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I am living overseas (China) and my job pays an below-average salary, but has an above-average commission structure. It is difficult for me to save a decent portion of my monthly wage, but my commission (paid yearly) will be anything from US$30,000 - US$50,000 (after tax). As the title of the thread states, I have no student loans or credit card debt - but at the same time I do not have a retirement fund organised by my employer (obviously a priority). Bearing the above in mind; what would my fellow goons recommend as a good strategy for a lump sum of this size? Current thinking has me taking 10% as a reward for myself, maxing out the superannuation in my home country, with the rest going into the bank as savings and to accrue interest. I am confident that I can avoid dipping into this money in the future... BUT: it's more money than I've ever had at my disposal in my life, and would like to implore the money gods for their advice in formulating a sound strategy. What would you suggest in terms of short-term and long-term solutions?
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Apr 20, 2014 07:54
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| # ? Apr 24, 2024 15:35 |
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How is your commission paid? Local or USD and into what account? You mention that you haven't done this sort of thing before and I just wanted to point out that moving an amount of currency that size can be problematic because  Oh, and there are China threads about the place in T&T and LAN. GuestBob fucked around with this message at 11:17 on Apr 20, 2014 |
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Apr 20, 2014 11:13
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GuestBob posted:How is your commission paid? Local or USD and into what account? My commission is paid lump sum as RMB into my bank account in China. Moving it back to my home country could be trouble - but there are ways of doing it. I will hunt down any other China threads; but is there a general rule as to what to do with one's first lump sum of this size?
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May 1, 2014 02:30
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1. What's your own country? This is going to make a difference. 2. Do you intend to retire in China? This will affect how you're going to want to manage your retirement savings.
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May 6, 2014 19:36
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