Korean Job Discussion Forums

[quercus]

i know there was a similar poll up to half a million, but how many of you have saved over USD $100k in korea?

[yushin]

don't know about saved....but I've definitely spent this amount (and much more) while here!

[quercus]

yes, i have spent a fair amount too. but i mean saved, in the bank or investments, that you have behind you when you leave. and not assets that aren't paid off like a fancy house with a huge mortgage. money in the black.

i just want to know how much people are actually saving.

[lastat06513]

If you work at a job that pays 3 million won a month, think of it like this;

- Your monthly expenses come to about 1.5 million to include rent, bills, transportation and food (break it down any which way you want)

- 500,000 for entertainment- beer, movie tickets, smokes

Then if you save 1 million won a month for 12 months, it comes out to be 12 million won a year.

Times that by 12 years, then yes, you can save over $100K USD

~ But then again, most people would say, "What fun can you have for 500,000 a month?"

This is what I did----

I opened 4 bank accounts-
- One for direct deductible bills like rent, cellphone, cable and internet
I would calculate how much each month I would need for each bill and put the total amount in that account.

- Another account for fluctuating bills like gas, electricity, food and transportation. I would average how much I would need for those bills and put the money in it (usually alittle bit more than necessary to make sure I had enough funds)

- Then I had a savings account (usually a timed-savings account that was similar to a mutual fund but you can make monthly payments)- that was where I put in the money I intended to save and that money would NEVER be touched what-so-ever......

- And my final account would be my personal account that I could use on anything I want.

Usually I would have a surplus in one of the bill accounts that I could either transfer into my savings account or I could transfer into my spending account, so I don't have to use any money in my savings....

Also, save your change; I mean all 10,50, 100, and 500-won coins. If possible, take all the change you have in your pocket at the end of the day and put it into a jar and never touch it. After a few months or once the jar gets full, take it to the bank, you would be astounded by how fast you can save about 80,000 won or more.....

I know it sounds excessive to have so many open accounts, but each one serves a purpose that allowed me to save as much money as possible.....

[TECO]

Unreal!

I was on the bus thinking about posting this very question this morning in order to tray and get an idea of what some of the EFL teachers in Korea are able to save - then I see this post today!

For me, when I was working in Tokyo, I was able to save about $20,000 a year but worked hard. I also worked with a guy from the U.S. who had save nearly $100,000 in 5 years. He taught on weekends and saved hard.

I'm wondering if over a 5 - 6 year period, the average person could save between $60,000 - $100,000 if they were intent on doing so.

[marlow]

I save nothing. Give me money and it's gone.

My wife saves about a million a month off my salary.
Plus I make about 10M per year in legal extra work that goes directly to savings.
Then there is severance.
And pension is climbing as well.

All told, she saves 27M per year.

A 6% savings account adds onto this year by year.

[itaewonguy]

It all depends on how much you work...
its VERY possible to make 5 million a month!
with free rent, and minimal living, no reason why you cant save 4 a month
no reason you cant save 40- 50million a year..
it all comes down to how badly do you want to work for it..,
I use to work 7 days a week in 2003-2004 and was banking 5 million a month wasnt working all day.. about 6 hours a day average..
but those years I partied hard! and saved only about 20million..
last year I worked 10 hours a day two full time jobs and privates
5 days a week, and sometimes saturday and saved 50 million,..,
but I didnt go out like 2003-2004 I went out about once a month or every 6 weeks and only one night... the old days I was out 4 nights a week and blowing 200 on weekends... I saved only 50,, because I took 2 hoildays which cost me 10.. but I could do that becuase my wife was working too so her income paid the bills.. but for the basic teacher with free rent etc..
make your base salary 2.2.-2.4 do privates get another 2.0 thats about 2 hours anight 5 days week.. do a saturday block class and you are sweet
you are making 4.5 easy! spend 1.5 on yourself including travel savings
and you bank 3 a month.. thats 36 million plus your severance and pension thats 40million!!! not including if you are investing that money into funds! no reason you cant add 10% to that!
40 million a year and all you are doing is working two privates a day on top of your regular classes and find a saturday class...
its easy!
what kills you is partying! suffering the next day with hangovers sleeping like 4 hours and getting up and going to work to teach on saturdays half dead and getting that paper so I can go out again saturday and then party again and sleep 4 hours and go teach sundays way up on the top of the blue line for block classes dying from the weekend but telling yourself. this is your partying money! need to endure it!! hahhaaha did that for 2 years! hahhahaah wish I just saved all that money 7 days a week!! crazy!
man I worked hard and partied hard! I wasted so much money! its crazy!
if I hadnt gone out that hard for so many years I would have so much more money now.. still memories last longer than money!
but those days are behind me now hahaahaha never again! and I wont work sundays anymore either.. guess im older now and appreacite my weekends.. before I just worked! worked worked! becuase I could! and I wanted money!

[inthewild]

[PRagic]

The longer you are here, the more you will save. 10K a year is a base estimate for someone new to Korea having a decent time of it and paying off their loans in the process.

Work smart and work hard. Connections mean everything here. Try to work into a niche market (writing tests, teaching one section of a test, proofreading, writing articles for ESL magazines, teaching kids...whatever floats your boat). The important thing is to increase your income while decreasing your contact hours for work; no simple task, but the people I know who make bank do just that.

Hakwons are an income potential killer, unless you are being paid by the head. Even then, they usually demand burn-out hours. Angle for a university or public school job and maximize your time. If you are working for a university and not banking at least 20K a year, you need to rethink your earning strategy. If your housing is paid for, you should be able to bank your entire paycheck every month, plus some additional if you have a good year. Disclaimer: This is great if you have an F series visa.

If you are working it, it is not uncommon to find university teachers with only a few years in Korea banking over 30K a year. While that would be a buttload 'back home', it is a norm here. Work it harder, and you'll bank more. Bank, invest, bank some more, invest....repeat the mantra. Make your money work for you, and get that started as soon as you can. It builds fast.

But pay yourself first. Take that vacation you need, buy the electronic gadget you've been craving, drink the better beer, buy the better cigars. Why work your arse off if you aren't going to enjoy it. It is also good to reinvest in yourself. Knock out another degree, certificate, or training program, always thinking about the end-game...more money, less work.

Great place to be for those looking for an opportunity.

[huck]

A guy I know saved $100,000 in two years...

(okay..here comes the pissed off people who 'dislike' CDI)

He was working at CDI...He was probably making 34k/35k /hr (maybe a bit more - 38k? ), plus doing the training in the morning 4X/week, so that was an extra 400-500k/week..and he did a good job, so he became H.I., which payed 600,000-900,000 extra per month...hmm, he might've been Faculty Manager also his last couple of terms, which would've been an extra 1.1-1.5million/month.

Anyways, he went out, but he lived cheaply. No vacations, didn't buy new clothes, lived with 4 other guys in a house, not much furniture..ate cheap...

[blaseblasphemener]

[mysteriousdeltarays]

I often wonder when I read things like this. Are they real posts?

Obviously people pad you tube views etc, or for that matter check out Search Engine Optimization to understand how people manipulate the search engines on the Internet.

Nobody is making that kind of money here.

Although I can think of somebody who want to perpetuate this illusion to sell ads.

[blaseblasphemener]

[mistermasan]

i dunno. due to get my second paycheck come monday. saved well over 1000 US $ out of the first one.

[huck]