ESL Jobs Forum

[crueckert]

Hello,

While you may be earning a decent salary from your work in the ELT field, have you thought about saving for your future? Does your company offer a pension plan? Do you contribute to it? Have you started your own?

If you've answered yes, it might be helpful for others to hear about your experiences.

Thanks!
_________________
Carol Rueckert
Writer, ESL Lesson Plan
www.esl-lesson-plan.com
crueckert@eslemployment.com

"I hear, and I forget. I see, and I remember. I do, and I understand." - Chinese Proverb

[aardvark]

This is the sad part where I admit that I am almost 50 years old and all I have saved for retirement is $16K in IRAs and $22K in inheritance money. I lost money paying rent, getting my MA in TESL, and sending out applications to community colleges across the U.S. I played a sucker's game hoping that I would get a job as a full-time English teacher.

Now I can travel across the world teaching English, but in the back of my mind I know that I can never afford to buy a house in the U.S.

Life is funny. It gives, but it takes away, too.
The recession has hit the Chinese, too. They cut down on their fireworks for Spring Festival.

[Elliot Clark]

If you ask me, it depends where you live. If you live in a developing country with politically and economically stable environment and large GDP growth rates, then it does not make sense to invest in pension scheme that seems to me quite risky and can not provide you with appropriate return. Some solve this problem by investing in offshore banking centers that provide pension financing. If I am not mistaken Bahamas provide quite flexible pension scheme, but the problem is the same as in onshore pension schemes: your return on investment is not appropriate. In both cases you keep funds so that they earn you negative economic profit meaning that you can find better places to invest elsewhere.

Obviously you have a question: ok, I believe you, but where is a better place to invest. I would answer you to invest in real estate. First of all price of real estate increases with GDP and second you can rent out real estate and earn income on that.

Now you may have another question: but I was planning to put away tiny amounts every month and I can not afford buying land or a building. The answer is mortgage: get a mortgage and you can even cover month repayments by the rent.
_________________
Offshore Banking
Savings Account Calculator
[URL="http://www.offshorebankingtoday.com/"]Offshore Bank Account[/URL]

[aardvark]

thank you for the advice. Beijing is experiencing boom in real estate and it reminds me of the CA boom in real estate after 9/11. We all know what happened after that. Nevertheless, I believe the Chinese are not susceptible to being swept up in bubbles unlike Americans. They are also not likely to walk away from bad mortgages, unlike Americans.

when you increase the real estate market from America to the world, it gets kind of mind-numbing. I have to invest, but where?

[Kenny]

Just curious why you think Chinese people would not create economic bubbles nor walk away from investments that went bad. What pressure does Chinese culture have on the people that you do not find in the USA?
_________________
English Profi promotes English language services professionals.

[Lexicon]

Sorry but I find it comical to even think about this question. In over 10 years of ESL teaching I have never even worked for a company that paid a living wage or a wage remotely close to what natives in the region make. The idea that they would offer an additional pension when they don't offer enough to pay the rent on a decent place is a joke,

In much of Europe ESL teachers are required to pay into the pension and social insurance systems run by the government but there are laws preventing most teachers (unless they are EU citizens) from ever using any of these benefits.

[St. George]

I took out a private pension but couldn't really afford to pay much and for my spasmodic payments of £50 a month, I now get £600 a year.

It's better than nothing but I wish I hadn't had such a good time and invested more in my pension. I'm now having to work to make up the shortfall.

Gold and silver are the best investments just now.

St G

[aardvark]

Sorry, I fell into "the enemy of my enemy is my friend" trap. It's not that the Chinese economy doesnt create bubbles, its just that they save more and invest for the long term. Unfortunately, they invested in crappy American collateralized debt obligations, which are now worthless pieces of paper. If the Chinese decide to sell these CDOs, they will be worth even less. The U.S. and Chinese economies are locked in a weird "dance of death" with neither side being able to leave the other.

That being said, I invested in a Chinese mutual fund whch gives me decent returns on my investment.

However, I left my creditors in the U.S. feeling pissed off. I will be fine, provided I stay out of the U.S. for 7 years until such time as my credit rating clears up. So I guess the next step is to google "expatriate pension funds?"

Making a comfortable living in China is possible PROVIDED THAT you do teaching as a sideline and have business connections that provide a steady income.