Job Discussion Forums

[Gordon]

Here is a topic that most everyone has an interest in: Money

Other than sending it to your home savings account, which doesn't offer much or a return, what do you do with your money?

Here in Japan (and many other places) the interest rate is virtually nil. So what can be done legally with your hard earned cash?

[dmb]

Put it in an off-shore account

[Shonai Ben]

I spend it.

[richard ame]

Hi Fellow savers

Try to get any investment in land or property,savings generally only give a modest return and is ok if you intend to stay where you are for a short time ,in Turkey the interest rates are high for the local curriency however inflation is still high so what you make on the swings you lose on the roundabout . Property purchase is possible here and is a good long term investment so far I have two and thats only after 9 years maybe you're in the wrong country .

[Gordon]

Richard,
Property purchase in Japan would be astronomical for a TEFLer as you can imagine.

I got burned bad enough in the stock market, so I've learned my lesson there.

[richard ame]

Hi Gorden
Who said you have to invest in Japanese real estate there are cheaper options ,whats the yen worth overseas? Do you intend to live there for the rest of your natural if not work there but invest in countries where land and property is a lot cheaper ,sounds simple enough eh!!

[denise]

Money?!?!? It's such a novel concept for me, after a couple of years earning about $250/month in the beautiful Czech Republic and then being in school. In just two short months, I will have to start repaying my loans. In the meantime, I am just ecstatic to have some disposable income--"You mean I can actually buy a CD?!?!? NO WAY, MAN!!!" Savings & property & investments aren't even in the picture.

d

[richard ame]

Yeah at this time I know the feeling kinda puts the whole thing into perspective,never mind keep saving you mind up up buying two cd's

[Dave Kessel]

You can put money in a mutual fund but it is risky. There are some CDs that pay around 2.9%. Find them on the Internet as "high interest CD"s. Or better buy a house/condo and rent it out. Save enough for a down payment- 25% down will get you a non-qualifier loan. And also, there are condos in places like N Carolina that are very cheap. Try this:

www.trianglecondos.com

And also: homeseekers.com

[Dave Kessel]

You can put money in a mutual fund but it is risky. There are some CDs that pay around 2.9%. Find them on the Internet as "high interest CD"s. Or better buy a house/condo and rent it out. Save enough for a down payment- 25% down will get you a non-qualifier loan. And also, there are condos in places like N Carolina that are very cheap. Try this:

www.trianglecondos.com

And also: homeseekers.com

[Will.]

In my salad days I converted my local currency into something small and fittable in a backpack size that was cheap to buy in my location but easy to sell on at my destination. In this way I managed to make a profit on the currency exchange and enjoy a little bartering while generally coming out ahead.
I still keep an eye out for an interesting bargain that can be shipped out and declared as a personal gift, sometimes several times a a year. any really expensive items for back home I have often genuinely sent as gift to family or friends. If you only ever give one gift it is always one that is remembered

[Gordon]

Thanks for the advice so far.
Dave,
I don't think I want to get involved in real estate. Despite the potential to make a huge return, it is too risky if I can't be there to inspect.

Will,
Buying and selling merchandise is also interesting to avoid the loss of exchange rate, but I'm not going anywhere. I'm staying in Japan for now.

An offshore account sounds intriguing. How does it work? Don't you need a monstrous amount of money first to open an account? Does anyone have an offshore account?
Sorry, when I think of it, I think of shady bankers, lawyers and drug dealers (aren't they synonyms?) meeting on the beach of the Caymans. How Hollywood can distort our perceptions.

[Corey]

If you're really serious about off-shore Costa Rica is the place. 2.9% on a CD is not good. Aound private banks here will pay almost 4%.

[dmb]

HSBC only require $5000 to set up an off shore account

[Gordon]

What does HSBC stand for? Is that bank of Hong Kong?