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  • D.L.Orean
  • Super Waygook

    • 359

    • February 25, 2020, 09:34:41 am
Re: Lifers...how do you plan to retire?
« Reply #100 on: March 22, 2021, 01:42:00 pm »
The point is he came over and started as an E2 and saved for 20 plus years and got into the market.  A single person can save 400 US dollars a month on a 2.1 million salary as opposed 1400 US in the past.  With a family, that savings drops to nothing and maybe even some debt taken on.  But over the next few years, I suspect if the wage stays the same, that savings will drop to 100 dollars a month or nothing.  I don't see someone buying a property here.  Plus they are going up by a lot.  Unless you are a savy investor and get into something that explodes  in huge growth, I don't see today's E2 being able to own a mdoern apartment here (even if they want to which many may not). 

If someone came over here in the 90's and had huge savings potential due to not having student loans or debt to repay, you could save a lot.  Even with the Asian crisises if you kept your money in Korea.  Plus for Koreans and maybe foreigners married to Koreans a lot of banks offered higher interest savings accounts until recent years.  Like 8 or 9 per cent interest.  So, those in the past with the cheap living cost here definately has the potential that new teachers coming in 2021 for the same or even slightly higher wage do not. 

Let's assume over 10 years starting now using an average savings potential of 200 US dollars a month (higher now and lower in a few years) if salaries still stay the same.  Well 200 times 12 is 2400$.  Times 10 is $24000 which in 2031 will be worth less than now.  I was able to save more than this in 2 years here when I started.  This of course assumes that person has no student loans or other debt to repay. 

Either way, the vets who got in when the getting was good have probably found a way to make it for themselves and can handle the lower wage now due to the savings they built up I think.  As for new teachers, they'd be wise not to stay for too long.

How long have you been here? Why are you still on an e2 visa? People with long term ambitions to stay in Korea will move onto an F visa and this will open opportunities to make more money.


  • tylerthegloob
  • The Legend

    • 2149

    • September 28, 2016, 10:46:24 am
    • Busan
    more
Re: Lifers...how do you plan to retire?
« Reply #101 on: March 22, 2021, 01:42:35 pm »
A single person can save 400 US dollars a month on a 2.1 million salary
ah man i really wish you'd quit your bullshit. you can eaaaasily save TWICE that
more gg more skill


  • chimp
  • Veteran

    • 188

    • April 19, 2015, 05:16:31 am
    • Zoo
Re: Lifers...how do you plan to retire?
« Reply #102 on: March 22, 2021, 01:54:04 pm »
This lolgook77 character doesn't seem very savvy at all.

Tell us in detail about your savvy investments, lolgook77. We must know.
oo oo ahh ahh


  • OnNut81
  • Hero of Waygookistan

    • 1901

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Lifers...how do you plan to retire?
« Reply #103 on: March 22, 2021, 03:19:39 pm »
You wouldn't be able to save that amount starting out today on a 2 million salary over the next 20 years unless you earned signifigantly more. 

If you were earning significantly more, you would not be starting out on a 2 million salary.  You just keep finding new ways to make no sense, don't you? 


  • OnNut81
  • Hero of Waygookistan

    • 1901

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Lifers...how do you plan to retire?
« Reply #104 on: March 22, 2021, 03:24:28 pm »
A shame for the new teachers.  Maybe they'll get wise.

And thank you for adding that last bit.  It's your subtlety that impresses.  You have to read in between the lines, but if you look carefully you get the sense Hangook is trying to tell the new teachers something.  Besides, letting them know the exact amount of money they can expect to save from a 2.1 million salary, that is.  Although, it helps those newbies with their budgeting to know ahead of time they will be saving $400 per month. 


  • 745sticky
  • Hero of Waygookistan

    • 1284

    • March 26, 2020, 01:52:57 pm
    • Korea
Re: Lifers...how do you plan to retire?
« Reply #105 on: March 23, 2021, 07:54:41 am »
With a family, that savings drops to nothing and maybe even some debt taken on.
I would assume that anybody on 2/2.1 mil probably isnt having a kid unless their partner also has a job, when you say that savings "drops to nothing and maybe even some debt taken on" are you accounting for a second income? Genuine question btw. I have no idea how expensive childcare, etc. in Korea is.


  • SPQR
  • Expert Waygook

    • 712

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #106 on: March 23, 2021, 08:08:22 am »

Even with the Asian crisis if you kept your money in Korea. 


Are you kidding? The 1997 Asian currency implosion was a license to make money.
We all had US dollars put aside for travelling.  The Korean won went from about
750 per dollar to 1800 per dollar inside a month.  We all cashed in our greenbacks
and doubled our money.  One guy in our school had about US$15,000 saved up. He
cashed that in for over 30,000,000 won.

Koreans in the bank were swearing at us.  But hey. We didn't cause the crisis. It was
caused by nearsighted Korean ajoshis who put more time into soju, cigarettes, brothels
and dog soup, than properly caring for the economy.


  • OnNut81
  • Hero of Waygookistan

    • 1901

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Lifers...how do you plan to retire?
« Reply #107 on: March 23, 2021, 11:31:07 am »
Are you kidding? The 1997 Asian currency implosion was a license to make money.
We all had US dollars put aside for travelling.  The Korean won went from about
750 per dollar to 1800 per dollar inside a month.  We all cashed in our greenbacks
and doubled our money.  One guy in our school had about US$15,000 saved up. He
cashed that in for over 30,000,000 won.

Koreans in the bank were swearing at us.  But hey. We didn't cause the crisis. It was
caused by nearsighted Korean ajoshis who put more time into soju, cigarettes, brothels
and dog soup, than properly caring for the economy.

I was here then and didn't know anyone who had their money in dollars, so you're using the term ALL pretty anecdotally.  I know that about five of the ten people that worked for our after school company did the midnight run as they were having to spend almost all of their salaries to meet debt payments.  It was good if you stuck around as you became a more valuable commodity with so many people up and leaving. 


  • Kyndo
  • Moderator LVL 1

    • 2043

    • March 03, 2011, 09:45:24 am
    • Gyeongsangbuk-do
Re: Lifers...how do you plan to retire?
« Reply #108 on: March 23, 2021, 11:51:32 am »
Genuine question btw. I have no idea how expensive childcare, etc. in Korea is.
It's pretty reasonable. The Korean government heavily subsidizes child related costs.
Expenses depend on the age of the kiddo. We spend around 150,000 to 200,000 won on diapers, food, clothes, and toys for our 20 month old kid. The biggest cost right now is sending the little gremlin to daycare, which comes out to around 450,000 per month (although if one of the parents is Korean, public daycares are free).
Of course there are some one-time costs to be considered as well. Car seats, cribs, floor padding, etc etc can quickly add up.


  • SPQR
  • Expert Waygook

    • 712

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #109 on: March 23, 2021, 12:51:35 pm »

I was here then and didn't know anyone who had their money in dollars, so you're using the term ALL pretty anecdotally.  I know that about five of the ten people that worked for our after school company did the midnight run as they were having to spend almost all of their salaries to meet debt payments.  It was good if you stuck around as you became a more valuable commodity with so many people up and leaving. 


The long timers had money in both currencies.  Like I said, from traveling.

As for debt collectors we had a simple solution for that.  We told them they
ain't gettin' nuttin' until this financial phenomenon was over. They told us,
"You can't do that!" We said, "Watch us." Nothing they could do. It probably
hurt our credit rating. We didn't care.

Yeah, I remember the midnight run. Kind of a misnomer. Idiots thought
they could be stopped at the airport for leaving their job. NOT.


  • hangook77
  • The Legend

    • 2868

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #110 on: March 23, 2021, 01:19:45 pm »
The long timers had money in both currencies.  Like I said, from traveling.

As for debt collectors we had a simple solution for that.  We told them they
ain't gettin' nuttin' until this financial phenomenon was over. They told us,
"You can't do that!" We said, "Watch us." Nothing they could do. It probably
hurt our credit rating. We didn't care.

Yeah, I remember the midnight run. Kind of a misnomer. Idiots thought
they could be stopped at the airport for leaving their job. NOT.

Even when I got here years later, I heard there were a lot of credit delinquents here amongst the English teachers.  many chose to skip out and not repay.  I repaid mine and have a good credit rating back home. 


  • L I
  • Waygook Lord

    • 5837

    • October 03, 2011, 01:50:58 pm
Re: Lifers...how do you plan to retire?
« Reply #111 on: March 23, 2021, 01:35:49 pm »
Repaying debt is not just about having good credit, itís about doing the right thing. (Not stealing.)


  • SPQR
  • Expert Waygook

    • 712

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #112 on: March 23, 2021, 01:48:15 pm »
Repaying debt is not just about having good credit, itís about doing the right thing. (Not stealing.)

I think you should brush up on basic law, laddie.  Debt repayment is covered
under civil law. Theft is covered under criminal law.  They are very different
things.
« Last Edit: March 23, 2021, 02:25:17 pm by VanIslander »


  • L I
  • Waygook Lord

    • 5837

    • October 03, 2011, 01:50:58 pm
Re: Lifers...how do you plan to retire?
« Reply #113 on: March 23, 2021, 01:50:59 pm »
How is not paying back money you borrowed not stealing?

Repaying loans is the ethical thing to do.


  • OnNut81
  • Hero of Waygookistan

    • 1901

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Lifers...how do you plan to retire?
« Reply #114 on: March 23, 2021, 03:19:42 pm »
Yeah, I remember the midnight run. Kind of a misnomer. Idiots thought
they could be stopped at the airport for leaving their job. NOT.

I think when I've worked with people that have done the midnight run, it was because they wanted to screw over the management.  It was tough when someone told you about their plans first, and then you had to play stupid and pretend you were just as shocked as everyone else.  One of my favourites was a guy who got yelled at by a higher up in the staff room in front of everyone.  Management totally overestimated their power.  The guy never returned from lunch.  The guy who did the yelling got bitch slapped hard by the owner for that one.