Korean Job Discussion Forums

Trinidad · Joined: 06 Oct 2009 Location: Seoul

I have pretty well come to terms with the idea of never living in a western
country again. There is something about Asia that gets under your skin.
That being said my family and I are thinking of either Thailand or the
Philippines. Maybe do a bit of homestay biz in the Philippines. How much
money would you save before blowing Sparkling Korea? I was thinking
US$500,000 would be a good sum. (Before people start going psycho,
this is what I think I need, NOT what I have)

Any ideas? Anyone have similar plans?

Forever · Joined: 12 Nov 2009

Philippines - With $300,000 you can buy a very nice house and have enough money left over to never have to work again + you can have your own driver and maid.

example -
$45,000 = HOUSE AND LOT 3 STOREY, 4BDRM, 3 T/Bathrooms
http://realestate.totalphilippines.com/Cavite/CAVITE_HOUSE_AND_LOT_3STOREY_4BDRM_3T_B_MADISON_NR_SM_MOLIN
(LEFTOVER $250,000)

Check out this expat site - for cost of living - http://www.livinginthephilippines.com/housing.html

Trinidad · Joined: 06 Oct 2009 Location: Seoul

Haha, you just made my Christmas Eve. I have actually looked at these
real estate sites and get a huge variation in prices. I think if you went
personally, the prices would be even lower.

I'm lucky because my Korean wife has absolutely no problems with
moving to Thailand or the Philippines. For me, it makes me feel ill
to picture myself living in Korea forever. Deadens the spirit, decays
the body.

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

Sounds like heaps man, I'd be more concerned with being close to good medical care. I know there are 4-5 cities in PI that are marketing themselves for Western retirees.

You've probably read the same stuff on the net, but it appears people are living well on $1000 US a month, even with a family and a low interest rate, you'd hardly touch your savings with 500,000.

Can't comment on the costs of business ventures or what Filipinos are like to deal with in business, maybe an extended trip over there talking to expats is in order.

Thailand seems too unstable and I'm not too sure what the Thai Government thinks of foreigners living there permanently.

Colorado · Posted: Wed Dec 23, 2009 5:53 pm Post subject:

BoholDiver · Joined: 03 Oct 2009 Location: Canada

I have heard as low as $150,000, but it really depends on where you live. If you could get a car and house for $60,000, and live on $1000 a month, that would be good enough for 8 years. 16 years if you live on $500 a month.

It helps if you have a small business, even if your earnings are not so high.

Olivencia · Joined: 08 Mar 2009

Why wouldn't you want to just stay here in Korea forever?

frankly speaking · Joined: 23 Oct 2005

It does depend on many things. First of all you cannot buy a house in Thailand (last time I checked 10 years ago you couldn't in Philipines either. You can get a condo but they are a lot more expensive than houses. You will need to rent or lease long term for any house. You will need to get visas for your family which aren't free. Thailand you will need a minimum of 2000 dollars a month or 25,000 USD in a Thai bank and will need to be over 50 for a retirement visa. If you weren't retiring and were still working or had a business then you will have different visas of course.

1,000 USD a month would be ok for a single person but for your family, you would probably end up spending closer to 1,500-2,000 USD a month. Have to include school for your kids, insurance, travel abroad once and a while, beauty salon for your wife every week (haha), Korean food is expensive and I doubt that your wife would like philipino food that much and even Thai food isn't a mainstay diet for most Koreans. There are also a lot of other hidden costs. People burn up money quickly especially since things are so cheap in Thailand, they feel that they can buy anything.

Most people will spend about 20,000 USD just getting settled. Shipping their possessions over and or buying new things to furnish their homes.

Average middle class Thai family earns about 20-50,000 baht a month. 800-1,500 USD a month. So you would probably need more than they do to have the same lifestyle.

For a middle class lifestyle for a family retiring at around 55, 500,000 USD would just about do it, but barely, unless it was invested and you were living off the interest. Don't forget inflation. In the past 5 years in Thailand many things have doubled in price. Something as simple as sugar used to be about 25 cents a kilo and now is over 75cents. Gasoline has also more than doubled in the past 5 years.

I have met too many people that come here with too little and great expectations and by the time they are 60 they are completely broke. I would also make sure that you have some kind of 401K or social security benefits available from your home country. Without those your savings will dwindle and you will be old, penniless and without chance of making money.

Don't just come with a large savings account, Make sure that you have investments that provide enough interest so that you can live off of that and not dip into the savings except for emergencies and further investments.

I know some people that own property in Korea and rent it out, and then they live in Thailand off the rent.

Good luck, and plan carefully.

VanIslander · Posted: Wed Dec 23, 2009 7:06 pm Post subject:

asylum seeker · Joined: 22 Jul 2007 Location: On your computer screen.

GwangjuParents · Joined: 31 Oct 2008

caniff · Joined: 03 Feb 2004 Location: All over the map

Trinidad · Joined: 06 Oct 2009 Location: Seoul

You are right. Foreigners can't own land in the Philippines or Thailand.
(as an aside, these are the types of laws that keep these places poor)
Anyway, in Thailand you can own a condo, but not the land it is on. If you
want a house you can get leases at 20, 30, 40 years etc. This is what
I want in the Philippines. Or live on a boat. That would be cool.

As for the people who suggest retiring in Korea. I hope you're kidding.
I want beaches, land, fruit, flowers, warm weather, English books and
magazines, boats etc., etc., etc., etc., etc.

Olivencia · Joined: 08 Mar 2009

Cheju has most of what you wrote that you wanted. I'm not sure what the etc meant.

frankly speaking · Joined: 23 Oct 2005

Do you really think that not allowing foreigners to own land outright in Thailand and Philippines is what keeps them poor? Then explain how Korea isn't poor, they have the same laws.

I don't want to spend the next 25 pages stating what has made Thailand and the Philippines an allogarchy, but protecting the poorer land owners to the inflation of western land purchases isn't what keeps poverty in those countries.

Long term leases are nothing but a bad idea. You have no legal rights to anything. The land owner can literally build a sewage plant right next to your house until you leave. Why would anyone spend 30-50,000 dollars to build a nice home that they are only allowed to live in for 20 years. When your lease is up, your house is worthless because it is on someone elses land. Your only option is to give it to the land owner or pay to have it demolished.

Leasing is really a bad idea.

As I can tell by your idea of a cool life living on a boat, it shows me clearly that this is all a pipe dream and not anything that you are planning to do.

live for 1 year as a non tourist in any of these countries and you probably will change your mind.