Korean Job Discussion Forums

CA-NA-DA-ABC · Joined: 20 Jun 2006

I'm a male gyopo trying to decide whether going to Korea to work is a viable option. I'm trying to pay off my student loans.

I'm worried about the skyrocketing COL and exchange rates i've been hearing about through the Korean media.

last I checked 1 USD = 1163 KRW Shocked

I'm wondering how you teachers (maybe who're currently in Korea or have been there recently) are doing economically compared to a few years ago.

do you guys find yourselves not saving up as much money as before?
anyone of you find working in Korea isn't as financially rewarding as before, maybe even to the extent that you'd discourage someone like me from going over there at all?

thanks in advance.

Juregen · Joined: 30 May 2006

Saving money has not much to do with currency exchange.

The currency only influences the value of your actual saved amount of money.

CA-NA-DA-ABC · Joined: 20 Jun 2006

i understand that. but as I'll be trying to wire loan payments back home, those two concepts aren't entirely exclusive to one another.

KoreanAmbition · Joined: 03 Feb 2008

Have you invested in the stock markets recently? If so, you probably lost a lot more there than you will on currency exchange. Smile

Come here, be conscious of your spending, and send home money as soon as you make it. How much do you need to pay off? I think it's very safe to say you should be able to send home $12,000.

You're a gyopo, come work privates.

sojourner1 · Posted: Mon Sep 15, 2008 10:01 pm Post subject:

I would say it's still worth it, but I'm not saving as much due to increased food costs. Not only is the exchange rate worsening earnings, but food prices are a bit steep. The exchange rate has not effected me yet as I haven't sent money home this time around. I noticed yesterday at Emart, everything is like a dollar or 2 higher than it was last year. The prices and severely limited selection are disappointing as it's expensive for small quantities. If you've never been to Korea, expect sticker shock when food shopping. You'll ask yourself, "Is that beef really $25 a pound while there are no correct cuts of meat?" I can drop $400 at grocery stores and only get what I would for about $150 in Missouri, USA. You can live frugally by eating less meat and fruit while increasing potatoes and rice as well as eating gimbap often. When you want a drink, you can drink crap alcohol made in Korea that gives you a horrendous hangover or you can drink fine Scotch and tie a good one on. Avoid western restaurants like TGIF as they're expensive and not worth their cost in value of product of service. You'll get a lot less than at home for double American prices.

If you're single, then you can skimp by on little and save money at the bank, but if you're raising a family, then you might have to splash a lot out on food and other home living costs which will require everything of you. It's easy for a single guy to spend $700 a month on food and not gain a pound.

Good luck to you.

CA-NA-DA-ABC · Joined: 20 Jun 2006

KoreanAmbition: how did you come up with 12k a year? is it from working just a single hakwon job?

Sojourner: thanks for the advice.

Adventurer · Joined: 28 Jan 2006

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

Tobias · Joined: 02 Jun 2008

Saved 20K+ USD last year, counting 1/2 pension total and completion bonus. Won's crashing out now, so I'll save probably 18K this year. Maybe 16K if it keeps up its steep dive. It also depends on how much mulla I bring back here for expenses.

When you come, bring a barrel full of laundry detergent, a keg of mouthwash, and about 12 sticks of Degree deodorant. This'll last you a year.

ben-ja-mas · Joined: 20 Jan 2008

citizen erased · Joined: 06 Apr 2008

hari seldon · Joined: 05 Dec 2004 Location: Incheon

jadarite · Posted: Tue Sep 16, 2008 1:32 am Post subject:

Short term, it's ok. However, you are locked into a pay scale and that sucks compared to other countries where you could work. So, if you can give up one year to pay off 10-20,000 in loans, go back to your home country, then it might be well worth it.

What is your final goal, do you want travel around the world or do you want to settle down?

Adventurer · Joined: 28 Jan 2006

Ruraljuror · Joined: 08 Dec 2007

Just to clarify some inaccurate information on this thread:

The F2 visa is the "Green Card" visa. It's what you get from marrying a Korean citizen. This is probably not the visa you should be applying for.

The F4 visa is the "Kyopo" visa. I have no idea what types of things you have to prove in order to be eligible for this visa, but I'm sure someone can help you out.

The E2 visa is the "Indentured Servant" visa. This is the type of visa one must avoid at all costs, as the Immigration laws, as presently constituted, make the holder if this visa a 3rd class citizen where the most practical manuever in any disagreement with a Korean citizen is a midnight run.