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Seed money

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ihealy

Seed money
« on: June 13, 2007, 07:50:09 PM »
I looked for another topic on this and I realize that it varies by region, but how much money do you folks in China think that an American couple should have saved up in cash-on-hand in order to get started in china provided they had jobs lined up ahead of time and had housing covered? Additionally, how much do you think two people should have as an emergency fund to be accessed in a time of need when one is staying in China?

Thanks,
Ian
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Lotus Eater

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Re: Seed money
« Reply #1 on: June 13, 2007, 09:47:53 PM »
Work on return airfare for reserve and then 1.5 or 2 times your pay for the 1st month - it may take you a month to 6 weeks to get paid, and you will also need to buy bits and pieces for your apartment etc.
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kcanuck

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Re: Seed money
« Reply #2 on: June 13, 2007, 10:33:31 PM »
Always take 'fully furnished" with a grain of salt, kitchens can be lacking and stuff like bedding and towels sometimes need to be replenished when you arrive.  I came over with 5600RMB and still had loads left by my first payday but then I'm in an inexpensive location.
« Last Edit: June 14, 2007, 11:21:54 PM by kcanuck »
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dragonsaver

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Re: Seed money
« Reply #3 on: June 13, 2007, 10:36:15 PM »
I came with basically nothing.  I got paid my first months salary in the car on the way from the airport to my residence.  I could live on 1000RMB/month.  I make more now and of course spend more too.
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Raoul F. Duke

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Re: Seed money
« Reply #4 on: June 14, 2007, 02:23:00 AM »
Most schools will not pay anything to new arrivals...DS found a rare bird indeed. This isn't really a realistic thing to expect. Most schools will give you a small cash advance if you really get yourself in the bqbqbqbqbq, but I don't advise this. It starts you off in debt, making it that much harder to get yourself level again, and it's not a great way to begin a relationship with an employer.

Most of us have to survive at least about one month before we see any income.

Also, bear in mind that even if you are moving right into a school apartment, you'll still need to furnish it with some personal things like food, towels, bedclothes, etc. that you will have to go out and buy.

My advice is usually to try and arrive with $500 US in your pocket. You may possibly have a bit left on your first payday, but I don't think you'll be complaining about it. bfbfbfbfbf

Emergency funds are harder to call. It depends a lot on you. It's hard to have too much. It's often a function of how much you can save, either back home in advance or once you get here. It's nice to have enough available to make an emergency run home, if you can swing that. This would also be enough to keep you alive for some time, or pay the admission fees to the hospital (where ALL care must be paid in advance...) if you need to go.
Personally, my cash reserves right now wouldn't get me to Suzhou Train Station or buy me a box of Contac. And I suspect a LOT of expats here are in the same boat.
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Nolefan

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Re: Seed money
« Reply #5 on: June 14, 2007, 07:25:50 AM »
I second Raoul!

very few schools will front airfare or salary. I came over with enough 600$ in cash and an open return ticket just in case something went wrong. That felt safe enough at the time and it still seems appropriate a few years later.

The first month, you will be taken out for plenty of meals where it is useless to try and wrestle for the bill so basically minimal expenses. Also, I had -and still have- a rule whereby if my salary was more than 5 days late, I was out of there so needed enough cash to last for a 2 months without a job. It might be extreme but that willingless to walk away has proved godsent many times over.
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dragonsaver

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Re: Seed money
« Reply #6 on: June 14, 2007, 02:31:25 PM »
Yes the phone is important.  Mine cost 600+ RMB and I bought it 3 days after arriving in China. 

Camera is also important.  I brought one - it was stolen.  I bought one (2500RMB) and it was stolen within 24 hours. A teacher gave me her old one.  It takes one picture then when I take the next picture it deletes the first one. Don't have a camera, dang I wish I did.  Will buy one in Canada this summer.  Can't buy older models here in Dalian - just top of the line new models.
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George

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Re: Seed money
« Reply #7 on: June 14, 2007, 03:26:03 PM »
Hmmmmm. I didn't buy a mobile phone until I had been in China for 3 years! But then, I'm not a compulsive talker!
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Vegemite

Re: Seed money
« Reply #8 on: June 14, 2007, 04:07:27 PM »
Quote from: George on June 14, 2007, 03:26:03 PM
Hmmmmm. I didn't buy a mobile phone until I had been in China for 3 years! But then, I'm not a compulsive talker!

You're a cheap cheep talker!

Daughter and I came with 1000RMB, no return tickets, but I also had my visa card for back-up (which I haven't used yet). We just got by on the 1000, but life is a lot cheaper up here. A dinner for 20RMB is expensive here!

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Raoul F. Duke

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Re: Seed money
« Reply #9 on: June 14, 2007, 10:32:34 PM »
Ja, my 500 USD is for one person. Couples should adjust up a bit. People with kids should adjust up a LOT.

DO buy a mobile phone ASAP. A major China survival tool. The ability to call if you need help or get stuck, have people text addresses to you in Chinese to show taxi drivers, and so on is beyond valuation. I recommend you buy one on the way in from the airport, if possible. Hell, buy one IN the airport if you can find a place.
Note that there are many different plans available for mobile phone accounts. You should take a translator with you for this one to find a good deal.
Cost of a basic phone starts at about $60 USD. Phone accounts vary a lot in price; most of mine have been around $25 USD. This cost should be ADDED to the seed money amount!
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kcanuck

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Re: Seed money
« Reply #10 on: June 14, 2007, 11:20:48 PM »
I bought the cheapest model available last year, a Nokia for 400RMB(stuff is more expensive up here).
I would suggest not buying a phone at the airport, everything is so much more expensive at the airport but do make a phone a priority.
« Last Edit: June 14, 2007, 11:22:42 PM by kcanuck »
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Lotus Eater

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Re: Seed money
« Reply #11 on: June 14, 2007, 11:23:00 PM »
I did manage for the first 6 months without a mobile, but having once succumbed - I now feel attached again to this umbilical cord!  I bought a phone, a Sim card and then just refill when necessary - always before holidays because it is very difficult to buy a Shaanxi refill in Xinjiang!!  But having filled up, made sure that it works all over China (and for some reason it works for SMSs to the US and Malaysia, but not Oz unless I use my IP card)it is a very handy little tool.

But - live without a CAMERA - you have got to be kidding!!!!!!!!!!!!!!!!!!!  I don't move out of my apartment for anything but classes without it.  I have 3 and still lust after.   another one.Aussies will soon call me an American tourist, Europeans will call me a German tourist and Asians will call me a Japanese tourist with all of these cameras slung around my neck!!

My rule of thumb is still 1.5 to 2x your monthly pay - and that goes for singles or couples if you are both being paid.  Children add another month per child.
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Con ate dog

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Re: Seed money
« Reply #12 on: June 15, 2007, 02:16:45 AM »
Healy, if you'll be in a small town, you won't need a phone.  If it's a big burg, you'll want one quickly, to build contacts among the laowai community- get a crap phone for starters, then you can transfer the chip to a nicer handset later.

For starter money, I more or less agree with what the other idiots are saying.  Heck, I'd show up with even less.  Remember that your school will be responsible for you, so they won't let you die while you wait to get paid for the first time.
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The Clan

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Re: Seed money
« Reply #13 on: June 15, 2007, 04:33:53 AM »
Quote from: Lotus Eater on June 14, 2007, 11:23:00 PM
My rule of thumb is still 1.5 to 2x your monthly pay - and that goes for singles or couples if you are both being paid.  Children add another month per child.

That is a big chunk of change! Family of 4 =  + - $4,000??? For one month.
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Lotus Eater

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Re: Seed money
« Reply #14 on: June 15, 2007, 04:36:38 AM »
Chinese pay equivalent - not $!!  Relax a little. ahahahahah

The school won't let you starve, but if they give you half pay to start with, then you only get half-pay on the first pay-day and so are always just that bit behind the 8-ball.
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