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kateinkorea



Joined: 18 Feb 2003
Location: Korea

PostPosted: Fri Apr 04, 2003 5:32 pm    Post subject: money Reply with quote

The Korean won seems to be really going down.

Is Korea still a good choice to come for the money or are there other places that stand out as being better at this pont? What other places are good to make the best money?

Does anyone have an opinion on whether the won should go back up once the threat of war is past or are the other issues affecting the won more relevent?
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FierceInvalid



Joined: 16 Mar 2003

PostPosted: Fri Apr 04, 2003 6:31 pm    Post subject: Reply with quote

There is always a bit of debate about the best place for cash. I think generally you're looking at one of the "big three" - Korea, Japan, or Taiwan. These countries have the most jobs and your average deal is more lucrative there than in other coutries. Between the big three you'll get conflicting opinions. Last time I checked Korea was the only one that regularly offered free accomadation - I'm not sure if this has changed, but surely it makes a pretty big difference. Japan's living expenses are the highest, but can be lower than you might expect depending on your lifestyle and where you live. I don't know too much about Taiwan. At the end of the day, it's possible to save quite a bit of cash in any of the three I think. As for a concrete example, I save about a thousand Canadian dollars a month in Korea and I live pretty large.

As far as currency value, one of the reasons I'm an English teacher is that I'm thoroughly uninterested in all matters commerce-related. I know it affects me and I should pay more attention, but I just don't. Sorry - I know others do though, they'll be able to speculate about the won. Based on the little I do know, it's probably likely to head back up when it becomes clear that Bush isn't going to invade North Korea...(he isn't, right?)...
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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Sat Apr 05, 2003 1:25 am    Post subject: Reply with quote

If you look at the money you make over here only in your home currency, you're missing the point of making money over here. It doesn't matter how much the rate changes, until it's time for you to go/pay bills at home.

7,000 for a mixed drink is 7,000 won.
1,300 to step in a taxi is 1,300.
Movies are 6,000.

While you're here, you're living the good life.
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kateinkorea



Joined: 18 Feb 2003
Location: Korea

PostPosted: Sat Apr 05, 2003 7:37 am    Post subject: Reply with quote

Zyzyfer wrote:
If you look at the money you make over here only in your home currency, you're missing the point of making money over here. It doesn't matter how much the rate changes, until it's time for you to go/pay bills at home.

7,000 for a mixed drink is 7,000 won.
1,300 to step in a taxi is 1,300.
Movies are 6,000.

While you're here, you're living the good life.


I agree with your point. I have a friend who keeps sending me prices of things in wons and I have stopped converting them and instead think of it as a percentage of what I would be earning that month while I am in there instead.

BUT...for the money I am planning on sending home I want to know if I should send it month by month because it is only going to be worth less if I hold on to it...or should I hold on to it for a while and send it later with the idea the won will go back up?

I have watched the won go down, from about 770 per Canadian dollar to 854 per Canadian dollar today, in just a few months. This would make a difference of a couple of thousand dollars in your overall take home to your own country money.

And if it keeps going down...is it even worth it to come if the motive was to send back money?

I am also wondering for anyone who might know...is this fluctuation normal in some way for the won? For those who have been watching the won a lot longer than I have do you have an opinion of what might happen?
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chi-chi



Joined: 15 Jan 2003

PostPosted: Sat Apr 05, 2003 8:39 am    Post subject: Reply with quote

The conversion matters if you have to send money home to pay bills.
I left Korea before my salary dropped by $200 a month American.
I think the money is better in Taiwan right now, but that's just my opinion. Who knows, maybe the won will bounce back.
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The Great Wall of Whiner



Joined: 24 Jan 2003
Location: Middle Land

PostPosted: Sun Apr 06, 2003 8:04 pm    Post subject: Reply with quote

I still think Korea is better, giving all the variables.

Airfare? PAID!

Apartment? PAID!

One-month completion bonus? PAID!

That's several thousands of dollars in goodies right there...
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Holyjoe



Joined: 03 Mar 2003
Location: Away for a cuppa

PostPosted: Sun Apr 06, 2003 8:22 pm    Post subject: Reply with quote

Quote:
One-month completion bonus? PAID!


Wow, I want to work in your school Wink
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Mon Apr 07, 2003 7:23 pm    Post subject: What? Reply with quote

I do not receive any airfare money (or payment). I pay for all traveling.
I pay 50 percent on my apartment and 100 percent of utilities (of course).
What bonus do you mean? I do not receive a bonus.

Is Korea still better?
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maxxx_power



Joined: 17 Mar 2003
Location: BWAHAHAHAHA! I'M FREE!!!!!!!

PostPosted: Mon Apr 07, 2003 10:30 pm    Post subject: Re: What? Reply with quote

Real Reality wrote:
I do not receive any airfare money (or payment). I pay for all traveling.
I pay 50 percent on my apartment and 100 percent of utilities (of course).
What bonus do you mean? I do not receive a bonus.

Is Korea still better?


What the...?
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Tue Apr 08, 2003 12:42 am    Post subject: What the ...? Reply with quote

maxxx_power,

Some universities provide fair positions to foreigners and kyobos. Some universities seem great. Some university positions are bad.
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LiquidSunshine



Joined: 31 Mar 2003

PostPosted: Tue Apr 08, 2003 8:26 am    Post subject: real reality... Reply with quote

well, why would accept sure an offer? it just doesn't make any sense...cause your getting the short end of a very big stick...and it's in the wrong place. Shocked
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Tue Apr 08, 2003 12:48 pm    Post subject: how great working Reply with quote

People want to write how great working in Korea is. However, everyone realizes there are various kinds of contracts and deals in Korean universities and institutes. Why are universities allowed to offer such varied options to employees, especially foreigners or kyobos? How often do the options actually turn out to be perks or bonuses for foreigners?

Why does not the university pay for airfare and 100 percent of housing? Why does not the university offer a bonus? How many foreigners can get tenure or long term positions at universities? How many foreigners teach the same number of classes as the Korean instructors? How many foreigners teach fewer students than the Korean instructors?
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The Great Wall of Whiner



Joined: 24 Jan 2003
Location: Middle Land

PostPosted: Tue Apr 08, 2003 12:56 pm    Post subject: Reply with quote

Holyjoe wrote:
Quote:
One-month completion bonus? PAID!


Wow, I want to work in your school Wink


Woops! Embarassed

Meant to say "One YEAR completion bonus paid."

I wanna work in that school too!!
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mike



Joined: 10 Mar 2003
Location: Jeonju

PostPosted: Thu Apr 10, 2003 1:53 am    Post subject: .. Reply with quote

hmm, as to whether the won will rise or fall. it's a bet.

are you a betting person?

if you can accurately predict the rise and fall of currencies, quit teaching and work in Foreign exchange - you can earn billions.

MiT
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chi-chi



Joined: 15 Jan 2003

PostPosted: Thu Apr 10, 2003 2:09 am    Post subject: Reply with quote

I hope you never play the stock market.
It's not just a "bet", it's called actually paying attention to what's going on around you...
Btw, the falling won is not the reason I left, but it's good to pay attention to things.
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