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| How much do you plan/expect/realistically hope to take home after your time in Korea? |
| 0 - 10k US |
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22% |
[ 19 ] |
| 10k - 50k |
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38% |
[ 32 ] |
| 50k - 100k |
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6% |
[ 5 ] |
| 100k - 150k |
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4% |
[ 4 ] |
| 150k - 200k |
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1% |
[ 1 ] |
| 200k - 300k |
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8% |
[ 7 ] |
| 300k - 500k |
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2% |
[ 2 ] |
| 500+k |
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15% |
[ 13 ] |
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| Total Votes : 83 |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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 Posted: Sun Mar 28, 2004 5:13 am Post subject: let's talk savings |
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| With all the talk of monthly income I'm curious how much people are actually saving. |
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jajdude
Joined: 18 Jan 2003
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| Posted: Sun Mar 28, 2004 5:45 am Post subject: |
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500k ? Holy crap. Anybody near there who isn't playing for the Yan  kees?? |
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tokki
Joined: 26 Jul 2003
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| Posted: Sun Mar 28, 2004 5:59 am Post subject: |
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Go back? If I was to go back now, Id sell off all my assets, take my savings and go back with over 100 thousand...but Im not going back, like, ever. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Sun Mar 28, 2004 7:19 am Post subject: |
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The money to be made here isn't in teaching. Its just a base, real estate is the money maker.
Get your finger in that and over a decent period of time it will make you a lot more money than teaching will, so I tabbed the 500 000 plus one. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sun Mar 28, 2004 2:42 pm Post subject: |
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| just because wrote: |
The money to be made here isn't in teaching. Its just a base, real estate is the money maker.
Get your finger in that and over a decent period of time it will make you a lot more money than teaching will, so I tabbed the 500 000 plus one. |
Real estate is the money maker. Buy a new apt that is gov't regulated to sell at 100-200k. Wait like 2-3 years, it will always double in price. Thing is only Korean citizens can get in on the apt. lotteries for new apts. If you are married to a Korean, get her to sign up! |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Sun Mar 28, 2004 2:59 pm Post subject: |
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| tokki wrote: |
| Go back? If I was to go back now, Id sell off all my assets, take my savings and go back with over 100 thousand...but Im not going back, like, ever. |
Good point tokki. As hard as it is for me to get my brain around, there are some who never plan to leave. I should have an option for you in the poll. |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Sun Mar 28, 2004 3:51 pm Post subject: |
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| just because wrote: |
The money to be made here isn't in teaching. Its just a base, real estate is the money maker.
Get your finger in that and over a decent period of time it will make you a lot more money than teaching will, so I tabbed the 500 000 plus one. |
Do you 'have your finger in that' already? If not, I'm afraid that's not even a realistic hope for you, just a plain old hope. |
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peppergirl
Joined: 07 Dec 2003
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| Posted: Sun Mar 28, 2004 4:09 pm Post subject: |
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| Mr. Pink wrote: |
Real estate is the money maker. Buy a new apt that is gov't regulated to sell at 100-200k. Wait like 2-3 years, it will always double in price. Thing is only Korean citizens can get in on the apt. lotteries for new apts. If you are married to a Korean, get her to sign up! |
My husband did that too... did you get an appartment yet?? And according to him you don't have to wait 2-3 years, you can sell it immediately with (probably a smaller) profit too. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sun Mar 28, 2004 5:27 pm Post subject: |
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| peppergirl wrote: |
| Mr. Pink wrote: |
Real estate is the money maker. Buy a new apt that is gov't regulated to sell at 100-200k. Wait like 2-3 years, it will always double in price. Thing is only Korean citizens can get in on the apt. lotteries for new apts. If you are married to a Korean, get her to sign up! |
My husband did that too... did you get an appartment yet?? And according to him you don't have to wait 2-3 years, you can sell it immediately with (probably a smaller) profit too. |
Well we moved towns, so not sure where to register for the lottery...where we live now, or my wife's hometown. Also it takes a long long time. My friend's husband waited 7yrs on the list. |
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Gord
Joined: 25 Feb 2003
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| Posted: Sun Mar 28, 2004 5:53 pm Post subject: |
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| Plus this whole "buy apartments" theory is dependant on the government never meeting demand. If demand were to be met as what happened in Japan, then prices will plummet and you're left with a property half the value or less of what it used to be at the peak. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Sun Mar 28, 2004 6:13 pm Post subject: |
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| dutchman wrote: |
Do you 'have your finger in that' already? If not, I'm afraid that's not even a realistic hope for you, just a plain old hope.
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Very soon I will yes. My girlfriend(wife in the not too distant future) and I have already started to look at apartments, lotteries and such. I have nearly half the deposit and i think together we will pretty much have enough for a decent apartment.
Gord makes a good point though as when market supply and demand meet there will be a major price drop-off. I can't see that happening for a while though looking at the length of those lottery lists. |
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desultude
Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf
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| Posted: Sun Mar 28, 2004 6:16 pm Post subject: |
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tokki
| Quote: |
| Go back? If I was to go back now, Id sell off all my assets, take my savings and go back with over 100 thousand...but Im not going back, like, ever. |
I agree, mostly (you know, never say never). I don't plan to return to the States, but I won't be in Korea forever. I have a dream of living in Guanajuato, Mexico, some years down the road. Its close enough to see the family, and I will even be able to speak the language!
I am hoping to leave here with 50-100 K saved. We'll see how the fates treat me. |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Sun Mar 28, 2004 6:59 pm Post subject: We have an apartment and a building |
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Buy Land !!!!!!!!
The taxes are cheaper and the value is always increasing. The talk about buying an apartment is nice and when you buy one it is good, but you can't buy two. The taxes are what kills you in korea just like home. If you own one apartment and hold it for a a few years then selling is good but if you sell right away then the taxes are hell. Also you really can't own more than one or the taxes are bad also.
BUT land is okay. You can own a lot of land and sell it easily and the taxes are cheap. That is why the rich people in Korea don't own a hundred apartments...they own land. Also, the possibility of building a building on the land is there and trust me ...the profit from doing that is amazing. |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Sun Mar 28, 2004 7:06 pm Post subject: |
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| jajdude wrote: |
| 500k ? Holy crap. Anybody near there who isn't playing for the Yan kees?? |
It's definitely possible. It all depends on how long you are willing to stay here. I hesitate to say this because some will interpret it as bragging. I'm not. I'm encouraging. I really feel the chance to save big bucks in Korea is a once in a lifetime opportunity that a lot of people squander. My wife and I could reach the 500 mark in 4-5 years if we kept up the pace we're at now. For the sake of our two kids (and our own sanity) we're not willing to do that. We set a savings goal when we married 5 years ago. We've surpassed that goal. 11 more months and we're calling it quits.
As for the apartment lottery, I think the time for making big bucks has already passed. The government has passed a lot of laws to reduce real estate speculating. Also, foreigners are allowed to participate in the lotteries. My wife opened an account for me a few years ago, in my name. |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Mon Mar 29, 2004 7:27 pm Post subject: |
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| So far five people are shooting for 500k. I'm curious what the time frame is for that goal. Anyone care to comment on how long they expect it will take. Or are the people who voted for 500+ all like just because, planning to get rich off great investments? |
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