Korean Job Discussion Forums

[hagwonnewbie]

I've saved some money in the last year, but I haven't invested it or anything. I just wire it home to my checking account.

I've been watching the declining markets and wondering about the uncertain future of he world's economies. I've been doing a lot of research, but I'm too scared to gamble with my hard-earned savings.

I was just curious. How are other teachers hiding their loot? Has anyone had any tremendous success investing in Korea or at home? Could you recommend some good online resources for information?

[cdninkorea]

Next time I'm home I'm going to make an appointment with someone at my bank about investments because I'm in the same boat; not sure what to do with the money I've saved.

I'm still paying my undergrad loans and most of my savings is for graduate school, but the sooner you start investing the better, and I'd like to put a few thousand into retirement.

Some have said consulting a financial advisor would be a good idea, which is something to think about. In the meantime I'm going to open a higher-savings bank account which will at least keep up with inflation.

[mindmetoo]

If you're really unsure, just stick it in a term deposit. It pays crap interest but better interest than a bank account and you can get at the money if you need to.

[Zutronius]

NOT sending it home. 1 million won is now worth $986 Canadian.

[Ya-ta Boy]

Nong-Hyup Bank has a variety of investment programs and I'm sure other banks do as well. I'm earning 13.3% and 23.9% on my two accounts (currently). Go in to your bank and ask what they have available.

[cdninkorea]

[mindmetoo]

[jim_we]

Various kinds of gold and 90% silver coins. Some gold in Korea most online from Apmex.com. I've got a nice little stash going now.

[Motto]

[quote="Ya-ta Boy"]Nong-Hyup Bank has a variety of investment programs and I'm sure other banks do as well. I'm earning 13.3% and 23.9% on my two accounts (currently). Go in to your bank and ask what they have available.[/quote]

Nice one Ya Ta, if you could spare a min and post some more details would be great. my bank doesn't speak much English.

mines under my bed

or in a 1 year no access 6% account, thought that was allright untill today.

but will be looking to buy property in next year or so, and rent it out. (new eu member states or Berlin)

[b]Edit[/b]; found the other thread Ya Tas account quote thing

Nong-Hyup has a program that I like. I deposited some money into two accounts and each month the bank withdraws additional money from my monthly check. That money is invested by the bank and currently I'm getting 13.33% on one account and 23.97% on the other account.

The interest is flexible, depending on the stock market (and I'm guessing the Chinese market as well).

I joined two years ago and had to agree to a 2-year minimum but when I renewed at the beginning of last month I could choose 1 year or 2 years. Since I'm not sure about my plans next year, I chose 1 year. Anyway, I'm pretty happy.

I know Nong-Hyup has several different investment programs each month. It's worth checking out if you are going to be around at least a year. Two bonuses: I get taken to the front of the line every time I go in (once I was told I am a VIP Very Happy ) and I got super service when I wanted a credit card. FAR better service than I ever got at KB.

[BS.Dos.]

Eight months in and my both my current account and credit card back home are still in the red. I spent 10 days in China over Xmas and have been paying �250 ($500) per month towards my Masters, but I'm still disappointed at not having saved more. I just don't know where it all goes each month.

[bassexpander]

The wife and I set up an automatic transfer from Woori to a Prime Bank savings account that gets us a much higher interest rate (maybe 6.8%). It's gov't secure to 60 million, I think.

[WoBW]

[Ya-ta Boy]

[Bryan]

Invest in what you know. If you don't know enough about a particular company, or index of a whole market, that you are considering investing in, then don't invest until you know more about it. That is how you make educated estimations about how the security or index will perform. This also applies to real estate and your own business or friend's businesses--even a degree. If it's a safe bet that you will earn more in the long term by getting an additional degree, then that is a good investment as well. Just something to think about.

[dogbert]

The guy posting about 13%, 23% interest. That's easily possible if you invest in the right fund. All Korean banks offer funds, with minimum investment required. The trick is getting the right one at the right time.