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scot47
Joined: 10 Jan 2003
Posts: 15343
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 Posted: Fri Jun 17, 2011 6:12 am Post subject: Can You Save Enough ? |
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| Recently encointered a space cadet who assured me that it is possible to save A MILLION DOLLARS US in a TEFLing career in the UAE. That made me laugh ! |
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Badar Bin Bada Boom
Joined: 01 Jun 2011
Posts: 192
Location: Fifth dimension beyond that which is known to man
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| Posted: Fri Jun 17, 2011 9:01 am Post subject: |
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Looks like you "coined" a phrase there, Scotty. Well done. Beam me up now.
But yes, the only millionaires I know (maybe 2 or 3) in this field are those who stuck it out in the Gulf, especially Saudi Arabia, for 35 years or so at the corporate jobs such as Raytheon and Aramco. One guy I knew started teaching with Raytheon in 1978 and retired probably about five years ago with paid-off houses in Hawaii and Thailand and a wheel barrow of cash. |
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Neutrino Girl
Joined: 01 Apr 2010
Posts: 128
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| Posted: Fri Jun 17, 2011 11:36 am Post subject: |
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| Sure you could save that much, especially if you and your spouse are both working...and even faster if you don't have kids. It wouldn't take anywhere near 35 years, either. |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Fri Jun 17, 2011 2:57 pm Post subject: |
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I agree... a teaching couple with MAs and no kids could probably do it in 20-25 years depending on their investment abilities. (putting it into savings accounts or CDs wouldn't get you there these days... would need some savvy stock and real estate purchases) But, certainly not your average TEFLer. 
VS |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Sat Jun 18, 2011 5:20 am Post subject: |
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I have a better idea. Become a Muslim. Acquire 4 wives who are all teachers. Abstain from having children. Forget being a DINKY (Double Income No Kids Yet). Become a Qinky.
The alternative is to renounce the worship of the False God Mammon and just get on with having a life.!
Last edited by scot47 on Sun Jun 19, 2011 4:09 pm; edited 1 time in total |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Sun Jun 19, 2011 4:05 pm Post subject: |
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| Elsewhere a psychotic Scotophobic psittacoid is spitting blood becuase no one will take seriously his announced aim of becoming a dollar millionaire. |
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Neutrino Girl
Joined: 01 Apr 2010
Posts: 128
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| Posted: Sun Jun 19, 2011 4:58 pm Post subject: |
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| scot47 wrote: |
| Elsewhere a psychotic Scotophobic psittacoid is spitting blood becuase no one will take seriously his announced aim of becoming a dollar millionaire. |
I still don't get why this is so unbelievable. Assuming that this gent is either single / has a working spouse and is childless, a million buckaroos is not so far fetched. In some TEFL jobs in the UAE, salaries can be pretty darn nice. |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Mon Jun 20, 2011 1:59 am Post subject: |
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Exactly and as I said above, if he doesn't expect to do it from salary alone and is willing to spend his whole career in the Gulf...
VS |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Mon Jun 20, 2011 5:41 am Post subject: |
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| ....................and live like Silas Marner. |
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Shimokitazawa
Joined: 16 Aug 2009
Posts: 458
Location: Saigon, Vietnam
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| Posted: Mon Jun 20, 2011 11:51 am Post subject: |
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As a side note to the idea of millionaire TEFL'ers, there are foreign university English professors making US $100, 000 ~ $150, 000 a year in Japan. They do that for 10 years (many have been here for 20 years or more), and figure it out.
Then you have TEFL authors / teachers like Jack Richards and the Soars.... |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Mon Jun 20, 2011 2:25 pm Post subject: |
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It'd be tough to save 100% of one's salary in Japan (or Hong Kong where I know people that have had salaries in that area), but certainly in 20 years. And, you wouldn't have to deprive yourself either.
VS |
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Shimokitazawa
Joined: 16 Aug 2009
Posts: 458
Location: Saigon, Vietnam
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| Posted: Tue Jun 21, 2011 2:36 am Post subject: |
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| veiledsentiments wrote: |
It'd be tough to save 100% of one's salary in Japan (or Hong Kong where I know people that have had salaries in that area), but certainly in 20 years. And, you wouldn't have to deprive yourself either.
VS |
I agree, if one has to pay for rent it can cut into the savings potential big time in places like Korea / Japan. However, *some* universities (both national / public and private) in Japan and Korea will offer free housing or subsidized housing. That being said, I do not believe free or subsidized housing to be a typical scenario like it is in the M.E.
Still, I can see how over the period of a 20 - 30 year TEFL career how one could save a million or more, providing they had the qualifications to access the best (higher paying) TEFL jobs (eg, university teaching positions). For instance, I know one TEFL instructor in particular, teaching at the university level, in Japan who has earned well over a million dollars - not saved, but earned - aha!! Mind you, that was over the period of a little under 20 years in TEFL.
Again, not so typical for the English conversation school TEFL'er with a B.A., but for those with the higher qualifications and access to the better paying posts, it is achievable IMO. And, as VS mentioned above, if a similarly qualified and employed couple were to save together over that period of time, it would obviously happen a lot quicker. |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Tue Jun 21, 2011 7:39 am Post subject: |
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| TEFL-land is full of eager Newbies who are gullible enough to believe that they can become rich. Do not feed their delusions. |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Tue Jun 21, 2011 2:27 pm Post subject: |
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It is not a delusion Scot... it is very possible. BUT... they have to start out with good credentials and experience and be able to be hired at the top employers. It is not possible for those with a non-related degree in something and a CELTA when they are passing getting close to 40. It would also require a lifestyle that doesn't include excessive luxuries and/or too many ex-wives (and kids). 
It is a matter of one's goals. Few make it, but it is not because it is impossible. It is just that their choices in life - and nothing wrong with that. A more realistic goal would be a half million.
VS |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Tue Jun 21, 2011 6:52 pm Post subject: |
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| Well, I think there are more important goals in life than the accummulation of Filthy Lucre |
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