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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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 Posted: Thu May 22, 2008 3:19 pm Post subject: 819 won to a New Zealand dollar - oh joy |
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One New Zealand dollar is now 819won.
Bugger. |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Thu May 22, 2008 10:39 pm Post subject: |
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Here is the brutal graph.
I heard back around 2002 the exchange rate was something like 400won to a kiwi dollar. Man this sucks. |
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dirty_scraps83
Joined: 02 Jul 2007
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| Posted: Fri May 23, 2008 1:59 am Post subject: |
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| kiwiduncan wrote: |
Here is the brutal graph.
I heard back around 2002 the exchange rate was something like 400won to a kiwi dollar. Man this sucks. |
unless, you're coming TO Korea. Then betting all your coin on a massive slump in the Kiwi dollar by the time your contract's up.  |
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AliNZ
Joined: 11 Feb 2003
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| Posted: Fri May 23, 2008 2:17 am Post subject: 821 and counting |
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I first came to Korea in 2002 and yes, big changes...
is it worth if for you?
are you saving and sending heaps home?
would you do it again? |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Fri May 23, 2008 2:29 am Post subject: |
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| What I am sending home now is getting to be only about NZ$1700 a month. It's still more than what I could save in New Zealand probably, but the lifestyle in New Zealand is much better. |
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Chris_Dixon
Joined: 09 Jan 2008
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| Posted: Fri May 23, 2008 4:55 am Post subject: |
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im also from nz,....should i bet on it being better in a year??? at the moment im holding on to my money ><
a dude told me koreas in stagnation so itll be worse in a year, he suggests i should change it into american as there exchange rate should be making a huge come back |
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Sainter
Joined: 28 Jan 2008
Location: Nokbeon, Seoul
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| Posted: Fri May 23, 2008 4:58 am Post subject: |
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Getting the contract done with payment in the home currency was a good move so far in hindsight  |
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kiwiana
Joined: 29 Nov 2007
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| Posted: Fri May 23, 2008 6:39 am Post subject: |
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| This f#*ked up exchange rate, coupled with the massive increase in interest rates, makes it much more difficult to pay my mortgage back in Whangas. Looks I need to do a few camps over the summer uni break to catch up. Oh well, gotta take the good with the bad I guess... |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Fri May 23, 2008 6:46 am Post subject: |
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| Mortgage interest rates are around 10% now aren't they? I'm torn about whether I should keep on saving for the moment or go back and buy something. Are you renting your place out while you're here? |
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AliNZ
Joined: 11 Feb 2003
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| Posted: Fri May 23, 2008 7:30 am Post subject: No dont buy in NZ |
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Totally the wrong time to buy or sell real estate in NZ...the market is on a rapid downturn and hasn't bottomed yet...
Real estate sales 40per cent down on this time last year, interest rates still highsh, unemployment highest in many years...we are in recession and getting worse...
cost of living - way too high...
petrol nearly $2a litre
1 kilo block of cheese up to $15
I'd hate to be in a position of haing to sell a property at this time...
and as far as buying real estate - wait another 6-12 months before even taking another look at it...
in the meantime, save all you can - but not in Korea - send it out of Korea - back home to NZ as soon as you can |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Fri May 23, 2008 7:46 am Post subject: |
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| Sainter wrote: |
| Getting the contract done with payment in the home currency was a good move so far in hindsight |
That's awesome. It's too bad I'm American and have a shitty currency. Maybe I can negotiate 2.5 ounces of gold per month instead of 2.4 million won. Or better yet, perhaps I can teach English on the barter system...cases of soju in May 2008 prices warehoused until the end of my contract, then shipped by the school to my farm in America in an ocean container as I pay for my own flight home.  |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Fri May 23, 2008 8:02 am Post subject: Re: No dont buy in NZ |
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| AliNZ wrote: |
Totally the wrong time to buy or sell real estate in NZ...the market is on a rapid downturn and hasn't bottomed yet...
Real estate sales 40per cent down on this time last year, interest rates still highsh, unemployment highest in many years...we are in recession and getting worse...
cost of living - way too high...
petrol nearly $2a litre
1 kilo block of cheese up to $15
I'd hate to be in a position of haing to sell a property at this time...
and as far as buying real estate - wait another 6-12 months before even taking another look at it...
in the meantime, save all you can - but not in Korea - send it out of Korea - back home to NZ as soon as you can |
I know it's definately the time to sit and wait for a year as urban property values drop (some have even predicted a drop of 30%) but the property I'm keen on buying would be something like 5 hectares of bush and farmland somewhere. I have the feeling prices for farmland won't drop so much and may even rise.
I religiously send money home to New Zealand every couple of months as aside for the increasingly crappy exchange rate I just don't feel comfortable with my money in a Korean bank.
I guess we've got to remind ourselves that even with a shitty exchange rate we can still save more here. |
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TexasPete
Joined: 24 May 2006
Location: Koreatown
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| Posted: Fri May 23, 2008 2:58 pm Post subject: |
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| kiwiduncan wrote: |
Here is the brutal graph.
I heard back around 2002 the exchange rate was something like 400won to a kiwi dollar. Man this sucks. |
The kiwi dollar has literally doubled in value since 2000. And the prices on everything have gone up there too. When i was there in 2000, it was like everything was on sale. When i was there last year, it was shocking how much more things cost. |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Fri May 23, 2008 4:27 pm Post subject: |
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| madoka wrote: |
| kiwiduncan wrote: |
| but the lifestyle in New Zealand is much better. |
"Too bad New Zealanders are a bunch of cocky a-holes descended from criminals and retarded monkeys."
Sorry, couldn't help myself. I just finished watching the series. |
Which series?
Anyway, it's true. We make jokes about the Aussies being descended from criminals all the time, but when Australia was covered with penal colonies what did the really nasty guys do? Escape - to New Zealand. Australia got the keep all the girly-boty criminals who'd been sent there for stealing a loaf of bread and NZ got all the murderers and rapists. |
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kiwiana
Joined: 29 Nov 2007
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| Posted: Fri May 23, 2008 4:38 pm Post subject: |
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Kiwiduncan,
Yeah, I'm renting it out. Lucky to have good tenants that havent missed a payment for over two years. I'd recomend saving up for the next 6-12 months like the other person suggested; send all the money you can home. The property market is likely to come down a little more in that time.
That's true, even with things as messed up as they are I can still save a substantial amount more while being over here. |
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