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Landon
Joined: 26 Sep 2011
Posts: 90
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 Posted: Thu Jan 12, 2012 9:28 pm Post subject: Question on Reality of Saving |
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My wife and I have been researching religiously about teaching abroad for about a year now. We have both lived in other countries and have traveled quite a bit. So, we think we know some things about comforts of living and wages in certain countries. I see lots of posts with phrases like, "you will live like a king" or "you could save thousands of dollars if you taught here".
My question is, can this be possible? Are there really any EFL teachers that are living like kings? New EFL teachers? Do the people that are actually making a comforable living and saving money have other passive income streams back home, like growing retirement accounts or rental properties? I am starting to think my definition of "living like a king" or "saving lots of money" may be quite a bit different from others.
This concerns my wife and me, because, like almost everyone else, eventually we will have to move back home. And, a few thousand dollars saved in Asia over the course of a few years will be gone almost instantaneously once we return to the US. We do not like the thought of getting older while we teach abroad and then coming home to start again from scratch. We are still young and are learning that it is not "thousands of US dollars" we will need in order to retire here, but "millions".
I assume we should first work on our retirement portfolios and collecting as much income property as possible now to supplement ourselves "living like kings" while we are abroad. Is this what most others are doing? I would like to hear how former teachers faired in their return home or what some would call "back to reality" with their savings and onward careers. |
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EFLeducator
Joined: 16 Dec 2011
Posts: 595
Location: NONE OF YOUR BUSINESS
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| Posted: Thu Jan 12, 2012 9:52 pm Post subject: Re: Question on Reality of Saving |
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| Landon wrote: |
| Are there really any EFL teachers that are living like kings? |
Maybe in the Middle East, Japan, South Korea, and a few other places. You have to remember though that the ones making good money seem to work in a university and they may have had that position for a while. Plus they may have a good number of "credential" like the CELTA, TKT, or a Masters degree.
| Landon wrote: |
| New EFL teachers? Do the people that are actually making a comforable living and saving money have other passive income streams back home, like growing retirement accounts or rental properties? |
Some may have rentals and/or money in the form of a pension from the states.
| Landon wrote: |
| This concerns my wife and me, because, like almost everyone else, eventually we will have to move back home. |
True and a good thing to remember. I came back to the U.S. about 3 months ago and still have not found work. You'll go through a lot of money fast if you don't have a job.
| Landon wrote: |
| And, a few thousand dollars saved in Asia over the course of a few years will be gone almost instantaneously once we return to the US. |
Yes, it will!
| Landon wrote: |
| We do not like the thought of getting older while we teach abroad and then coming home to start again from scratch. We are still young and are learning that it is not "thousands of US dollars" we will need in order to retire here, but "millions". |
Going home and starting from scratch will not be easy. Trust me on that one. I don't think you would need millions to retire in the states, it all depends on the lifestyle and location.
| Landon wrote: |
| I would like to hear how former teachers faired in their return home or what some would call "back to reality" with their savings and onward careers. |
If the U.S. economy stays like it is now, no one will fair well. I have only been back 3 months and can't find anything. Things are really bad in the states and even if you have those powerful degrees, leaving your home country for a long period of time to TEFL and then come back, may be a hard reality check once you arrive.
It's so bad for me that I'm considering trucking. I may not even be able to finish my masters since I have on income. So, I hope you and your wife have some serious skills that society will be able to use once you return to the states. You'll love TEFLing, but make sure you return to the states with some serious savings. Good luck to you my fellow TEFLer's!  |
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tttompatz
Joined: 06 Mar 2010
Posts: 1951
Location: Talibon, Bohol, Philippines
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| Posted: Fri Jan 13, 2012 12:00 am Post subject: Re: Question on Reality of Saving |
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| Landon wrote: |
a) My question is, can this be possible?
b) Are there really any EFL teachers that are living like kings?
c) New EFL teachers?
d) Do the people that are actually making a comfortable living and saving money have other passive income streams back home, like growing retirement accounts or rental properties?
e) I am starting to think my definition of "living like a king" or "saving lots of money" may be quite a bit different from others. |
a) Yes, it is possible BUT there are a lot of "depends on" caveats that go with it.
Do you and your wife have degrees?
Do you and your wife have teaching credentials and/or experience?
How old are you?
b) Not sure about living like "Kings". Living well is probably more closer to the truth for those with degrees and working in East/S.East Asia.
c) yes, in some countries, even a newbie can earn enough in a regular, 40 hour work week, to SAVE between 10-12 thousand dollars per year (1/2 their salary). Couples do even better since living expenses don't necessarily double and savings in the range of $25-30 thousand per year are possible in places like Korea.
For those with further qualifications and/or experience (who may have seen EFL / teaching abroad as a career move rather than a desperate jump or a gap year experience) it can be both professionally rewarding as well as financially so. Better jobs have salaries that allow savings (single income family) of $20k per year while enjoying a western, middle income lifestyle.
d) I can only speak from personal experience here.
We are a single income family of 3. Our savings are in the range of US$20k per year. We actually bought a retirement house (with cash) from savings earned over the last 10 years in EFL and have also acquired a vacation home on 5 hectares of land in the Philippines (again, mortgage free).
We also enjoy annual vacations abroad (away from our country of employment), live comfortably in a 3 bedroom/2 bath house with all the modern conveniences.
The job comes with benefits (pension plan, medical, free tuition for our daughter, 14-16 weeks of paid annual vacation). We don't live on passive income from home. We actually put money away for our eventual return (including passive income from savings).
e) I don't think your idea of savings and comfortable lifestyle are much different from anyone else.
f) University jobs don't always pay better. If you are looking at the NET savings at the end of the year rather than the gross earnings per hour you will find that upper end schools and language academies have better NET savings but you do work for it.
One caveat here: IF you hold a related PhD., are published and have been a presenter at various forums then you can ignore the above statement.
Bottom line:
i) Can you do it = yes.
ii) Will it happen at the entry level = NO.
iii) Is there a career path = there can be if teaching is your calling. Teaching has never been a path to riches. It is now and always will be firmly planted in the middle class.
iv) Is it a growth industry = yes. Individual countries may have economic bumps and a downturn in employment but, unless you are glued to one country, you just pick up and follow the money.
There are close to 75,000 new, entry level job openings in EFL each year in Asia alone.
Korea takes in 20,000 new (E2) teachers every year. Thailand another 15,000 (legal work - non"B" and W/P) and (estimated) 15,000 more without work permits. SAFEA projects a demand for a 1/2 million new teachers in China over the next decade. Taiwan has another estimated 10,000. Add in the developing and emerging countries like Indonesia, India, Malaysia and there is no shortage of work.
If you are serious, time to start reading.
If you are just tire kicking, enjoy your trip through the car showroom. There are positions in every range of the spectrum (from $500-$5000/month) and almost every country on the planet (although being from the US about 30% of the planet is not open to you for legal work).
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sharter
Joined: 25 Jun 2008
Posts: 878
Location: All over the place
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| Posted: Fri Jan 13, 2012 5:43 am Post subject: by 10 cents |
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When I did my CTEFLA 16 years ago I remember being told 'there's no money in TEFL'. It's not completely true but it is near the mark for the majority of positions advertised. Having recently left my 30's, I've started worrying about my future. You can live well and save a lot in the Middle East. You can also have a really enjoyable outdoor type of lifestyle if you choose your country to suit your needs. I took my wife and son to Qatar a decade ago and we had a lovely time as long as we weren't in the same room  .
Going home is tough; I had to leave Libya last year and spent 24K GBP in 8 months. That worked out at about 100 GBP a day, which ,sadly, isn't much these days.
I'd work as a couple in the Gulf for as long as it suits you and then buy property/properties. |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Fri Jan 13, 2012 6:50 am Post subject: Re: Question on Reality of Saving |
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| Landon wrote: |
| My wife and I have been researching religiously about teaching abroad for about a year now. We have both lived in other countries and have traveled quite a bit. So, we think we know some things about comforts of living and wages in certain countries. I see lots of posts with phrases like, "you will live like a king" or "you could save thousands of dollars if you taught here". |
Those should be obvious overstatements that should go with selling Amway products, IMO. 
My question is, can this be possible?
Hardly.
Are there really any EFL teachers that are living like kings?
Countries vary in their cost of living. If you like living in a low-income, low-economy country with few material needs, perhaps that is living like a king to you. If you want a case of wine every month delivered to your door from Paris, that's another thing.
As I mentioned above, caveat emptor on those expressions.
New EFL teachers?
No.
Do the people that are actually making a comforable living and saving money have other passive income streams back home, like growing retirement accounts or rental properties?
Quite possible, or they are very frugal cheapskates (I mean that in the most positive way).
What you have to ask is related to cost of living: what do you consider to be "comfortable", and where do you live? Answers to the first half of that question will be different around the world and for different people.
I am starting to think my definition of "living like a king" or "saving lots of money" may be quite a bit different from others.
Very likely! If you would like to describe how you feel it is to live "comfortably" or "like a king", we can respond in kind from around the globe as to whether it is possible.
This concerns my wife and me, because, like almost everyone else, eventually we will have to move back home. And, a few thousand dollars saved in Asia over the course of a few years will be gone almost instantaneously once we return to the US.
"A few thousand dollars in a few years"?! You should be able to save far more than that! It just depends on what you mean in actual figures (money and years), and how frugal you choose to be wherever you live.
We do not like the thought of getting older while we teach abroad and then coming home to start again from scratch.
Costs to re-start up back home will be killers, there is no doubt about that. My advice is to get rid of as many material things at home as possible while you live abroad. Don't pay for storage if you can avoid it. Don't keep things that will go out of style (clothing) or that will be useless in a few years' time (electronics), or that you have to maintain (car, either its engine or insurance or taxes), or that you have no place to store for free. Save only the most irreplaceable stuff, and even then, think twice about it. But bear in mind that upon your return you will need to refurnish most stuff, pay deposits, and probably live quite frugally for a while until you settle into new jobs/lifestyle. I would also recommend learning about "reverse culture shock" and to plan carefully for whatever job market you hope to reenter instead of starting from day 0 the day you return.
I would like to hear how former teachers faired in their return home or what some would call "back to reality" with their savings and onward careers.
I'll let others answer that. Keep in mind that if they've already gone home, they may not be here on this site. Besides, I'm overseas for the duration. Best of luck. |
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Teacher in Rome
Joined: 09 Jul 2003
Posts: 1286
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| Posted: Fri Jan 13, 2012 8:44 am Post subject: |
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