Countries with the highest saving potential
Countries with the highest saving potential
Considering one is single, which countries provide the highest saving potential and what are those numbers for a new teacher?
Savings
As a single guy a lot of that is going to depend on your lifestyle, but since you said savings potential, I will assume you mean before expenses.
The "Good" list:
1) Middle east countries: I hate to say it but they have relatively high pay scales, full packages (housing, relocation, etc), no taxes (usually), and after you see the tourist stuff, there isnt a whole lot for a single guy to spend his money on. Top countries in order would be Saudi Arabia, UAE, Kuwait. Its a formula that maximizes income and minimizes expenses. About the only real expense you will incur is imports.
2) Malaysia: Great asian earning potential of around $40K USD a year, coupled with a very conservative society (compared to the rest of asia) that makes it difficult for a single guy to spend money on a night life/social life. Its Thailand meets Kuwait.
3) China: a high salary given the cost of living, and like above their compensation packages cover practically all your expenses (housing, relocation, etc).Taxes if they are collected are still small. Imports are more readily available so a bit cheaper. The problem of course is that if your in a place like Shanghai, Beijing, Goungzhou there is a pretty active social/night life, and a place like Shanghai you can blow though a months salary really fast if you want to. Salaries average $60K USD a year at tier 1 schools.
4) S.Korea: See China above. They have about the same economy (cost of living), but if your in a place like Seoul, you can easily spend it all. Salaries are a bit lower and average $55K USD a year at tier 1 schools.
5) Thailand: Despite the fact that prices have risen, and the exchange rate has fallen, Thailand is still a great deal. The better school like above give full packages, so your basic expenses are free, and like the above if your in a place like Bangkok, you can spend it all really fast. The difference is that salaries average at tier 1 schools around 1 mil baht really only translates to about $30K USD a year.
6) Indonesia: Cheap place to live, great social life (if you can stomach the traffic), good salaries, and schools have full compensation packages including housing. Its Thailand meets China,
The "bad" list:
1) Eastern Europe: There just arent many real international schools in eastern europe. The good ones will give you housing which makes a big difference, but often you get stuck with taxes. This is about as close to living in the USA, as ive experienced, if you can save there, you can probably save about the same amount in eastern europe. Your saving go up if your in a nowhere town, as there isnt much to spend your money on. If you live somewhere like Moscow, Prague, etc and you have a social life, your saving plummet. The other issue is imports, while available they are expensive, and the cost of living isnt cheap. Still if your a homebody you can do alright.
2) Singapore: One big mall with a beach. There isnt anything to do in Singapore except shopping really. Salaries arent the highest, and cost of living isnt cheap like the rest of asia. If your frugal and a shut in you an save, but then you can go anywhere and save money that way. Schools often dont provide enough of a housing allowance for something nice. Once you start going into pocket for your expenses, any real savings strategy quickly dissipates.
3) Hong Kong: Shanghai without a "generic" (cheap) option. Salaries arent very high and its much more expensive then the mainland. Like Singapore housing allowances dont often cover enough for someplace nice. The night/social life is just as expensive as Shanghai. You dont make marginally more to justify the price difference.
4) Central/South America: Cheap place to live and a lot of fun if your in a big enough city. The problem is salaries are around $20K USD, thats just not a lot of money. Assuming you could save half of it $9,000 doesnt go very far when you leave.
5) Vietnam/Cambodia: See Thailand above, basically it comes out to about the same money ($30K USD) but the cost of living is higher, then again its a little harder for a single guy to spend money as easily.
The "ugly" list:
1) Northern Europe: Its basically the costs of western europe with an eastern european lifestyle. Honestly, its just cold most of the year. During the summer if you start dating someone, you will likely be with them until at least spring. You cant save any money, everything is imported, and its not a glamourous or sexy place like somewhere along the Mediterranean.
2) Western Europe: Two problems, no housing and high taxes. The average tax rate for europe is around 40%. Cost of living can be high, and teachers arent exactly in the top salary brackets. Combine that with compensation packages that dont include housing and you can save a few thousand dollars a year at best.
3) Japan: Repeatedly the most expensive place on earth to live. What makes or breaks Japan is housing. If you get a generous housing allowance then your fine, if you dont get one or not enough then you quickly find yourself 'getting by'. This happens because a certain segment of the single male 'western' population will simply do ANYTHING to live in Japan. The cost of living is also high, personally this is like living in western europe, your lucky to save a few thousand in a year.
4) India: Cheap place to live but you get paid squat. No matter how much you economies $20K USD is still only $20K. While not as restrictive as the middle east, a single guy has to work much harder for a social life, and it doesnt come cheap.
Honorable Mentions:
1) Taiwan is a mixed case. Its the chinese lifestyle, with a singapore cost of living. Too much depends where you are and what school your at.
2) Philippines: I have to admit I didnt know where to put this one. Basically its India meets Indonesia. Its a great place to have fun, and cheap, schools usually supply a full compensation package, BUT the salary just isnt there, and without a good salary, you cant really save. You can burn through money here really fast in Manilla, and Cebu. At the right school and with personal restraint you could save some money, but too many variables are staked against you (as a single guy) for me just see this as a viable saving location.
3) Africa: I really wanted to put this in the ugly category, but though no this is worse then ugly. Unless your in S.Africa and Capetown/Johansaburg. There isnt a lot of money, the place is a 3rd world country, meaning imports are expensive. As far as the night/social life can you say AIDS?
Lastly, the best advice is really an elite school anywhere. No matter what the economy is or country your in, the elite schools pay so well and have such generous compensation packages they allow for saving a significant amount of money pretty much anywhere (even Japan)
The "Good" list:
1) Middle east countries: I hate to say it but they have relatively high pay scales, full packages (housing, relocation, etc), no taxes (usually), and after you see the tourist stuff, there isnt a whole lot for a single guy to spend his money on. Top countries in order would be Saudi Arabia, UAE, Kuwait. Its a formula that maximizes income and minimizes expenses. About the only real expense you will incur is imports.
2) Malaysia: Great asian earning potential of around $40K USD a year, coupled with a very conservative society (compared to the rest of asia) that makes it difficult for a single guy to spend money on a night life/social life. Its Thailand meets Kuwait.
3) China: a high salary given the cost of living, and like above their compensation packages cover practically all your expenses (housing, relocation, etc).Taxes if they are collected are still small. Imports are more readily available so a bit cheaper. The problem of course is that if your in a place like Shanghai, Beijing, Goungzhou there is a pretty active social/night life, and a place like Shanghai you can blow though a months salary really fast if you want to. Salaries average $60K USD a year at tier 1 schools.
4) S.Korea: See China above. They have about the same economy (cost of living), but if your in a place like Seoul, you can easily spend it all. Salaries are a bit lower and average $55K USD a year at tier 1 schools.
5) Thailand: Despite the fact that prices have risen, and the exchange rate has fallen, Thailand is still a great deal. The better school like above give full packages, so your basic expenses are free, and like the above if your in a place like Bangkok, you can spend it all really fast. The difference is that salaries average at tier 1 schools around 1 mil baht really only translates to about $30K USD a year.
6) Indonesia: Cheap place to live, great social life (if you can stomach the traffic), good salaries, and schools have full compensation packages including housing. Its Thailand meets China,
The "bad" list:
1) Eastern Europe: There just arent many real international schools in eastern europe. The good ones will give you housing which makes a big difference, but often you get stuck with taxes. This is about as close to living in the USA, as ive experienced, if you can save there, you can probably save about the same amount in eastern europe. Your saving go up if your in a nowhere town, as there isnt much to spend your money on. If you live somewhere like Moscow, Prague, etc and you have a social life, your saving plummet. The other issue is imports, while available they are expensive, and the cost of living isnt cheap. Still if your a homebody you can do alright.
2) Singapore: One big mall with a beach. There isnt anything to do in Singapore except shopping really. Salaries arent the highest, and cost of living isnt cheap like the rest of asia. If your frugal and a shut in you an save, but then you can go anywhere and save money that way. Schools often dont provide enough of a housing allowance for something nice. Once you start going into pocket for your expenses, any real savings strategy quickly dissipates.
3) Hong Kong: Shanghai without a "generic" (cheap) option. Salaries arent very high and its much more expensive then the mainland. Like Singapore housing allowances dont often cover enough for someplace nice. The night/social life is just as expensive as Shanghai. You dont make marginally more to justify the price difference.
4) Central/South America: Cheap place to live and a lot of fun if your in a big enough city. The problem is salaries are around $20K USD, thats just not a lot of money. Assuming you could save half of it $9,000 doesnt go very far when you leave.
5) Vietnam/Cambodia: See Thailand above, basically it comes out to about the same money ($30K USD) but the cost of living is higher, then again its a little harder for a single guy to spend money as easily.
The "ugly" list:
1) Northern Europe: Its basically the costs of western europe with an eastern european lifestyle. Honestly, its just cold most of the year. During the summer if you start dating someone, you will likely be with them until at least spring. You cant save any money, everything is imported, and its not a glamourous or sexy place like somewhere along the Mediterranean.
2) Western Europe: Two problems, no housing and high taxes. The average tax rate for europe is around 40%. Cost of living can be high, and teachers arent exactly in the top salary brackets. Combine that with compensation packages that dont include housing and you can save a few thousand dollars a year at best.
3) Japan: Repeatedly the most expensive place on earth to live. What makes or breaks Japan is housing. If you get a generous housing allowance then your fine, if you dont get one or not enough then you quickly find yourself 'getting by'. This happens because a certain segment of the single male 'western' population will simply do ANYTHING to live in Japan. The cost of living is also high, personally this is like living in western europe, your lucky to save a few thousand in a year.
4) India: Cheap place to live but you get paid squat. No matter how much you economies $20K USD is still only $20K. While not as restrictive as the middle east, a single guy has to work much harder for a social life, and it doesnt come cheap.
Honorable Mentions:
1) Taiwan is a mixed case. Its the chinese lifestyle, with a singapore cost of living. Too much depends where you are and what school your at.
2) Philippines: I have to admit I didnt know where to put this one. Basically its India meets Indonesia. Its a great place to have fun, and cheap, schools usually supply a full compensation package, BUT the salary just isnt there, and without a good salary, you cant really save. You can burn through money here really fast in Manilla, and Cebu. At the right school and with personal restraint you could save some money, but too many variables are staked against you (as a single guy) for me just see this as a viable saving location.
3) Africa: I really wanted to put this in the ugly category, but though no this is worse then ugly. Unless your in S.Africa and Capetown/Johansaburg. There isnt a lot of money, the place is a 3rd world country, meaning imports are expensive. As far as the night/social life can you say AIDS?
Lastly, the best advice is really an elite school anywhere. No matter what the economy is or country your in, the elite schools pay so well and have such generous compensation packages they allow for saving a significant amount of money pretty much anywhere (even Japan)
Last edited by PsyGuy on Wed Jul 04, 2012 5:39 am, edited 1 time in total.
I have to disagree with Malaysia. Unless you are at iskl, you will find your money being drained quickly. Cost of living here is rising fast. Public health care (which you probably won't use since you have health insurance at an international school) is the only thing I would consider cheap.
Malaysia is not conservative in practice. Plenty of places to get hookers and drugs, it's a matter of knowing where. The only thing it does is drive the price of alcohol up.
You will still make a decent savings, but not 2nd on the list.
For south America, there are some schools that pay a lot but are highly competitive.
Malaysia is not conservative in practice. Plenty of places to get hookers and drugs, it's a matter of knowing where. The only thing it does is drive the price of alcohol up.
You will still make a decent savings, but not 2nd on the list.
For south America, there are some schools that pay a lot but are highly competitive.
Issue
The cost of living is rising/increasing everywhere. Relative to the various regions now (not times past), it's still a very good saving deal and still above the other four (China, S.Korea, Thailand, Indonesia), where cost have also been rising.
I would put it well below China. On the salaries paid here, it doesn't even come close to what one can save in China. Of course in China, if you signed a cheap contract, then it's not so good. In general, they pay you much more in China at the decent schools than they would in KL, and China is considerably cheaper than KL. The big thing in Malaysia that trumps anything in China is AirAsia, since it gives you relatively cheap access to everywhere except the Americas and Africa.
This is based on my experience in the last 12 months.
I've been offered more in Jakarta than in KL, and I believe it's cheaper there.
This is based on my experience in the last 12 months.
I've been offered more in Jakarta than in KL, and I believe it's cheaper there.
For a single guy???
I considered that but then concluded that as a single guy in China or Indonesia its far easier to blow your money on a night life. Which is a big money suck, its much harder to do in Malaysia. You have to be 'determined' to have that kind of social life.
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vincentchase
- Posts: 76
- Joined: Thu Jan 19, 2012 4:34 pm
- Location: Between 1960-69
Retirement
Only the 11% is required, anything above that is technically optional. You can withdraw your accumulated contributions out when you leave.
The price of a single drink will make Malaysia a much more expensive night out. Not to mention one will succumb and buy a car to get around. I was single a lifetime ago in both countries, and nights out in china are much cheaper. Partially because of taxis. I think you just missed out when you were in KL psyguy. Ultimately, the amount one will save is determined by how much one spends on entertainment.
Sure Going to the cinema is cheaper in Malaysia, but movies generally blow nowadays.
You also have to contribute out of your pay cheque for the fund. On a separate note, the incumbent government has 'borrowed' nearly everything in that fund and there's an election next year. I'm not allowed. To take anything out yet, so I'm giving up on mine.
Sure Going to the cinema is cheaper in Malaysia, but movies generally blow nowadays.
You also have to contribute out of your pay cheque for the fund. On a separate note, the incumbent government has 'borrowed' nearly everything in that fund and there's an election next year. I'm not allowed. To take anything out yet, so I'm giving up on mine.
Reply
@Mathman
I think we are actually agreeing on the same thing. Entertainment is the keystone to a single guys savings potential, and thats exactly my point really. It was why the middle east was the top of my list. Going out in KL is so expensive you end up not doing it, and staying home, and you cant spend money staying home. Its the easy/inexpensive regions where you go out every week if not a couple times a week, that the end of the month comes around and your broke, that wreck a savings plan.
I think we are actually agreeing on the same thing. Entertainment is the keystone to a single guys savings potential, and thats exactly my point really. It was why the middle east was the top of my list. Going out in KL is so expensive you end up not doing it, and staying home, and you cant spend money staying home. Its the easy/inexpensive regions where you go out every week if not a couple times a week, that the end of the month comes around and your broke, that wreck a savings plan.
ISKL
I'm interested to know if new teachers must remain in Malaysia for 2 years before being able to return to their home country. The way that it is worded on their website leads me to wonder if it's not allowed, or simply that the school doesn't pay for it. Anyone there that can clarify for me?
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overseasvet2
- Posts: 191
- Joined: Wed Jun 08, 2011 10:50 pm
Malaysian tax question
You must establish tax residency in your first year. This means you have to stay either July 1 to Dec 31 the year you are hired or stay Jan 1 to July 1 the second semester. ISKL does not pay for a flight home the first year, probably due to the fact people would get a couple of weeks at home at the most. You must be fastidious about keeping track of all of your ins and outs to the country by documenting stamps in your passport. This is in order to collect all of your retirement when you leave.
Hope this helps.
Hope this helps.