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Stephen Jones
Joined: 21 Feb 2003
Posts: 4124
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 Posted: Sat Apr 07, 2007 12:55 pm Post subject: |
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I got advice too, start living within your means. That means saving 25% of your salary every month into two funds. It's hard to do, I know. It's a tough game to begin with. Take on extra classes if you must, but save 25% of your pay every month.
Take 20% of your savings every month and put it into a long term retirement type fund. |
Let's do the Math.
Say you're having that great lifestyle; that will mean you're getting crap money (the quality of the lifestyle is in inverse proportion to the pay. Let's go wild and say you are getting $2000 a month.
So you save $500 a month, and $100 a month goes into your retirement fund. Somehow I don't see this leaving you in milk and honey after even thirty years! |
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Sgt Killjoy
Joined: 26 Jun 2004
Posts: 438
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| Posted: Sat Apr 07, 2007 2:24 pm Post subject: |
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$100 a month invested at a moderate rate of return gives ya 200k in 30 years. Yeah, it ain't a lot and you ain't gonna retire on it, but it's a start.
You gotta make your own pension plan, for sure, but even $50 or $100 a month is a start and that's what I posted about. I don't know about the rest of y'all, but I've seen more than a few over 50 TEFLers without much in savings and still working the grunt jobs. I don't wanna be one of them in 20 years. |
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Deicide
Joined: 29 Jul 2006
Posts: 1005
Location: Caput Imperii Americani
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| Posted: Sat Apr 07, 2007 3:10 pm Post subject: |
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| globalnomad2 wrote: |
| Deicide, but many US ESL/EFL master's programs programs are fully subsidized through assistantships. You get about $800 a month plus full tuition waiver. I just met a really sharp Englishwoman a few days ago who had done her MATESOL at Iowa State and she loved it. It's certainly an option if you prefer to get paid rather than spending all your money to attain your MA. All you have to do in return is teach about 6 hours a week maximum. |
I repeat, I am not doing an EFL masters. Theoretical linguistics; phonology, sociolinguistics, diachronic development, etc... |
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globalnomad2
Joined: 23 Jul 2005
Posts: 562
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| Posted: Sat Apr 07, 2007 3:59 pm Post subject: |
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| Deicide. I did my EFL master's out of a linguistics department that also offered Applied Linguistics...everyone had an assistantship that paid a stipend and and full tuition waiver. There must be quite a few linguistics departments with your specialties that offer assistantships. |
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thrifty
Joined: 25 Apr 2006
Posts: 1665
Location: chip van
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| Posted: Sat Apr 07, 2007 5:13 pm Post subject: |
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| Sgt Killjoy wrote: |
$100 a month invested at a moderate rate of return gives ya 200k in 30 years. Yeah, it ain't a lot and you ain't gonna retire on it, but it's a start.
You gotta make your own pension plan, for sure, but even $50 or $100 a month is a start and that's what I posted about. I don't know about the rest of y'all, but I've seen more than a few over 50 TEFLers without much in savings and still working the grunt jobs. I don't wanna be one of them in 20 years. |
Yeah I have seen a few of those and it is not pretty. 200k in 30 years time is nothing. That is only just over 100k pounds-and that has to last you what 20 years? |
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Deicide
Joined: 29 Jul 2006
Posts: 1005
Location: Caput Imperii Americani
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| Posted: Sat Apr 07, 2007 5:23 pm Post subject: |
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| thrifty wrote: |
| Sgt Killjoy wrote: |
$100 a month invested at a moderate rate of return gives ya 200k in 30 years. Yeah, it ain't a lot and you ain't gonna retire on it, but it's a start.
You gotta make your own pension plan, for sure, but even $50 or $100 a month is a start and that's what I posted about. I don't know about the rest of y'all, but I've seen more than a few over 50 TEFLers without much in savings and still working the grunt jobs. I don't wanna be one of them in 20 years. |
Yeah I have seen a few of those and it is not pretty. 200k in 30 years time is nothing. That is only just over 100k pounds-and that has to last you what 20 years? |
...I am going to get out...or die trying... |
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thrifty
Joined: 25 Apr 2006
Posts: 1665
Location: chip van
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| Posted: Sat Apr 07, 2007 5:42 pm Post subject: |
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| Me too. |
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sunrader
Joined: 12 Dec 2005
Posts: 101
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| Posted: Sat Apr 07, 2007 9:29 pm Post subject: |
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| globalnomad2 wrote: |
| Deicide. I did my EFL master's out of a linguistics department that also offered Applied Linguistics...everyone had an assistantship that paid a stipend and and full tuition waiver. There must be quite a few linguistics departments with your specialties that offer assistantships. |
This is true for us, too. I'm in the Masters-TESL program at U Idaho but we share the department and the teaching assistantships with all the English lit and Creative writing Masters, too, so school's not costing us anything, even here, at a state school that's not well-funded. Most grad students here get support. |
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comenius
Joined: 27 Jan 2003
Posts: 124
Location: San Francisco, California, USA
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| Posted: Sun Apr 08, 2007 1:28 am Post subject: |
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| thrifty wrote: |
| Sgt Killjoy wrote: |
$100 a month invested at a moderate rate of return gives ya 200k in 30 years. Yeah, it ain't a lot and you ain't gonna retire on it, but it's a start.
You gotta make your own pension plan, for sure, but even $50 or $100 a month is a start and that's what I posted about. I don't know about the rest of y'all, but I've seen more than a few over 50 TEFLers without much in savings and still working the grunt jobs. I don't wanna be one of them in 20 years. |
Yeah I have seen a few of those and it is not pretty. 200k in 30 years time is nothing. That is only just over 100k pounds-and that has to last you what 20 years? |
And lets not forget the impact of inflation on that 100k pounds. In 30 years, 100K will probably have the purchasing power of more like 50K or less. |
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Sheikh Inal Ovar
Joined: 04 Dec 2005
Posts: 1208
Location: Melo Drama School
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| Posted: Sun Apr 08, 2007 3:37 am Post subject: |
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| Just enough to keep you in jelly babies until you croak ... like Stephen said ... |
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thrifty
Joined: 25 Apr 2006
Posts: 1665
Location: chip van
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| Posted: Sun Apr 08, 2007 5:32 am Post subject: |
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| I hate to have to say it but the only hope seems to be to put the money into property and rent it out. There is no escape from the property madness if you want to survive. |
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rusmeister
Joined: 15 Jun 2006
Posts: 867
Location: Russia
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| Posted: Sun Apr 08, 2007 7:29 am Post subject: |
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| thrifty wrote: |
| I hate to have to say it but the only hope seems to be to put the money into property and rent it out. There is no escape from the property madness if you want to survive. |
Guess it all depends on what you believe as to what is 'too late' and whether this world is the be-all and end-all of our existence. If it is, then I guess it's time to PANIC!!!! (and hurry up, and get what you can before you croak. Person with the most toys wins!)
That said, of course we all have a deep-seated desire to have security throughout our lives. (Where on earth do those pesky desires come from?)
Oh, by the way, Happy Easter! |
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Stephen Jones
Joined: 21 Feb 2003
Posts: 4124
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| Posted: Sun Apr 08, 2007 2:05 pm Post subject: |
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Can Sgt Killjoy explain how $1200 a year over 30 years at 5%, which is what US bonds pay, comes to $200,000 after thirty years.
If he can do that, he'll make a fortune out of selling those calculators. |
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globalnomad2
Joined: 23 Jul 2005
Posts: 562
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| Posted: Sun Apr 08, 2007 3:40 pm Post subject: |
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| Normally we assume $300/mo or so put away at 8% annual return (in stocks and bonds) as a reasonable projection that is supposed to yield $1 million compounded daily after 30 years. I think that monthly amount is around $300--at any rate it's a fairly small amount. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Sun Apr 08, 2007 5:20 pm Post subject: |
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| Stephen Jones wrote: |
| Quote: |
I got advice too, start living within your means. That means saving 25% of your salary every month into two funds. It's hard to do, I know. It's a tough game to begin with. Take on extra classes if you must, but save 25% of your pay every month.
Take 20% of your savings every month and put it into a long term retirement type fund. |
Let's do the Math.
Say you're having that great lifestyle; that will mean you're getting crap money (the quality of the lifestyle is in inverse proportion to the pay. Let's go wild and say you are getting $2000 a month.
So you save $500 a month, and $100 a month goes into your retirement fund. Somehow I don't see this leaving you in milk and honey after even thirty years! |
It's not enough to retire on, but something's better than nothing. At least in your old age you can work less hours. |
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