This comparative study examines the learning trajectories of two groups of Mexican novice language teachers, three locally raised and educated ones and three repatriates from the USA. The study makes use of a combination of retrospective life-history research and the analysis of academic documents to look at the interrelationship between teachers' identities and their degree of investment in academic and professional activities. The analysis revealed marked differences in the ways in which these two groups of teachers' identities have been developed. While the locally educated teachers have constructed strong and articulated identities as a result of a stable family context and smooth transitions in their lives, the development of their returnee counterparts' identities has been characterized by fragmentation due to the little, or lack of, stability in their home contexts as well as the complex and painful transitions in their lives. The paper discusses the impact that these differences have on participants' degrees of investment in educational and work-related opportunities available to them in their contexts. Implications for researchers, language teacher trainers and applied linguistics academic program administrators are provided.