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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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 Posted: Sat Aug 27, 2011 2:53 am Post subject: |
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A great point was made by others here: morgages are becoming more common in Korea (esp Seoul) as appartment prices have skyrocketed.
As for savings, a couple can confortably save 60M in two years in Korea. Thats not an issue and all it requires is some budgeting and planning.
Heck 80M is quite easy as well as that representes 3.3M per month of savings on TWO incomes....
That requires your wife works however. I know my wife works and still works now years later but some people we know are one-income families.
Anyway, save that 60-80M over 2 years, in the meantime secure a job that provides a decent appartment you guys can live in and odds are NO ONE in her family will bat an eyelash. As for the rest of her culture and customs, a bit of adaptation and acceptance will go a heck of a long way for you in her family....just sayin. |
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ZIFA
Joined: 23 Feb 2011
Location: Dici che il fiume..Trova la via al mare
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| Posted: Sat Aug 27, 2011 3:14 am Post subject: |
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| minos wrote: |
| Contrary to popular belief, most koreans do not have a boatload of cash.. |
Actually in my exp Koreans tend to save a lot more than other nationalities. In a country without a welfare safety net, people depend on savings.
They are so focussed on scrimping and saving every penny that actually enjoying life, taking holidays etc comes a far distant second. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Sat Aug 27, 2011 3:23 am Post subject: |
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| ZIFA wrote: |
| minos wrote: |
| Contrary to popular belief, most koreans do not have a boatload of cash.. |
Actually in my exp Koreans tend to save a lot more than other nationalities. In a country without a welfare safety net, people depend on savings.
They are so focussed on scrimping and saving every penny that actually enjoying life, taking holidays etc comes a far distant second. |
This was true a few years ago.
However, Korea went from one of the best countries in terms of savings per capita (proportion) to a middle of the pack nation due to the massive influx of personal credit and credit services along with the mad rise of realestate values.
The younger Koreans save less than their parents, spend more and take on more loans.
They are still more fiscally responsible than people in many countries but this is eroding. |
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minos
Joined: 01 Dec 2010
Location: kOREA
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| Posted: Sat Aug 27, 2011 4:50 am Post subject: |
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| ZIFA wrote: |
| minos wrote: |
| Contrary to popular belief, most koreans do not have a boatload of cash.. |
Actually in my exp Koreans tend to save a lot more than other nationalities. In a country without a welfare safety net, people depend on savings.
They are so focussed on scrimping and saving every penny that actually enjoying life, taking holidays etc comes a far distant second. |
They have a welfare safety net; living at home with no car which everyone seems to do until their thirty.
Can you read Korean? Ever notice the ads fpr ______ capital, rush n' cash, sanwa money, etc.
Those are all payday loan lenders(ie: loan sharks).
A stupidly high amount of advertising in Korea is actually for quick loans. |
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northway
Joined: 05 Jul 2010
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| Posted: Sat Aug 27, 2011 5:36 am Post subject: |
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| minos wrote: |
| ZIFA wrote: |
| minos wrote: |
| Contrary to popular belief, most koreans do not have a boatload of cash.. |
Actually in my exp Koreans tend to save a lot more than other nationalities. In a country without a welfare safety net, people depend on savings.
They are so focussed on scrimping and saving every penny that actually enjoying life, taking holidays etc comes a far distant second. |
They have a welfare safety net; living at home with no car which everyone seems to do until their thirty.
Can you read Korean? Ever notice the ads fpr ______ capital, rush n' cash, sanwa money, etc.
Those are all payday loan lenders(ie: loan sharks).
A stupidly high amount of advertising in Korea is actually for quick loans. |
Agreed. Most of the Korean teachers at my school have iPhones, despite the fact that they're making less than 1.5 million. I don't care if their parents are paying, that's not sound accounting. |
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ChrisLamp
Joined: 27 Jul 2010
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| Posted: Sat Aug 27, 2011 8:22 am Post subject: |
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| that's just priorities. what does it matter to you what somebody chooses to spend their money on? |
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redaxe
Joined: 01 Dec 2008
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| Posted: Sat Aug 27, 2011 1:51 pm Post subject: |
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The part they aren't telling you is that when a Korean couple gets married, the groom's parents shells out for the house.
Of course it takes much longer to save up to buy a house if your parents aren't buying it for you! |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Sat Aug 27, 2011 3:02 pm Post subject: |
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| redaxe wrote: |
The part they aren't telling you is that when a Korean couple gets married, the groom's parents shells out for the house.
Of course it takes much longer to save up to buy a house if your parents aren't buying it for you! |
Actually the grooms family includes the grooms own savings as he has typically been working for a few years and putting away a lot of savings.
The family will help if they can and thats pretty cool in my books as its passing it forward and a great way to set up your kids in life. |
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northway
Joined: 05 Jul 2010
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| Posted: Sat Aug 27, 2011 3:39 pm Post subject: |
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| ChrisLamp wrote: |
| that's just priorities. what does it matter to you what somebody chooses to spend their money on? |
I don't, but it's definitely relevant when discussing the saving practices of young Koreans. |
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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| Posted: Sat Aug 27, 2011 4:42 pm Post subject: |
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| Lazio wrote: |
| 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. |
The stuff I do is not illegal. Taxes are taken out. Cheers.
I have permission from my employer to do this work. Too legit to quit.
Back on topic, OP, I think you and your wife to be should work something out on the sly if possible and just lie to her parents to save face. If she is as cool as you say, then it shouldn't be an issue.
Oh, and congratulations!!! |
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Lazio
Joined: 15 Dec 2010
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| Posted: Sat Aug 27, 2011 6:20 pm Post subject: |
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| Triban wrote: |
| Lazio wrote: |
| 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. |
The stuff I do is not illegal. Taxes are taken out. Cheers.
I have permission from my employer to do this work. Too legit to quit.
Back on topic, OP, I think you and your wife to be should work something out on the sly if possible and just lie to her parents to save face. If she is as cool as you say, then it shouldn't be an issue.
Oh, and congratulations!!! |
That's all great. But doing non-teaching work on a visa designed for teaching is not allowed, isn't it? Having a permission from your employer is one thing but any additional workplaces should be stated on your ARC. It's a freelance type of work and the tax you pay is the 3.3% independent contractor rate I guess, but as an E-2 you can't be an independent contractor/freelancer. |
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Capo
Joined: 09 Sep 2007
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| Posted: Sat Aug 27, 2011 11:18 pm Post subject: |
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| getting married when your broke is not a great idea, i think i'd be too ashamed to propose without a decent chunk of money for a housing deposit and to pay for the wedding. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Sat Aug 27, 2011 11:22 pm Post subject: |
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| Even if you had lots of money, buying a house is not necessarily the best thing to do with that money. If your mother in law tells you to throw 3 years of savings away into a diving market--ie work three years of your life to have effectively nothing to show for it--would you? Buying a house is not just "something you do" as soon as you get married, unless you're a financial simpleton. If you do not purchase a house, the alternative is not homelessness, it is renting. |
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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| Posted: Sun Aug 28, 2011 12:17 am Post subject: |
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| Lazio wrote: |
| Triban wrote: |
| Lazio wrote: |
| 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. |
The stuff I do is not illegal. Taxes are taken out. Cheers.
I have permission from my employer to do this work. Too legit to quit.
Back on topic, OP, I think you and your wife to be should work something out on the sly if possible and just lie to her parents to save face. If she is as cool as you say, then it shouldn't be an issue.
Oh, and congratulations!!! |
That's all great. But doing non-teaching work on a visa designed for teaching is not allowed, isn't it? Having a permission from your employer is one thing but any additional workplaces should be stated on your ARC. It's a freelance type of work and the tax you pay is the 3.3% independent contractor rate I guess, but as an E-2 you can't be an independent contractor/freelancer. |
You do realize you can get an entertainment visa attachment, correct? |
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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| Posted: Sun Aug 28, 2011 12:19 am Post subject: |
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| chungbukdo wrote: |
| Even if you had lots of money, buying a house is not necessarily the best thing to do with that money. If your mother in law tells you to throw 3 years of savings away into a diving market--ie work three years of your life to have effectively nothing to show for it--would you? Buying a house is not just "something you do" as soon as you get married, unless you're a financial simpleton. If you do not purchase a house, the alternative is not homelessness, it is renting. |
I would never BUY in Korea regardless, unless I plan on renting the place out myself.
Just pay jeonse. |
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