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Posts: 169

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Q: Savings goals? etc

So I suppose we are all on different salaries, but I am wondering if people have savings goals here or just live life?  Do you all have future plans?  Like retire back in your home country?  Retire here?  Retire to another country? 

 

I am still young (28), just had a birthday yesterday, but of course contemplating these future issues.

 

 

8 years 26 weeks ago in  Money & Banking - China

 
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When I was 28, I had no long-term saving goals. My only goal at that time was not to go into debt. And I never did. Years later - today - I am debt-free. However, I got off to a very late start saving for retirement and regret not starting retirement planning earlier in life. Now, I may never be able to retire and am resigned to working for the rest of my life or settling on a very frugal life style.

Retirement in China is not an option in my case for a number of reasons: cost of living getting higher & higher, next to impossible to get health insurance, fewer job ops due to advancing age, among others.

Retirement to another country also not an option. For a retirement visa, most Asian (and for that matter most) countries require a fat local bank account, a guaranteed monthly income (pension, investment returns, social security payments, etc.) or a business investment in said country (but that's working, isn't it?)

Probably retire home.

Some unsolicited advice: you are still young. Start socking away money in a retirement savings account/fund now, even if it's as little as 50-100 bucks a month. And don't touch it! By the time you reach retirement age, you will have enough to live on after 30+ years of accrued/compounded interest.  You won't miss 100 bucks a month now, but you will miss it when you are 60+, believe me.

On a parting note, below is an old adage to be taken quite seriously:

"Take care of the pennies and the pounds will take care of themselves."

Start now.

 

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8 years 26 weeks ago
 
Posts: 54

Governor

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I'm at the beginning of my career now so I don't really make a lot of money, yet it's quite ok to live in Guangzhou. Every month I will put away a certain amount of money ever since I'm working in this company. I want to save some money as I have long term travel plans after 2-3 years. I have no interest getting all the money together to buy a house or a car, they're not necessary for me. My goal is pretty simple: first, work to save some money as travel funds; second, travel to learn about this world and different people and cultures; third, accumulate working experiences and skills so when I'm back from my trips, I could get back to the business world easily and start something new from there.

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8 years 26 weeks ago
 
Posts: 2020

Peasant

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I'd like to have saving goals, but I'm still drowning in student debt. Best I can hope for right now is to throw several hundred at that a month and stay afloat a while longer.

 

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8 years 26 weeks ago
 
Posts: 1559

Shifu

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At your age, I'd be trying to put away at least 9-10% of my salary into a fairly aggressive retirement account (IRA with different investment and portfolio options).  This is assuming you're currently debt free.  Otherwise, kill the debt first as fast as possible.  No, I'm not a certified financial planner....but I'm doing pretty OK....

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8 years 26 weeks ago
 
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I've already got a decent pension for the rest of my life (and a significant time thereafter), and a property in the UK which will be mortgage free in 5 years time, as well as a mortgage in China (in my wife's name).

My wife has set up a small business and our aim is to get it up to a 'cash in' value of 1,000,000 RMB by the time we leave China (9 years or so), then we'll have enough to sell our UK property and with the China cash have enough to buy a good property in a decent area of UK near a quality school. To achieve that my salary (and a portion of my pension) goes to maintaining our lifestyle (including China mortgage) while everything from my wife's business is reinvested in that business.

 

It it all goes mammaries uppermost, we'll still have a paid for property in the UK and my pension, so while we may not achieve our aims, I'm reasonably confident we won't end up in the poor house.

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8 years 26 weeks ago
 
Posts: 187

Governor

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I don't have pension plan yet (am 26) though am generally pretty frugal with living here and save a good chunk of my salary (I plan to set a pension up next I'm back in the UK.) I always like to have a few grand (£s) saved up in my bank account so when I do move back I'll have enough to support myself before I get another job. I'm not saving for a house or anything yet, and consider my savings for short term goals such as travelling, renting a flat, and maybe doing a masters.

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8 years 26 weeks ago
 
Posts: 64

Governor

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I am 30 yrs and save offshore, monthly and for long term. See roughly 10% of my salary. I am regulated financial planner, so I always recommend soon as possible to save for your retirement. Drop me a message if you want more information. 

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8 years 18 weeks ago
 
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I put 80% of my pay into my wifes hand every month which means we have saved 80% of all my pay for the last 6 years, Chinese Women are better than banks, my wife is so frugal, she can break a mao in two pieces using her butt cheeks.

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8 years 16 weeks ago
 
Posts: 367

Governor

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I set up a pension scheme when I was very young (around 22) at the advise of my parents. Can't say I thought it was neccesary though judging by the unpredictability of the future who knows.

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8 years 16 weeks ago
 
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