Korean Job Discussion Forums

fusionbarnone · Joined: 31 May 2004

What a great post.

My future wife and I were sketching out the plans for the next 10 years, only last night in fact.

Saving as much money is the best thing for anyone uncertain about where they should plan for next, I reckon. And Esling is not a bad start to getting there, what with the freedom and adventure in this profession(+ flights, accom, etc) .

However, as the guy in the article noted, one year quickly becomes five, which is not difficult to imagine in this industry. Saving "shrewdly" remains the best hedge against time and the possible embarrassment of having to justify what you did with your time, ten years hence(worst case scenario).

Before coming to Korea and later meeting my wife here in Korea, I owned a small consultancy company. The business didn't reap a huge profit but afforded a relaxed life, debt free, home, lifestlye, with flexi-hours being the trade-off. However, after 5 years, I got bored. I did however gain an insight into what being "semi-retired", could be like. yep, been there done that, too.This ESl gig does have it's benefits.

Exchanging an office cubicle for a continent at will, is also appealing. Adventure, work,travel, and business rolled into one is our ideal and that's the plan for the next 10 years.

Success and satisfaction I think is a personal thing and and also a very relative one. Therefore, everyone should feel free to paddle their boat anyway they please, where being genuinely happy is the end goal. But having money, helps a lot too and having a plan for managing it is a must.

According to statistics on the wealthy(can't remember the reference) 80/85% made their money first in real estate.

A little known fact about New Zealand(where I'm from), is that it's a haven for property investment( and other benefits). Forming an entity called a L.A.Q.C.(loss accrediting qualifying company) is the best way to invest/buy/save/place your savings via this route.

In laymen's terms, you are able to borrow on your equity(value you own in a property) and "new" equity (from increased property values, you can borrow real money on the supposed new market value) to go on and buy a second property, ad continuum. In addition, capital gains are tax exempt after a short period.

Provided you use none of your own money(must be the bank's money), interest rates payed on monies borrowed become 100% tax deductible; along with expenses; rental agent fees; property maintenance fees; along with "mortgage", "tenant", and property insurances.

As an added bonus, closer economic ties with Australia, will enable you to extend your investments into that country as well.

Not bad if you do your maths for 10 years.

My 2 cents.

Tiger Beer · Joined: 07 Feb 2003

The Man known as The Man · Posted: Sun Mar 13, 2005 2:05 pm Post subject:

Tiger Beer · Joined: 07 Feb 2003

The Man known as The Man · Posted: Mon Mar 14, 2005 12:49 pm Post subject:

Overall, Superfly is right-butthe SW of the USA will boom.

Me, I'm liking small university towns with litte or no other industry. That way, the price is low or depressed, there is always a market for student housing-a great way to start to leverage yourself-you woud just have to partner up or pay someone to watch the property because you could get some steroid-addled Joe wannabe headcase trashing your place when you are nowhere near the property.