posts: 1951
Location: Talibon, Bohol, Philippines
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| Posted: Sat Apr 30, 2011 4:55 pm Post subject: |
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| athenssoest wrote: |
Thanks everyone!
Let me expand on my original post. I don't have any debt to pay off or anything so I'm mainly looking to be able to save enough for grad school. Also, I already have 2 years of ESL tutoring experience in the United States, so i don't know if that would help me get a higher paying job at all. |
Unless your 2 years of tutoring are 2 years of full-time, verifiable, in the classroom time they will mean nothing when you head abroad.
Want to save money and have nothing more than a generic Bachelors + TESOL + US passport the list above is accurate. You get to start at the bottom of the pile like everyone else in your shoes.
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rtm
Joined: 13 Apr 2007
Posts: 1003
Location: US
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| Posted: Sat Apr 30, 2011 5:39 pm Post subject: |
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| athenssoest wrote: |
Thanks everyone!
Let me expand on my original post. I don't have any debt to pay off or anything so I'm mainly looking to be able to save enough for grad school. |
The reason you want to save money isn't really the issue (paying off student loans vs. reducing future student loans). The question is: How much do you intend to save per month? That will help people here to recommend places where doing so might be feasible.
| athenssoest wrote: |
| Also, I already have 2 years of ESL tutoring experience in the United States, so i don't know if that would help me get a higher paying job at all. |
It most likely won't help to get a higher-paying job, but it may help you to get a lower-paying job over someone who has no experience. So, don't leave it off of your resume completely. Just realize that it probably won't count for a ton (many employers don't consider full-time EFL work in a different country, let alone tutoring). It might, however, make you a better-prepared teacher, which will hopefully come through in any interviews or demo lessons you do. |
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sistercream
Joined: 18 Dec 2010
Posts: 497
Location: Pearl River Delta
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| Posted: Sun May 01, 2011 6:52 am Post subject: |
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| The other big issue is what kind of lifestyle compromises are you prepared to make in order to achieve savings. Will you go into withdrawals if you can't buy the latest gadgets and eat the same foods as in your home country, or do you keep the same mobile phone until it wears out and are happy to eat the local food in whichever country you end up in? |
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Denizen
Joined: 13 Nov 2009
Posts: 110
Location: Tohoku
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| Posted: Sun May 01, 2011 5:11 pm Post subject: |
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Kindly excuse me for sounding somewhat fatherly, but here's some general advice...
Throughout the ages, parables (i.e. Richest Man in Babylon) have recommended that 10% of everything you make is yours to keep. Seriously budget your outgo to allow for this amount of long term savings and you'll have a decent nestegg.
Saving for the advanced degree should be separate, though. I would guess that the average ALT job in Japan receives around 230,000 yen/mo. If you're frugal, you might be able to save around $500 or so a month, maybe a bit more in other parts of Asia.
However, there's a lot to say about the quality of life...don't waste it chasing the dollar, as so many of us have done. Shooting for quick, maximum income and hating every day spent in uncomfortable surroundings can quickly burn you out. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Mon May 02, 2011 7:32 am Post subject: |
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| Denizen wrote: |
Kindly excuse me for sounding somewhat fatherly, but here's some general advice...
Throughout the ages, parables (i.e. Richest Man in Babylon) have recommended that 10% of everything you make is yours to keep. Seriously budget your outgo to allow for this amount of long term savings and you'll have a decent nestegg. . |
So you should only spend 10% of what you earn and should save 90%? |
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Insubordination
Joined: 07 Nov 2007
Posts: 394
Location: Sydney
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| Posted: Mon May 02, 2011 10:45 am Post subject: |
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| No, the reverse. I saved 10% for quite a while. When it hit $18 000, I blew it all (and then some) on a round-the-world trip. Oops! However, that Babylon tale does make sense. |
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Zero
Joined: 08 Sep 2004
Posts: 1402
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| Posted: Mon May 02, 2011 1:46 pm Post subject: |
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| Denizen wrote: |
Kindly excuse me for sounding somewhat fatherly, but here's some general advice...
Throughout the ages, parables (i.e. Richest Man in Babylon) have recommended that 10% of everything you make is yours to keep. Seriously budget your outgo to allow for this amount of long term savings and you'll have a decent nestegg.
Saving for the advanced degree should be separate, though. I would guess that the average ALT job in Japan receives around 230,000 yen/mo. If you're frugal, you might be able to save around $500 or so a month, maybe a bit more in other parts of Asia.
However, there's a lot to say about the quality of life...don't waste it chasing the dollar, as so many of us have done. Shooting for quick, maximum income and hating every day spent in uncomfortable surroundings can quickly burn you out. |
For ESL teachers, I would recommend higher than 10 percent. They have less of a safety net than in their own countries. They may need to pay for their own medical care or secure a last-minute flight home or elsewhere. Even when things are going well, they tend to burn through money during transitions, from job to job or country to country. Ten percent might be a good figure for someone ensconced in his or her own country, not changing jobs or moving house too frequently. Not sure I can suggest a one-size-fits-all figure, but my feeling is that 25 percent is a better target. |
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Denizen
Joined: 13 Nov 2009
Posts: 110
Location: Tohoku
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| Posted: Mon May 02, 2011 5:02 pm Post subject: |
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Let me just add a recommendation for where to put it if you may have some trouble with temptation to spend it...gold and silver bullion. With the turmoil afflicting the world's economies and financial manipulation of markets, they're a safer bet...as long as you don't flaunt them. The Indians and Vietnamese have been doing this for generations.
However, be careful where you buy...fees can be outlandish. |
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