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summer33ny
Joined: 10 Aug 2006
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 Posted: Sun Oct 12, 2008 4:01 pm Post subject: Is going to Korea still worth it? |
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With the falling won/dollar is it still worth it to go teach in Korea?
Can you still manage to save quite a bit of money??? |
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OiGirl
Joined: 23 Jan 2003
Location: Hoke-y-gun
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| Posted: Sun Oct 12, 2008 4:07 pm Post subject: |
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| Are you coming to Korea just for the money? Probably not a great idea at any rate. |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Sun Oct 12, 2008 4:48 pm Post subject: |
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| The only point at which you actually lose money in the currency market right now is when you transfer money back to the US. Even if you were automatically sending all of your "savings" part of you pay immediatly back to the US (which I wouldn't recommend right now) ... On the often quoted "easy to do" figure of saving 1,000,000 a month you will still have $700 uS ... But if you don't have to immediately send money back and can wait for improvements ... you can put it in a Korean bank account and earn a reasonable level of interest ... around 5% mark (which is more than you will get in the US at the moment) ... and then convert it to uS when you will get a better conversion rate. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Sun Oct 12, 2008 5:02 pm Post subject: |
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| OiGirl wrote: |
| Are you coming to Korea just for the money? Probably not a great idea at any rate. |
That's why I came. I wouldn't tell anyone with that goal to stay away (except maybe now with the exchange).
OP, I don't know. It's worth it for me to stay, but I don't know if I'd have come if the exchange rate were so shaky when I started. |
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ldh2222
Joined: 12 Oct 2007
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| Posted: Sun Oct 12, 2008 5:08 pm Post subject: |
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| People are gonna tell you yes and no, but the fact remains that... the exchange rate isn't going to be back to reasonable anytime soon. I would stay home, or seek other options. |
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Vietman
Joined: 25 Sep 2005
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| Posted: Sun Oct 12, 2008 5:35 pm Post subject: |
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| The problem is more with imported goods. I've heard that costs are rising due to global inflation, but I'm not sure if it's because of the exchange rate or if it's more a worldwide phenomenon. |
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stacyrb
Joined: 10 Oct 2008
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| Posted: Sun Oct 12, 2008 5:41 pm Post subject: |
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| ldh2222 wrote: |
| People are gonna tell you yes and no, but the fact remains that... the exchange rate isn't going to be back to reasonable anytime soon. I would stay home, or seek other options. |
My husband and I signed a contract for the same school a few weeks ago and are moving over to Korea the first week of November with our two children.
We live in Michigan and are both in our early 30's. We used up most of our savings so that we could both go back to school to finish our bachelor's degrees. Sadly enough, we graduated into 10% unemployment. I worked while in college and I was laid off from my job (55k/year) two weeks ago.
In Korea, we will be able to save up 1.2M KRW/month, just over $1,000 USD/Month. That is after paying our student loans and sending over money every month (currently calculated based on a 1200KRW to USD exchange rate) for our car payment/ins/storage fees, AND having 600k KRW per month to just... spend.
Even with both of us working in the States, we would not have as high of a standard of living or savings potential that we will have when we go to Korea. And honestly, a year in Korea is MUCH better than the $362/week for 26 weeks that we are facing on unemployment!
There are pros and cons to every situation, but for us, we aren't as worried about the exchange rate as we are about being employed and supporting our family. Anything better in exchange rate under 1200KRW to USD is just a bonus for us. And for us this is almost perfect as my husband has his BA in East Asian Studies.
Stacy |
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Lostone7
Joined: 08 Jun 2006
Location: SE Asia
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| Posted: Sun Oct 12, 2008 5:50 pm Post subject: |
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No
Not really .......... Unless you like the culture, food and have freinds here. Then come on over! You can find all of that here. Money not so much anymore. I have friends in Thailand, China and Vietnam who NOW make the same or more than me and the cost of living is MUCH MUCH cheaper there.
With the won down savings in Nill.
40% drop won-dollar
17% inflation (cost of living is not cheap here!)
Many DO say ride it out and Won will go back up and then you will have some savings. Back up WHEN is the real question! NO ONE really knows for sure. 1 yr or 10yrs I have read both on Asian news sights.
I had 15K in savings but in won.............Now well see above. It's killing me have bills at home.
But, then again if money isn't an issue then thier are much more amazing places to live and work in throughtout SE Asia.
After all these years and this contract if money is down. Well then that's my que to head to a new and exciting place. |
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NoDolan
Joined: 29 Jul 2007
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| Posted: Sun Oct 12, 2008 5:55 pm Post subject: |
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| Its not worth it. Wait about a year and spend that time getting a Tesol of Tefl or work on your Masters of English, and then come when the won gains more value. |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Sun Oct 12, 2008 5:55 pm Post subject: Re: Is going to Korea still worth it? |
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| summer33ny wrote: |
With the falling won/dollar is it still worth it to go teach in Korea?
Can you still manage to save quite a bit of money??? |
Do the math. Convert your salary offer in won into your home country's currency here: http://www.xe.com/ucc/ . Then subtract the money you plan to send home monthly to pay bills. Also consider what goals you've set for near term savings, big ticket purchases, etc.
Then consider expenses. In Korea, you won't pay rent and won't need a car, but obviously there are other expenses like food, clothes, utilities, building fee, entertainment, transportation, etc. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Sun Oct 12, 2008 6:32 pm Post subject: |
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| stacyrb wrote: |
| ldh2222 wrote: |
| People are gonna tell you yes and no, but the fact remains that... the exchange rate isn't going to be back to reasonable anytime soon. I would stay home, or seek other options. |
My husband and I signed a contract for the same school a few weeks ago and are moving over to Korea the first week of November with our two children.
We live in Michigan and are both in our early 30's. We used up most of our savings so that we could both go back to school to finish our bachelor's degrees. Sadly enough, we graduated into 10% unemployment. I worked while in college and I was laid off from my job (55k/year) two weeks ago.
In Korea, we will be able to save up 1.2M KRW/month, just over $1,000 USD/Month. That is after paying our student loans and sending over money every month (currently calculated based on a 1200KRW to USD exchange rate) for our car payment/ins/storage fees, AND having 600k KRW per month to just... spend.
Even with both of us working in the States, we would not have as high of a standard of living or savings potential that we will have when we go to Korea. And honestly, a year in Korea is MUCH better than the $362/week for 26 weeks that we are facing on unemployment!
There are pros and cons to every situation, but for us, we aren't as worried about the exchange rate as we are about being employed and supporting our family. Anything better in exchange rate under 1200KRW to USD is just a bonus for us. And for us this is almost perfect as my husband has his BA in East Asian Studies.
Stacy |
Stacy, your points are all valid. However you've been doing your calculations on 1200KRW per $. What if the rate is 1300, or even 1400 (it was over 1400 just last week), how does that effect your calculations? What if the rate drops to 1500+. Reading your post, you seem to be in the situation where you'll suffer the most from fluctuations in currency as you have to send money home each month. |
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enns
Joined: 02 May 2006
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| Posted: Sun Oct 12, 2008 7:08 pm Post subject: |
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| Getting better: 1265 USD, 1074 CDN. |
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Bigfeet
Joined: 29 May 2008
Location: Grrrrr.....
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| Posted: Sun Oct 12, 2008 8:07 pm Post subject: |
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| The rates people been quoting aren't the same rates that the banks will give you when you transfer money. That rating, which is the one that really matters, will probably be worse. |
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esetters21
Joined: 30 Apr 2006
Location: Seoul
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| Posted: Mon Oct 13, 2008 1:24 am Post subject: |
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| Bigfeet wrote: |
| The rates people been quoting aren't the same rates that the banks will give you when you transfer money. That rating, which is the one that really matters, will probably be worse. |
Bigfeet, that is a good point. A bank exchange will be worse than what you see on the live currency conversion sites. The won is fluctuating right now, but I wouldn't expect it to get any better than 1200w to 1usd. Most likely it will get worse again. |
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chemdah
Joined: 09 Mar 2007
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| Posted: Mon Oct 13, 2008 4:55 am Post subject: |
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I'm taking my chances and coming out for a job this Nov. or Dec.
I don't have to make any payments in the U.S. and can allow my money to sit in a Korean bank.
I read that some people are even converting their dollars into won, so that when it goes back up they exchange it again for 40% interest gain!!
Anyways, this article seems to suggest that the WON LIKELY TO RALLY:
http://english.chosun.com/w21data/html/news/200810/200810100006.html
I was just in Thailand teaching in a reputable English Institute earning an income on the higher end at about $1400, with no rent covered. So Korea is still a good deal!! (I actually earned additional income doing online ESL tutoring with a Korean company, so I still came out ok monthly, but worked my A** off) |
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