How I Saved 100 Million Won in 3 Years on a 3 Million Won Monthly Salary
I finally saved 100 million won last year. I was just an ordinary office worker earning 3 million won a month. The method was simple: 1) Save 50% unconditionally (1.5 million won per month), 2) Invest in stocks mainly through ETFs for the long term, 3) Earn an additional 300,000 to 500,000 won per month through side projects. In particular, I diversified my ETF investments into KOSPI 200 and S&P 500. Of course, it was tough cutting living expenses to the extreme, but achieving the goal feels rewarding. Feel free to ask questions if you have any financial tips concerns!
6 answers
Wow, that's really impressive! Saving 1.5 million won a month and even investing in ETFs... I make 2.5 million a month and want to try following your approach. By the way, what kind of side projects did you work on?
Honestly, I wasn't sure if it was possible, but someone actually pulled it off. A 50% savings rate must have meant a really tight lifestyle, but the result is as valuable as the effort you put in. I'm envious!
ETF diversification is nice. I'm also holding KOSPI 200 and S&P 500 in similar proportions, and I'm curious about your returns over the past three years. Also, how did you manage the exchange rate risk?
I have a similar goal, but saving 50% is realistically too difficult for me. Could you share more detailed tips on reducing living expenses? I'm especially curious about how you cut down on fixed costs like rent and transportation.
That's pretty fast for three years. I've been saving for four years and I'm still around 7,000, so I'm envious, haha. Long-term ETF investing really seems to be the answer. Congratulations!
Making $30-50 a month from a side project is a pretty stable additional income stream. Did you have any failures or trial-and-error experiences when you first started? I'd like to try something similar myself.