Korean Job Discussion Forums

[Real Reality]

Foreign CEOs Say Korea Is Tough on the Wallet

[Ya-ta Boy]

Ummmm...is this CEO paying W3 million a month for an apartment?

[Ilsanman]

Korea can be pretty expensive. CEO's tend to live in the best areas in the most expensive and newest buildings, driving nice cars, etc.

But then again, is it any different anywhere else?

[bixlerscott]

No the CEO is not paying anything out of thier wallet and are getting it all paid for by his/her company. Of course, if they are a cost concious chief(most say they are, but still live large on the company), they are concerned with controlling costs just as your hagwon director is(true to the fact of cost controll as we know), becuase the chief is solely responsible for profits and losses for which the owners hold him/her responsible for.

Korea's economy defies rules that apply in Western countries in some ways and in some ways not so, not to say it is better or worse. Just an objective analysis I present.

Some things like meat, cheese, beer, wine, booze, fruit, Western style restaurants, and vegatables will run you 2X to 3X cost of that in the USA which we are clearly aware of, even in traditional market places. Other things like bus, taxi, bottled water, internet cafe, and some seafoods are clearly 2X to 3X cheaper than in the USA.

Of course, Western style business class anything is very very expensive in Korea such hotels, bars, and restaurants so those CEO's in the article the OP provided a link to are accurate in thier claims. I could not save any money if I ate in Western style restaurants often and shopped in sleek sophisticated shiny marble floor places like Lotte where you see suits and bling all around you. I will have to pass on HanStyle until I have a real professional well paying career. No need to incur dry cleaning costs here on this gig as it's proper to dress casually. Heck my head teacher wore cargo shorts and T-shirt to work today and we all dress like we are on vacation!!! But a vacation it is not, far shot.

But if you go to to a traditional market place (real Korea) and find say, a grilled fish (tasty) with side dish service(not tasty) and soju(cheap buzz), that will set you back only 5 US dollars per person. Tasty BBQ chicken on a stick runs 1000 won which 3 or 4 of these with some pricey bananas make a good lunch or dinner for a single guy.

You can live cheaply and save money or you can live large and expensive, depends on how shiny the floor is, how much meat and cheese is present, and how much Western ideas are present in the places you go to spend Won.

So as you can see, not everything correlates into a tidy cost of living index concept like Western economies have, but the general rules of how clean and fancy a place is do apply, albeit luxories and some food necessities costing more here than in the USA.

Now I would be hurting if I had to pay rent on top of my food and utilities costs, but since I do not, I save a little.

But to be honest, nearly all the foreign teachers I know are living paycheck to paycheck, while I am not. I am achieving about 800K mil Won per month savings in my first 4 months here. Of course I am not doing much more than going to PC bangs, drinking Cass Red 2 nights a week, taking cheap weekend bus trips, while I am splurging on expensive fruits, juices, and meats, becuase I need to eat healthy or I get too stressed. The increased food costs here are trimming my wallet a bit(20K Won a day), but if I wanted to, I could get thriftier on food and drink choices. Like the CEO's in the OP's article, I do not want to be that uncomfortable, placing stress on me for afterall, I am working quite long hours on my feet in a fast paced job requiring a great deal of mental exertion that is not really all that easy like many posters of this site claim it to be. (conditions are different in every teaching position) Of course, I did not come for a real easy way to go, just a doable way for a college grad of modest means.

As for costs, like anywere else, it's all in your lifestyle, albiet, food and drink often costs more than we are used to which is your major expense, besides any weekend and vacation traveling you do, especially international travel. That will kill the savings for sure.

That is my cost in Korea analysis.

[JongnoGuru]

[RACETRAITOR]

I didn't know these CEOs are having so much trouble with money. If they want, I could lend them a bit if they promise to pay me back.

[SuperFly]

They nickel and dime you to death in this country.

[xingyiman]

The biggest hazzard to your wallet as far as savings is concerned is the need to alleviate the isolation that is a result fo living in Korean culture. I am living in Thailand now and making considerably less but saving much of abou the same as I was in Korea.

[Colorado]

[billybrobby]

[Yu_Bum_suk]

[quote="Real Reality"]Foreign CEOs Say Korea Is Tough on the Wallet