Korean Job Discussion Forums

[whiteshoes]

I know that it's pretty typical for Koreans to ask you what many westerners feel are personal questions, like "Are you rich?"

Thing is, I have no idea how much money the typical Korean makes. Could anyone give me a break down? Like what's a working class wage, middle class, wealthy, and rich?

As far as I'm concerned, any job you have where you can easily save more that 50% of your wage means you're fairly well off.

[DCJames]

[Thunndarr]

[jackson7]

I think that's the point. Almost ANYONE teaching in Korea can save 50% of their pay without even trying. I was saving 75% while still going out drinking every week and never worrying about spending too much on eating out, etc. It's not difficult. But think about the savings goals recommended on the high end of the savings range. 20%+ of one's income is a great savings goal. I'll be saving close to 95% next year at a uni in the Middle East. EVERYTHING is paid for or provided...right down to the toilet paper.

[whiteshoes]

[BS.Dos.]

By Korean standards I suppose I'm okay, but by UK standards, not by a long shot. I cleared 2.4 this month, which is about �1170 or �292 per week. That wouldn't go very far back home.

[madoka]

[Robot_Teacher]

In term of US dollar earnings, it's low average. The students think you're rich and envy you, but they don't know much about how it really is. They don't know you're $40,000 in debt for your 5 years undergrad study to be lucky to get slightly less than $2000 per month remuneration in a terrible economy where capitalism and all we know is on the verge of collapse. Don't tell them that as suicide is already at an all time high and increasing due to the young having issues dealing with unreasonably economic impossibility today's environment presents them.

I feel I should be doing much better, but this time in economic history is not an optimal time for those not in the money to go invest or skim off the big pie through day trading securities. Today's capitalism is all about the rich looting the markets and taking all without giving us good companies offering innovative products and good jobs that offer decent pay and benefits. Sure your computer is a very innovative product, but it's produced in Asia; not a western country where the idea was dreamt up and commissioned. Instead of hiring YOU, they hired someone else, becuase that someone else is cheaper. Instead billionaires investing in companies that build great products and careers, they day trade in the markets for capital gains rather than building long term value in anything. It's all about the rich lining their pockets. Even if it means taking from Uncle Sam to make ends meet in funding the coffers to line C-level employee pockets for a terrible job done.

No, you're not rich, but you're surviving for this year as ESL teacher in Korea.

[PRagic]

If you live in Seoul, you're not considered 'rich' unless you have about 2 million USD, at least that's according to the Korean news report I saw.

Then there's the question of liquidity. Some people are living in way overvalued apartments, and that, in addition to some cash and investments, puts them in the 2 million ballpark. I don't think they're even considered 'rich', then, just comfortable.

We're worth about a million USD, and I can tell you that we don't feel anywhere near 'rich' in Seoul. Kind of sucks, but what can you do?

[itaewonguy]

what do you consider rich?

[kimchipig]

You are not rich. Salaries in Korea have not gone up in 15 years. In 1994 I was making W2.0 a month and that exchanged at about $3800 CDN a month and I paid no tax on it. Today that same amount comes in at $1825 a month. It is chicken feed compared to what I make in Canada as a tutor. Korea may be fun but no matter what anybody says, you are much better off returning home after a couple of years and building a career where you are from.

[Goku]

I think we all have our own definitions of rich, It's highly subjective and comparitive. I've talked to Korean lawyers making 10mil won a month. They say they aren't rich compared to the other lawyers out there. Then you talk to teachers who make 5mil a month and we all having gaping mouths and go "PRIVATES! that dude is teaching PRIVATES!"

For me, being surrounded by the "richie riches" all my life, I think "rich" is when you have the financial freedom to buy the things you want without having to think about the food on your table.

One of my best friends in college dropped $35,000 (IN CASH) for a BMW.
That's rich (pun intended). The salesman dropped his jaw when paid in cash. My friend couldn't figure out why the salesman thought he was a drug dealer... Money was no object to him and he couldn't see why other people didn't have as much money.

Another one of my college buddies dropped more $10,000 for SEVERAL sets of Tilest clubs. Sweet deal, he gave me one for free....

Both of these guys would buy things without having to rethink. That's being rich. I mean, in college I wasn't bad off, mooching off my dad. But I always had a sense of guilt or worry when buying something expensive. Now obvioulsy, these guys wouldn't buy a yacht or anything, but the point is they could buy everything THEY wanted without worry. Unlike me, who was staring at the "cheap" Armani suits while my friends were egging me to buy it. "oh it's ok, you can buy it. Don't worry!"

When you go out and buy all the things you want without worrying about food on your table then you are rich. Even if that means you only make $2000 Usd a month. If you don't have debt, can go out and buy sam gyup sal for the family, live comfortably, and have everything you want, you're rich!

Hmm, but I guess my more non-philosophical opinion would be, Making over 25 mil won a month. That's an arbitrary figure but it's what I would consider financial freedom.

[drkalbi]

Rich is when you don't have to ask the price.

[whiteshoes]

[PRagic]

kimchipig does make an interesting point unless you consider two things:

1) Real wages in the US have actually decreased over the past 30 years. Spending rates have been fueled by dual incomes, and the majority of people in their 20s, 30s, and 40s are living well beyond their financial means.

2) Depending on your chosen profession, sometimes it's better to live and work overseas. I have friends in international education (some ESL, some not) who transitioned back to the US. They're opportunities came about largely because they had a load of overseas experience.

3) There is a trade off. On the one hand, in more traditional employment markets, excessive time spent teaching English in hakwons (be they in Korea or elsewhere) can put a crimp in the ol' CV. On the other hand, your average college grad in N. America and Europe will have a tough time saving 10K a year. So one benefit of working in Korea (or Japan) for a few years is that you can wipe out a large amount of debt that would normally be on your books until your 40s. Additionally, for those with minimal debt to begin with, working here can mean putting together a pretty good chunk of change to get the ball rolling either here or 'back home'. The long-termers I know in Korea don't do 'debt financing', they have been investing in real estate, land, and securities since their 20s and 30s.

To each their own. I have quite a few buddies from back in the US who have great careers. They have the big houses and nice cars. And they have the debt to prove it. Some don't, of course, but the one thing I find ironic is that many on this board berate the choice to make a go of it in Korea, while my professional friends in the US, even the very successful ones, tell me to never EVER trade my life for the 'American dream'. We can always pick that up later on discount should we want to move on back!