It's what you can put in the bank.
Let's talk TEFL money...
Here’s the real bottom line: it’s all about money.
A lot of people go overseas to teach English because they want to save some money and when they’re working an entry-level job in their home country they can barely make ends meet. They can’t save a dime, can’t pay student loans, so can’t really have much fun at all.
They’ve heard about teaching English abroad and that you can have a great time and still make some real money. So... people always ask, “Hey, how much money can I make in Taiwan, Korea, China, Thailand or?
Would you be surprised if I told you that’s not the right question to ask?
The real question is how much money can you SAVE.
If we want to compare, for example, Taiwan versus Korea versus China, then you can make more money in one of those countries, but you’d end up saving more in a different one.
In Taiwan, they don’t usually provide accommodation or cover airfare, you’ve got higher income taxes, and the cost of living is really high. They usually pay more better than Korea and China, but in Korea and China, accommodation is provided and airfare is usually reimbursed. The cost of living and taxes are much lower. In China, some schools will even pay or subsidize your utilities. Even free meals are provided at some schools. What all that means is that when you get paid, it all goes in your pocket.
So you might make a certain amount, but in Taiwan, you might spend every bit of it, while in China and Korea you might save almost all of it. Yeah! In Korea it is pretty easy to save at least $1,000 a month and still have a good time.
Another issue is the freedom to teach “private classes” away from
your school. In Taiwan, most teachers do and can fairly easily increase
their income by 20-30%. So ask about income possibilities. Often in
Korea, your employer might ask you to teach their friend or an important
person for additional income. Illegal, but quietly done all over the
country. Who wants to turn down US$40-60 an hour for a pleasant evening
helping someone improve their English skills?
So… what you need to realize is that it’s not how much money you can earn, but how much money you can save.
Tip #1: Remember to ask about:
Wages
Taxes
Ability to earn more
Accommodation
Any subsidies: for transportation, meals, utilities
Cost of living: What’s it cost to go out to eat, to go to a move, to have a few beers with friends, etc.
Tip #2: Get a good bottom-line estimate before you accept that job.
