Korean Job Discussion Forums

[htrain]

Firstly let me say I've read some posts from some really smart people on these boards. Of course there are a few idiots, but hey, that's life.

I have seen lots of posts on here about saving money, how much cash you can make here as opposed to back home, etc etc. But here's my question for you guys, what is your ultimate goal?

For me, I'm not the backpacker-dopehead-flybynight-teacher with a BA in Folkloric Dancing (not that there's anything wrong with that ), but I take the job seriously and put a lot of effort into improving myself so I can continue to move up. Not only that, I love living Asia (have since I was 19), and plan to be here for a very long time.

I've read blogs of some old schoolers who have made heaps of cash and invested it back home in houses and everything else. I have accumulated a nice sum of cash over 6 years and have two rental houses back home (not bragging~but I did do this with investments and my own saved money). Thing is, this is possible with ESL if you push yourself. I get sick of catching shit for a job I really enjoy, and one that I think can enable complete financial independence in an arguably short amount of time if taken seriously.

So what are your long-term plans? Where do you see yourself going with this whole thing? What is possible long-term if you go all out with this ... ?

[Juregen]

My long term plans?

To create a viable financial situation so I can go for early retirement back in Europe, and enjoy life the way it is supposed to be enjoyed.

I consider having about 1 to 2 million Euro sufficient to do so.

I give myself about 35 years to do so.

After that I can free load of the Belgian social system .

[htrain]

[Unposter]

htrain,

Other than the backpacker...comment, you seem like a level-headed guy. I couldn't agree with you more. If you are not allergic to saving money, willing to do what it takes to succeed here, there is a ton of money to be earned.

Early or semi-retirement sounds about right. I'm leaning toward about seven more years here, then...it is wherever I want to go or do. Personally, I don't think people should mention specific sums of money they have, but if others want to that is their choice.

Now, I know the rule of thumb is 10,000 U.S. a year but after a year or two, you should double that, minimum, more if you are lucky, talented or hard working.

So, someone else can do the math, but after 10 years, you should have 300,000 to 500,000 U.S. saved up. Invest that money and consider the 7/10 theory (double your money in 7 years at 10% compound interest or vice-versa) and you have to think that within 15 to 20 years of conservative to moderate investing a million dollars. Semi-retirement should be in the offing, full retirement if you can live a more simple life.

Now, if you have a wife also earning that kind of coin or your especially lucky, talented or hard working, you can reach such financial goal even earlier.

Not bad for a backpacking, etc... type.

People who think ESLers are idiots or loosers shouldn't throw stones.

[htrain]

[marlow]

My goal is 250,000 CAD. Then I can buy a house in Nova Scotia and furnish it, and a car, and have some money left over for savings. Just hoping housing continues downward, because $150,000 isn't buying what it used to. Anyway, I'll be happy to be mortgage free at 35.

[htrain]

So how are you guys investing? Do you send your money back after you've converted it, do you hold it in Korean accounts, do you put it in stocks? Obviously everyone's goals are different... I don't really like my money being in won, I'm thinking of holding it in different currency accounts. Mostly Euro and AUD at present with decent % rates sounds like the best option.

[Intrepid]

Now that the "chun-sae" is paid off I'm also looking for investments, preferably in Korea. Father in-law wants me (us) to put it in a "fund"--but I'm leery of the KOSPI/Kosdaq, and do funds here have extortionate handling fees?
Other people investing in Korea? In what?

[htrain]

[shaunew]

I'm investing in the Kosdaq, But also put my money in professional money managers, which I buy Samsung and other blue chip stocks. My wife is crazy about having cash so we have to put money into a bank account that gets something like 4% to 5%. So Korean I put 10% of my income in the Samsung blue chips. 5% into an education fund for my son. 15% in the bank account plus another 15% in mutual funds and stocks. Overall we are doing very well. I'm looking into China in the near future as well.

[Unposter]

You can make investments from Korea, both Korean and International funds. It is just like the U.S., there are brokerage companies and you can purchase them at banks. I am not sure about non-Korean stocks. You may need an on-line service to do that.

The only thing I don't like about purchasing "funds" in Korea is that you cannot immediately sell. It takes some time (I think 9 days) and you get the price at the time of the sell (9 days later) not when you put in the order.

And, I have one bit of advice if you do use a Korean bank or brokerage, you should go to an affluent area. As we all know, not all banks and brokerages are the same and I have found that the ones in the affluent communities have a much better sense of customer service - just my opinion.

Korean banks offer a number of high profile mutual funds from the U.S., England and Continental Europe. There also a number of emerging nation funds but they all are managed from big name companies from the said countries.

For a long time, real estate was real hot here. Now, everything is about the "funds." Koreans have a lot of money to invest. Just think of all those chunsaes (key money or deposits) out there. They have to stick it somewhere.

Good luck everyone!

[MarionG]

htrain: What commodities and on what exchange? Just curious...

[htrain]

This is funny cause my students were telling me it's "Not fair that foreign investors can so easily cause the Korean market to go up or down." I said well this is because Korea is not a "free economy." They got all bent out of shape about this... until I said "Do you want me to go to the parking lot and show you that every car there besides one or two are Korean made? Let's go check all of the electronics in this building and see which ones WEREN'T made in Korea... who wants to buy all your stuff when you buy nothing of theirs?" Then it's like the light finally turned on.... kind of... it's like that Christmas bulb light when Beavis gets an idea.

As far as you American investor types go.. I just saw ETRADE is now offering investments in Canada, Japan, France, Germany, KOREA, and England now.. might be worth checking out.

As for the homie who asked about commodities... I have a fund managed by Jim Rogers. www.rogersrawmaterials.com I think it's the best route for my needs, maybe yours too!

[Capo]

I have about $90,000 invested in shares, but back in the UK I would be wary about investing too much in won or the dollar because they are shitty currencies, pound is always strong. plus I can invest anywhere in the world from my broker in the UK. Best piece of advice is don't puit all your eggs in one basket, spread your bets and you'll do fine. main ones i'm into are UK bluechips, mining and asian funds and they've done very well for me. Another good piece of advice is to have a wondeful dad with his eye on the stocks all the time giving you advice

[htrain]