How I Saved 100 Million Won in 5 Years on a 3 Million Won Monthly Salary
I'm an office worker in my early 30s, and I managed to save 100 million won in 5 years with a take-home pay of 3 million won per month. The secret is simple: 1) Lunch at the company cafeteria or packed meals, 2) A 500,000 won monthly rent studio, 3) Investing 1 million won monthly in stock ETFs through dollar-cost averaging, 4) Using only a debit card, no credit cards. Of course, as my salary increased, so did the amount I saved, but I think small habits made a big difference. Feel free to ask if you're curious about anything.
5 answers
Wow, that's really impressive... I also make 3 million won a month, but why am I always struggling with credit card payments? So if you consistently invest in ETFs through dollar-cost averaging, it really does add up. What ETF stocks did you put in?
I totally relate to the lunchbox thing. I've been bringing my own since last year and I save over 100,000 won a month. But if the monthly rent is 500,000 won, I'm curious if that's in Seoul or a provincial area.
5 years is pretty fast! I saved 8,000 in 7 years using a similar method, but 100 million is still far off. Using only a debit card seems to make a bigger difference than I thought. By the way, what was your annual salary increase rate like?
With a net income of 300 and saving 100 million, that means saving an average of 1.6 million per month... Considering taxes and living expenses, that's extreme frugality. I've been at 30 million for three years under the same conditions, and it makes me reflect.
I'm jealous... Should I start too? But isn't it nerve-wracking to put 1 million won into stock ETFs because of the volatility? Have you ever experienced any losses? Share your experience with me.