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definitely maybe
Joined: 16 Feb 2008
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 Posted: Fri Aug 26, 2011 5:10 pm Post subject: |
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| drydell wrote: |
OP - i'll second what Patrickghbusan has said..
Unfortunately - as you have found out - the groom's parents are supposed to have saved up a big chunk of money for the post marriage apartment. If the grooms parents do not have these savings it means that the family must be very poor. This means the groom and his family will be looked down upon and lose a lot of respect. Invariably this becomes a difficult situation for most westerners marrying into Korean families whose own families would laugh at fronting a hundred million Won or so for a wedding gift..
What do Koreans do in these situations?....they lie.
Your fianc�e is probably hoping that your family will come up with a least some of the goods. If there is no chance of that you have a couple of options to avoid losing family respect.
1. Get a wolsae and just lie about it (pretend you did a jonsae).
2. Your fianc�e can probably get a big loan from her company, if it is a decent company, at hugely preferential rates to a bank. 70 mill loan would equal about two fifty per month interest in this case. Again lie about where the money came from.
When you have your F2 you can register as a private tutor and start saving some serious money (or get a second job). you should look at saving 30-60 million per year depending on your situation. Do this at least for a while until you have cleared your debts and then relax a bit and enjoy your savings. You are fortunate that your wife is well paid too it will mean that you won't have to work too much extra... 
good luck! |
I thought jvalmer was being pessimistic when he said 60 million in four years would be tough, but you're pulling out a range that could hit 60 million in a year? I can see the bottom of the scale, but 60 million? |
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Lazio
Joined: 15 Dec 2010
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| Posted: Fri Aug 26, 2011 5:21 pm Post subject: |
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| jvalmer wrote: |
| Triban wrote: |
| In 4 years you should be able to save at least 60 million. 30 in two years then you can get a loan for another 30....well, you can't, but your soon to be wife can do it for you. In retrospect, that might still make you look like a loser. |
Saving 60 million in four years is pretty tough to do. I think 40-50 million is more realistic. |
You mean for a couple? In 2 years we have saved 75 mil. together with my wife. Could be even more but my wife didn't work for about 8 months and we gave back 5 mil to my PIL which my wife previously borrowed from them.
After we got married we lived in wolse for a couple of months. It was a one room rooftop place. Soon moved to a small 2 bedroom place, still wolse. In a few months we will be moving to a nicer, bigger place and will be able to put down Jeonse. (with some loan)
I don't think anyone thought I'm a looser. If they did, they can kiss my ... . My In-laws certainly didn't mind. They could see we are working hard, saving for the future. My wife once proudly mentioned to her father how much I make but he didn't care about it. He said it doesn't matter for him how much I make. All he needs is that we love each other and care for each other.
This whole putting down Jeonse or buying apartment at marriage thing is outdated. Might work with the rich ones but the average family won't be able to fork out 200 mil. 10 years ago the salary/real estate prices showed a better ratio but the apartment prices skyrocketed and salaries didn't follow that change. In our area, a newish 2 bedroom Jeonse would be between 160 and 200 mil. That's a lot of money. |
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Malislamusrex
Joined: 01 Feb 2010
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| Posted: Fri Aug 26, 2011 5:22 pm Post subject: |
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| I am getting married, but I have made it very clear that I may stay in Korea, or then again I may not, so buying a house would be pointless, they agreed. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Fri Aug 26, 2011 5:35 pm Post subject: |
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There's quite a big difference in marrying into a rich family and a poor family.
Marry into a family with money and they will expect you to come up with the goods.
Marry into a poor family and you don't have to do nothing! Sweet.
To the OP.....buying an apartment outright after marriage is an old-fashioned idea.....from when apartments in Korea were actually affordable! Now the average apartment is 500,000,000 or more. No one expects newly weds to have that kind of money.
The poster above is very correct about borrowing as much as you can from the bank to get a good Jeonsae arrangement. That's the way to go. |
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Kennyftw
Joined: 08 Aug 2011
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| Posted: Fri Aug 26, 2011 5:46 pm Post subject: |
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| drydell wrote: |
OP - i'll second what Patrickghbusan has said..
Unfortunately - as you have found out - the groom's parents are supposed to have saved up a big chunk of money for the post marriage apartment. If the grooms parents do not have these savings it means that the family must be very poor. This means the groom and his family will be looked down upon and lose a lot of respect. Invariably this becomes a difficult situation for most westerners marrying into Korean families whose own families would laugh at fronting a hundred million Won or so for a wedding gift..
What do Koreans do in these situations?....they lie.
Your fianc�e is probably hoping that your family will come up with a least some of the goods. If there is no chance of that you have a couple of options to avoid losing family respect.
1. Get a wolsae and just lie about it (pretend you did a jonsae).
2. Your fianc�e can probably get a big loan from her company, if it is a decent company, at hugely preferential rates to a bank. 70 mill loan would equal about two fifty per month interest in this case. Again lie about where the money came from.
When you have your F2 you can register as a private tutor and start saving some serious money (or get a second job). you should look at saving 30-60 million per year depending on your situation. Do this at least for a while until you have cleared your debts and then relax a bit and enjoy your savings. You are fortunate that your wife is well paid too it will mean that you won't have to work too much extra...
good luck! |
Thnaks, there's some good advice here. |
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drydell
Joined: 01 Oct 2009
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| Posted: Fri Aug 26, 2011 6:10 pm Post subject: |
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| definitely maybe wrote: |
| drydell wrote: |
OP - i'll second what Patrickghbusan has said..
Unfortunately - as you have found out - the groom's parents are supposed to have saved up a big chunk of money for the post marriage apartment. If the grooms parents do not have these savings it means that the family must be very poor. This means the groom and his family will be looked down upon and lose a lot of respect. Invariably this becomes a difficult situation for most westerners marrying into Korean families whose own families would laugh at fronting a hundred million Won or so for a wedding gift..
What do Koreans do in these situations?....they lie.
Your fianc�e is probably hoping that your family will come up with a least some of the goods. If there is no chance of that you have a couple of options to avoid losing family respect.
1. Get a wolsae and just lie about it (pretend you did a jonsae).
2. Your fianc�e can probably get a big loan from her company, if it is a decent company, at hugely preferential rates to a bank. 70 mill loan would equal about two fifty per month interest in this case. Again lie about where the money came from.
When you have your F2 you can register as a private tutor and start saving some serious money (or get a second job). you should look at saving 30-60 million per year depending on your situation. Do this at least for a while until you have cleared your debts and then relax a bit and enjoy your savings. You are fortunate that your wife is well paid too it will mean that you won't have to work too much extra...
good luck! |
I thought jvalmer was being pessimistic when he said 60 million in four years would be tough, but you're pulling out a range that could hit 60 million in a year? I can see the bottom of the scale, but 60 million? |
Well for exampe.. Wifes salary covers all spending,bills cards etc. Yor salary goes 100% into savings.. That's 24- 36 mill savings with zero overtime depending on your job. Now let's say you have a uni job working 12 hours for 3 mill.. That's a lot of free time.. See where it's going? That top range is certainly doable with joint income and hard work.. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Fri Aug 26, 2011 6:25 pm Post subject: |
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| Lazio wrote: |
| jvalmer wrote: |
| Triban wrote: |
| In 4 years you should be able to save at least 60 million. 30 in two years then you can get a loan for another 30....well, you can't, but your soon to be wife can do it for you. In retrospect, that might still make you look like a loser. |
Saving 60 million in four years is pretty tough to do. I think 40-50 million is more realistic. |
You mean for a couple? In 2 years we have saved 75 mil. together with my wife. Could be even more but my wife didn't work for about 8 months and we gave back 5 mil to my PIL which my wife previously borrowed from them.
After we got married we lived in wolse for a couple of months. It was a one room rooftop place. Soon moved to a small 2 bedroom place, still wolse. In a few months we will be moving to a nicer, bigger place and will be able to put down Jeonse. (with some loan)
I don't think anyone thought I'm a looser. If they did, they can kiss my ... . My In-laws certainly didn't mind. They could see we are working hard, saving for the future. My wife once proudly mentioned to her father how much I make but he didn't care about it. He said it doesn't matter for him how much I make. All he needs is that we love each other and care for each other.
This whole putting down Jeonse or buying apartment at marriage thing is outdated. Might work with the rich ones but the average family won't be able to fork out 200 mil. 10 years ago the salary/real estate prices showed a better ratio but the apartment prices skyrocketed and salaries didn't follow that change. In our area, a newish 2 bedroom Jeonse would be between 160 and 200 mil. That's a lot of money. |
I was thinking one person, but 2 people then 20 million a year is manageable. That is if your significant other makes at least what you make. |
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Lazio
Joined: 15 Dec 2010
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| Posted: Fri Aug 26, 2011 6:58 pm Post subject: |
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| jvalmer wrote: |
| I was thinking one person, but 2 people then 20 million a year is manageable. That is if your significant other makes at least what you make. |
It all depends on how much you spend. 2 can very well get by on no more than 25 mil a year. At least it is enough for us. We all have different spending habits so it's not universal. Let's say wife earns about 15-20 mil after taxes in a year. It's not too high, not too low. I would say somewhat average for Korean women. If you are lucky enough and the Mrs. has good education and earning potential, she can make above 30 mil a year, but let's just use 17,5 mil for now. On an F-2 visa it is not so hard to make between 40 and 50 mil a year. Do the math.
Someone making 60 a year (still not so hard to accomplish on F-2) having a wife who earns 25 and there you have the mentioned 60mil/year saved. |
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DaHu
Joined: 09 Feb 2011
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| Posted: Fri Aug 26, 2011 7:57 pm Post subject: |
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| If your wife has so much money, have her buy the apartment and tell her parents you bought it. If she won't do this and sides with them, your whole life is screwed as she will NEVER take your side in anything. |
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minos
Joined: 01 Dec 2010
Location: kOREA
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| Posted: Fri Aug 26, 2011 7:58 pm Post subject: |
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LOANS!
Contrary to popular belief, most koreans do not have a boatload of cash.
They do have a boatload of loans!
Those who invest in property and buildings way back made it rich and sometimes give apartments t newlyweds and use it as collatoral.
As a foreigner, I think your screwed on getting that loan....maybe KEB can arrange something. |
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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| Posted: Fri Aug 26, 2011 9:29 pm Post subject: |
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| drydell wrote: |
| you should look at saving 30-60 million per year depending on your situation. good luck! |
I thought I was doing well saving 15-20 million a year. How can you manage 30-60? Working 12 months a year, you would have to be saving 2.5 million a month just to save 30 mil.
Oh...I see you are talking about joint income...I'm talking flying solo.
However, just from modeling this past month and severance/security from my previous school I should be looking at a cool 5 million before I even get my first university paycheck...so maybe I could shoot for 30 this year....maybe.
I do however plan on going on a multitude of ridiculous trips. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Fri Aug 26, 2011 10:55 pm Post subject: Re: SO, RENTING a house after marriage makes you a Scumbag L |
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| Kennyftw wrote: |
I'm informed that if you have to do wal-sae which is renting and paying monthly on a place to live after marriage essentially makes you a loser and a non-provider in the eyes of your Korean wife's mom's and friends' eyes. The only way, I'm told, not to be laughed at is by buying a 70k apartment BEFORE marriage to live in.
WHO IN THIS DAY IN AGE CAN DROP 70-80K ON A HOUSE like it's nothing? Yea, I gots plenty more where that came from.. |
Didn't you know that you're supposed to make huge investments irrespective of whether it makes sense economically? What if property is in a bubble, for instance? Well you're a scumbag loser if you don't commit yourself to being a financial loser.
This is not about providing for anybody. Obviously renting the same house would provide for someone just as well as buying the house. What is demanded of you is that you make an investment, whatever the negative economic outlook on that investment is. Then you will be showing you care.
So the choice is yours... scumbag loser or financial loser. |
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lalartu
Joined: 29 Apr 2008
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| Posted: Fri Aug 26, 2011 10:56 pm Post subject: |
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OP maybe you're marring into the wrong culture?
if you can't handle this part, it will only get worse. trust me.
just back out while you can haha
and remember: when in Rome...renting an apartment after marriage makes you look like a jerk |
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Lazio
Joined: 15 Dec 2010
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| Posted: Fri Aug 26, 2011 10:57 pm Post subject: |
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| Triban wrote: |
| However, just from modeling this past month and severance/security from my previous school I should be looking at a cool 5 million before I even get my first university paycheck...so maybe I could shoot for 30 this year....maybe. |
Or maybe you will get yourself kicked in the arse because of doing illegal work ... maybe. |
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timhorton
Joined: 07 Dec 2005
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| Posted: Fri Aug 26, 2011 11:27 pm Post subject: |
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| Get a university position that provides a free big apartment - problem solved. |
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