Do You Know Money? Story for Students in 20s

Jun In-Yong, Lee Hye-Riml½ÂÀÎ2010.08.31l¼öÁ¤2015.05.11 11:04l300È£ 4¸é

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Once people hit the age of twenties they start to concern themselves about employment. However, at this age, the concern about money is no less than the difficulty of employment. Thus I will suggest the best answer about to ‘ow to spend money wisely and to share it.’ Before taking up the subject, let us the first answer the quiz to test your financial knowledge.

1. Only the Bank of Korea has the authority to issue Korean money.

O/ X

2. The overdue fees on cell phones is not related with bank transactions.

O/ X

3. If collateral is present, a loan is always possible.

O/ X

4. Which of the following statements about the ATM is False? You should always keep a bank account and an ATM card. ATM’ are readily available 24 hours. It is possible to acquire general bank account information through ATM’ . No matter where you are in the world, if there’ an ATM, you can withdraw cash.

5. One day, you lost your credit card and report it to the credit card company immediately. A step too late, the card was already used to purchase something for two millions won. In this case, how

much would the credit card company compensate you for? They have no responsibility to compensate. 20 thousands won per the stolen card. 5% of the money used. The entire amount of two million won.

Correct answer and explanation are posted at the end of this article. The phrase ‘oney is everything in life’is surely wrong. However, the words ‘oney is a means to make our life more rich’is certainly true. Those parts mentioned by DKU is the main subject that will introduce the vivid success story of a so called ‘aster of money’ by type. Let’ go to the true meaning of money while we read their success stories.

Making Money

1. Jo Woo-Taek(Dept. of Administration in Hoseo University)

He started to work to make pocket money at 20 years old. Now he works eight hours a day on average and makes about 38 millions won yearly. Additionally, he owns a car, and deposits money to a fund and installment savings periodically. To his surprise, he established all these by himself. Not only this, he is a good student. The thought ‘ow about his credit?’hits me. He is an honor student who never failed to gain excellent grades for six semesters. He said “s I manage a shop, I have a lot of interest in money compared to the youths in my age. However, I think money is the means necessary for preserving life, but money is not the very object for itself or the subject to be pursued,”and added “t is certain money is the means to make life rich. Additionally, ‘aking money’ is important, but ‘ow to spend and manage money’is the most important.” He said that presently he had to prepare pre-operation and market surveys earnestly due to his plan to open an internet shopping mall in this winter as well as managing his shop. He finished the interview by clarifying his dream to make his name known to the service industry in the future.

2. Jang Ji-Yeon(Dept. of English, Sophomore)

She left for the United States to study English by training course on August 28. Her dream is to become an ‘nglish teacher.’She has prepared for the dream at Dept. of English in DKU step by step. Her method for making money is a ‘in-Win’strategy. She taught English to first and second middle school students where she lived, she was dedicated to learning study guides and selfteaching manuals of middle school English in order to teach students better. As she came to understand not only English grammar but also a general knowledge of English which could be helpful for her to study her majors and TOEIC. She won a Danwoo scholarship twice and received the scholarship granted to the first of her grade in the last semester. It is so nice. She acquired all these through English study : Study for major TOEIC study Scholarship The basis for being a good English teacher Experience for social life A pleasure for parents Money. She acquired seven fruits at a time. Additionally, she added her money to that from an institute and scholarship to the expense for oversea English training course. She finished her interview with saying, “oney is important, but ‘aking money’should be limited so as not to prevent schoolwork. As we are students, dedication to schoolwork is the duty of students.”

Expanding Money

1. Jang Jeong-Soo(Dept. of Civil and Environmental Engineering)

He gathered money by extracurricular work and an internship. First, he thinks money is a proper compensation for working as well as a simple indicator and an abstract goal. Then how could he make money? Also, why did he want to maximize money? He needs money because he wants to do something and it needs money within three years. Meanwhile, he found the way to expand money and those were ‘unds’and ‘tocks.’ Ultimately, through a ‘rue friend ten years value investment’1.9 millions won became 2.25 millions won. Also, he made profits with funds by a little less than 30%. It took two years and he got much self-confidence regardless of the sum of money. Moreover, he is still doing ‘unds,’‘tocks,’subscription deposits, insurance and fixed deposits.

2. Jo Moo-Seok(School of Business Administration)

He collected money by physical labor like setting up stages and working at a distribution center. He expanded money just like Mr.Jang. His best rate of return was 27%. He did that for six months and increased his money from two million to 2.9 millions won. He thinks the important thing is not how much but how to plan systematic assets. For example, he always considers the terms of investment such as short, medium or long term. Moreover, he is now doing part time jobs and doing invest to a Samsung group's fund.

Spending Money

Kim Ji-Yeon(Dept. of English Language and Literature, Freshman)

She receives an allowance 250,000 won a month. With that pocket money, she uses 100,000 won for eating and socializing. 50,000 won is used for saving at the Bank. And finally, 20,000 won is used for house subscription overall saving. She writes records of her spending to manage her finance to perfection. “t’ the most vital part of monetary management. It's the basis of all. When you write it everyday, you can feel where you should use money or not.”She finishes her interview after advising us of this.

Sharing Money

Choi Ki-Chul(School of Business Administration)

He became a member of ‘orld Vision.’He donates 1,000 won from his bankbook once a month. When he was young, his mother told him to do that. Since then, he has done it for two years at ‘orld Vision’voluntarily. It’ not that much money, but he spreads sincere warm feeling every month. So far, we looked around four things available to be done with money through the interviews. Making money,

Expadning money, Spending money and Sharing money make all important. While I prepared this article, I checked those facts that I did not know and some misunderstandings. After writing this article, I have a better understanding about money(finance). I sincerely hope this article can plant the right concept for money for Dankookookians and can be helpful to make their life rich a bit.

Correct answers and explanations.

1. O: The Bank of Korea is the only institute possible to issue money in Korea. Other banks can issue checks, but can't issue money.

2. X: Communication companies share overdue informations with each other through the Information and Communication Industry Associations. Even the large amount of overdue fees for cell phone can be informed to financial institutes through the institute collecting the informations of Credit Transaction. Accordingly, there could be some limitations with bank transactions including new loan.

3. X: Though collateral is surely certain, the bank allows loan only to the borrower with no problems after looking around some facts like where a borrower will spend the money borrowed from the bank and whether the borrower can preserve the lowest living standard after paying interest.

4. : In the case of drawing money in a foreign country, many limitations and expenses are associated with it.

5. : In this case, members who lose or have their cards stolen, should report to the credit companies by phone or written document at once, fraud charge can be indemnified in cases by following the process only. But 20 thousands won per a missing or stolen card should be paid as the fee for handling indemnification.


Jun In-Yong, Lee Hye-Rim  dkherald@hotmail.com
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