내 or 저의?
What's right? When do I use these and what is the difference?

내 돈 (my money)
저의 가방 (my bag)

Question

내 or 저의?
What's right? When do I use these and what is the difference?

내 돈 (my money)
저의 가방 (my bag)

Answer

Both are correct. 내 is casual and 저의 is formal.

나 is the casual version of I
저 is the formal version of I

When you want to say 'my' you add 의 to end
나의
저의

but often words in Korean are made shorter for ease of pronunciation.
나의 becomes 내
저의 becomes 제

It's more common to see '내' than '나의'

Answer

Thanks a lot sujin kim :)

Answer

내 -1. subject  내가 선생님이야 I - am a teacher. 
     2. My 내 가방이야. It's My bag!
     This one use only between very close relationship.

저의 before we used it but we really don't use it now

저 - 1 subject. 저는 선생님입니다 i'm a teacher
       2. My "제" 제 가방입니다. This is my bag. 
   This is polite way to speak so mostly we use this one