Waygook.org

All about South Korea => Life in Korea => Topic started by: Telephone33 on December 24, 2018, 01:09:02 pm

Title: Whats your strategy to have enough money to live off by the time you are 63
Post by: Telephone33 on December 24, 2018, 01:09:02 pm
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
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: tanis62458 on December 24, 2018, 01:13:13 pm
lottery  8)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: ESLTurtle on December 24, 2018, 01:32:56 pm
Make kebab in itaewon  8)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: eggieguffer on December 24, 2018, 01:38:49 pm
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?
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Telephone33 on December 24, 2018, 02:42:48 pm
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.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: #basedcowboyshirt on December 24, 2018, 02:48:41 pm
By taking advantage of the fantastic savings available on Gmarket.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: AvecPommesFrites on December 24, 2018, 03:01:21 pm
Marry someone rich and get a divorce and take them to the cleaners.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: MintKiss on December 24, 2018, 03:02:18 pm
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.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Mister Tim on December 24, 2018, 03:02:59 pm
Bold of you to assume I'm going to live to 63.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: thunderlips on December 24, 2018, 03:03:36 pm
(http://sd.keepcalm-o-matic.co.uk/i-w600/keep-calm-and-work-till-you-die.jpg)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: #basedcowboyshirt 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.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: ESLTurtle on December 24, 2018, 07:33:41 pm
Sell cats
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Mr C on December 24, 2018, 08:04:27 pm
Ponzi scheme Multilevel marketing opportunity
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Cyanea 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.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: L I 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.

http://www.youtube.com/watch?v=R5qyk3_Yr3g
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: MayorHaggar 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.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: L I 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.)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Thomas Mc 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.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: KimDuHan on December 25, 2018, 08:04:27 am
Get married and have a kid and make them give you money when you turn 63.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: KoreaBoo 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...
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: oglop on December 25, 2018, 09:57:15 am
haha. this guy again ^
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: PatrickBateman on December 25, 2018, 11:47:30 am
It's so effortless to save 10K a year meme is still being spread.  Yeah, if you want to live like a poor sob for 15 years.  Sounds great to spend 25 -40's  prime years of age living off 700,000/month.  That amount includes vacations, leisure, medical, and so on.. 

Like the other bloke said.  ESL teachers are working poor here.  They make less than taxi drivers and first-year generic office workers who are 23-25. It's great when you are young for a few years max but if you plan for this to be a long-term gig..  you better come up with more ways to accumulate money because  2.2-2.5 at Garlicbreath Academy is not gonna afford you anything other than an impoverished retirement. 
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: JNM on December 25, 2018, 12:41:54 pm
Get married and have a kid and make them give you money when you turn 63.
I have 5 kids... playing the odds.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: some waygug-in on December 25, 2018, 01:06:20 pm
Move back home, live with my parents
Till I turn 63, then it's all gravy after that.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Thomas Mc on December 25, 2018, 01:15:24 pm
It's so effortless to save 10K a year meme is still being spread.  Yeah, if you want to live like a poor sob for 15 years.  Sounds great to spend 25 -40's  prime years of age living off 700,000/month.  That amount includes vacations, leisure, medical, and so on.. 

 

Oh man. You are so off with this. The majority of Americans have little or no savings and struggle to make ends meet.

https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html

Contrast this with TEFLers in Korea, some of whom bank absolute truckloads of cash.

And when I say EFFORTLESSLY save a grand a month I mean it. You can do that with a yearly jaunt to philippines or Thailand AND a trip home to see the folks.

WHO THE HELL ARE YOU COMPARING YOURSELF TO? Most TEFLers (all?) are not on the level of investment banker or a manager of mutual funds.  Nor are they going to get an investment from shark tank/Dragon's den.



Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: L I on December 25, 2018, 07:47:29 pm
And when I say EFFORTLESSLY save a grand a month I mean it.

How would you know, creeper1? You haven't lived in Korea since 2011.  :undecided:
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: MayorHaggar on December 25, 2018, 07:50:16 pm
It's so effortless to save 10K a year meme is still being spread.  Yeah, if you want to live like a poor sob for 15 years.  Sounds great to spend 25 -40's  prime years of age living off 700,000/month.  That amount includes vacations, leisure, medical, and so on.. 

 

Oh man. You are so off with this. The majority of Americans have little or no savings and struggle to make ends meet.

https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html

Contrast this with TEFLers in Korea, some of whom bank absolute truckloads of cash.

And when I say EFFORTLESSLY save a grand a month I mean it. You can do that with a yearly jaunt to philippines or Thailand AND a trip home to see the folks.

WHO THE HELL ARE YOU COMPARING YOURSELF TO? Most TEFLers (all?) are not on the level of investment banker or a manager of mutual funds.  Nor are they going to get an investment from shark tank/Dragon's den.

I think you're both way off.

We've talked about this in a couple topics recently. If you have lived in Korea for a couple years it's easy to forget how crappy wages and the cost of living are back home in places like the US or UK. We're in the middle of a "booming economy" yet people are still living in their cars and doing slave labor at Amazon warehouses. Everyone does the math before going to Korea, and most people figure out quickly that it makes more sense to get an easy job in Korea than struggle to get decent jobs and pay the rent back home.

The question is though when should you leave Korea. If you do 5-10 years and go back relatively young you will save a bucketload of cash (I know I did) and when you go back home you'll be able to work towards retirement. If you stay in Korea you will deal with an ageist economy and struggle to get work as you get older, and you'll get pretty much zero pension. Lifers who marry Koreans and are expected to live in Korea forever are *****ed. Buying property for a retirement fund is wise in the long run but Koreans are turning it into a gamble, just like overheated property markets in the West.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: raysmith on December 25, 2018, 07:54:09 pm
Understand and apply what is in the youtube clip below.  It is produced by Peter Lynch who is the author of the book 'One up on Wall Street'.

https://www.youtube.com/watch?v=ksRbMm6wYFM

I'm financially independent because of what I learnt and applied from the book.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: babsywabsy on December 26, 2018, 07:40:08 am
live my life to the fullest and die by 63.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: hangook77 on December 26, 2018, 07:49:17 am
It's so effortless to save 10K a year meme is still being spread.  Yeah, if you want to live like a poor sob for 15 years.  Sounds great to spend 25 -40's  prime years of age living off 700,000/month.  That amount includes vacations, leisure, medical, and so on.. 

Like the other bloke said.  ESL teachers are working poor here.  They make less than taxi drivers and first-year generic office workers who are 23-25. It's great when you are young for a few years max but if you plan for this to be a long-term gig..  you better come up with more ways to accumulate money because  2.2-2.5 at Garlicbreath Academy is not gonna afford you anything other than an impoverished retirement.

The problem is this wage did pay the same as those jobs and slightly more.  Their wages have crept up but many esl wages have stayed the same (though some are creeping up slightly). 


But then you have eslers saying it's fine which is part of the problem.  Damn apologists.  But EPIK did say they had some shortage of teachers.  So, that may help push wages up if it keeps up.  Supply and demand.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: sh9wntm on December 26, 2018, 07:56:24 am
Don't marry someone poor and get a prenup so she can't take you to the cleaners.

I fixed it
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Mr.DeMartino on December 26, 2018, 09:15:13 am
A diversified portfolio of Lotto 6/45, Toto Proto, the pension lottery, and scratch and wins.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: eggieguffer on December 26, 2018, 09:15:21 am
LOL at all the 'hope I die before I get old' posts. 80% of Americans die after the age of 65 and it probably goes up to 90% in countries with decent road safety and civilised gun control.

https://data.worldbank.org/indicator/SP.DYN.TO65.MA.ZS?view=chart
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: pkjh on December 26, 2018, 10:44:30 am
It's so effortless to save 10K a year meme is still being spread.  Yeah, if you want to live like a poor sob for 15 years.  Sounds great to spend 25 -40's  prime years of age living off 700,000/month.  That amount includes vacations, leisure, medical, and so on.. 

 

Oh man. You are so off with this. The majority of Americans have little or no savings and struggle to make ends meet.

https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html

Contrast this with TEFLers in Korea, some of whom bank absolute truckloads of cash.

And when I say EFFORTLESSLY save a grand a month I mean it. You can do that with a yearly jaunt to philippines or Thailand AND a trip home to see the folks.

WHO THE HELL ARE YOU COMPARING YOURSELF TO? Most TEFLers (all?) are not on the level of investment banker or a manager of mutual funds.  Nor are they going to get an investment from shark tank/Dragon's den.

I think you're both way off.

We've talked about this in a couple topics recently. If you have lived in Korea for a couple years it's easy to forget how crappy wages and the cost of living are back home in places like the US or UK. We're in the middle of a "booming economy" yet people are still living in their cars and doing slave labor at Amazon warehouses. Everyone does the math before going to Korea, and most people figure out quickly that it makes more sense to get an easy job in Korea than struggle to get decent jobs and pay the rent back home.

The question is though when should you leave Korea. If you do 5-10 years and go back relatively young you will save a bucketload of cash (I know I did) and when you go back home you'll be able to work towards retirement. If you stay in Korea you will deal with an ageist economy and struggle to get work as you get older, and you'll get pretty much zero pension. Lifers who marry Koreans and are expected to live in Korea forever are *****ed. Buying property for a retirement fund is wise in the long run but Koreans are turning it into a gamble, just like overheated property markets in the West.

For Canadians there are CPP, OAS, and GIS. CPP is based on how much you contributed during your working years. OAS is for Canadian making under like $125,000 (way to high imo), which probably covers like 95% of the population. And GIS is supplemental income for people on the lower end of things. I think if you make under $20,000 you get GIS, and about 1/3 of Canadian seniors collect GIS.

Tells you many seniors don't make much money. There is call for that OAS cutoff to be lowered to like $45,000, so the people on the lower end can get more money.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Mister Tim on December 26, 2018, 11:14:07 am
LOL at all the 'hope I die before I get old' posts.

All two of them?

"Hope" is only a factor if one assumes the death is going to be involuntary.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: eggieguffer on December 26, 2018, 11:44:32 am
LOL at all the 'hope I die before I get old' posts.

All two of them?

"Hope" is only a factor if one assumes the death is going to be involuntary.

True, I meant thinking you might not make it to retirement age as an excuse to ignore thinking about saving for the future is statistically a dumb move
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: hangook77 on December 26, 2018, 11:58:50 am
It's so effortless to save 10K a year meme is still being spread.  Yeah, if you want to live like a poor sob for 15 years.  Sounds great to spend 25 -40's  prime years of age living off 700,000/month.  That amount includes vacations, leisure, medical, and so on.. 

 

Oh man. You are so off with this. The majority of Americans have little or no savings and struggle to make ends meet.

https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html

Contrast this with TEFLers in Korea, some of whom bank absolute truckloads of cash.

And when I say EFFORTLESSLY save a grand a month I mean it. You can do that with a yearly jaunt to philippines or Thailand AND a trip home to see the folks.

WHO THE HELL ARE YOU COMPARING YOURSELF TO? Most TEFLers (all?) are not on the level of investment banker or a manager of mutual funds.  Nor are they going to get an investment from shark tank/Dragon's den.

I think you're both way off.

We've talked about this in a couple topics recently. If you have lived in Korea for a couple years it's easy to forget how crappy wages and the cost of living are back home in places like the US or UK. We're in the middle of a "booming economy" yet people are still living in their cars and doing slave labor at Amazon warehouses. Everyone does the math before going to Korea, and most people figure out quickly that it makes more sense to get an easy job in Korea than struggle to get decent jobs and pay the rent back home.

The question is though when should you leave Korea. If you do 5-10 years and go back relatively young you will save a bucketload of cash (I know I did) and when you go back home you'll be able to work towards retirement. If you stay in Korea you will deal with an ageist economy and struggle to get work as you get older, and you'll get pretty much zero pension. Lifers who marry Koreans and are expected to live in Korea forever are *****ed. Buying property for a retirement fund is wise in the long run but Koreans are turning it into a gamble, just like overheated property markets in the West.

Bolded, if you're dumb enough to live in New York or California then sure.  Some folks are just stubborn I guess.  High costs, high taxes, strict environmental rules and other regulations that drive away industry to other states or even overseas.  Then, the governments locally and sometimes state policies too restrict land for development or have strict zoning rules and then preserve land for environmental and other reasons which cut off supply when many are moving in plus foreigners investing and it's the perfect storm to drive up prices to insane levels.  Supply and Demand.

Find a midwestern state where there is some recovery or industry, go to Texas which I think is reasonably priced or some other southern state or even sunbelt state.  Would you rather make 45 K a year in California and not be able to survive or make 40 K a year in Texas or some other state where they let you keep more of your money and the cost of living is much much cheaper.  Midwestern states like Ohio, Indiana, Wisconsin, etc are doing better nowadays too?  Illinois is in the shitter.  Letting far left Democrats run your state ruins it. 

I'm a duel citizen.  So, I'll also say as an honorable mention, letting Trudeau run your country the same way as some of these states and even worse in many cases will also ruin your country.  If I chose Canada it would be hard to choose because the federal government is so screwed up.  Saskatchewan has a decent economy and cheap living costs.  Alberta has traditionally had that but unemployment is still a bit high due to oil issues in that province.  Calgary would be nice due to being near the rocky mountains.  Prices are high but not as bad as Toronto or Vancouver.  Saskatchewan cities are small but you could live more cheaply if you find a decent job.  Cities are more exciting but are no fun if you can't afford to live there.  Then, there's no point. 
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: tylerthegloob on December 26, 2018, 12:23:16 pm

Find a midwestern state where there is some recovery or industry, go to Texas which I think is reasonably priced or some other southern state or even sunbelt state.  Would you rather make 45 K a year in California and not be able to survive or make 40 K a year in Texas or some other state where they let you keep more of your money and the cost of living is much much cheaper.  Midwestern states like Ohio, Indiana, Wisconsin, etc are doing better nowadays too?  Illinois is in the shitter.  Letting far left Democrats run your state ruins it. 


The former... Texas doesn't seem too bad, I guess. A buddy of mine just moved to Ohio for work and he's trying to move back to Massachusetts as soon as possible. Maybe if you're born there it's not so bad, but I've never met anyone who has moved inland and not wanted to get out ASAP. The only exception to that is a few "I'm tired of this hippy liberal shit" type people, but their motivations were not strictly financial.

I have no doubt that you could save more money, have a bigger house, etc etc. And in the long run all that stuff is probably more important, but you'd have to pay me quite a lot ($$$$$) to move to Wisconsin or Ohio.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: rufus947 on December 26, 2018, 12:24:08 pm
I figure once I hit 30 it's time to switch careers. I don't think I can save for retirement working in tefl. Just need to save so I can make a transition into something more profitable.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: zola on December 26, 2018, 12:26:36 pm
Find a midwestern state where there is some recovery or industry, go to Texas which I think is reasonably priced or some other southern state or even sunbelt state.  Would you rather make 45 K a year in California and not be able to survive or make 40 K a year in Texas or some other state where they let you keep more of your money and the cost of living is much much cheaper.  Midwestern states like Ohio, Indiana, Wisconsin, etc are doing better nowadays too?  Illinois is in the shitter.  Letting far left Democrats run your state ruins it.

Really? That doesn't sound right. But lets look anyway...

Top 10 best preforming state economies
1. Washington - Democrat elected governor, lower and upper house
2. Massachusetts - Republican Gov. Democrat lower and upper
3. Texas - Republican gov, lower and upper
4. Colorado - Democrat elected governor, lower and upper
5. California - Democrat elected governor, lower and upper
6. Utah - Republican gov, lower and upper
7. Nebraska - Republican gov, lower and upper
8. Rhode Island  - Democrat elected governor, lower and upper
9. Maryland - Republican Gov. Democrat lower and upper
10. Oregon - Democrat elected governor, lower and upper

Some Dems. Some Republicans. But mostly Democrats. So far, your thesis looks shaky.


Bottom 10 Worst preforming state economies
50. Alaska - Republican elected gov. upper and lower
49. Louisiana Democrat elected Gov. Republican upper and lower
48. New Mexico Democrat elected gov, upper and lower
47. South Dakota Republican elected gov. upper and lower
46. Kentucky Republican elected gov. upper and lower
45. Mississippi Republican elected gov. upper and lower
44. West Virginia Republican elected gov. upper and lower
43. Kansas Republican elected gov. upper and lower
42. Arkansas Republican elected gov. upper and lower
41. Tennessee Republican elected gov. upper and lower

That's a lol
Oh dear. A lot of red. And I though Republicans were great at running the economy/

Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Mr.DeMartino on December 26, 2018, 12:42:20 pm
Oh dear. A lot of red. And I though Republicans were great at running the economy/
I agree that the right-wing stuff about Democrats running states into the ground is a bunch of nonsense, but you also have to factor in their debt and their overall outlook.

I'm not sure where, but I think that once you factor in everything you get a pretty even distribution. You've got some high debt basketcases run by Dems and you have some terrible economy "would barely be OECD" type states run by Republicans, some business friendly high-growth states run by Republicans and same with the Dems and then a bunch of states in the middle, some with good economies but bad debt structure, others with mediocre economies but are relatively okay in terms of debt or you have to factor in their population size and such.

Both parties know how to eff up a state pretty well if left to their worst impulses. 
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: zola on December 26, 2018, 12:55:32 pm
Both parties know how to eff up a state pretty well if left to their worst impulses.
No argument from me there.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: L I on December 26, 2018, 05:30:19 pm
But then you have eslers saying it's fine which is part of the problem.  Damn apologists.  But EPIK did say they had some shortage of teachers.  So, that may help push wages up if it keeps up.

They're rejecting people and they have a shortage?

I've just been rejected by EPIK! It's frustrating. I am an experienced teacher, and I have good references
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: JNM on December 26, 2018, 08:55:21 pm
But then you have eslers saying it's fine which is part of the problem.  Damn apologists.  But EPIK did say they had some shortage of teachers.  So, that may help push wages up if it keeps up.

They're rejecting people and they have a shortage?

I've just been rejected by EPIK! It's frustrating. I am an experienced teacher, and I have good references

An experienced teacher is not what they want.
There is a shortage of barely* qualified people willing to do the job for the pay offered.

*They don't want to waste time with somebody who is going to consider the job beneath them and leave after a few weeks.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: VanIslander on December 26, 2018, 10:14:44 pm
If you thought stealing lottery tickets was irrational, consider all those back home whose retirement hopes hinge on BUYING lottery tickets.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Cyanea on December 26, 2018, 10:47:54 pm

I've just been rejected by EPIK! It's frustrating. I am an experienced teacher, and I have good references
[/quote]


Why did they reject you? Any idea?



usually they do not want experienced teachers, they want inexperienced ones, the younger the better, with a certain look (white, fair-haired, american, female). I'm assuming you don't fit that description.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: PatrickBateman on December 27, 2018, 12:05:29 am
Good News.  If you save 1k a month you'll be a millionaire by retirement. Teaching ESL for life son.  https://www.cnbc.com/2018/12/12/how-much-money-youll-have-in-retirement-if-you-save-500-dollars-a-month.html
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: hangook77 on January 16, 2019, 06:05:22 am
The way costs are going up here, it's going to be not staying here.  Unless salaries are going up, I'd say exiting within the next 5 years.  This is as someone speaking from a 3 plus million won a month total compensation.  I'm still not hurting as much, but will start feeling the pinch.  (Are folks still taking 2.1 million with no return flight?  I couldn't even imagine.)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: leaponover on January 24, 2019, 12:59:21 pm
The way costs are going up here, it's going to be not staying here.  Unless salaries are going up, I'd say exiting within the next 5 years.  This is as someone speaking from a 3 plus million won a month total compensation.  I'm still not hurting as much, but will start feeling the pinch.  (Are folks still taking 2.1 million with no return flight?  I couldn't even imagine.)

That's funny timing because my wife just told me that a high profile investor from America was on a talk show this morning and said that Korea is going to be a place to watch.  He claims those who left will want to come back and when unification happens the economy will explode.  Take it with a grain of salt, but I find the timing interesting that an expert is saying the exact opposite of you.   Coming from my wife so I have no first hand knowledge of what he actually said.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: pkjh on January 24, 2019, 01:11:31 pm
The way costs are going up here, it's going to be not staying here.  Unless salaries are going up, I'd say exiting within the next 5 years.  This is as someone speaking from a 3 plus million won a month total compensation.  I'm still not hurting as much, but will start feeling the pinch.  (Are folks still taking 2.1 million with no return flight?  I couldn't even imagine.)

That's funny timing because my wife just told me that a high profile investor from America was on a talk show this morning and said that Korea is going to be a place to watch.  He claims those who left will want to come back and when unification happens the economy will explode.  Take it with a grain of salt, but I find the timing interesting that an expert is saying the exact opposite of you.   Coming from my wife so I have no first hand knowledge of what he actually said.
Was the guy Jim Rogers? He's very optimistic on a post-united Korea. Says it'll be like China from that 1980-2000-ish era. Thinks the North will have like double digit growth for a generation, since South Korean, Japanese, and Chinese, companies will stampede in there, and take advantage of cheap labor. Basically everything they will have to do from scratch, and get it up to South Korean standards as fast as they can. And it's the south Korean government that will reap the financial benefits of divvying up the pie. It'll, for sure, be fascinating to watch if it does happen within our lifetime.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: leaponover on January 24, 2019, 05:54:07 pm
The way costs are going up here, it's going to be not staying here.  Unless salaries are going up, I'd say exiting within the next 5 years.  This is as someone speaking from a 3 plus million won a month total compensation.  I'm still not hurting as much, but will start feeling the pinch.  (Are folks still taking 2.1 million with no return flight?  I couldn't even imagine.)

That's funny timing because my wife just told me that a high profile investor from America was on a talk show this morning and said that Korea is going to be a place to watch.  He claims those who left will want to come back and when unification happens the economy will explode.  Take it with a grain of salt, but I find the timing interesting that an expert is saying the exact opposite of you.   Coming from my wife so I have no first hand knowledge of what he actually said.
Was the guy Jim Rogers? He's very optimistic on a post-united Korea. Says it'll be like China from that 1980-2000-ish era. Thinks the North will have like double digit growth for a generation, since South Korean, Japanese, and Chinese, companies will stampede in there, and take advantage of cheap labor. Basically everything they will have to do from scratch, and get it up to South Korean standards as fast as they can. And it's the south Korean government that will reap the financial benefits of divvying up the pie. It'll, for sure, be fascinating to watch if it does happen within our lifetime.

I'm not sure who the expert was, but my reaction was the same as yours.  To me that's a very hopeful outcome that still seems unlikely, but one never knows.  I do agree that particular action could make Korea a very wealthy place, but it's still kind of far-fetched in my mind.  I'm also not sure if he gave other reasons why, but that seemed to be the main talking point.  My wife was watching it while getting ready, so she didn't catch it all.  I can tell you that if she didn't hear it on a talk show, it's not true lol.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: JNM on January 24, 2019, 07:03:08 pm
The way costs are going up here, it's going to be not staying here.  Unless salaries are going up, I'd say exiting within the next 5 years.  This is as someone speaking from a 3 plus million won a month total compensation.  I'm still not hurting as much, but will start feeling the pinch.  (Are folks still taking 2.1 million with no return flight?  I couldn't even imagine.)

That's funny timing because my wife just told me that a high profile investor from America was on a talk show this morning and said that Korea is going to be a place to watch.  He claims those who left will want to come back and when unification happens the economy will explode.  Take it with a grain of salt, but I find the timing interesting that an expert is saying the exact opposite of you.   Coming from my wife so I have no first hand knowledge of what he actually said.
Was the guy Jim Rogers? He's very optimistic on a post-united Korea. Says it'll be like China from that 1980-2000-ish era. Thinks the North will have like double digit growth for a generation, since South Korean, Japanese, and Chinese, companies will stampede in there, and take advantage of cheap labor. Basically everything they will have to do from scratch, and get it up to South Korean standards as fast as they can. And it's the south Korean government that will reap the financial benefits of divvying up the pie. It'll, for sure, be fascinating to watch if it does happen within our lifetime.

I'm not sure who the expert was, but my reaction was the same as yours.  To me that's a very hopeful outcome that still seems unlikely, but one never knows.  I do agree that particular action could make Korea a very wealthy place, but it's still kind of far-fetched in my mind.  I'm also not sure if he gave other reasons why, but that seemed to be the main talking point.  My wife was watching it while getting ready, so she didn't catch it all.  I can tell you that if she didn't hear it on a talk show, it's not true lol.

The right investments in such a situation will pay off handsomely.

The big question is which investments.

Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: some waygug-in on January 24, 2019, 10:02:28 pm
The right investments, sure, but EFL/ESL as your main source of income?

Maybe if you go to the middle east for a while.

Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: fishead on January 25, 2019, 02:35:50 pm
 Become a youtube actor
monetize your account.
The crazier you are the better.
Eat raw meat and talk about how the world is flat.
The mushroom told me to eat an egg.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: CO2 on January 25, 2019, 02:38:59 pm
The mushroom told me to eat an egg.

(https://pics.me.me/shiitake-mushroom-shit-talking-mushroom-11672868.png)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: gogators! on January 26, 2019, 02:15:34 am
Finding a place with a low cost of living is important to saving but those places are becoming fewer and fewer, at least ones offering good employment. Denver teachers, for example,  are on strike because they can no longer afford to live in the city on a teacher's salary and the second job income many of them have had to resort to.

North Dakota? South America? Portugal?
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: some waygug-in on January 26, 2019, 03:57:28 am
Die at 62, problem solved.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: Thomas Mc on January 26, 2019, 10:31:24 am
Die at 62, problem solved.

But you could live until you are 90. You simply donít know unless you willing to top yourself at retirement age. A somewhat dark and depressing thought.
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: eggieguffer on January 26, 2019, 10:47:44 am
Die at 62, problem solved.

But you could live until you are 90. You simply donít know unless you willing to top yourself at retirement age. A somewhat dark and depressing thought.

The Lotus Eater (Sommerset Maughan)
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: CO2 on January 26, 2019, 12:08:59 pm
Die at 62, problem solved.

But you could live until you are 90. You simply donít know unless you willing to top yourself at retirement age. A somewhat dark and depressing thought.

This was clearly not meant as a serious comment. Jesus, hahahaha
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: JNM on January 26, 2019, 01:55:52 pm
Die at 62, problem solved.

But you could live until you are 90. You simply donít know unless you willing to top yourself at retirement age. A somewhat dark and depressing thought.

This was clearly not meant as a serious comment. Jesus, hahahaha

More like, ďlive life to the fullest, take risks, enjoy yourself...Ē
Title: Re: Whats your strategy to have enough money to live off by the time you are 63
Post by: wg95 on February 04, 2019, 11:28:41 am
Live your life the best you can now in case you don't make it to 63?