Korean Job Discussion Forums

[canuckistan]

2 years = $50,000 Canuckistani bucks.

[Homer]

[just because]

Where is Canuckistan???

Is it near Uzbekistan????

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

I think you should save harder

[skindleshanks]

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?

[shawner88]

[Harin]

[Eunoia]

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 )

[Alyallen]

[taejonguy]

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 !!

[Mosley]

Canuckistan: you've been saving 2000 canuck bucks a month?! What the hell have they been paying you?!

[Homer]

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.

[chinook]

[Mosley]

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?!

[Homer]

Mosley,

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

[Mosley]

OK, question answered: you're making a hell of a lot more than me....