Korean Job Discussion Forums

Grim Ja · Joined: 16 Jan 2003 Location: On the Beach

Is it possible to make and Save a million dollars while working and teaching in the EFL industry in Korea?

eamo · Joined: 08 Mar 2003 Location: Shepherd's Bush, 1964.

Like me, I expect you didn't do well in math class.

kprrok · Joined: 06 Apr 2004 Location: KC

ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha

Thanks. I needed a good laugh today! This did it! I owe you one.

Let's just check the math. If you were to make $50,000 a year (55 million won, 4.5 million per month or so), you'd have to work here 20 years to make a million dollars. To save that, count on double that long as most people save no more than 50% of their income.

If you make $40.000 a year (45 million won, 4 million per month), you'd have to work 25 years to make a million bucks. Of course, these figures are no exact, and would fluctuate for the exchange rate. But they're close.

So is it possible? I guess. But not many people are going to stick around long enough.

KPRROK

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

If you mean at current values, not future values, unlikely. Unless you have more than 50 years ahead of you.

If you mean by future values, then yes, it is very possible.

If the US government continues its present fiscal policies, and the dollar continues its decline, there is a very good chance you could be a dollar millionaire in 10 years.

But that million will perhaps buy only 30% of what it would buy now .....

riverboy · Joined: 03 Jun 2003 Location: Incheon

No, but a million won is attainable.
I can sell you somegood real estate which will make you a Millionare. Just PM me for details.
(silly rabbit)

weatherman · Joined: 14 Jan 2003 Location: Korea

Over 40 years with some good but safe investments, you could come damn close, but you wouldn't be living large at all for the 40 years. With Two incomes and no kids, yes. But again, you wouldn't really be living large for 40 years.

JongnoGuru · Joined: 25 May 2004 Location: peeing on your doorstep

itaewonguy · Joined: 25 Mar 2003

you couldnt make it as a teacher!
but you could easily make it in the Business..
open a few home study classrooms get about 1000 students.. all paying
150.000 a month.. then its possible.. something like that..

gmat · Joined: 29 Jan 2003

Grim Ja,

The answer is dependent on the rate of return on your savings/investments. Saving $1500 a month earning 12% pa would give you about $125,000 after 5 years. Not great , but not bad.

The key is to actually save, build up some capital which will allow you to take advantage of opportunities in the future that may lead to higher investment returns. Maybe a business, maybe real estate. But you need to have the capital to take advantage when the time comes, so save as much as you can while still living reasonably well.

Rather_Dashing · Joined: 07 Sep 2004

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

All amateurs on this board ol' bean ... let's chat again in a year or so, huh? Wink

Rather_Dashing · Joined: 07 Sep 2004

dutchman · Joined: 23 Jan 2003 Location: My backyard

Yes. It's possible. I'm confident my wife and I could reach a million US if we contiunued doing what we are doing for ten more years. But that would mean a total of 20 years in Korea for me. Not worth it.

I'm pretty confident we can also save a million US in the US. We'll be putting that idea to the test in about two months.

Rather_Dashing · Joined: 07 Sep 2004

fandeath · Joined: 01 Nov 2004

I think you could definately save 200,000,000 won(250,000,000 - 300,000,000 for the workaholics) in 5 years, if you have 2 jobs here, or a job and some tutoring. Then you can invest well.

But for a lot of teachers here, saving 2,000,000 in 1 year is impossible.
You have to have the will and the mindest.