The International Schools Review Forum

When it's all said and done, when the books are balanced, when the taxes are paid (or not), how much are we looking at putting in our savings accounts this year?

I'll start: 30k of 44k salary.

Mines embarrassing, understand that my taxes are 40%

$2,000 of $55K (USD)

Ouch! Maybe we need a Psyguy charity fund :)

.isr

Couldnt agree more. I honestly spend my money. I'm not married, no kids, and i like to enjoy an active night and social life, and girlfriends tend to be expensive.

I also dont have to really "save" for very much. There are no kids to send to college, no mortgage or other bills back home. I dont need a large house or place to live and part of that big tax bite in addition to VERY good health care and other social benefits is a very comfortable pension/retirement plan. I also should point out that my salary is annualized so i still get a pay check over the summer so its not like June comes and Im broke. I do plan on traveling south for the summer, somewhere warmer.

Well, sure, I teach overseas to live a little (though I would say my primary reason is to teach a population I find eager to learn.)

But my query about savings is more on projecting just how much I might save over the long haul if I stay in i-schools. After all, this industry has very little earning potential--unless you are making a high tax-free salary. It does have significant savings potential and I'm curious to know what people are looking at this year.

Im actually jealous. You seem to be banking about 70%. I dont know what your package is, but as an IT outside of europe with a housing package and few if any taxes youd be hard pressed to find better savings potential. Im sure Ichiro at ISB (Bangkok) on their salary scale, EXTREMELY low cost of living, and housing/benefits package is doing VERY well. The real question though is do you have viable alternatives back home that would substantially offer and afford you better saving potential? Back in the USA the average teacher is making around $50K a year with personal medical and no housing package, and certainly not tax free.

It depends on if you stay at a high paying school or not. I was on about 80k (limited admin role) in China and saved a ton. but it is China and I decided not to risk the daily gamble on my kids lives and left. took a pay cut to go somewhere that I know is a nice place. The school is a tier 1 school too.

I was promptly fired from my next job with no official observation and with great surprise to myself, the students and other teachers/staff. Probably some politics and a staff feeling threatened by my presence. The reason they gave was, we have standards....not sure what that means, since there are definitely non-teachers there...

The timing sucked, and was left severely out of pocket after everything and no legal recourse. So my savings took a huge hit, and I still haven't paid for my investment portfolio.

So you need a bit of luck. Quite likely you will run into a prick eventually.

I think I could do better in the US on 50k. I'm single, frugal and don't have any outstanding loans, debts, payments etc. If I was in the public system in a large metropolitan area and even spending $1000/month on rent I think I'd come out on top. Step increases, pensions, etc make saving over the long-haul pretty viable and certainly more attractive since I'd like to have a family someday. If I was at a private school, I'd probably be looking at the same scenario I have now.

It all depends on location really. Living int he USA isnt just "rent" though its utilities (cable, internet, phone, mobile), a car (insurance, registration, gas). A whole bunch of other stuff. But even if you take your $50K US salary after taxes its $44K then a $1K just in rent over 12 months ($12K) is done to $32K.

When in Asia- Made about $50,000 a year tax free, saved about $15,000-20,000 - with no debts back home, while living a very nice life overseas (maid, driver, occasionally upgrading to business class for the summer flight home, etc)

Now is South America - Making about $70,000, paying taxes, saving about $8,000-10,000 - much less luxurious life here! Cost of living & travel is much more expensive

Wife and I both teach at a Tier 2 school In Asia. After day to day living expenses are paid we have 5k/month in our overseas bank accts. We spend Approx 12k/year on travel. 24k on school loan debt payoff. That leaves about 34-30k/year for the retirement/down payment on a house fund.

Deleted

When teaching in Asia I always saved about 30 - 35,000 per year.

In the U.S. I still save 22,000 on 64,000 with rent, car, bills, etc.

As far as I am concerned, once you have done the traveling thing, the ONLY reason to work overseas is MONEY!

Quality of life overseas is just not as high in most places so you need to get something ($$$) in the deal.

@senator

Could you please explain or expound on what you mean by "Quality of life overseas is just not as high in most places"?

My initial reaction was a bit shocked, as that statement differs greatly from my own experience. In Europe I live about as well as I did in the states, and in Asia I lived a lifestyle much better then I could afford as a teacher in the states. So perhaps my frustration is in differing points of view?