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Korean Job Discussion Forums
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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 Posted: Tue May 16, 2006 2:08 am Post subject: |
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(often with the help of parents).
Your description does fit the way some do things however. |
Always.
And most. |
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Homer
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| Posted: Tue May 16, 2006 2:34 am Post subject: |
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Ok Mack..always and most it is... 
Oh and by the way..there is nothing wrong with that....  |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Tue May 16, 2006 2:42 am Post subject: |
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any hakwon teacher tried to get a home loan ?
I doubt a bank will give money to a hakwon teacher!
second people are saying its easy to save 30million a year!
its not easy.. its possible to save 3 million a month! sure.. hard work does have its rewards..BUT!!
is it possible to earn 4million a month every month for 10 years as a hakwon teacher?
is it possible to save 3 million from the 4 million every month for 10 years
I dont think so..
lets live in the real world.. the average legit Hakwon teacher is not saving 3 million every month for 10 years... |
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Homer
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| Posted: Tue May 16, 2006 2:47 am Post subject: |
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No one is saying it is easy I-guy.
They are saying it is possible. Read again dude.
As for hakwon teachers getting a home loan...some can (spouse can co-sign or family for example).
I-guy...wouldn't you agree that many of the people concerned about buying an appartment are long timers in Korea? That being the case, many of them are married and their spouse earns a salary as well. You factor that in plus the fact that any long timer worth his salt with gain access to better jobs and higher wage in a short while and that figure becomes quite possible. You also factor in possible help from family members and/or taking out a morgage and voila....the scenario becomes entirely possible( (not automatic mind you!) for a long time foreign teacher/resident.
Of course for your average newbee earning 2 million won and going out to the bars this figure becomes hard to attain! But then again why would a short timer be concerned about saving up to buy an appartment here??? If you consider that many ESL teachers are short timers (2 years or maybe 3) then the formula changes. |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Tue May 16, 2006 5:36 am Post subject: |
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| Most people here don't see what is actually possible. Trust me when I say that some people make a lot more money than most people here realize. I have made a lot of money...much more then a few million a month for ten years. It takes vision and talent to maximize the profit. Complaining about your 5 hours a day while drinking late into the night will not earn you more money. |
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Homer
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| Posted: Tue May 16, 2006 6:33 am Post subject: |
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| Complaining about your 5 hours a day while drinking late into the night will not earn you more money. |
That is pretty much dead on. |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Tue May 16, 2006 6:40 am Post subject: |
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| It takes vision and talent to maximize the profit. |
Thank you, Donald Trump.
The Don rocks my world. |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Tue May 16, 2006 7:17 am Post subject: |
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| They say the average annual salary of a Seoulite in the 30's is 40 to 50 million a year. I find that hard to believe. Maybe the average household income. |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Tue May 16, 2006 3:51 pm Post subject: |
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Every Korean bulls**ts about the money he or she makes. Basically, take your base salary/income and multiply it by 3 (that's the low end) and voila!
The one that always cracks me up is the street vendors who claim to make tens of millions per month (you see them interviewed on these crap TV shows). Sure, a handfull might be doing gangbusters, but....
The wife and I were mulling over the idea of opening a coffee booth so we went around asking vendors what kind of income they were earning (these were franchised vendors). The response was typically in the 4-6 mil range.
Bull. S**t.
In fact, several of those booths have since closed. Wow! Why would one close a biz pulling in 5 mil a month?!? Did they finally buy that dream house in Bundang? Give me a f**king break. |
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jinju
Joined: 22 Jan 2006
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| Posted: Tue May 16, 2006 4:47 pm Post subject: |
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| itaewonguy wrote: |
any hakwon teacher tried to get a home loan ?
I doubt a bank will give money to a hakwon teacher!
second people are saying its easy to save 30million a year!
its not easy.. its possible to save 3 million a month! sure.. hard work does have its rewards..BUT!!
is it possible to earn 4million a month every month for 10 years as a hakwon teacher?
is it possible to save 3 million from the 4 million every month for 10 years
I dont think so..
lets live in the real world.. the average legit Hakwon teacher is not saving 3 million every month for 10 years... |
Most long timers move out of hakwons eventually and get better jobs. And they have more than just one job. No, the evaregae E2 will not be saving 20 or 30 million a year but a F2/F5 who has a good day job, stuff on the side and whose spouse also brings home a paycheque can save 20 or even 30 million a year quite easily. |
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SuperFly
Joined: 09 Jul 2003
Location: In the doghouse
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| Posted: Tue May 16, 2006 5:03 pm Post subject: |
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The OP said:
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| Have you ever thought about the average price of apartments in Seoul? It came in at 286.8 million won ($306,737) in public reference prices set by the government, the Ministry of Construction & Transportation said on Monday. |
I think you got us beat, I rive in Phoenix and I work at Lee Lee's Supamakat
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Greater Phoenix Resale Home Market Comparable to '03-'04 Sales Trends
Thursday, May 11, 2006
MESA, Ariz. - Following a very typical pattern, the greater Phoenix resale market slowed in April 2006 with 5,980 sales. This is a decrease from the 7,264 sales for March 2006 and well below last year's 8,735 sales. So far in 2006, there have been 23,960 recorded sales, while it stood at 36,060 sales in 2005 year-to-date.
This is the weakest April since April 2000 with 4,870. Historically, the activity in April represents a lull from the end of the holidays and preparation for the stronger months ahead, especially May and June. While it was very unlikely that the market could have sustained the level of 2005, the current level of activity is very comparable to that recorded in the years of 2003 and 2004.
The primary news of the last year's housing market was the rapid rise in the median home price from $194,000 in January to $260,000 in December. However, since the record of $263,000 was set in September, the growth rate had been disappearing with the median price being up slightly in April to $264,900 from $263,000 in March and last year's $221,000.
Along with a higher median home price, mortgage interest rates are higher than a year ago. Thus, affordability continues to be an issue. The average 30-year mortgage for April 2005 was 5.6 percent, while it was 6.0 percent for April 2006. Based on an 85 percent loan-to-value, the monthly mortgage payment for the median price home increased from $1,080 to $1,350.
When purchasing a home for investment or occupancy, the rapid growth in price that has been so evident in the last year is somewhat soothing to the uncertainty of the buying decision, according to Jay Q. Butler, director of the Arizona Real Estate Center at Arizona State University's Polytechnic campus.
"However, if home prices continue to be stable or even decline in some areas, potential buyers may be increasingly reluctant to make the purchasing decision, because future appreciation is much more uncertain," said Butler. "Further, current owners, especially investors, may want to bring homes to a good market, in order to lock any current appreciation."
With interest rates, especially short-term ones, continuing to increase and stable home appreciation, there is increasing concern about the ability of some homeowners to maintain their homes. This may be especially evident for those that have used some of the more creative financing instruments, such as option payment plans and initially low interest rate adjustable mortgages.
Since the greater Phoenix area is so large, the median price can range significantly from $663,750 ($700,000 in March) in North Scottsdale to $147,500 ($150,000 in March) in the Sky Harbor area of the city of Phoenix.
For April 2006, 16 percent of all recorded sales were for homes priced from $125,000 to $199,999, 43 percent for $200,000 to $299,999 and 38 percent for homes priced over $300,000. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue May 16, 2006 6:05 pm Post subject: |
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Is there a link for that article?
Edit: OK, found it.
Last edited by Wangja on Tue May 16, 2006 6:58 pm; edited 1 time in total |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Tue May 16, 2006 6:57 pm Post subject: |
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| jinju wrote: |
Most long timers move out of hakwons eventually and get better jobs. And they have more than just one job. No, the evaregae E2 will not be saving 20 or 30 million a year but a F2/F5 who has a good day job, stuff on the side and whose spouse also brings home a paycheque can save 20 or even 30 million a year quite easily. |
I agree.. I was talking about a E2 standard 2 million a month with a couple privates...
he will have a hard time saving 30million a year
I mean its like back home too..
some people live paycheck to paycheck. even if they earn 5 million a month they can easily spend it too..
enjoying life can easily turn that into a reality.
many married couples dont have any help from the inlaws..
so they are stuck trying to save the key money, while paying rent, while paying expenses, enjoying life, taking a couple holidays etc..
living in a nice house, cars, furntiture etc..
after 5 years you could still be broke.. I have met a few like this..
back home most of my mates have two cars, a boat, house, big tvs etc
holidays, nice reataurants every week.. what they save? nothing
so yeah saving 30million a year can be done.. but dont expect to be living in a big house, great furniture, new car , trendy clothes, eating at nice places and taking holidays twice a year.. and especially with a family..
on a salary of 4million won.. which is double the E2 makes..
now of course some people can make 6 -10 million won a month,
well you can make 20 million a month too or even 100million a month
but im just talking about your average F2 who teaches and does a couple privates.. lets say 4-5 million is fair.. and keeping that for 5 years everymonth.. GOODLUCK!! doesnt happen.. |
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jinju
Joined: 22 Jan 2006
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| Posted: Tue May 16, 2006 7:02 pm Post subject: |
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| Fair enough. But lets say an F2/F5 has a good day job, in the upper 2's like 2.7 or 2.8. Doing a few hours of privates a week can easily add a nice million on top of that. So that takes you up to 3.8. Lets say the wife earns 1 million, which shouldnt be a problem, then you are up to almost 5 million a month. No sweat. It should be dead easy to save 3 million from 5 million. |
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periwinkle
Joined: 08 Feb 2003
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| Posted: Tue May 16, 2006 7:24 pm Post subject: |
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| My husband says that the IMF has predicted the real estate bubble in Korea will burst. Things have really gotten out of control. My team leader bought an apt. at a Hyundai Hometown in Seoul last year. It's large- 56 pyong or something- and he paid 600,000,000 won for it. It is now valued at 1 million dollars. I just don't see how prices can continue to increase at such a rate. |
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