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huck
Joined: 19 Jan 2003
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 Posted: Sat Mar 03, 2007 10:26 pm Post subject: 11 years in Korea for $1 million? |
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I was just playing around with some program online where you type in how much you can save each year, and then it spits out how long until you'll reach $1 million, assuming it's in an 8% tax-free interest account...
So, based on my current savings (not much - only around 25 grand), and my current salary, which is between 5-6milllion/month...If I saved $50,000 a year for 11 years, then I would have a million dollars.
Granted, I'd have only 15million won or so for fun stuff per year, but would you guys stay in Korea for 11 years if you'd have a million dollars in the bank at the end of that time?
Last edited by huck on Sat Mar 03, 2007 10:30 pm; edited 1 time in total |
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rawiri
Joined: 01 Jun 2003
Location: Lovely day for a fire drill.
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| Posted: Sat Mar 03, 2007 10:28 pm Post subject: |
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Hell yeah, that would put me at just over 40 and i'd be set up! How are you making between 5 and 6 mill a month?  |
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Vancouver
Joined: 12 Dec 2006
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| Posted: Sat Mar 03, 2007 10:45 pm Post subject: |
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| oh heck yeah |
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shifter2009
Joined: 03 Sep 2006
Location: wisconsin
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| Posted: Sat Mar 03, 2007 10:47 pm Post subject: |
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| rawiri wrote: |
| Hell yeah, that would put me at just over 40 and i'd be set up! How are you making between 5 and 6 mill a month? |
Yeah, no kiddin? Got the F4 visa of money making in your pocket? |
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Hanson
Joined: 20 Oct 2004
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| Posted: Sat Mar 03, 2007 11:05 pm Post subject: Re: 11 years in Korea for $1 million? |
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| huck wrote: |
If I saved $50,000 a year for 11 years, then I would have a million dollars.
Granted, I'd have only 15million won or so for fun stuff per year, but would you guys stay in Korea for 11 years if you'd have a million dollars in the bank at the end of that time? |
That's an unrealistic expectation/goal, even on your very decent wages. It presupposes that you will live off 15 million won a year for 11 years. Even if you remained single/unmarried, that's living a difficult life. Human nature being what it is, you would never be able to stick to such a harsh savings plan.
However, it certainly is food for thought, and if you expanded it to 15-18 years at 3-3.5 million a month, it would be more realistic. |
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the saint
Joined: 09 Dec 2003
Location: not there yet...
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| Posted: Sat Mar 03, 2007 11:15 pm Post subject: |
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not to mention dying in year 10 -har har 
nope... after a miserable summer in a bacon processing factory, I swore I'd never work for money. I've been true to that promise since and I think a much nicer person for it... |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Sat Mar 03, 2007 11:19 pm Post subject: |
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| the saint wrote: |
not to mention dying in year 10 -har har
nope... after a miserable summer in a bacon processing factory, I swore I'd never work for money. I've been true to that promise since and I think a much nicer person for it... |
You get paid in kim chi? |
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Sun Mar 04, 2007 12:25 am Post subject: |
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| where's this magical 8% tax-free savings plan? |
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Hanson
Joined: 20 Oct 2004
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sun Mar 04, 2007 1:36 am Post subject: |
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| wouldnt you have 550.000? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Mar 04, 2007 1:57 am Post subject: Re: 11 years in Korea for $1 million? |
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| Hanson wrote: |
| huck wrote: |
If I saved $50,000 a year for 11 years, then I would have a million dollars.
Granted, I'd have only 15million won or so for fun stuff per year, but would you guys stay in Korea for 11 years if you'd have a million dollars in the bank at the end of that time? |
That's an unrealistic expectation/goal, even on your very decent wages. It presupposes that you will live off 15 million won a year for 11 years. Even if you remained single/unmarried, that's living a difficult life. Human nature being what it is, you would never be able to stick to such a harsh savings plan.
However, it certainly is food for thought, and if you expanded it to 15-18 years at 3-3.5 million a month, it would be more realistic. |
Living off 15 million won a year is "living a difficult life" and a "harsh savings plan"? That's about 1,250,000 won a month. That is quite doable. Even on about half of the OP's salary it's quite easy to save at least 1 million a month and have a very enjoyable lifestyle...assuming of course that one does not pay rent and spend every night in bars.
Last edited by TheUrbanMyth on Sun Mar 04, 2007 1:59 am; edited 1 time in total |
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brento1138
Joined: 17 Nov 2004
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| Posted: Sun Mar 04, 2007 1:58 am Post subject: |
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| the saint wrote: |
not to mention dying in year 10 -har har
nope... after a miserable summer in a bacon processing factory, I swore I'd never work for money. I've been true to that promise since and I think a much nicer person for it... |
Just wondering. What kind of money do you make in a bacon pressing factory???  |
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jeffkim1972
Joined: 10 Jan 2007
Location: Mokpo
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| Posted: Sun Mar 04, 2007 2:17 am Post subject: Re: 11 years in Korea for $1 million? |
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| huck wrote: |
...... assuming it's in an 8% tax-free interest account...
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haha... good one. you have a better chance of meeting God than finding one of these. |
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Demophobe
Joined: 17 May 2004
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| Posted: Sun Mar 04, 2007 2:22 am Post subject: |
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| JMO wrote: |
| the saint wrote: |
not to mention dying in year 10 -har har
nope... after a miserable summer in a bacon processing factory, I swore I'd never work for money. I've been true to that promise since and I think a much nicer person for it... |
You get paid in kim chi? |
In a room full of English teachers.... |
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SuperFly
Joined: 09 Jul 2003
Location: In the doghouse
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| Posted: Sun Mar 04, 2007 2:22 am Post subject: |
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| If you invested some of that into real estate... |
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