Korean Job Discussion Forums

[fromtheuk]

I'm 35 and I'll be 36 in March this year.

Hypothetically, if I were to work in Korea until I was 60 (with GEPIK, of course) how much money would you expect I could save, in total, by the age of 60.

I'm single, an introvert, and I currently earn 2.1 million won a month. I should earn 2.5 each month when my next contract starts in May/June.

Currently, after deductions I earn around 1.9 million won a month. I save at least 1.2 million a month.

I know EPIK currently state 55 is the oldest they will accept, but I've heard of people older than that in GEPIK.

I'm well aware I may not live that long, but we must prepare for the future, because we may still be alive much much longer than 60.

I'm not talking about investments, just an amount of money that could be saved in that 24 year period, assuming the exchange rate is stable for most of that time.

As a rough idea, let's say I save 12 million won (which is easy) each year for 24 years, that makes 288 million won, which right now means 139,000 UK pounds or 212,530 US dollars, for our North American posters.

I think ESL isn't so bad after all.

[VanIslander]

add in compound interest, yearly bonuses and pension and it works out to much more than that

(easy to save that, without even trying!)

[sojourner1]

That's how many retirees have several hundred thousand dollars in their portfolio. These are people who worked all the time, didn't suffer unemployment or under employment, and didn't take fun vacations to see the world nor take sabbaticals. Me, I take vacations and sabbaticals and have endured many long periods of unemployment and under employment.

Took a 3 month vacation to SE Asia and a total of 6 glorious months of freedom not working this past year. I'm ready to take 25 days in the tropics here in a week and a half from now. Lets go run the beaches, eat good food, hike, elephant trek, and just party in a relaxed atmosphere around cool smiling folks. That's living life to me. While money and time are important, you need to let go of some for your intellectual pursuits and freedoms.

[fromtheuk]

To be honest I don't accept interest and my choice of investments would be carefully selected in accordance with Islam.

As a Brit, I think the pension is transferred. I've never got a definite answer about the pension, but I think they transfer credit to Britain.

I hope so!

As I go up the pay scale, you're right, it should be more than that. But I like very conservative estimates.

As a career, I realize many posters question whether anybody could do this job for very long.

But I feel I could do it forever, perhaps.

[fromtheuk]

I go on vacation when I'm absolutely sick of my surroundings. I only like going out for a walk!

Each to their own. Being an introvert means you naturally save more money.

I'm not materialistic, but I do like it when my account balance is big. It makes me feel kind of successful.

I'm not shallow, really I'm not.

[cruisemonkey]

Ahhhhh... the magic of compound interest. All you have to do is live long enough to be rich and ballance that against the law of diminishing returns (because you're too old to enjoy it).

[VanIslander]

[itaewonguy]

saving money wont be hard for 24 years..

dealing with korean snot nose little brats for 24 years .. now that will kill you...
you'll be lucky to do 10 years before you take your 100K and move to thailand... hahahahaha

[fromtheuk]

Trust me I'm fairly resilient.

Doing winter camp helps me to appreciate the relative ease of this job.

Teaching all morning and doing nothing in the afternoon.

Life is pretty easy here when you think about it.

[VanIslander]

[crusher_of_heads]