Site Search:
 
Speak Korean Now!
Teach English Abroad and Get Paid to see the World!
Korean Job Discussion Forums Forum Index Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

let's talk savings
Goto page Previous  1, 2, 3, 4, 5  Next
 
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> Job-related Discussion Forum
View previous topic :: View next topic  

How much do you plan/expect/realistically hope to take home after your time in Korea?
0 - 10k US
22%
 22%  [ 19 ]
10k - 50k
38%
 38%  [ 32 ]
50k - 100k
6%
 6%  [ 5 ]
100k - 150k
4%
 4%  [ 4 ]
150k - 200k
1%
 1%  [ 1 ]
200k - 300k
8%
 8%  [ 7 ]
300k - 500k
2%
 2%  [ 2 ]
500+k
15%
 15%  [ 13 ]
Total Votes : 83

Author Message
canuckistan
Mod Team
Mod Team


Joined: 17 Jun 2003
Location: Training future GS competitors.....

PostPosted: Tue Jun 01, 2004 3:19 am    Post subject: Reply with quote

2 years = $50,000 Canuckistani bucks.
Back to top
View user's profile Send private message
Homer
Guest




PostPosted: Tue Jun 01, 2004 4:26 am    Post subject: Reply with quote

Quote:
2 years = $50,000 Canuckistani bucks.


Not bad.
Back to top
just because



Joined: 01 Aug 2003
Location: Changwon - 4964

PostPosted: Tue Jun 01, 2004 4:59 am    Post subject: Reply with quote

Where is Canuckistan???

Is it near Uzbekistan????

That is only worth about 100 000won isn't it.

I think you should save harder Wink
Back to top
View user's profile Send private message
skindleshanks



Joined: 10 May 2004

PostPosted: Tue Jun 01, 2004 6:36 am    Post subject: Anybody heard about savings groups? Reply with quote

My wife signed us up to a savings group in her hometown. The way it works is you contribute a bit over a million a month into the pot, which is managed by some highly respected, rooted person in the community. This money is taken and lent out within the community for short terms at relatively high rates of interest. No stocks or anything like that. Then at the end of three years, we get 55 million. It's pretty decent interest if you ask me.

At first it sounded shady, but it's the traditional way of investing and borrowing in Korea. The way it works is that you can only participate with people in your hometown, and you have to be nominated by a member of the group to join, and approved by everyone else in the group. There is a degree of trust involved, but it's worked for hundreds of years (partly, I think, because everyone has to return home twice a year, so there's little chance of someone taking off). My in-laws nominated my wife, and that's how we got in.

We also went here for a loan for our housing deposit when the bank wouldn't give a loan to a foreigner (and my wife didn't have a job). I think the rate was 1% per month, and my in-laws had to guarantee it.

Anyone else tried this?
Back to top
View user's profile Send private message
shawner88



Joined: 01 Feb 2003

PostPosted: Tue Jun 01, 2004 8:20 am    Post subject: Re: Anybody heard about savings groups? Reply with quote

skindleshanks wrote:
My wife signed us up to a savings group in her hometown. The way it works is you contribute a bit over a million a month into the pot, which is managed by some highly respected, rooted person in the community. This money is taken and lent out within the community for short terms at relatively high rates of interest. No stocks or anything like that. Then at the end of three years, we get 55 million. It's pretty decent interest if you ask me.

At first it sounded shady, but it's the traditional way of investing and borrowing in Korea. The way it works is that you can only participate with people in your hometown, and you have to be nominated by a member of the group to join, and approved by everyone else in the group. There is a degree of trust involved, but it's worked for hundreds of years (partly, I think, because everyone has to return home twice a year, so there's little chance of someone taking off). My in-laws nominated my wife, and that's how we got in.

We also went here for a loan for our housing deposit when the bank wouldn't give a loan to a foreigner (and my wife didn't have a job). I think the rate was 1% per month, and my in-laws had to guarantee it.

Anyone else tried this?


There was an article in the paper about this con a long while ago - "kaet don" - I think it's called? Lots of people have gotten suckered. They get a lot of money, pay off a few to make it look legit then flee the country. Be careful. My girlfriend saw a news report on it recently. It's a scam.
Back to top
View user's profile Send private message Visit poster's website
Harin



Joined: 03 May 2004
Location: Garden of Eden

PostPosted: Tue Jun 01, 2004 12:59 pm    Post subject: Re: Anybody heard about savings groups? Reply with quote

shawner88 wrote:
skindleshanks wrote:
My wife signed us up to a savings group in her hometown. The way it works is you contribute a bit over a million a month into the pot, which is managed by some highly respected, rooted person in the community. This money is taken and lent out within the community for short terms at relatively high rates of interest. No stocks or anything like that. Then at the end of three years, we get 55 million. It's pretty decent interest if you ask me.

At first it sounded shady, but it's the traditional way of investing and borrowing in Korea. The way it works is that you can only participate with people in your hometown, and you have to be nominated by a member of the group to join, and approved by everyone else in the group. There is a degree of trust involved, but it's worked for hundreds of years (partly, I think, because everyone has to return home twice a year, so there's little chance of someone taking off). My in-laws nominated my wife, and that's how we got in.

We also went here for a loan for our housing deposit when the bank wouldn't give a loan to a foreigner (and my wife didn't have a job). I think the rate was 1% per month, and my in-laws had to guarantee it.

Anyone else tried this?


There was an article in the paper about this con a long while ago - "kaet don" - I think it's called? Lots of people have gotten suckered. They get a lot of money, pay off a few to make it look legit then flee the country. Be careful. My girlfriend saw a news report on it recently. It's a scam.


It is not a scam, but there is a "high probability" that a person or people in the group will run away with your $$. Evil or Very Mad
Back to top
View user's profile Send private message Send e-mail
Eunoia



Joined: 06 Jul 2003
Location: In a seedy karakoe bar by the banks of the mighty Bosphorus

PostPosted: Tue Jun 01, 2004 2:09 pm    Post subject: Reply with quote

In my last 8 months in Korea, I saved just a shade over 10K Cdn - plus, I took my gf to Canada for Christmas. (NO privates Laughing )
Back to top
View user's profile Send private message Visit poster's website
Alyallen



Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!

PostPosted: Wed Jun 02, 2004 9:11 pm    Post subject: Re: Anybody heard about savings groups? Reply with quote

Harin wrote:
shawner88 wrote:
skindleshanks wrote:
My wife signed us up to a savings group in her hometown. The way it works is you contribute a bit over a million a month into the pot, which is managed by some highly respected, rooted person in the community. This money is taken and lent out within the community for short terms at relatively high rates of interest. No stocks or anything like that. Then at the end of three years, we get 55 million. It's pretty decent interest if you ask me.

At first it sounded shady, but it's the traditional way of investing and borrowing in Korea. The way it works is that you can only participate with people in your hometown, and you have to be nominated by a member of the group to join, and approved by everyone else in the group. There is a degree of trust involved, but it's worked for hundreds of years (partly, I think, because everyone has to return home twice a year, so there's little chance of someone taking off). My in-laws nominated my wife, and that's how we got in.

We also went here for a loan for our housing deposit when the bank wouldn't give a loan to a foreigner (and my wife didn't have a job). I think the rate was 1% per month, and my in-laws had to guarantee it.

Anyone else tried this?


There was an article in the paper about this con a long while ago - "kaet don" - I think it's called? Lots of people have gotten suckered. They get a lot of money, pay off a few to make it look legit then flee the country. Be careful. My girlfriend saw a news report on it recently. It's a scam.


It is not a scam, but there is a "high probability" that a person or people in the group will run away with your $$. Evil or Very Mad


I know my mom does something to that effect. It is called "Partner" and it seems to be very similar to what skindleshanks wrote about. The key for seems to be that the people involved are people my mom has known for nearly thirty years, back when she was in Jamaica. I would definitely approach that kidna thing with caution but if you think you know the people involved well enough, go for it...
Back to top
View user's profile Send private message AIM Address
taejonguy



Joined: 14 Jan 2003
Location: Daejeon, Korea

PostPosted: Thu Jun 03, 2004 7:29 pm    Post subject: Making money Reply with quote

If anyone wants to buy an apartment but is short cash it is really quite easy. Today my wife and I are closing a deal on a 24 pyoung 4 year old apartment in Daejeon. the cost is about W110,000,000 (1 auk chon won). The deal is this:

Chon sae on this apartment is W75,000,000 (7 chon 5 baek man won) thus the difference is 35,000,000. With interest rates so low, you can pay the interest only and it will be (I forget the exact rate per 10 million won! something like 55,000 per 10 million) less than 250k won per month. We will be returning to Canada in Dec. /06 and will then sell the apartment and collect the difference between the purchase and selling prices.

Yes there is some risk IF prices decrease. However, we own a 33 pyoung apartment in the same complex and in the last 18 months it went from W115,000,000 to W160,000,000 (1 auk chon 5 baek man won to 1 auk yuk chon man won).

This is possible as the banks give different rates for home loans and also they have real collateral. FWIW my wife is Korean and her parents have done this several times as well. perhaps a foreigner may ot be able to take advantage of this method withod a Korean spouse...

I hope this info helps someone else out !!
Back to top
View user's profile Send private message Send e-mail
Mosley



Joined: 15 Jan 2003

PostPosted: Thu Jun 03, 2004 8:06 pm    Post subject: Reply with quote

Canuckistan: you've been saving 2000 canuck bucks a month?! What the hell have they been paying you?!
Back to top
View user's profile Send private message
Homer
Guest




PostPosted: Fri Jun 04, 2004 2:06 am    Post subject: Reply with quote

Mosley...its not that big a deal.

Its about budgeting and having a good salary.

In my case its more like 2500-3000/month.

But, my wife works.

By myself I could be saving about 2200/month.
Back to top
chinook



Joined: 17 Mar 2004
Location: canada

PostPosted: Fri Jun 04, 2004 6:43 am    Post subject: Reply with quote

Homer wrote:
Mosley...its not that big a deal.

Its about budgeting and having a good salary.

In my case its more like 2500-3000/month.

But, my wife works.

By myself I could be saving about 2200/month.


tell us how! I'm hoping to save $2000 a month, though I am starting to worry it's going to be more like $1000.
Back to top
View user's profile Send private message
Mosley



Joined: 15 Jan 2003

PostPosted: Sun Jun 06, 2004 5:35 am    Post subject: Reply with quote

Homer:"It's about budgeting and having a good salary." "It's not that big a deal." Well, 2K a month IS a big deal to a peasant like me. If I were to save that, I'd be sleeping at the bus terminal & living on a cup of instant noodles a day.

To hell w/budgeting-it's the "good salary" that counts. I think my question was reasonable & legitimate. I guess I might ask, too...what the HELL are they paying you?!
Back to top
View user's profile Send private message
Homer
Guest




PostPosted: Sun Jun 06, 2004 4:46 pm    Post subject: Reply with quote

Mosley,

They are paying me around 3.0-3.4.
I also do consulting part-time and like I said, wife works.
Back to top
Mosley



Joined: 15 Jan 2003

PostPosted: Sun Jun 06, 2004 4:50 pm    Post subject: Reply with quote

OK, question answered: you're making a hell of a lot more than me....
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> Job-related Discussion Forum All times are GMT - 8 Hours
Goto page Previous  1, 2, 3, 4, 5  Next
Page 4 of 5

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


This page is maintained by the one and only Dave Sperling.
Contact Dave's ESL Cafe
Copyright © 2018 Dave Sperling. All Rights Reserved.

Powered by phpBB © 2001, 2002 phpBB Group

TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International