March 25, 2019, 01:43:28 AM


Author Topic: Ways to grow savings? Investing? Passive Income? Cryptocurrency?  (Read 6820 times)

Offline Cmorgan

  • Explorer
  • *
  • Posts: 7
Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« on: September 27, 2017, 06:48:15 AM »
Hi....So I've been in Korea teaching for about 3 years and have saved a decent amount. But I am looking for ways to maximize my savings and maybe to add some passive income (maybe through investing or setting something up online back at home). I feel like teaching is good for saving, but I want to create long-term wealth/financial stability for myself. I think its possible if I make some wise financial decisions now.

Has anyone done any type of investing or taken steps to create passive income(legally)? I think I seen something on cryptocurrency on this forum a while back so I would interested in learning more. Something that doesn't involve teaching. Please share.

Thanks in advance!!

Offline kapusta

  • Veteran
  • **
  • Posts: 78
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #1 on: September 27, 2017, 10:13:00 AM »
Start reading up on investing, asset allocation, diversification, compound interest, determining what kind of risk you're comfortable with, etc. It's necessary to sit down and map out a plan. I don't think most people actually make the effort to do that.  I didn't until about a year ago.

The first step is absolutely committing to setting aside a certain percentage of your income every month. Then you decide how to make it grow.

Personally, I spend a lot of my free time at school (I have a lot of it) researching, investing in and swing trading crypto. It is definitely worth checking out if the underlying ideas of the tech get you fired up, if you truly believe in a future that is decentralized and peer-to-peer.

If you're interested in that route I can recommend some places to start your research.
 



Offline joanns

  • Adventurer
  • *
  • Posts: 49
  • Korea: No Reason, Just Is.
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #2 on: September 27, 2017, 10:25:57 AM »
I'm in a similar situation and would like to get in on the info as well.

Have any of you come across a blog called "Freedom Through Passive Income: Escape the 9 - 5 Madness"? It's written by Jackie Bolen, who taught English in Korea for 10 years (8 in 2 different universities) and is all about passive income and such--legally, of course.
Just in case, here's the link to the blog: www.freedomthroughpassiveincome.com
Reading this blog is what I basically did all summer while desk-warming.

She also wrote a book geared specifically to expat English teachers. I haven't read it (or gotten my own copy) yet, but will once I get a physical copy (I highly prefer physical books to kindles, even though Kindles are much more convenient). Here's the website for that book: www.wealthyenglishteacher.com

Offline kobayashi

  • Expert Waygook
  • ****
  • Posts: 979
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #3 on: September 27, 2017, 11:56:19 AM »
But if you're looking into investing and opening an IRA, I really like Fidelity.

I would be careful of investing in IRAs if you're an expat. as an American, you aren't eligible to add money to an IRA unless you're above the foreign-income exclusion amount, which last time i checked was, i think, $102,000. with both Traditional and Roth IRAs you can't make contributions unless you earn above 102,000 USD per year as an expat. If you earn below that amount, your contributions are ineligible and are excess contributions.

excess contributions accrue a 6% penalty each year that the excess money remains in the account.

Offline CJ

  • Super Waygook
  • ***
  • Posts: 463
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #4 on: September 27, 2017, 12:00:04 PM »
I was looking at buying an investment property back home, but as I'm taxed as a non-resident, I would be crucified by taxes; especially if I sold the property so I'm open to ideas.

Online eggieguffer

  • Waygook Lord
  • *****
  • Posts: 5226
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #5 on: September 27, 2017, 12:08:02 PM »
I'm in a similar situation and would like to get in on the info as well.

Have any of you come across a blog called "Freedom Through Passive Income: Escape the 9 - 5 Madness"? It's written by Jackie Bolen, who taught English in Korea for 10 years (8 in 2 different universities) and is all about passive income and such--legally, of course.
Just in case, here's the link to the blog: www.freedomthroughpassiveincome.com
Reading this blog is what I basically did all summer while desk-warming.

She also wrote a book geared specifically to expat English teachers. I haven't read it (or gotten my own copy) yet, but will once I get a physical copy (I highly prefer physical books to kindles, even though Kindles are much more convenient). Here's the website for that book: www.wealthyenglishteacher.com

So, does her big idea of how to make money from passive income mostly involve setting up a website and writing books about how to make money from passive income?

Offline bjinglee

  • Expert Waygook
  • ****
  • Posts: 544
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #6 on: September 27, 2017, 12:08:02 PM »
I'm in a similar situation and would like to get in on the info as well.

Have any of you come across a blog called "Freedom Through Passive Income: Escape the 9 - 5 Madness"? It's written by Jackie Bolen, who taught English in Korea for 10 years (8 in 2 different universities) and is all about passive income and such--legally, of course.
Just in case, here's the link to the blog: www.freedomthroughpassiveincome.com
Reading this blog is what I basically did all summer while desk-warming.

She also wrote a book geared specifically to expat English teachers. I haven't read it (or gotten my own copy) yet, but will once I get a physical copy (I highly prefer physical books to kindles, even though Kindles are much more convenient). Here's the website for that book: www.wealthyenglishteacher.com
Jackie's book on investing has a lot of advice that is misleading and incorrect. I would avoid it all costs and buy a book written by someone who truly knows about investing, not a teacher who pretends to know about investing.

Offline kobayashi

  • Expert Waygook
  • ****
  • Posts: 979
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #7 on: September 27, 2017, 12:28:30 PM »
I'm in a similar situation and would like to get in on the info as well.

Have any of you come across a blog called "Freedom Through Passive Income: Escape the 9 - 5 Madness"? It's written by Jackie Bolen, who taught English in Korea for 10 years (8 in 2 different universities) and is all about passive income and such--legally, of course.
Just in case, here's the link to the blog: www.freedomthroughpassiveincome.com
Reading this blog is what I basically did all summer while desk-warming.

She also wrote a book geared specifically to expat English teachers. I haven't read it (or gotten my own copy) yet, but will once I get a physical copy (I highly prefer physical books to kindles, even though Kindles are much more convenient). Here's the website for that book: www.wealthyenglishteacher.com
Jackie's book on investing has a lot of advice that is misleading and incorrect. I would avoid it all costs and buy a book written by someone who truly knows about investing, not a teacher who pretends to know about investing.

i agree. she used to constantly shill her books in every korean expat facebook page imaginable, and i think got banned from most of them. there's also nothing in her books that can't be found for free online.

on her website about passive income she talks a lot about Squidoo, encouraging people to write for them, and those particular blogs were written at a time when the company was actually in decline and would have folded and gone under if they hadn't been acquired by HubPages. why would you recommend a declining website to people as a good way to make money? bizarre financial advice.

Offline Pecan

  • The Legend
  • *****
  • Posts: 3769
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #8 on: September 27, 2017, 12:33:24 PM »
Pot, meet kettle ;)

Offline Schellib39

  • Expert Waygook
  • ****
  • Posts: 773
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #9 on: September 27, 2017, 12:38:03 PM »
I'm in a similar situation and would like to get in on the info as well.

Have any of you come across a blog called "Freedom Through Passive Income: Escape the 9 - 5 Madness"? It's written by Jackie Bolen, who taught English in Korea for 10 years (8 in 2 different universities) and is all about passive income and such--legally, of course.
Just in case, here's the link to the blog: www.freedomthroughpassiveincome.com
Reading this blog is what I basically did all summer while desk-warming.

She also wrote a book geared specifically to expat English teachers. I haven't read it (or gotten my own copy) yet, but will once I get a physical copy (I highly prefer physical books to kindles, even though Kindles are much more convenient). Here's the website for that book: www.wealthyenglishteacher.com
Jackie's book on investing has a lot of advice that is misleading and incorrect. I would avoid it all costs and buy a book written by someone who truly knows about investing, not a teacher who pretends to know about investing.

Have a look at a couple of the reviews on her book on amazon as well. Two of them in particular from back in 2015, pointing out mistakes that she made in the advice given in her book.

Offline joanns

  • Adventurer
  • *
  • Posts: 49
  • Korea: No Reason, Just Is.
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #10 on: September 27, 2017, 01:10:48 PM »
Whew, I'm glad I hadn't ordered her book. Thanks to all for helping me save some money!  :smiley:
I just wonder, what misleading and incorrect advice does she give, specifically (besides write for Squidoo and buy her book(s))?

Offline KoreaBoo

  • Expert Waygook
  • ****
  • Posts: 565
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #11 on: September 27, 2017, 01:27:46 PM »
I put my money in a Dividend Growth fund.  It did quite well last year (24% return) and seems to be doing well this year.  Just keep adding, or let it re-invest itself over time so you get both dividend and capital gains.   Try to aim for a modest 8-10% return annually on average and you'll be fine.

http://quote.morningstar.ca/quicktakes/fund/f_ca.aspx?t=0P000070LL&region=CAN&culture=en-CA
« Last Edit: September 27, 2017, 01:29:23 PM by KoreaBoo »

Online gogators!

  • The Legend
  • *****
  • Posts: 3346
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #12 on: September 27, 2017, 01:44:38 PM »
I put my money in a Dividend Growth fund.  It did quite well last year (24% return) and seems to be doing well this year.  Just keep adding, or let it re-invest itself over time so you get both dividend and capital gains.   Try to aim for a modest 8-10% return annually on average and you'll be fine.

http://quote.morningstar.ca/quicktakes/fund/f_ca.aspx?t=0P000070LL&region=CAN&culture=en-CA
The problem with dividends is the tax consequences, at least for US citizens. Lots of research show a total return approach is more profitable in the long run. The fund you linked to has a 2% ER, quite high.

Expenses matter.

Offline KoreaBoo

  • Expert Waygook
  • ****
  • Posts: 565
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #13 on: September 27, 2017, 04:16:41 PM »
I put my money in a Dividend Growth fund.  It did quite well last year (24% return) and seems to be doing well this year.  Just keep adding, or let it re-invest itself over time so you get both dividend and capital gains.   Try to aim for a modest 8-10% return annually on average and you'll be fine.

http://quote.morningstar.ca/quicktakes/fund/f_ca.aspx?t=0P000070LL&region=CAN&culture=en-CA
The problem with dividends is the tax consequences, at least for US citizens. Lots of research show a total return approach is more profitable in the long run. The fund you linked to has a 2% ER, quite high.

Expenses matter.

The fund return is AFTER the MER of 2.02% is deducted.  You never see it taken out.  Only your return after expenses.

Offline Cmorgan

  • Explorer
  • *
  • Posts: 7
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #14 on: September 27, 2017, 04:31:34 PM »
Start reading up on investing, asset allocation, diversification, compound interest, determining what kind of risk you're comfortable with, etc. It's necessary to sit down and map out a plan. I don't think most people actually make the effort to do that.  I didn't until about a year ago.

The first step is absolutely committing to setting aside a certain percentage of your income every month. Then you decide how to make it grow.

Personally, I spend a lot of my free time at school (I have a lot of it) researching, investing in and swing trading crypto. It is definitely worth checking out if the underlying ideas of the tech get you fired up, if you truly believe in a future that is decentralized and peer-to-peer.

If you're interested in that route I can recommend some places to start your research.


Kapusta...I sent you a PM. 

Thanks everyone for their replies. I guess the best thing is to read and research and find the best option for me. The problem is there is a lot of info so its hard to decipher the good and bad.

Online gogators!

  • The Legend
  • *****
  • Posts: 3346
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #15 on: September 27, 2017, 07:48:26 PM »
I put my money in a Dividend Growth fund.  It did quite well last year (24% return) and seems to be doing well this year.  Just keep adding, or let it re-invest itself over time so you get both dividend and capital gains.   Try to aim for a modest 8-10% return annually on average and you'll be fine.

http://quote.morningstar.ca/quicktakes/fund/f_ca.aspx?t=0P000070LL&region=CAN&culture=en-CA
The problem with dividends is the tax consequences, at least for US citizens. Lots of research show a total return approach is more profitable in the long run. The fund you linked to has a 2% ER, quite high.

Expenses matter.

The fund return is AFTER the MER of 2.02% is deducted.  You never see it taken out.  Only your return after expenses.
Whether you see it or not, it's taken out and is something that, year after year, the fund must overcome to deliver profitable returns.

The YTD performance, according to Morningstar is .84. I wouldn't consider that to be doing well. If you look at its returns, it basically tracks its category. Why pay 2.02% to get average returns?

The average investor will do must better with an index fund with low expenses. For the OP, look at the reading list on the Bogleheads.org wiki.

Offline cescudero95

  • Veteran
  • **
  • Posts: 107
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #16 on: September 27, 2017, 11:55:46 PM »
I do it all:

Dividend-paying value stocks in many jurisdictions, crypto currencies, CDs, online savings accounts (only around 1.3% interest these days at the most), precious metals, diversifying into different currencies, reselling MTG cards.

I save about %75 of my monthly income and put that into various assets each time with varying degrees of liquidity.  With diligence, patience, and attention to detail you can enjoy financial freedom, barring any unforeseeable disasters.

To get started in traditional stock investing (passive income via dividends is a big part of that,) I'd recommend Benjamin Grahame's: The Intelligent Investor

Offline Davey

  • Moderator - LVL 3
  • Hero of Waygookistan
  • *
  • Posts: 1814
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #17 on: September 28, 2017, 12:35:26 AM »
Hi....So I've been in Korea teaching for about 3 years and have saved a decent amount. But I am looking for ways to maximize my savings and maybe to add some passive income (maybe through investing or setting something up online back at home). I feel like teaching is good for saving, but I want to create long-term wealth/financial stability for myself. I think its possible if I make some wise financial decisions now.

Has anyone done any type of investing or taken steps to create passive income(legally)? I think I seen something on cryptocurrency on this forum a while back so I would interested in learning more. Something that doesn't involve teaching. Please share.

Thanks in advance!!

Sure, you could invest in stock indices or crypto currices, but can yoou mentally handle the volatility? A lot can't; panic; then sell at a loss. 

There's no all-encompassing model, because everyone has a different risk tolerance, time horizon, goals, liquidity needs, and unique circumstances. You need to determine those first before you decide what to invest in/to set your return expectations.

------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

Offline Cmorgan

  • Explorer
  • *
  • Posts: 7
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #18 on: September 28, 2017, 07:00:51 AM »
Hi....So I've been in Korea teaching for about 3 years and have saved a decent amount. But I am looking for ways to maximize my savings and maybe to add some passive income (maybe through investing or setting something up online back at home). I feel like teaching is good for saving, but I want to create long-term wealth/financial stability for myself. I think its possible if I make some wise financial decisions now.

Has anyone done any type of investing or taken steps to create passive income(legally)? I think I seen something on cryptocurrency on this forum a while back so I would interested in learning more. Something that doesn't involve teaching. Please share.

Thanks in advance!!

Sure, you could invest in stock indices or crypto currices, but can yoou mentally handle the volatility? A lot can't; panic; then sell at a loss. 

There's no all-encompassing model, because everyone has a different risk tolerance, time horizon, goals, liquidity needs, and unique circumstances. You need to determine those first before you decide what to invest in/to set your return expectations.



I understand that risks are involved but I'm willing to take some "smart" risks to grow my income. But yeah you are right that everyone has a different risk tolerance. I was just hoping to get some ideas from other waygookins in Korea and research and then find the best financial direction for myself.

I do it all:

Dividend-paying value stocks in many jurisdictions, crypto currencies, CDs, online savings accounts (only around 1.3% interest these days at the most), precious metals, diversifying into different currencies, reselling MTG cards.

I save about %75 of my monthly income and put that into various assets each time with varying degrees of liquidity.  With diligence, patience, and attention to detail you can enjoy financial freedom, barring any unforeseeable disasters.

To get started in traditional stock investing (passive income via dividends is a big part of that,) I'd recommend Benjamin Grahame's: The Intelligent Investor

Thanks for the reading recommendation! 75% savings! Wow, thats good that you're able to save that much of your income. Like you, I also want to get to the point were I have multiple income/investment streams. I think thats a major key in accumulating wealth.

Offline Davey

  • Moderator - LVL 3
  • Hero of Waygookistan
  • *
  • Posts: 1814
  • Gender: Male
Re: Ways to grow savings? Investing? Passive Income? Cryptocurrency?
« Reply #19 on: September 28, 2017, 07:06:38 AM »
Hi....So I've been in Korea teaching for about 3 years and have saved a decent amount. But I am looking for ways to maximize my savings and maybe to add some passive income (maybe through investing or setting something up online back at home). I feel like teaching is good for saving, but I want to create long-term wealth/financial stability for myself. I think its possible if I make some wise financial decisions now.

Has anyone done any type of investing or taken steps to create passive income(legally)? I think I seen something on cryptocurrency on this forum a while back so I would interested in learning more. Something that doesn't involve teaching. Please share.

Thanks in advance!!

Sure, you could invest in stock indices or crypto currices, but can yoou mentally handle the volatility? A lot can't; panic; then sell at a loss. 

There's no all-encompassing model, because everyone has a different risk tolerance, time horizon, goals, liquidity needs, and unique circumstances. You need to determine those first before you decide what to invest in/to set your return expectations.



I understand that risks are involved but I'm willing to take some "smart" risks to grow my income. But yeah you are right that everyone has a different risk tolerance. I was just hoping to get some ideas from other waygookins in Korea and research and then find the best financial direction for myself.

I do it all:

Dividend-paying value stocks in many jurisdictions, crypto currencies, CDs, online savings accounts (only around 1.3% interest these days at the most), precious metals, diversifying into different currencies, reselling MTG cards.

I save about %75 of my monthly income and put that into various assets each time with varying degrees of liquidity.  With diligence, patience, and attention to detail you can enjoy financial freedom, barring any unforeseeable disasters.

To get started in traditional stock investing (passive income via dividends is a big part of that,) I'd recommend Benjamin Grahame's: The Intelligent Investor

Thanks for the reading recommendation! 75% savings! Wow, thats good that you're able to save that much of your income. Like you, I also want to get to the point were I have multiple income/investment streams. I think thats a major key in accumulating wealth.

Establish your time horizon (5 yrs, 10 yrs, etc.) and liquidity needs as well. If you don't think you're going to dip into your investments to meet short-term cash flow requirements and have a long time horizon (e.g., 10 years), then certainly, that'll enable you to take on more risk.

That said, there's still the psychological component of the ability to handle volatility and losses (there are questionnaires for that on the web); I suggest you check them out as the results can suggest what investments you should be looking at.
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html