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Alexander
Joined: 08 Oct 2007
Location: Seoul
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 Posted: Mon Mar 31, 2008 6:39 pm Post subject: Savings and Investment in the ROK |
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This is another topic that I recall seeing on the boards on numerous occassions. However, due to the magic of the Dave's search function, I can't find anything, so here it goes:
I'm after a few leads for investment advice. I contemplated sending the cash home (logistically much easier) but really can't justify paying AUS capital gains tax. To be honest, I'm not sure what the rates are like here either.
I'm after decent returns, with compound interest and some liquidity. Moderate risk is fine, but I'm not keen on wigning it. Most CDs and the like I've seen aren't great value.
Ideally, I'd love to be guided to a financial planner or product that you've tried and tested. Feel free to PM me with details if you're more comfortable with that.
I'm located in Busan, if that assists.
Cheers!
A |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Mar 31, 2008 7:35 pm Post subject: Re: Savings and Investment in the ROK |
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| Alexander wrote: |
This is another topic that I recall seeing on the boards on numerous occassions. However, due to the magic of the Dave's search function, I can't find anything, so here it goes:
I'm after a few leads for investment advice. I contemplated sending the cash home (logistically much easier) but really can't justify paying AUS capital gains tax. To be honest, I'm not sure what the rates are like here either.
I'm after decent returns, with compound interest and some liquidity. Moderate risk is fine, but I'm not keen on wigning it. Most CDs and the like I've seen aren't great value.
Ideally, I'd love to be guided to a financial planner or product that you've tried and tested. Feel free to PM me with details if you're more comfortable with that.
I'm located in Busan, if that assists.
Cheers!
A |
Are you looking for short term gains (take your money and run) or long term growth? |
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Alexander
Joined: 08 Oct 2007
Location: Seoul
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| Posted: Mon Mar 31, 2008 7:54 pm Post subject: |
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Somewhere in between.
I can afford to take some risk for higher gains. The risk level needs to be somewhat moderate though. I'm not out to risk everything for a quick buck.
I'm also not saving for retirement at 65. I plan to be well and truly over working (out of need, anyway) way, way before that. I'm looking for more growth than packages aimed at this market generally offer. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Mar 31, 2008 8:00 pm Post subject: |
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| Alexander wrote: |
Somewhere in between.
I can afford to take some risk for higher gains. The risk level needs to be somewhat moderate though. I'm not out to risk everything for a quick buck.
I'm also not saving for retirement at 65. I plan to be well and truly over working (out of need, anyway) way, way before that. I'm looking for more growth than packages aimed at this market generally offer. |
OK... perhaps I should have worded it better....
What is your time frame. It is NOT take your money and run and NOT a retirement package that sits for 40 years...
2 years, 5 years? With the market depressed it may be a good time to walk into a mutual fund. They are bargains at the moment and will only go up in the mid term (static for a year and then average annual growth in the 8-12% range over 2-3 years).
You can get ~5% in short term (35-365 day) bank deposits if you are willing to risk the currency fluctuation.
Blue chips and preferred shares in your favorite company are always good for stable growth.
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Alexander
Joined: 08 Oct 2007
Location: Seoul
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| Posted: Mon Mar 31, 2008 8:16 pm Post subject: |
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I intended to include the timeframe in that post, so the error is mine.
5 years is about perfect.
I'm not quite sure how to go about the process.
I imagine there are brokers and planners in banks and private firms all over the place that could assist, but where does one start?
I'll need English assistance, particularly when we start discussing fees. Is it as simple as walking into HSBC or Citibank, or can it be done online somewhere?
I'm also quite concerned about tax implications (which is why I'm not having this handled back home).
ALSO: Thanks for the help, and putting up with the vague posts!  |
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victorology
Joined: 10 Sep 2007
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| Posted: Mon Mar 31, 2008 8:28 pm Post subject: |
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| I have my money in an MMF and various funds through various Korean institutions. A lot of people keep their money in CD's but that locks your money. That's why I like MMF's. The interest rate varies but right now, the one I'm in is returning a little over 5%. I can take my money out at anytime without penalty. Right now, I am building up cash reserves but since the markets have taken quite a beating recently, I might start putting more money into the market soon. |
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Alexander
Joined: 08 Oct 2007
Location: Seoul
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| Posted: Tue Apr 01, 2008 2:08 am Post subject: |
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| victorology wrote: |
| I have my money in an MMF and various funds through various Korean institutions. A lot of people keep their money in CD's but that locks your money. That's why I like MMF's. The interest rate varies but right now, the one I'm in is returning a little over 5%. I can take my money out at anytime without penalty. Right now, I am building up cash reserves but since the markets have taken quite a beating recently, I might start putting more money into the market soon. |
Interesting. The problem is, 5% is SFA. I had an ING account in AUS earning 7 with 24 hour access and no fees whatsoever. There must be something better out there! |
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