A Nanjing college student joins the ER ranks...

Nords · 12-28-2007, 10:38 AM

Student wins lottery, leaves school | Oddly Enough | Reuters

Quote:

Per capita income in China's urban areas is roughly $1,900 a year and about $600 a year in rural areas.

It appears that a 4% SWR on his $683K jackpot is order-of-magnitude overkill for his neighborhood's cost of living.

I think the college is beginning to realize that he's going to complete his education via alternative-lifestyle institutional experiential studies...

Maybe we should be learning Cantonese instead of frugal living.

Meadbh · 12-28-2007, 01:01 PM

Really Early Retirement.....

How can you retire if you haven't even started your career?

I hope this lucky young man has the sense to check out the Ten Commandments of Finance!

Siv · 12-28-2007, 08:55 PM

That's not so true. We're in shanghai and the cost of living in china or shanghai in particular is skyrocketing. Believe me!

We're thinking about expanding our office size but found out yesterday that rent increase will be 67% on the new space compare to if we were to sign lease last year, 2006 around august time. Try to beat that!

The 3 bedroom apartment we rent cost $2000 while it recently change owner at $800,000 price tag includes parking space (parking is $65,000).

I guess it depends on lifestyle...student lifestyle then yeah, it will but not so around "upper" uber shanghai.

megacorp-firee · 12-29-2007, 04:56 AM

Quote:

Originally Posted by Nords

Student wins lottery, leaves school | Oddly Enough | Reuters

It appears that a 4% SWR on his $683K jackpot is order-of-magnitude overkill for his neighborhood's cost of living.

I think the college is beginning to realize that he's going to complete his education via alternative-lifestyle institutional experiential studies...

Maybe we should be learning Cantonese instead of frugal living.

That would be Mandarin. ... maybe

clifp · 12-29-2007, 04:29 PM

Definitely Mandarin. When I was in China a few months ago, the tour guides were pretty dismissive of Chinese who didn't speak standard Chinese (i.e. Mandarin). This was even true of those guides who grew up learning a different dialect.

I was astonished to find out how expensive the big cities were to live in. Most Chinese cities have a series of ring highway surrounding them. IIRC Shanghai, outer edges a condo was 300K, next ring 400K, finally central Shanghai was 600K. Prices were similar but perhaps a bit lower in Beijing.

Siv how long have you lived there. What do you do?

12-28-2007, 01:01 PM	#2
Meadbh Thinks s/he gets paid by the post Join Date: Jul 2006 Posts: 1,555	That's RER Really Early Retirement..... How can you retire if you haven't even started your career? I hope this lucky young man has the sense to check out the Ten Commandments of Finance!

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12-28-2007, 08:55 PM	#3
Siv Recycles dryer sheets Join Date: Jun 2006 Posts: 63	That's not so true. We're in shanghai and the cost of living in china or shanghai in particular is skyrocketing. Believe me! We're thinking about expanding our office size but found out yesterday that rent increase will be 67% on the new space compare to if we were to sign lease last year, 2006 around august time. Try to beat that! The 3 bedroom apartment we rent cost $2000 while it recently change owner at $800,000 price tag includes parking space (parking is $65,000). I guess it depends on lifestyle...student lifestyle then yeah, it will but not so around "upper" uber shanghai.

12-29-2007, 04:29 PM	#5
clifp Thinks s/he gets paid by the post Join Date: Oct 2006 Posts: 2,164	Definitely Mandarin. When I was in China a few months ago, the tour guides were pretty dismissive of Chinese who didn't speak standard Chinese (i.e. Mandarin). This was even true of those guides who grew up learning a different dialect. I was astonished to find out how expensive the big cities were to live in. Most Chinese cities have a series of ring highway surrounding them. IIRC Shanghai, outer edges a condo was 300K, next ring 400K, finally central Shanghai was 600K. Prices were similar but perhaps a bit lower in Beijing. Siv how long have you lived there. What do you do?

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