Job Discussion Forums

[disregardedknowledge]

I am an American who has taught EFL for 6 plus years. I have saved a nice hunk of change (let's say 2/3 of $100,000 USD) and I am at the point where I really think it is time for a change. I don't know whether to invest or whether to go back to school and get another degree?

Part of me still says go ahead and stay in the field for 3 or 4 more years and continue to save and then do some investing or get another degree.

I am at my rope's end. Plus it doesn't help when one is presently unemployed back in the states jobless and he is watching his savings start to dwindle. Any advice? Any sound investments? What's hot career fields to look into for one with a BA in a liberal arts subject and an MS in education.

Is going back to school for a year worth it? What is a good area to study which would still provide a mid thirties man the opportunity to do something with his life? What could I do with my savings in terms of investing to make my money work for me while I am literally doing nothing? Or since I am in my mid thirties, should I accept that EFL is my career, keep searching for a teaching gig and do it for 10 to 20 more years??

Who else is feeling just like me???!!!!!!!!!!!!!!!!! The steady dwindling of my savings drives me nuts, but the thought of getting back into EFL, I must admit is close to being just as bad of a feeling!!!

Honestly, I am looking for some sound advice from other EFL Instructors (past and present) who asked or are asking themselves the same questions that I am asking myself now.

THANKS!!!!!

[denise]

I got mixed messages from your post. You say that EFL is becoming a drag, but then you say that being back in the US without a job is becoming a drag... Is it the teaching itself that is (was?) starting to get you down? Or the lifestyle? The living abroad? After just six years, you have managed to save quite a bit--where were you? My first guess would be Saudi Arabia, which could explain why you seem to want out!

There are lots of news articles that pop up on the internet about job markets that are growing despite the recession. Health care, education (because so many people are getting re-trained after they lose their jobs), and... I don't remember the others. If you really do want out, I think now is a good time to be in school.

I'm in my mid-30s too, and we're really not anywhere near too old to switch jobs at this age!

d

[norwalkesl]

1) I too wish to know where you have been working the past 6 years.

2) You could live somewhere else to minimize the cost of living. Mexico can be done on $500 a month. I could list one dozen places where you could sit around and do nothing on $500 to $1000 a month and live very very well. The US is expensive. It requires $2k a month to just subsist.

3) I am 48 and I am changing careers. I get deeply amused by 33 year olds such as yourself who think that they are "old".

[Glenski]

Early mid-life crisis?

What do you want to do with your life? Continue teaching? You could move to another country if the one you are in gets you down. What is it about EFL that is a "drag" anyway?

[basiltherat]

What things are you now and have you been interested in ?

My brother was a bank dealer and after he retired, he got into coin collecting/investing, which was his main interest prior to retirement. He now earns enough (in addition to his pension) buying and selling coins; travelling to various auctions and exhibitions around the states and, most importantly, enjoys what he does.

Have you considered turning your interests into a money earning venture ?

Best
Basil

[AndrewR]

[quote="norwalkesl"]
1) I too wish to know where you have been working the past 6 years.

2) You could live somewhere else to minimize the cost of living. Mexico can be done on $500 a month. I could list one dozen places where you could sit around and do nothing on $500 to $1000 a month and live very very well. The US is expensive. It requires $2k a month to just subsist.[quote]

$2K a month to subsist?!? Where do you live, NY or San Francisco? I can survive on about $1.1K/month in most parts of the US.

To the OP, I would give my left arm to have your savings. I would use it to start a business or just relax & live the good life in South America or SE Asia. Better yet, combine the two! You've got more than enough to start a biz in the tropical paradise of your choice.

[naturegirl321]

I'd say get into property, especially if you can purchase something outright. LIke you, I've been in it for 7 years and it's starting to take it's toll. I'm changing contienents and students, so hopefully that will help

[mozzar]

Property would be best at this time. Or my flatmate, who's some kind of business brainiac, says invest in renewable energy companies as that's where the major growth business is going to be in the next few years.

What is it about ESL that seems to make so many people depressed and want to leave? Granted, maybe it's just that the happy people are having too much fun to post on a forum, but it seems like a lot of people end up complaining. It's kind of scary as it's going to be my career.

[jpvanderwerf2001]

While your savings are a good start, "2/3s of $100,000" isn't much money these days. What I mean is that, in your mid-30s, it's not as though you can retire.
Why not choose a relatively cheap country to start a school in? Find a smallish city devoid of language schools, pay a few grand for a franchise, rent a few rooms, and let your money work for you. You could just manage and teach very occasionally.
Of course, if you simply hate the ESL, you could go back to school.
If you're business-inclined, get an MBA. It's probably the best investment. A mid-range MBA will run you about $30,000-$40,000 (or cheaper if you look into Canada, or online), and sure help you find a decently paid job once you're finished. And ESL/EFL could be a memory.
Good luck!

Edit: Regarding MBAs, I just wanted to give a link to an interesting school near Vancouver where you can get dual Canadian MBA/British MScIB in 16 months; the whole thing (with living expenses) would cost about $45,000 Canadian. You'd have $20,000 left over, and two shiny degrees to impress.

[Chancellor]

Now would be a good time to put some of that savings into a retirement account that is heavily invested in precious metals (http://www.ehow.com/how_2104537_open-precious-metals-ira.html), particularly given the way traditional retirement accounts (invested heavily in the stock market) have been losing so much of their value.

To echo what others are saying, figure out what your interests are and how you can turn one or more of them into a career. Perhaps go back to school and get a master's if you don't already have one. You can also consider whether the problem is teaching English to speakers of other languages in a foreign country or if it's maybe just the country you're in or the employer you work for or the kinds of students you're teaching or even your teaching methods. Don't be so quick to make a big decision until you've figured out exactly why you're feeling the way you are.

[Teacher in Rome]

You don't have to accept that anything is your career if you don't want it to be. I think the other posters have given you some excellent advice: work out what it is you don't like about teaching, then take it from there. Just because you've taught for 6 odd years doesn't mean you shouldn't change if you no longer enjoy it.

Career change is often easier if you can transfer your skills or interests to a new function or industry. You could use your classroom skills in a different teaching environment, or use planning / research / writing etc skills in a different industry. Presumably there was something that kept you happy as a teacher (apart from the money) for all that time, and maybe it's something you'd like to pursue in a different format or environment.

I'm not at all convinced about investing money in property. So many people have had their fingers burned, and there is so little guarantee that you'll see your asset converted into cash when you need it. You could just as easily be stuck with a place you can't sell. Or you could buy a foreclosed property only to see all the neighbouring houses still foreclosed and end up in some sort of suburb ghost town.

If I had your money I'd pay off my debts and go and live somewhere cheap while I considered my next move. Or I'd take a career break and go off to do something that had always interested me but which I hadn't been able to do before for lack of funds or time.

[disregardedknowledge]

Thanks all of you for your sound advice. I half expected to get a lot of rude, condescending replies. I think this is the first post on Dave's where I have got nothing but positive advice. I really appreciate it. THANKS AGAIN.

[disregardedknowledge]

some of you seem very surprised that I have saved that much. The secret: NO KIDS!!!!!!!!!!!! thanks again

[johnslat]

Dear disregardedknowledge,

No kids AND very good saving habits.
Regards,
John

[JZer]

disregardedknowledge, I have been teaching English abroad for four years. I am in a similar situation and am considering getting an M.A. in Management and then moving to China. The main reason for my move is that I am interested in studying Chinese history and the cursive script of the Tang Dynasty. I have a fair grasp of Mandarin.

I plan to find a professor to teach me the cursive writing of the Tang Dynasty during the evenings or weekends.