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MamaOaxaca
Joined: 03 Jan 2007
Posts: 201
Location: Mixteca, Oaxaca
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 Posted: Tue Jan 16, 2007 6:17 pm Post subject: |
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| FreddyM wrote: |
I got quite a bit of cash saved up already, and am expecting a hefty infusion from some funds I had stored up in the U.S.
All this might really work out in my favor in the long run. |
Freddy,
Talk to some bank people before you make that hefty infusion. I've been going through a major headache right now because Mexico makes it hard for you to suddenly have money. Which even though you have statements showing that you've had this money legally for years and the you earned it fair and square. They will assume you are money laundering. For them another country may as well be the moon. The guys in my local HSBC, know next to nothing about banking..  And didn't tell me about Mexican laws and HSBC policies regarding how I could cash a large cashier's check(anything over 5,000 US is considered large). Save you're self some headaches and ask lots of questions first.
Thelma, an Afore is more like a 401K than Social Security, but yes, there is a risk of the bank going belly up, but know that almost all the banks are foriegn owned, maybe the risk is less? |
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FreddyM
Joined: 05 Jan 2006
Posts: 180
Location: Mexico
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| Posted: Tue Jan 16, 2007 6:45 pm Post subject: |
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Thanx for the advice melee,
I've experienced headaches with banks before as well. Especially HSBC. Don't worry, I do intend to ask tons of questions first before making any investments. There's a website, www.consar.gob.mx, which explains a lot on how Afores work. I'm still reading it. It's all in spanish, unfortunately.
The money I'm expecting from the U.S. are funds I had in a teacher retirement service while i worked there. Seeing as I don't intend to work a long time and retire there, it was great to learn I could withdraw the funds I had already contributed.
Mexico ain't as bad as it first might seem in terms of actually making a good living here as an ESL teacher, if you play your cards right. If I make all the right moves, I may end up doing at least as well, if not better, than whatever quality of life I might have been able to achieve as a teacher in the U.S. |
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MamaOaxaca
Joined: 03 Jan 2007
Posts: 201
Location: Mixteca, Oaxaca
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| Posted: Tue Jan 16, 2007 6:50 pm Post subject: |
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| FreddyM wrote: |
Mexico ain't as bad as it first might seem in terms of actually making a good living here as an ESL teacher, if you play your cards right. If I make all the right moves, I may end up doing at least as well, if not better, than whatever quality of life I might have been able to achieve as a teacher in the U.S. |
Amen to that!
If I were to go back to the US, my best job prospect would be teaching ESL in K-12 or Spanish in a high school, in either case I'd have to take courses to get my teaching license, except I guess if I was working at a private school. But I think my quality of life would be worse. My mortgage is the only debt I have and I'm only looking at having that for 5 more years. |
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reddevil79
Joined: 19 Jul 2004
Posts: 234
Location: Neither here nor there
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| Posted: Wed Jan 17, 2007 10:57 am Post subject: |
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Thanks for the posts guys! They make for interesting and encouraging reading  |
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cangringo
Joined: 18 Jan 2007
Posts: 327
Location: Vancouver, Canada
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| Posted: Sun Jan 21, 2007 8:30 pm Post subject: |
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Hi,
I am getting to 33 slowly and to be honest I keep forgetting exactly how old I am...I guess that's a problem of aging 
Anyway I don't consider myself old by any respect, still a young chicken and hubby and I are here for the adventure and to find out if we like it. So far we love it and would love to spend the rest of our days either in Mexico or South America.
We are also concerned about the pension and money for retirement because we don't have a nest egg saved. We are hoping to be able to save some money every year and do as one person said and start a small business or perhaps make connections with small schools like ours and maybe start a franchise. We have had good and bad experiences teaching at our house. Our roommate has a friend who started a school doing exactly what we are doing so I guess I'm hoping that is possible??
We are still young though and would like to see how possible it is to save money (not going back to Canada (our friends can visit us here damnit). I do have a job back home that I could return to at this point so we will see how the savings go??
We don't want to be rich, just comfortable...so far it's possible to make a decent living here and we get busier every month.  |
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