January 21, 2019, 09:19:14 PM


Author Topic: Whats your strategy to have enough money to live off by the time you are 63  (Read 2197 times)

Offline Telephone33

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Whats your strategy to have enough money to live off by the time you are 63? I am fortunate to have time on my side so am going with the slow and steady approach; buying property.

To see the relevance of this questions see the below from the Korea Times:

An American who has lived in South Korea for 20 years was arrested for robbing a lottery shop in Busan, police said Thursday.

According to Haeundae Police Station, the U.S. citizen, 63, entered the shop near Haeundae beach masked on Wednesday night, assaulted its manager and got away with bundles of cash (510,000 won, or $451).

The manager followed him shouting for help. The American was caught after police shot him with a stun gun.

He reportedly told police he had committed the crime "for money." According to police, the American entered the country in 1988 and taught English until 2011. He is jobless.

http://www.koreatimes.co.kr/www/nation/2018/12/251_260687.html

Offline tanis62458

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lottery  8)

Online ESLTurtle

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Make kebab in itaewon  8)

Online eggieguffer

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Buying property isn't really a strategy to have enough money to retire when you're 63 as you need a strategy to get the money to buy the property. Or is your strategy buying property with money yyou don't have and hope the value goes up?

Offline Telephone33

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My strategy to get the money to buy the property is just to work at my day job. Nothing fancy but will be enough to achieve the objective of not being under financial pressure.

Offline #basedcowboyshirt

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By taking advantage of the fantastic savings available on Gmarket.

Offline AvecPommesFrites

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Marry someone rich and get a divorce and take them to the cleaners.
Can I refill your eggnog for you? Get you something to eat? Drive you out to the middle of nowhere and leave you for dead?

Offline MintKiss

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Step 1: Learn Korean
Step 2: Acquire new skills via books and the internet
Step 3: combine above two steps to create value
Step 4 : Earn money
Step 5 : Retire.

Online Mister Tim

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Bold of you to assume I'm going to live to 63.

Offline thunderlips

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Offline #basedcowboyshirt

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #10 on: December 24, 2018, 03:21:38 PM »
Bold of you to assume I'm going to live to 63.

This is actually the best post.

Online ESLTurtle

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #11 on: December 24, 2018, 07:33:41 PM »
Sell cats

Online Mr C

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #12 on: December 24, 2018, 08:04:27 PM »
Ponzi scheme Multilevel marketing opportunity

Offline Cyanea

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #13 on: December 24, 2018, 11:09:25 PM »
Keep on teaching. If not Korea, then Thailand, or Myanmar.. or South Sudan, or Gabon....or somewhere. Anywhere. I'm quite content with a modest existence.

And if ESL is not possible, then there are other ways to make money working from home. My ideas are painting portraits or being a translator.


I have no plans to retire as such. I like working.
Catch my drift?

Online Life Improvement

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #14 on: December 25, 2018, 01:44:07 AM »
You like working now, but it's unwise not to have the option to not work (or work less) at age 53, 63, 73, 83, etc. when your mind and body is hurting. That's why saving for retirement is so important.


Offline MayorHaggar

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #15 on: December 25, 2018, 04:37:11 AM »
The Korean answer would be drive a taxi until you can't drive a taxi anymore, then collect cardboard boxes until you die.

Keeping in mind that all Koreans get fired from their "good lifetime" jobs around the age of 45.
Quote
Quote from: Mr.DeMartino on Yesterday at 01:40:32 PM

    Trump is a liar and a con man.

Online Life Improvement

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #16 on: December 25, 2018, 06:56:56 AM »
The Korean answer would be to buy property in Seoul. The housing will be worth more in the future. Hopefully.

(Last year Koreans had bitcoin mania. Proportionally, they were the #1 country on earth throwing money into cryptocurrency. But it crashed.)

Online Thomas Mc

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #17 on: December 25, 2018, 07:41:59 AM »
You can effortlessly save $10 grand a year in Korean.

Fifteen years of working is 15*10,000 = 150,000

The 150,000 is used to buy a house in your home country.

You rent it out and collect 500 dollars a month in rental income.

You don't need a place to rent in Korea because the employer covers it all.

Your savings are now used to buy shares in companies.

Your rental income and and dividend income now ensure that you have some kind of income.

You should be ok even if the government in your home country won't give you pension due to the fact you didn't pay into their systems.

Offline KimDuHan

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #18 on: December 25, 2018, 08:04:27 AM »
Get married and have a kid and make them give you money when you turn 63.

Offline KoreaBoo

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Re: Whats your strategy to have enough money to live off by the time you are 63
« Reply #19 on: December 25, 2018, 08:36:08 AM »
This type of thread comes up almost annually on cue with the cycle of new people coming to Korea.

If ESL has been your primary career choice or teaching ESL in China is your pinnacle of life choices...you ARE going to live in poverty for most of your life.

Most people I know who live in Korea are poor.  They think having 'free' working class/next to homeless style housing is a great deal...but they are poor.

If you want to have money by the time you are 63, I would suggest reading the previous threads on this topic.  The man in story who robbed the convenience store most probably at some point acted and felt like the majority of posters here...

That ended up well...