Early 30s Office Worker's Current Financial Status
Out of a monthly salary of 3.5 million KRW:
- Housing: 500,000 (monthly rent)
- Food: 400,000
- Insurance/Telecom: 150,000
- Savings/Investments: 1,000,000 (ETF 500,000, Deposit 300,000, Cash 200,000)
- Other: 1,450,000
So my savings rate is about 28%. Is that a bit low? I see people around me saving 40%.
My goal is to save 100 million KRW by age 40. Since it's hard to expect stable returns from ETFs, I'm thinking about trying crypto too.
10 answers
Well… the key is what you spend that 1.45 million won on. If you save just 300,000 won more from that, your savings rate would be 37%.
28% isn't bad, right? I can only save 500,000 won out of my monthly 3 million lol
50 for monthly rent is pretty cheap, isn't it? It would cost more in Seoul, so I'm jealous.
Don't mess with crypto. I lost 5 million won last year. Just stick with ETF long-term holding.
Actually, if your goal is 100 million, 10 years with ETFs is more than enough. But considering inflation, you'll probably need to save more.
Long-term ETF investment is sufficient. With coins, there are more cases where they rise and then get completely wiped out.
I'm in a similar boat. Lately, my ETF returns have been absolutely wrecked, so I'm worried. ㅠㅠ Would it be okay to try crypto with just a small amount?
With a savings rate of 28%, it takes about 10 years to save 100 million won. But if your salary goes up, the time decreases. Hang in there.
Check how much of that 1.45 million won is for pleasure spending. I cut 200,000 won from that and my savings rate shot up lol
Aren't the people around you who save 40% either getting support from their parents or not paying rent? Realistically, saving 28% is doing well.