If you’re in ELT you might be wondering why am I telling you about investing and personal finance. What’s that got to do with teaching?
Nothing.
I’m 100% not trying to help you be a better teacher.
In fact, I’m pretty sure you’re already good enough (too good considering what many employers are paying) and that you already know where to find a wealth of resources and support on how to teach and manage your classes.
What I’m sure you WON’T find is a wealth of … well, wealth.
And before you say you’re not in TEFL for the money, I know. Teaching is rewarding in lots of ways and teachers get a lot of enrichment from the travel and opportunities that a TEFL lifestyle brings.
But sooner or later, the lack of financial security matters. If it’s hard to pay bills and rent etc now, then it will be even harder once you have a family or need/want to stop working.
The TEFL industry chooses to overlook that fact so you won’t find any mention of pensions or other investments that you can contribute to on a low salary. (Though I did get my talk accepted for IATEFL Edinburgh this year if you’re going!) Probably no one on your TEFL training course or at your employer’s or anywhere else is going to say a word about it.
So, if you’re as in the dark about money as I was for the majority of my TEFL career, here are some blog posts about managing your money to get you started.
Why should you read these posts?
So you can learn how to save money and put it to work so you grow money without trying. That’s basically what any pension or investment is doing for you. It’s free money and that’s freedom.
The post I wish I’d read when I first started teaching abroad
Moving abroad? Here’s how ELT teachers can prepare financially
Visa and ELT job? Check. Guide book? Check. All packed? But are you financially prepared for moving abroad? Here’s what to think about before you set off for your new ELT job abroad.
The post that will help you earn more in TEFL in the first place
8 ways to earn more in ELT
To be brutally honest, you won’t earn very much as an EFL teacher. Private language schools mostly offer zero hours contracts or guaranteed but low-pay hours. EFL teachers who’ve got past the stage of just wanting to fund a couple of years living abroad need to earn more money to have a decent standard of living.
The post that will help you save some of those extra earnings
How to save money in ELT
Yes, you can save money in ELT. It might surprise you to hear that plenty of people who earn way more, don’t necessarily save much. In fact, how good you are at saving has less to do with how much you earn and everything to do with money management and education.
The post that will mean you don’t have to work until you die
How to plan for retirement as an ELT professional
An ELT qualification sparks a life of travel and adventures. Unfortunately, living abroad, and typically on a lower income, can mean a lot of people in ELT fall through the cracks when it comes to retirement planning. Let’s look at what that looks like and how to plan for it.
Two beginner guides to help you understand how investing works (even for us in ELT)
Part 1
As educators we really need some education about how to become secure financially. This guide to investing is an introduction to some of the vocabulary you’ll need to know and the steps you’ll need to take to start investing as an ELT teacher.
Part 2
Here are the steps to take to start investing as an English teacher. Whether you’re living abroad or have returned to your country, the basic steps to start investing your money apply to all of us.
The options for earning your own money from your own business that I wish had been available when I was still teaching
The best business coaches for ELT, 2024
If you want to upskill, earn more and run your own teaching business, here are the best business coaches for ELT last year.
Want to see if we can improve your financial situation with a no obligation chat about my course or 1-2-1 coaching?
Book a free 15 min call and let’s see if anything I offer is right for you.