Author Topic: High savings rate and new job  (Read 3026 times)

Shenzhenigans

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High savings rate and new job
« on: May 18, 2015, 10:54:35 AM »
I've been silently reading all the posts (feats of badassity?) in this forum for months now, waiting to have something to say. I think I've finally got it!

My fiancée and I are currently teaching ESL in China and, while talking about how we hit our student loan payoff goal a couple months early, decided to calculate our saving percentage. Did the math and it came to 90%! We were shocked, because we put in some pretty conservative numbers. This is made even better by the fact that we recently accepted positions that offered just shy of double our current salary. Starting August, we'll be making salaries comparable to the western world while living in the Middle Kingdom where cheap lunch means is $0.50-$5/person. I'm calculating next year's savings rate at 95% and student loans finished by December. Not bad for a year out of college!

I have a hard time thinking of a better way to travel the world...

texaslady22

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Re: High savings rate and new job
« Reply #1 on: May 18, 2015, 12:43:37 PM »
Good for you! That's awesome!


zolotiyeruki

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Re: High savings rate and new job
« Reply #2 on: May 18, 2015, 01:12:29 PM »
That is simply incredible.  What's your long-term plan?

forummm

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Re: High savings rate and new job
« Reply #3 on: May 18, 2015, 04:11:06 PM »
Holy cow! I've never seen a savings rate that high! I guess the low COL is a big bonus for savings rate.

Shenzhenigans

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Re: High savings rate and new job
« Reply #4 on: May 18, 2015, 07:41:40 PM »
Long term plan is definitely more ESL. We're starting a masters program for ESL next summer, which will allow us to get into the next tier of international schools/salary. China is a good location for us, the people are incredibly friendly, we're already at an upper intermediate proficiency, the food is great, and tutoring opportunities are limitless. That being said, the Middle East is definitely on our hitlist after getting our masters. With the right company/experience combo, it's possible to get in the six figure range.

We're hoping to get to a level of FI where we can go wherever we want, regardless of the money.

vivek440

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Re: High savings rate and new job
« Reply #5 on: May 18, 2015, 08:19:50 PM »
Wow....... awesome saving rates!!!

I understand ESL is English as Second Language. Can you provide me a link to learn more about it, ways to become a ESL teacher, average salaries etc. Appreciate your help!

Shenzhenigans

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Re: High savings rate and new job
« Reply #6 on: May 18, 2015, 10:56:02 PM »
There are quite a few ways to get into ESL, but not many all in one informational websites unfortunately. This one isn't too bad though.
http://www.internationalteflacademy.com/blog/bid/191536/10-hottest-job-markets-for-teaching-english-abroad-in-2015

Eslcafe.com is also good and has hundreds of job postings every day.

We're at the introduction level of it all (really lucked out with the new job offer.) Generally, the baseline requirements are being a native of an English speaking country and having a college degree (mine is in French, they aren't picky.) Some will further require a TEFL/TESOL/CELTA certification ($1500-$2200, often in an exotic location). Math, Science, and Business majors also have possibilities to find niche positions teaching their subjects, those generally pay more.

I can only vouch for the lowest tier. You'll always make enough to live like a local. Some countries you'll even bank money. Housing and roundtrip airfare is often covered. Here in China we work 10 hours a week, make $1500/month/person, have plentiful opportunity for tutoring at $30/hour minimum, and live off of $50/person/week. We eat out everyday (sometimes twice!) on this budget, see movies, take metros and taxis, you get the point.  It's all about finding the balance between income and CoL.  Korea, Taiwan, Japan, and the Middle East make the most money. Most other places pay around $1000/month/person without too much in the way of benefits.

vivek440

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Re: High savings rate and new job
« Reply #7 on: May 19, 2015, 02:31:43 PM »
There are quite a few ways to get into ESL, but not many all in one informational websites unfortunately. This one isn't too bad though.
http://www.internationalteflacademy.com/blog/bid/191536/10-hottest-job-markets-for-teaching-english-abroad-in-2015

Eslcafe.com is also good and has hundreds of job postings every day.

We're at the introduction level of it all (really lucked out with the new job offer.) Generally, the baseline requirements are being a native of an English speaking country and having a college degree (mine is in French, they aren't picky.) Some will further require a TEFL/TESOL/CELTA certification ($1500-$2200, often in an exotic location). Math, Science, and Business majors also have possibilities to find niche positions teaching their subjects, those generally pay more.

I can only vouch for the lowest tier. You'll always make enough to live like a local. Some countries you'll even bank money. Housing and roundtrip airfare is often covered. Here in China we work 10 hours a week, make $1500/month/person, have plentiful opportunity for tutoring at $30/hour minimum, and live off of $50/person/week. We eat out everyday (sometimes twice!) on this budget, see movies, take metros and taxis, you get the point.  It's all about finding the balance between income and CoL.  Korea, Taiwan, Japan, and the Middle East make the most money. Most other places pay around $1000/month/person without too much in the way of benefits.

Wow!!!!
I had a very brief idea about ESL but never really explored it in depth. From what you have shared, it sounds very promising. It can be a free of cost way to travel (And if we end up saving - That would be icing on the cake !!!) :-) And you hardly have any working hours! I am sure, you must be getting enough time to explore China!

I am going to explore this in depth and will include it in my after FI plans!!! Thanks for sharing all the useful information!