Korean Job Discussion Forums

[PRagic]

Just for the heck of it, I ran a check on a retirement calculator.

For a 25 year old, starting with 10K in the bank, it would be necessary to save and invest USD 627.00 a month until the age of 65 to have a million bucks upon retirement at age 65. This is assuming investment at an average annual return of 5% (about standard for low risk funds).

Even given a won/dollar exchange of 1,200/1$, that would mean about 750,000 won a month, or a little over 9 million a year. Most on this board, I believe, would be in agreement that ESL teachers, even hagwon teachers, but especially university teachers, can steal away 9 million a year.

This is, of course, pretty over simplified. A lot of funds have a buy in with higher minimum cut offs. And taxes need to be figured in along the way, too. However, as foreign earned income for most teachers is not taxed 'at home', you'd only be paying tax on investment income and then re-investing the proceeds.

[candy bar]

[PRagic]

So be it. It's all good.

[candy bar]

[Coltronator]

But why try to undersell it? You are being over villified by Candy, but still Pharmacist is a 80k+ a year job. GM factory worker while it was there was a 65k+. Sure, they started from nothing as you say, but you didn't. I don't describe my family economics as starting as some Romanian dude fleeing the break up of the AH Empire and hitching a boat ride. I start at Dad at a GM auto parts supplier and mom at various part time jobs.

[PRagic]

I see your point. Those factory jobs didn't pay 65K a year back then, and mom, while a pharmacist, was working part time at a mom-n-pop in the city while raising us. My dad passed away at the age of 62. Not trying to undersell, just saying that we were on the hook for our own education and our own lives.

Maybe mom was making 80K a year...after she was there working for the state for 10+ years, I was out of the Army, and all of us had finished our grad degrees lol. Still, because she worked, we didn't lose the house when dad got laid off and money got tight.

We appreciate everything they did for us, and, like I said, we didn't go without. What's that expression? Don't give them everything you wish you'd had, teach them everything you wish you'd known. That worked, at least from my perspective.

My brothers and I always worked, so we developed a work ethic and we were taught that the world doesn't owe you a living. We were taught to plan long term, and we were taught the (time) value of money and investing. We learned that decisions have ramifications down the line. The goal was always to invest in yourself so that you could reap some rewards later; the older you get, the less you want to work for the same, or optimistially more, money. Money means freedom and peace of mind, pure and simple. I still refuse to spend more than 10 or 20 bucks on a pair of pants, but I'll be dipped if we don't have enough coin working for us to retire when and where we want lol.

[tophatcat]

Good post PRagic.

I worked my way up paying for my education. I've put back and saved and invested for retirement.

I really am tired of hearing the millennials stomp their feet and cry about their financial situations. The solution is called, "get a job and save, and get a second job if needed," and yes this might require working weekends and more than 40 hours a week.

[J.Q.A.]

[tophatcat]

[J.Q.A.]

[quote="tophatcat"][quote="J.Q.A."][quote="tophatcat"]Good post PRagic.

I worked my way up paying for my education. I've put back and saved and invested for retirement.

I really am tired of hearing the millennials stomp their feet and cry about their financial situations. The solution is called, "get a job and save, and get a second job if needed," and yes this might[b] require working weekends and more than 40 hours a week.[/b][/quote]

Has that sort of started to become the norm?[/quote]

I have always had the thought that working 40 hours or less a week is a luxury. I don't mind working more and saving more.

I'm not sure what the norm is. I have friends who average more than 40 and often work 6, sometimes 7, days a week. I consider them financially successful.[/quote]

Fair enough. However, I also know folks working two jobs...with horrid pay (because that's all that is available), struggling just to pay rent and make ends meet...WITH higher education.

I guess much depends on location.

[tophatcat]

As long as a person can pull in a little more than minimum wage, and a 50 hour week, things are manageable. The millennials have 1st world problems. They are waiting for handouts from others who have struggled their way into better situations.

[tophatcat]

I've worked with and know some people here in Korea that complained about the job market here and back in their home countries. Yet, they would turn down or complain about summer and winter camp, extra hours, extra income, opportunities at their schools.

[Kuros]

Thank god Tophatcat has come to explain how poverty, wage slavery, and financial struggles are all their own faults.

http://www.cracked.com/blog/5-reasons-we-will-always-blame-victim/

http://www.livescience.com/55333-why-people-blame-the-victim-according-to-science.html

https://www.psychologytoday.com/blog/in-love-and-war/201311/why-do-we-blame-victims

[tophatcat]

"I'm for doing good for the poor, but… I think the best way of doing good to the poor, is not making them easy in poverty, but leading them or driving them out of it. I observed… that the more public provisions made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and became richer."

Benjamin Franklin

[tophatcat]

Poverty is real. That's why people need to work their way out of it.

No such thing as slave wages in developed countries. Make yourself worth more or work more.

Don't make me have to work 60 hours a week to supplement the lazy guy who doesn't want to put in a little overtime.