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saint57
Joined: 10 Mar 2003
Posts: 1221
Location: Beyond the Dune Sea
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 Posted: Thu Apr 27, 2006 1:47 am Post subject: |
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As for saving $20,000 a year, it can be done without throwing your life away. I go drinking several times a week and leave Korea twice a year. Living in Korea is not for everyone but if you don't mind it, you could be retired in 10 years.
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I think that most people's retirement target is at least $1,000,000. If you want to retire young you'd better have more. Don't even think about spending 10 years in Korea. Six year is the longest I've ever heard. We nicknamed this man "Pigman." That should give you some insight into his reason for staying so long. He grunted it out for six years in a hogwon and he did claimed to have saved $80,000 CDN. I didn't know him very well but I had no reason not to believe him. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Thu Apr 27, 2006 4:16 am Post subject: |
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| There is a guy who works at a university in Seoul who has been there for 12 years. And who said anything about working at a hogwon? I don't work at a hogwon. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Thu Apr 27, 2006 4:22 am Post subject: |
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| I think that most people's retirement target is at least $1,000,000. If you want to retire young you'd better have more. |
You might need a million to live in the west but I don't believe that you need near that much to live in Thailand or Costa Rica. Furthermore just because that is many people's target, there are many retired people living on a lot less than the $80,000 a year that $1,000,000 would give you. That would be assuming a return rate on your investment of 8%. |
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Stephen Jones
Joined: 21 Feb 2003
Posts: 4124
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| Posted: Thu Apr 27, 2006 4:19 pm Post subject: |
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| I think that most people's retirement target is at least $1,000,000. |
I doubt if there are many TEFLers who earn that in a lifetime, never mind having it saved up. Somebody is seriously out of touch. |
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Justin Trullinger
Joined: 28 Jan 2005
Posts: 3110
Location: Seoul, South Korea and Myanmar for a bit
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| Posted: Thu Apr 27, 2006 5:59 pm Post subject: |
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A cool million may be a decent retirement target in the US, or other costly places. Even there, though, I've known plenty who have retired well on less.
But if you're considering a retirement abroad- it depends on your tastes. Here in Ecuador, right now, current expenses for a comfortable life might be around $600 a month. You don't need a mil invested for that kind of return.
Justin |
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mlomker
Joined: 24 Mar 2005
Posts: 378
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| Posted: Thu Apr 27, 2006 7:03 pm Post subject: |
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| Justin Trullinger wrote: |
Here in Ecuador, right now, current expenses for a comfortable life might be around $600 a month. You don't need a mil invested for that kind of return.
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I think that'd be a comfortable number in most of the third world. I'm not a math whiz but it looks like 250k would be ample assuming no other income (most Americans will have some social security income).
The problem with all such plans is that elderly people are also the people that have expensive health problems...it's just a matter of time before something happens. If I'm lucky I'll just die in my sleep at an old age, happy and healthy.  |
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snorklequeen
Joined: 16 Jun 2005
Posts: 188
Location: Houston, Texas, USA
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| Posted: Thu Apr 27, 2006 9:39 pm Post subject: investments for retirement |
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a financial advisor i spoke with recently said it is possible to set up an offshore account or two in Panama City, Panama; he did it; he said Panama is like Switzerland re banking
he said you can go there in person or not, either way
i'm giving it some thought; how sound is the FDIC? USD? US economy?
he said Bill Gates and Warren Buffett recently invested a lot of their extra mone in silver, out of the USD
cheers,
Queenie |
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ls650
Joined: 10 May 2003
Posts: 3484
Location: British Columbia
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| Posted: Thu Apr 27, 2006 9:46 pm Post subject: |
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| Save $20 thousand per year? With this job I'd be doing well to save a quarter of that. |
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Cdaniels
Joined: 21 Mar 2005
Posts: 663
Location: Dunwich, Massachusetts
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| Posted: Thu Apr 27, 2006 11:09 pm Post subject: Living old |
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The Czech republic and some other eastern European countries did studies a while back showing that despite emphysema, heart conditions and lung cancer, smokers cost public health care less because they died so much younger. Many raised an indignant fuss, but years earlier Canada quietly did a similar study with the same conclusion (and kept quiet about it)- statistically, old age means getting expensive health problems.
This also indicates another problem with raising retirement above 65. Human beings tend to start to get age related diseases at that age and often can't work full time anymore, even if they want to.
My solution- give the elderly free cigarrettes as part of national health care plan!  
I know this is also an elaborate rationalization for me to keep smoking, but it is food for thought, so to speak. |
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saint57
Joined: 10 Mar 2003
Posts: 1221
Location: Beyond the Dune Sea
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| Posted: Thu Apr 27, 2006 11:41 pm Post subject: |
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| I doubt if there are many TEFLers who earn that in a lifetime, never mind having it saved up. Somebody is seriously out of touch. |
My point exactly! The ones who think they're coming out ahead by putting some money in the bank working in Korea are actually the worst off. I've been through this argument before. No amount of money people claim to bank in Korea can impress me because it doesn't amount to jack poop. Ok, go for up to three years and save money for law school or an MBA, but don't go for ten years hoping to save $150,000-$200,000. At that point you have effectively burned your bridges in life. Dreams of third world retirement are absolute BS. Finally, a generation ago $1,000,000 was a lot of money. Today $1,000,000 is not a lot and tomorrow it will be a laughable amount to retire on. I feel I'm quite in touch with reality.  |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Thu Apr 27, 2006 11:50 pm Post subject: |
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| I doubt if there are many TEFLers who earn that in a lifetime, never mind having it saved up. Somebody is seriously out of touch. |
I think you are a little out of touch. You can have a milliong dollars without ever earning 1 million at your job. You are forgetting about compounding interest. Baring financial disastors, investing $100,000 by 30 would leave you with a million by 65 without adding a penny.
Furthermore, I read an article that said if grandparents with money gave their grandchild $10,000 by age 16, the grandchildren would have 1 million by retirement without investing a cent more. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 12:02 am Post subject: |
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| No amount of money people claim to bank in Korea can impress me because it doesn't amount to jack poop. |
First you are forgetting that some people enjoy living in Korea and that it beats being back home working 9-5.
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| Ok, go for up to three years and save money for law school or an MBA, |
No law degree would impress me since there are lawyers out there that make little more than teachers. Yes, there are lawyers that earn millions of dollars but there are many who don�t earn a lot. Furthermore there is an overabundance of lawyers. Just as you state that $1,000,000 is not what it used to be, being a lawyer is also not what it used to be.
If you don't get into a top law school, you probably won't get into a top law firm and as a result you may earn a measly $50,000 a year to start. I am also not impressed by going to law school because it will result in having a job that requires you to work over 60 hours a week. Once I have enough saved I can make 6 figures working about 2 hours a day. So, I don't know why anyone would dream of pursing a job that requires them to work 60 hours a week and does not allow them much time to spend their money.
Last edited by JZer on Fri Apr 28, 2006 2:21 am; edited 1 time in total |
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saint57
Joined: 10 Mar 2003
Posts: 1221
Location: Beyond the Dune Sea
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| Posted: Fri Apr 28, 2006 12:59 am Post subject: |
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| I won't escalate this anymore. However, I want to say that there are poopy ESL teachers, doctors, lawyers, baseball players, etc. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Fri Apr 28, 2006 2:20 am Post subject: |
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saint 57 wrote,
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| I won't escalate this anymore. However, I want to say that there are poopy ESL teachers, doctors, lawyers, baseball players, etc. |
Why do you think that stating your opinion will escalate things? It is ok to disagree. I understand that making 6 figures and working only 2 hours a day is hard for people to believe and may be reaching for the sky but I have reason to believe that I can do it.
If it doesn't work out, I don't care since I did not come here just to save money. I like traveling the world and learning new languages. I am enjoying my time here and would not give it up to get ahead in some office back home.
Secondly, I am not suggesting that one should come here just to save money but I do believe that some people enjoy their lives in Korea and would prefer being here than back home. |
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mlomker
Joined: 24 Mar 2005
Posts: 378
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| Posted: Fri Apr 28, 2006 2:41 am Post subject: |
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| JZer wrote: |
| I like traveling the world and learning new languages. |
There are a lot of good reasons to TEFL and I think there is room for all types of people in the field (like any other). If you wanted to be rich then you could stay in the US and become a nurse or a handful of other fields that result in a nice payoff. A friend says that night ER nurses are easily doing $35/hr in my metro area and demand isn't going to go down due to all of the people that will be retiring over the next decade.
An RN is a two year degree...no bachelors required! I got into the IT field in the mid-90's because the numbers were similar. If money is your motivation then there are certainly faster paths than TEFL. I easily max my annual 401k contribution. If i wasn't busy paying for grad school, toys, and trips then I could save a lot more...I'm just not wired for being thrifty. |
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