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If you lived in Korea for 20 years how much money would you expect to have saved?

If anyone here has lived in Korea or 20 years how much money did you save?


Times or Herald?


Not enough.


  • L I
  • The Legend

    • 3398

    • October 03, 2011, 01:50:58 pm
    • Seoul
Consider thatís 20 years not paying into social security or a 401K. It takes well over a million dollars to be able to retire with dignity.


Consider thatís 20 years not paying into social security or a 401K. It takes well over a million dollars to be able to retire with dignity.

Does it? I reckon in the UK it'd take a lot less. If you pay into your UK state pension while you're working abroad, 300k saved would buy you a modest house outside of the South East, plus 200k savings to live off. 5% on your capital would pay you around 250 quid a week with your state pension on top. The NHS would take care of medical bills. 300k after 20 years in Korea is doable but not on a basic PS or hagwan salary
« Last Edit: January 23, 2018, 07:21:22 am by eggieguffer »


  • thunderlips
  • Hero of Waygookistan

    • 1540

    • June 07, 2012, 10:01:55 am
    • South Korea
20 years of severance and pension would be about 60 million won pension and 50 million krw severance not including monthly savings. Conservative estimate about 500-600,000,000 won.


  • Cyanea
  • Hero of Waygookistan

    • 1115

    • September 04, 2016, 01:48:24 pm
    • Las Vegas
20 years of severance and pension would be about 60 million won pension and 50 million krw severance not including monthly savings. Conservative estimate about 500-600,000,000 won.

 :rolleyes:  Maybe if you never go out, buy new clothes, exist on dried porridge, and have no life. if you never change jobs, take a holiday, travel, etc.

Reality is that living life involves spending money.
Catch my drift?


  • thunderlips
  • Hero of Waygookistan

    • 1540

    • June 07, 2012, 10:01:55 am
    • South Korea
20 years of severance and pension would be about 60 million won pension and 50 million krw severance not including monthly savings. Conservative estimate about 500-600,000,000 won.

 :rolleyes:  Maybe if you never go out, buy new clothes, exist on dried porridge, and have no life. if you never change jobs, take a holiday, travel, etc.

Reality is that living life involves spending money.

If you can't save 1 million krw a month you are doing it wrong.

350 million sorry math was wrong. Need more coffee


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
17.5 years here. 

Approx 500M NAV after that time.

No outstanding debt.



  • L I
  • The Legend

    • 3398

    • October 03, 2011, 01:50:58 pm
    • Seoul
You are adding up your wife's savings/assets combined with your own; might want to point that out in order to give readers clearer information... unless you're just bragging, but what's the point of that?


You are adding up your wife's savings/assets combined with your own; might want to point that out in order to give readers clearer information... unless you're just bragging, but what's the point of that?

What was the point of him telling everyone he's going to get a government position back home, is getting 10% from investments, selling his first home for three times what he paid for it and posting pictures of his new flat online. You see a pattern emerging?  Mind you making over 50K in less than a month is pretty impressive.

Quote
17.5 years here. 

Total net value of assets after 17 years is nearing $450
Dec 25

Quote
17.5 years here. 

Approx 500M NAV after that time.
  Jan 23
« Last Edit: January 23, 2018, 09:22:09 am by eggieguffer »


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
You asked how much I was able to save during my time here.

I have personally saved a net asset value of approx 500m won +/- 2%

That was all the info that I provided.   Your introduction of other information to validate your position disliking mine is your own business, but it is irrelevant.   

The NAV changes over time with property values, stock & investment values & savings.  Trump has been extremely good in regards to investment value increases this past year.

To the other poster, my NAV is from my own personal wealth.  My wife is not included in this calcuation.



Quote
You asked how much I was able to save during my time here.

I didn't. You told us all last month so I didn't need to ask again. However judging by the huge amount your assets have increased in the last month it might be useful if you could supply us with monthly updates regarding your net worth. Plus up to date pictures of your latest apartment if you happen to move. 


  • L I
  • The Legend

    • 3398

    • October 03, 2011, 01:50:58 pm
    • Seoul
my NAV is from my own personal wealth.  My wife is not included in this calcuation.

If you've been on 2.something the whole time, how were you able to save that much? You bought your house with your own money? Wife/wife's family didn't contribute? I guess the stock markets been pretty good; Trump's masterful business decisions mean big bucks for investors.


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
Quote
You asked how much I was able to save during my time here.

I didn't. You told us all last month so I didn't need to ask again. However judging by the huge amount your assets have increased in the last month it might be useful if you could supply us with monthly updates regarding your net worth. Plus up to date pictures of your latest apartment if you happen to move.

I think I struck a nerve with you.  I am happy to see that.  I hope you get angry enough to enact a positive change in your life.

However, I can also see that you are not very good with numbers or exchange rates. Do not feel too bad, plenty of people think they are good with numbers but fall short (as your bank account I'm sure often confirms).

I stated today that I had a NAV of approx 500m.
I stated in Dec I had a NAV of approx $450k

There is a difference between dollar and won value in the exchange rates.

The current exchange rate of 500m won is now approx $467k

Add a variation of +/- 2% and the figure is well within the range of my previously stated value.

Even so, I hope you become angry.  I would be happier if you become very angry.  Become angry enough to do some real soul searching to find some means to improve your life circumstances.  I have seen too many like you come here, speak about how much they know only to leave nearly penniless after a number of years.

There is nothing you can say that will change my approach since it has worked for me and is still doing so.  I hope you can learn from observing, yet you seem to be very focused on tearing others down instead of learning how to build yourself up from others experiences.

I wish you best of luck during your thinking time while deskwarming...


Quote
You asked how much I was able to save during my time here.

I didn't. You told us all last month so I didn't need to ask again. However judging by the huge amount your assets have increased in the last month it might be useful if you could supply us with monthly updates regarding your net worth. Plus up to date pictures of your latest apartment if you happen to move.

I think I struck a nerve with you.  I am happy to see that.  I hope you get angry enough to enact a positive change in your life.

Even so, I hope you become angry.  I would be happier if you become very angry.  Become angry enough to do some real soul searching to find some means to improve your life circumstances.  I have seen too many like you come here, speak about how much they know only to leave nearly penniless after a number of years.

I wish you best of luck during your thinking time while deskwarming...

Mate, my Seoul apartment alone is worth double your total net worth, so don't go there. Now go ahead and tell Life Improvement how wonderful you are, again.


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
my NAV is from my own personal wealth.  My wife is not included in this calcuation.

If you've been on 2.something the whole time, how were you able to save that much? You bought your house with your own money? Wife/wife's family didn't contribute? I guess the stock markets been pretty good; Trump's masterful business decisions mean big bucks for investors.


I bought my place with my own money and paid if off within the first year I had purchased it.  I took the housing allowance which helped significantly (an extra 5M/yr) which compounds over time.  My rule for purchasing a home was that it should never cost more than 1-3 years salary.  This one fit within my range and I purchased it.

My wife's family is extremly poor.  There were no contributions at all.  Not for our home, wedding or other purchases.  I was pretty adamant that her family NOT contribute anything to our new home while we got married.  Anything we needed we would purchase ourselves.

We also lived within our means.  That is something I've noticed most people on this board are incapable of doing.

Over time, I put money away in investments.  There is your savings, pension contributions (18% per month combined total of your salary on the KTPF), investment deposits and other means to minimize your cost of living such as buying a new car, using your credit cards to maximize your tax credits so you get your 1-2M refund every year, understanding the tax system + utilizing the points system to save yourself quite a bit each year.  Buying an ultra efficient and insulated home also saves a ton.   I still haven't turned on the heating yet this winter.  My place is currently 23 degrees inside and it holds the temp during the evening because the place is new, high up and has 4 layers of glass to keep the heat in.  My last gas bill was just over 11k won.  The estimated savings this winter from the insulation efficiency in this new place is nearly 500k for the winter.   

Get the bank gas credit card that discounts your gas 250won/L.  That also adds up over time.  There are so many ways you can save money that within a year you've essentially put nearly 5-7m won in your bank account because you didn't spend it through ignorance.  Buy a smaller car and save a TON on car insurance.  Keep getting your returns & watch them compound in your investments while adding more money every 3-6 months based on market conditions....  It really does add up over time.


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
Quote
You asked how much I was able to save during my time here.

I didn't. You told us all last month so I didn't need to ask again. However judging by the huge amount your assets have increased in the last month it might be useful if you could supply us with monthly updates regarding your net worth. Plus up to date pictures of your latest apartment if you happen to move.

I think I struck a nerve with you.  I am happy to see that.  I hope you get angry enough to enact a positive change in your life.

Even so, I hope you become angry.  I would be happier if you become very angry.  Become angry enough to do some real soul searching to find some means to improve your life circumstances.  I have seen too many like you come here, speak about how much they know only to leave nearly penniless after a number of years.

I wish you best of luck during your thinking time while deskwarming...

Mate, my Seoul apartment alone is worth double your total net worth, so don't go there. Now go ahead and tell Life Improvement how wonderful you are, again.


I would love to know how much debt you currently hold because of it.  Anyone stupid enough to buy property in that overly dense concrete jungle shithole of a city deserves the misery they experience living there.


  • sleepy
  • Veteran

    • 180

    • April 02, 2013, 03:05:44 pm
https://www.gofundme.com/help-me-blog-abroad

How can you keep money in the bank, when there are people in the world, such as this young lady ^ who need the money so much more!  >:(



Quote
I would love to know how much debt you currently hold because of it

I really don't think you would.