Advice for a Young Investor

Warren Buffett says that today’s crop of babies are the luckiest ever. This may be true in some respects – technological advancements have certainly improved the quality of life. Today’s commoners live a life undreamed of by previous monarchs. However, in other respects, young people today have it harder than ever.

Take for instance public comments Morningstar’s advice to a young investor:

Check out the vesting options on your match in the 401K before you let that match influence what you do. My own Millennial daughter has worked at 3 places now with generous matches on paper. She has yet to get any of her matches to vest because they all have 3 year cliff vesting. She got laid off (in one case just before 3 years) before any of her matches vested.


That should be a wake-up call to today’s 20/30-somethings. Were those terminations part of some evil, greedy attempt to cut corporate costs? Just the fact there was a long “cliff” should say something: corporate America is desperate to wash its hands of any responsibility for their employees’ retirement.

That means: save, save, save your money. Retirement is in your hands, more than ever! Each dollar wasted on alcohol, pot, tattoos, new cell phones every year, data plans, new cars, bar tabs, trips to Mexico, music festivals, is actually ***two or three*** dollars you won’t have for retirement.

That’s the time value of money. Blowing money on toys and “experiences” early on in life, is what’s killing the retirements of many a baby-boomer today. Forcing older boomers to reverse-mortgage their homes for money to live on.
Don’t repeat your parents’ mistakes.

With how perilously insecure jobs are today, it’s more important than ever for young people to have multiple income streams. This means side gigs (e.g. Uber, independent tutoring, Etsy), monetizing resources (e.g. Airbnb), investment income (rental, stocks, bonds), and entrepreneurship (low cost digital startups). Without a diversified stream such as the above, we will fall prey to the whims of an unscrupulous employer who can can us at a moment’s notice in the name of cost savings.


Millennials Just Hustling to Survive

One big theme in my book is how everyone, especially millennials, have found ways to compensate for the rise in living costs without a corresponding increase in wages. One big way to do this is unfortunately to work a side job. Traditionally, this was limited to low-wage service industry workers. I remember hearing stories from my patients waking up at 4 AM to drive to work in Los Angeles from the outer suburbs, only to return in the evening and work a second shift at a local restaurant. Mind you, all this is to just cover the bills – it isn’t even about making extra spending money.

This practice has now slowly but surely engulfed millennials, many of whom are recent graduates from university who can’t find any meaningful well-paying work in their fields. Many of them choose to monetize hobbies. As the article describes:

The 31-year-old Torontonian makes adult Sailor Moon outfits and sells them on Facebook, a gig she estimates brings in about $800 a month on top of what she earns in her full-time position at a mascot manufacturer.


Covering everything from teaching English over Skype to driving an Uber, the term has even found its way into Urban Dictionary, where it’s defined as “sideline that brings in cash.”

It’s a tough time out there. Regardless of whether extra money is a need or a bonus, you can monetize your talents in one of these ways. See more details on side gigs in my book on wealth, as well as ways to turn your hobbies into highly profitable businesses.


What is the Goal of Your Business?

A friend sent me this article about the future of entrepreneurism in the world. In short, the central thesis is that the giant companies are entrenched in their industries, and it’s harder to compete with them given their incumbent status. Thus, it’s far better to stay small, keep costs low (the key theme in my book!) and make “subsistence” level wages that replace a day job. For example, a local plumbing business is like this. At most, it may grow into a handful of employees and service the surrounding cities, but it doesn’t want to scale up and become a national presence (is there even a comparable national business that provides plumbing?). That’s too much investment, hassle, work, and time before the eventual payoff. That’s not to mention the bureaucratic headaches in providing benefits to employees, building up marketing, HR, and legal departments. In the face of this, it’s quite logical that many a business owner is quite comfortable pocketing $200,000-$1 million in yearly profits from operating a small business.

Side thought: this is a workable theme for a business concept. Uber’s premise is that it provides a single app that links service providers (taxi) to customers anywhere in the world. One could argue that independent taxi drivers and companies could have preempted Uber’s rise by banding together and making an easy to use and interoperable app. In any case, we can extend this concept by applying it to things like plumbing services. Imagine if you can access a worldwide network of plumbers at your call on the app, without having to fumble through the local Yellow Pages.

Going back to building a successful business these days, the alternative is to be high growth and low profit and eventually cash out in a sale to one of the big boys. Threaten them enough with disruption and then whisper into their ear that it’s better to head off a rival early with a manageable buyout than to face the loss of their entire business. Facebook did this to Instagram, paying a high price but preserving their business model. This is arguably easier to do in the fast-moving world of tech than in other industries.

Ultimately, is it a bad thing that so many businesses are now focused on the modest goals of profitability and sustainability? I’d argue no. For many people, there’s no need to grow big. Having fun, creating something, and being mildly profitable is surely enough to live a comfortable life.


Inspiring Business Ideas – Self Employed Specialty Consultant

Today I stumbled upon an interesting post by a medical resident on a specialty site for medical education. She describes how she has been able to charge an obscenely high rate of $388 per hour for her tutoring services. Here are the key excerpts (typos included as written):

I started tutoring at 10 years old. I tutored for free initially. It was fun for me. I love the moments when the “light bulb goes on” in my peers. I find learning so much more interesting when other people’s welfare in addition to my own depended on how well I learned. I guess that was an early sign that medicine would appeal to me. I relish the challenge and the privilege of someone else’s well-being weighing on my shoulder. It somehow made what I do more meaningful than if I were to just do it solely for myself.

Then in 10th grade, I started charging $10/hr for tutoring AP sciences. I loved it. I was the favorite of teachers & parents, many of whom confided in me all their worries about their kids’s academic performance and future prospects. I felt that not only was I helping the student acing AP tests, but also I was somehow part of their household harmony.

I continued to tutor in college. I worked for tutoring companies at first. Ecstatic at the pay raise, $23/hr, when I saw the newspaper ad. Only to learn that I was to drive to students’ home, in Bay Area traffic, pay for gas and maintenance for my car, foot the occasional car accident bills because I was so tired and distracted trying to find new students’ houses all over Bay area.

It came down to about $5/hr of my time, way worst then when I was my own boss in high school, when it was a solid $10/hr plus I had free rides, free food, and made my own schedule. The worst thing in working for others (tutoring companies) was to learn that my students paid my boss $65/hr while I got $5/hr.

Then I said to myself, “screw this. I’m not going to let some talker business man eat off my back when I’m doing all the hard work.” So I quit all my jobs where I was not my own boss. I put my credentials, experiences, tutoring results, student testimonials, & CV on craigslist. Before long, I was getting tutoring requests left and right at $23/hr, with students coming to where I am (so no driving, no getting lost, no parking tickets, no car accidents). I tutored the hours I wanted; I made the curriculum myself.

Shortly after my craigslist advertisement went up, I could not keep up with the demand of tutoring requests. So I said to myself, instead of working like a dog to fulfill every tutoring request, I’m going to raise my hourly rate, until I can comfortably satisfy the demand & still take care of my other responsibilities and still go out with my friends and have a life.

I continued to tutor because I love teaching and being my own boss. After Mini was born, students came straight to my house, paid me $100/hr, and were so understanding towards my role as a mother that I could put Mini in a front sleeper/carrier and tutor at the same time.

Did I say I love being my own boss?

I continued to tutor throughout medical school and into residency, as I take on more responsibilities in my medical training, & Mini demands more intellectual engagement, I had fewer & fewer hours allotted to tutoring. Yet, I still had lots of demands… more than I could fill.

So I kept increasing my hourly rate, to the peak of $420/hr while still in California. Now, I’m perfectly content with the equilibrium price of $388 for the past 2 years.

It’s an interesting read because of how she independently discovered the advantages of being a self-employed niche consultant, as described in my book. Let’s see which principles she recognized and applied.

  • Scale: It doesn’t have to grow too big. Actually, being too big becomes a hassle to manage. Instead of doing the work that was initially interesting, the owner eventually transitions into managing employees, inventory, and crunching numbers as an accountant.
  • Exit strategy: Going along with the previous point, she started out with a firm a goal for her earnings – to supplement her income from her day job, provide some welcome distraction, monetize a hobby, and not work too many hours at the same time.
  • Price adjustment: If there’s anything you should take away from this article, this is the point. Many times business owners starting out are unsure of how to price. One way is to price at the market median (look around at competitor prices), provide exceptional quality, and titrate the price upwards as the number of customers grow. This is especially key if you don’t want to scale up and up such that the company exceeds the ability of one person to manage.
  • Focus on your expertise: Her business was in specialty tutoring. While anyone can bill themselves as a tutor, she had exceptional and unique credentials that she could leverage into higher income. Imagine how much you could earn as a dedicated nanny+tutor to the children of the privileged wealthy, if you had a degree in medicine from an Ivy League plus a masters in early childhood education!

As a side note, the UC system is taking the price adjustment technique to heart. They have a simultaneous problem of a revenue shortfall and too many international and out of state students rousing the ire of Californians. They are implementing the best solution for this, which is to raise prices for those students, maximizing revenue and decreasing their numbers at the same time. It’s a win win for the system!


Should You Consider Uber (As a Gig)?

Of my group of childhood friends growing up in the Bay, all of us went into different careers. Some became bankers, some doctors, and others techies. However, there was one who dropped out of school and worked random retail jobs. That is, until he found Uber. He fell in love with it because it was easier work that paid more than his previous jobs. There’s also a degree of respectability and cachet that comes along with being an Uber driver that’s not there as a waiter or grocery store stocker.

So should you consider a job as an Uber driver? I would argue no. The most in-depth analysis of how much Uber drivers really take home was done here. I paste the kicker here:

Without including other real weekly expenses such as gas, car maintenance (or accounting for depreciation of the car), I found that the average net income per hour for the eight drivers was $21.90, roughly 10 dollars per hour less than the combined hourly wage from the raw Uber data.


However, if we assume an average weighted driver wage of $21.90 per hour, which factors in just a fraction of driver expenses, and assume drivers work 30 hours a week (again, not necessarily typical, but a middle range of the hours worked by the eight drivers we spoke to), we can assume a rough projected yearly driver salary of $34,164.

That $21.90 figure may even be undercounting the true cost of gas and maintenance. You see, sharing platforms like Uber are inherently exploitative. By counting all drivers as independent contractors and issuing them 1099s, Uber is not responsible for payroll tax, benefits, and other hard-won legal protection that apply to ordinary employees. By being self-employed, Uber drivers have to pay both the employer and employee sides of Social Security payroll tax. That’s a whopping 15.3% on the first $100k or so of income. Then factor in paying for health insurance out of pocket and you can see how the same $50k in gross income from Uber isn’t the same as $50k from a W-2 job, much less than $50k from qualified stock dividends.

Then there’s the unreliability of cash flow. As a business, the Uber driver can easily have days or months with low utilization and income that’s not enough to pay the bills.

We haven’t even gotten to the subject of tips, which Uber recently begrudgingly legitimized in a settlement with its drivers, in exchange for being able to keep them as independent contractors. Unfortunately, we don’t know how this change will turn out. Uber riders loved the hassle-free nature of payment, so adding the uncertainty of whether and how much to tip will definitely degrade that experience. As a driver, it’s an anxiety-inducing dilemma. Should you set a low rate and hope to rake in tips, at the cost of potentially bad reviews, or try to stand out by advertising yourself as a more expensive but hassle and tip-free experience? What’s worse is that Uber hasn’t taken an official stance on tips, preferring instead to slide it under the table by allowing it but still discouraging it as routine policy.

If driving for Uber really were an attractive gig, we should expect to find many workers flocking there, which would increase competition and drive down the wage for everyone. No wonder that Uber is aggressively promoting itself… as a place to work. This commentator from Naked Capitalism notes anecdotally:

There’s something very curious going on with Uber, apart from the obvious, well-publicized weirdness: they’re advertising like crazy on the radio, both national and locally here in San Francisco (I don’t know if they advertise in other local markets). That in itself is hardly remarkable. What is remarkable is what they’re advertising. They’re not advertising their service. They’re advertising for drivers. Think about it. When has a company ever paid to advertise in mass media for workers? I think the reason is obvious. If the gig was profitable to the drivers, and there was a reasonable retention rate, they would have no need to advertise in mass media. But as we know, the pay sucks, especially when vehicle costs are factored in, and the attrition rate is atrocious.

Rather than think about working for Uber as a contractor, we should strive to understand the fundamentals of its success and how we can apply the same lessons to our own business ventures. As I wrote in my book, a good modern business in the internet age is capital-light. Uber checks this box for sure. Part of its genius is that all it really is is a low-cost platform for the exchange of goods and services. It takes a small cut and provides nothing more than a matchmaking service and slick UI. It’s ingenious as a business plan – almost foolproof due to its simplicity and lack of capital expenditures.

Uber is also insanely scalable. That is, they don’t need to change their core business model or significantly increase expenses just because they’re growing larger. By leveraging contractors anywhere in the world, they just need to keep the central platform running and fresh-looking. Contractors will automatically do all the hard work and make business decisions appropriate for local markets, laws, and customs. It’s capitalism broken down to the microscopic level.

The dark side of Uber, which may very well be its downfall, is that it outsources safety standards and consumer protection/insurance requirements to its contracted drivers, most of whom do *not* comply with minimum regulations that apply to taxi drivers. Of course, actual enforcement of local state and county laws is impossible given how many small fry drivers there are. How can taxis compete trying to play by the rules?

Think about it this way. If Uber were subject to the same standards that apply to taxis, in terms of insurance and safety standards, they would probably be just as expensive. Otherwise, Uber is really not all that innovative. A large taxi company could just as easily put together an easy to use app for mobile devices and mimic the same function.

Sooner or later, the law will catch up and start regulating Uber. All it takes is a major accident leading to death or disability and a major lawsuit. Perhaps Uber’s true business model should be to rake in money and plan on cashing out and shutting the service down while the going is still good.


How to Deal with Recruiters

Over the years, I’ve had my share of interactions with recruiters. Just like with jobs and people, some have been pleasant and helpful, while others obstinate and persistent. In today’s tough job market, some people inevitably turn to using them. But will using a recruiter help you find a job or cut you out of the running completely? With this post, I’ll show you the inside baseball on job hunting with respect to headhunters/recruiters. Should you use them? Should you believe what they say? Can you realistically cut them out and deal directly with the company doing the hiring?

How recruiters make their money

It depends. Most are employed by or own their own small companies. Many are niche are specialize in recruiting for hard-to-fill jobs, such as medicine where there is a shortage, or the C-suite, where the ramifications for a poor hire can be huge. Some firms charge a fixed price for the search, and then a percent of the contract signed if there is a successful hire. Others present a batch of candidates from their database for an open position and if one presented by the recruiter is hired, the recruiter takes a percentage cut from the contract signed. Sometimes, instead of a percentage cut the recruiter takes a fixed dollar sum per successful placement.

All humans operate based on incentives and penalties. Understanding what the compensation structure is for recruiters is important to determine whether they have our best interests in mind.


What value does a recruiter add to the business?

Businesses obviously specialize in their core function. Most aren’t good at HR or recruiting. Sometimes, the business is too small to have a large or dedicated HR department. They obviously don’t have the manpower to promote their company at trade fairs and university career forums. While it’s possible to put up an ad on Craigslist, Monster, or Linkedin, you may attract the dregs from the street. A poor hire can set the company back for years. Having a depot for resumes on the company’s website only works if the company is well-known and consumer-facing. For example, most lay people probably haven’t heard of Illinois Tool Works or Emerson Electric, large Fortune 500 companies that predominantly sell to corporate customers.

This is where employers can outsource the search for talent. Think of the search for good employees in terms of a subject most of us are more familiar with – dating. It’s possible to spend no money and cold-call at a bar, online, or through apps. On the other end of the spectrum are traditional matchmaker services, which keep a repository of the most wealthy, educated, beautiful, and eligible.

The analog for companies is headhunters/recruiters, who often have a database of their own. When they don’t or if they need to find a specific candidate that meets the company’s unique needs, they can do a talent search all across the world. This is how Stanford landed Jim Harbaugh as a football coach, for example, or how Sony settled on Howard Stringer as CEO.


Do you (as a candidate) really need a recruiter?

It all depends on how exclusive of a position you’re looking for. One situation that they can help is if you have a generic skill that’s universally applicable but not specific to any particular industry. An example of this is Russian language skill. Many companies may need one or two Russian speakers to deal with clients from that area, but very few companies will need that many of them. A recruiter who specializes in filling that need for companies generally has a reservoir of jobs already available and can send a resume to all of those places. It’s hard to find all of those openings on your own.

On the other end of the spectrum, a petroleum engineer has a very specialized skill and can generally apply to the big name companies in his or her field without needing a recruiter.

In other situations, like medicine, recruiters will come calling *you* because the supply/demand is so out of whack that companies pay generous bonuses if a recruiter is able to fill a position. This can get annoying at times, especially if you already have a job. C-suite headhunters are generally a bit more discreet with how they contact their potential hires.

One caveat that you should know is that if a company is faced with choosing between two otherwise identical resumes, one sent by a recruiter and the other from a cold-call applicant on their webpage, they’ll choose the one that doesn’t come with a separate fee to a recruiter.


Annoying things recruiters can do

Unfortunately, many people have experienced radio silence from recruiters after sending in a resume. This can be due to a multitude of reasons – sometimes the recruiter is simply swamped with too many applications. Other times, there aren’t enough jobs to go around. Suffice to say, if a generic low-level recruiter doesn’t get back to you, it’s because they had more attractive resumes to submit (higher chance of filling the job and earning a commission) or because they submitted but never heard back from HR. Remember, recruiters are middlemen themselves. Most of us have experienced the black hole that is HR – taking in hundreds of resumes and sending out notifications of rejection six months later to those who weren’t selected.

Generally, the higher up in the pecking order you go, the more personalized “service” you will receive from recruitment agencies. Recruiters lean obsequious and can work with nitpicky requirements from the candidate. Again, supply and demand. However, there is a downside to being sought after. Even after finding a job, you can get unsolicited emails and calls from other recruiters. Take for example my own field of medicine. As soon as I got my first state medical license, I was inundated with calls from recruiters from all across the country, asking if I was interested in “generic podunk job” in the boonies. Apparently, recruiters are so desperate to snare candidates that they troll the rolls of state medical boards and the NIH’s database of residents in training. As soon as someone shows up on the board list, recruiters can pounce on that information. Some information is posted in the public domain, and based on that they can contact the program administration for information on individual residents, or even show up at the hospital themselves.



Save on College in the EU


Have you looked at the cost of school these days? Tuition for American universities keeps on rising. According to Collegedata, in 2015-2016, total costs are projected to hit $24,061 per year for in-state schools and $47,831 for year in a private school. For the price of four years of schooling, we could get a Ferrari or be a nomad traveling around the world for a decade!

What are some ways to get around being saddled with student loans into our adult lives or even retirement? One option is to win merit scholarships by being selective and judicious about which schools we apply to. Of course, not everyone can win these scholarships. This is where we need to think outside of the box.

In my book, I describe how much more affordable college is in other countries. Take Germany for example, which has waived all tuition fees at its universities.

More than 4,600 US students are fully enrolled at Germany universities, an increase of 20% over three years. At the same time, the total student debt in the US has reached $1.3 trillion (£850 billion).

Each semester, Hunter pays a fee of €111 ($120) to the Technical University of Munich (TUM), one of the most highly regarded universities in Europe, to get his degree in physics.

Included in that fee is a public transportation ticket that enables Hunter to travel freely around Munich.

Health insurance for students in Germany is €80 ($87) a month, much less than what Amy would have had to pay in the US to add him to her plan.

“The healthcare gives her peace of mind,” says Hunter. “Saving money of course is fantastic for her because she can actually afford this without any loans.”

To cover rent, mandatory health insurance and other expenses, Hunter’s mother sends him between $6,000-7,000 each year.

At his nearest school back home, the University of South Carolina, that amount would not have covered the tuition fees. Even with scholarships, that would have totalled about $10,000 a year. Housing, books and living expenses would make that number much higher.

Even outside of tuition-free Germany, EU schools are quite cheap in comparison to American ones. Don’t worry about competitiveness. So few American students actually apply, and the schools enjoy increased diversity so much that they reserve spots for foreign students.

Other options exist in Asia, such as the Monbukagakusho in Japan and a variety of options in China. In fact, I just recently read about the Schwarzman scholarship, which is new (just admitted their inaugural class) but gives awardees a full ride to arguably the most prestigious university in China – Tsinghua.

All in all, the American higher education system currently doesn’t serve its students well. Yes, the education is world-class, but the costs are such that they impose severe burdens on graduates for years after. For comparison, Switzerland has an elegant system of vocational training even for white collar professions like banking. Having graduates with work experience, contacts in industry, and the skills that businesses need has led to an astounding 3% youth unemployment rate.


Jobs That Pay – Dog Walking

Hey, not all traditional jobs are poorly-paid and overworked. As I mentioned in my book on wealth, there are under-exploited niches where one can be successful as an entrepreneur. Marketwatch today ran an interesting article on a dog walker(!!!) who is raking in 6 figures working the equivalent of part-time.

Stewart says he could have grown his business into “a dog walking empire.” But he says “there’s a tipping point — where you manage people more and dogs less — and that’s not what I signed up for.”

He now has three employees who walk dogs for him, and he doesn’t plan to hire any more. He pays them a salary instead of an hourly wage and often works with them.

He charges customers $15 per walk — the going rate in Long Island City — and walks between 40 and 50 dogs every Monday through Friday, mostly between 11:30 a.m. and 3:30 p.m.

He knows a solo dog walker in his neighborhood who makes $2,000 a week by working 35 to 40 hours a week. And he knows a dog walker with employees who makes $150,000 after paying his employees.

And Stewart says he makes about $110,000 a year — after paying his expenses and employees — while working 25 hours a week. “It’s full-time time pay for part-time work. I think everyone would want that,” he says, adding, “I’m doing something that I love and I have time to go to school at night.”

I’ve bolded key points of emphasis. This guy has done a great job following the rules in my book for starting up successful businesses.

  1. He understood the market. NYC folks are busy and are willing to hire nannies, dog walkers, etc. to take care of their personal lives.
  2. This is a small enough market (not a lot of prestige for dog-walkers) that someone can easily become super specialized and command top dollar (big fish in a small pond).
  3. He figured out how to stand out as elite, by promoting his expertise and experience with dogs of all kinds.
  4. His work was still paid on an hourly basis, but he removed part of those constraints by hiring others for some jobs and moving to more of a higher level coordinating, marketing, and managing role.
  5. He had limited ambitions. He kept his business small-scale enough to be adequately profitable, rather than investing tons of money to become a commercial empire, with a higher chance of losing money and even failing.
  6. He worked on what he knew and loved.
  7. At least initially, he didn’t depend on his job for money (he worked as a bartender and waiter for a while).
  8. He knew himself and had an endgame plan. He had an income level in mind at which he would be satisfied and spend extra hours on other pursuits.

One natural wacky extension of this principle that comes to mind is being a niche nanny-tutor combo to the very wealthy. Someone can bill himself as an Aristotle-like individual able to give kids the extra boost needed to get into the most elite schools, become well-rounded, and achieve success in life. For a high retainer of course! If you’re gunning for this position from early on in life, you can build a sample CV with a PhD in early childhood development, a bachelors or masters in education, empathy and skill with children (being female helps in this regard, for perception if nothing else), aptitude in art and music, and a track record of success (by babysitting and caring for family friends’ kids).

You can read about of other successful entrepreneurs and more tips on how to identify your strengths and build your own business with my book on wealth.


The Korean Hell

I read this morning an interesting article on the state of life for young people in South Korea. Man, was it depressing. In short, if you think your life is bad, you don’t even compare with what these kids have to go through. Here are some quotes:

Hwang often goes to work on a Monday morning with her suitcase, not leaving again until Thursday night. She eats at her office, takes a shower at her office, sleeps in bunk beds at her office. “If I finish work at 9 p.m., that’s a short day,” she said.

Paychecks come irregularly — or not at all, if the show gets axed — and because she doesn’t have a contract, Hwang wonders when she goes to sleep each night whether she’ll still have a job in the morning. She can make this life work only by living at home with her parents — when she goes home, that is.

“If you have enough money, South Korea is a great place to live. But if you don’t . . .” she trails off.

My old professor in business school once told me, “No one works harder than Americans. People always think it’s the Japanese, but no, it’s Americans. Koreans come close though.” In many respects, Korea is similar to America with cultural expectations about work and a paucity of days off. Just listen to how tough parents are with their kids:

Most frustrating of all, many young people say, is that their parents, who worked long hours to build the “Korean dream,” think the answer is just to put in more effort.

“My parents think I don’t try hard enough,” said Yeo Jung-hoon, 31, who used to work for an environmental nongovernmental organization but now runs a Facebook group called the “Union of Unskilled Workers.”

My book on happiness is still being written, but this focus on work at the expense of sanity and family is not sustainable. People are miserable! And the work doesn’t even pay that much either. What’s the solution to all of this? Read my book on wealth, start your own business, acquire a a large nest egg, and get the hell out of Korea.