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Saving for retirement and other questions...
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DrVanNostrand



Joined: 28 Mar 2008
Posts: 70

PostPosted: Sat Mar 29, 2008 12:47 pm    Post subject: Saving for retirement and other questions... Reply with quote

Hey guys and gals,

Like a lot of people that come to this forum I'm seriously considering a plunge into the teaching market overseas. I have three questions that I couldn't find an answer for while reading over the first 6 pages or so of this forum. Hope a couple of you don't mind helping me, so here goes:

1. I just read that you're living on subsistence wages in Prague. If true, can you reasonably expect to generate adequate retirement funds while living in the Cz?

2. I currently teach middle school Social Studies, so I have a BA and a teaching license. I assume if I were to take a TEFL or CELTA course, then I'd be able to get a job. Correct? Does my teaching license give me an edge over others in that market and should I be able to command a higher than average wage?

3. Would you willingly recommend this sort of venture to someone that is pretty introverted and admittedly not the most independent person in the world or is that a formula for disaster?

Thanks in advance for any responses. I look forward to hearing what you guys have to say.
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spiral78



Joined: 05 Apr 2004
Posts: 11534
Location: On a Short Leash

PostPosted: Sat Mar 29, 2008 7:52 pm    Post subject: Reply with quote

1. I would say that, no, you would not be able to generate adequate retirement funds teaching English in the Czech Rep. Primarily because the cost of housing is relatively much higher than the pay earned by all kinds of teachers here. It would be virtually impossible ever to buy a place to live, so you'd be facing paying rent forever - and this just eats up too much of your salary to allow for savings.

2. Your teaching license plus a CELTA will indeed give you some edge over many other newbies. However, business is business - if the school's clients are content (as they are) with newbies with lesser quals, the school is not going to pay substantially higher wages for a teacher with more qualifications - unless they are demanded by clients, and those clients are willing to pay more. This just isn't the current market here.

3. You don't say what form your 'non-independence' takes. But it generally takes a LOT of independence to live in a foreign country, where you can't expect any extensive support system early on. It can take a couple of years to develop local language skills, friendships, and to really know your way around.

Quite honestly, you might qualify for international school positions, which pay better than the general market. However, openings are pretty rare and usually go to people with local contacts - but it might be worth checking into.
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spiral78



Joined: 05 Apr 2004
Posts: 11534
Location: On a Short Leash

PostPosted: Sat Mar 29, 2008 8:02 pm    Post subject: Reply with quote

Have also sent you a pm with an idea or two.
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DrVanNostrand



Joined: 28 Mar 2008
Posts: 70

PostPosted: Sat Mar 29, 2008 8:18 pm    Post subject: Reply with quote

Thanks for the insight, Spiral.

I sent you a reply.
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ITTP



Joined: 23 Sep 2006
Posts: 343
Location: Prague/Worldwide

PostPosted: Mon Mar 31, 2008 3:09 am    Post subject: Reply with quote

Hi DrVanNostrand!

Whilst teaching English in Prague can bring you a very good local salary and ensure a comfortable local level of living, it isn't really feasible to expect to generate enough income to allow for a comfortable retirement plan.

Opinion is mixed on the level of comfort which English teachers enjoy in Prague; some say it is low while others (the ones who put in the hours) say it is high.

When I was teaching English full-time in Prague I was able to afford to live on my own, travel to Sinai every Christmas, and travel to either Asia or S.America every summer and still manage to lead a comfy lifestyle for the periods when I was in Prague and actually needed to teach Smile
I was though teaching between 30-40 hours per week (which is considered a high amount of hours).

You CAN save money in Prague but, as Spiral so rightly wrote, you will need to search carefully for your accommodation option.
I was lucky as I had a 1 bedroom attic apartment at I P Pavlova for under 10,000 CZK per month inclusive. It was a bit like a glorified shoe box but still, it was my own place.
I think it all depends where you search.
If you are into shared accomm then the following link is a real gem: http://www.spolubydlici.cz
for longer term accomm this link will provide you with a good general idea of accomm costs:
http://www.czech-properties.cz/?lang=en

Saving money in the Czech Republic to live comfortably here in the Czech Republic on a short-term basis is possible.
Saving money in the Czech Republic to live comfortably in Western Europe or N.America definitely isn't possible.
If you want to do that then I suggest S.Korea or maybe even Taiwan.

Hope it helps!

Hezky den!/Lovely day!

Neville Smile
ITTP Prague
Jungmannova 32
Prague 1
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Aussie Chick



Joined: 17 May 2007
Posts: 104
Location: Australia

PostPosted: Mon Mar 31, 2008 2:53 pm    Post subject: Reply with quote

ITTP wrote:
Whilst teaching English in Prague can bring you a very good local salary and ensure a comfortable local level of living

...

Saving money in the Czech Republic to live comfortably here in the Czech Republic on a short-term basis is possible.


Not sure how much you think the average English teacher earns here in the CR, but most that I know are barely scraping by.

They consider themselves extremely lucky to be earning 20,000 Krown and many are paying the average of 10,000 krown in rent here in Prague.

I think we should be realistic when advising people about earning and living standards in the CR. It�s not a way to save money, even though it�s a great life experience.
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ITTP



Joined: 23 Sep 2006
Posts: 343
Location: Prague/Worldwide

PostPosted: Mon Mar 31, 2008 8:28 pm    Post subject: Reply with quote

Hi Aussie Chick!

It of course depends on who you are teaching for and how many hours you r teaching.
Our grads are put in touch with reputable schools which pay above average.
20,000 CZK per month full-time is low.

All the best!

Neville Smile
ITTP Prague
Jungmannova 32
Prague 1
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DrVanNostrand



Joined: 28 Mar 2008
Posts: 70

PostPosted: Tue Apr 01, 2008 1:33 am    Post subject: Reply with quote

Thanks for the replies ITTP and AC.

It come to my attention today that I possibly qualify for Danish citizenship, so that could lead me further west if an opportunity arises and I find the courage to make the plunge across the Atlantic.

I have to find out if Denmark recognizes dual citizenship (my mom wasn't sure) and how all that stuff works, but if I do qualify as a Danish national then that could open a lot of doors for me in that country and possibly in others.

We'll see.

Thanks again to everyone that has taken the time to reply.
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spiral78



Joined: 05 Apr 2004
Posts: 11534
Location: On a Short Leash

PostPosted: Tue Apr 01, 2008 8:09 am    Post subject: Reply with quote

This 'very good local salary' issue really needs some clarification.

1. 'Local salary' usually means country-wide. The average salary in Prague is substantially higher than in most of the rest of the Czech Rep - AS ARE COSTS OF LIVING THERE.

2. 'Salary' versus 'income' stats also distort the figures. If you take only the LOCAL SALARIES OF WORKING PEOPLE IN PRAGUE as a comparison (leaving out pensioners, who normally have very low housing costs), English teachers come out solidly at the low end of the pay scale.

3. Few Czechs living in Prague have to pay as much as 10,000 monthly f