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Korean Job Discussion Forums
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rws5501
Joined: 31 Jul 2009
Location: Houston, TX
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 Posted: Sun Aug 02, 2009 10:44 pm Post subject: Money Comparison |
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| I'm sure this has been brought up before. If a person is making 2.0 won with all the benefits, what would that equate to in the US or other western nations? This taking into acount food at school, housing, etc. |
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romano812
Joined: 09 Dec 2008
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| Posted: Sun Aug 02, 2009 10:56 pm Post subject: use a currency converter |
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such as http://www.xe.com/ucc/
and then realize the cost of living in Korea is no longer cheaper than the U.S. Sure cabs, cigarettes and beer are cheap, but many things are far more expensive. The days of coming to Korea and saving a ton of money are long gone. If you're coming here it's to experience the culture and learn about Asia.
Good Luck. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Sun Aug 02, 2009 10:57 pm Post subject: |
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http://www.xe.com/
Currently, 2.0 = 1,637.264 USD 
However, you don't have to pay rent, so maybe it's a little over 2,000/month compared to Japan or back home. |
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fraukoch
Joined: 25 Jul 2009
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| Posted: Sun Aug 02, 2009 11:01 pm Post subject: |
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| lifeinkorea wrote: |
http://www.xe.com/
Currently, 2.0 = 1,637.264 USD |
My, how grim must the prospects be for American university graduates for them to continue coming over here in such droves? |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Sun Aug 02, 2009 11:03 pm Post subject: |
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| Quote: |
| My, how grim must the prospects be for American university graduates for them to continue coming over here in such droves? |
Maybe it's the Korean women and food (minus the dog meat). |
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rws5501
Joined: 31 Jul 2009
Location: Houston, TX
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| Posted: Sun Aug 02, 2009 11:18 pm Post subject: |
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| No, just the chance to teach and have a rewarding experience. I'm going to a rural location and hopefully it will be an experience I will never forget. |
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rws5501
Joined: 31 Jul 2009
Location: Houston, TX
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| Posted: Sun Aug 02, 2009 11:22 pm Post subject: |
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| Why is it that people are bagging on US citizens coming to Korea to teach? Was it not that way in the past? Were the other native english speakers having their way? Just curious. |
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Carla
Joined: 21 Nov 2008
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| Posted: Sun Aug 02, 2009 11:39 pm Post subject: |
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| rws5501 wrote: |
| Why is it that people are bagging on US citizens coming to Korea to teach? Was it not that way in the past? Were the other native english speakers having their way? Just curious. |
It could be a little of the fact that Americans get preference generally. British teachers have to teach "American" and I've had Canadian teachers tell me the they are told to say they are American to any parents. This does not mean everyone, these are just complaints I've had from some teachers in Korea.
So, some of the problems could be because the influx of Americans means a smaller chance of getting a job if all things are equal except for citizenship. |
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iggyb
Joined: 29 Oct 2003
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| Posted: Sun Aug 02, 2009 11:58 pm Post subject: |
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On Carla's point,
At least native speakers from other nations can get a job in Korea. Try that with even an advanced degree in some of the non-Asian nations where British English has had a lock and monopoly for a long time. Like in the Middle East where the pay used to be spectacular but also in many other regions.
At least in Korea, Japan, and China, everybody can play... |
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bassist33
Joined: 07 Jul 2009
Location: Mok-dong, Seoul
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| Posted: Mon Aug 03, 2009 1:38 am Post subject: |
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| lifeinkorea wrote: |
http://www.xe.com/
Currently, 2.0 = 1,637.264 USD
However, you don't have to pay rent, so maybe it's a little over 2,000/month compared to Japan or back home. |
I pay a bit more than $300 for rent. Also, in America, at least in my area, a car is a must. And, from what I've read, it would seem that you can certainly eat much cheaper in Korea if you really delve into the culture. While there are many goods that are more expensive, if you spend your money right I believe that it would go a lot further in Korea than it would in the U.S. With lower much lower taxes, savings opportunities like national pension and severance pay, and side opportunities to earn money *ahem* I would have to say that you're 2 million won salary could translate into roughly $3000 in the U.S.
I'm sure there have been better times, but the Korean won will strengthen. The recession has had a major effect on Asian nations, but there are signs of improvement. By the end of the year, that conversion rate will be much better-
http://www.forexyard.com/en/reuters_inner.tpl?action=2009-07-27T095841Z_01_SIN429267_RTRIDST_0_FRANKLIN-BONDS-FUND-VIEW
In fact, now may be the best time to go. Convert your American dollars right now and take advantage of the exchange rate and by the time you leave you will have a much better rate to exchange back to dollars. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon Aug 03, 2009 4:19 am Post subject: |
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2,000,000 won at 1,250 KRW to US$1 (July 2009 approximate) ... $US 1,600
August 1, 2009: 2,000,000 KRW = 1,612 USD
XE.com Conversion at http://www.xe.com/ucc
250,000 yen at 95 JPY to US$1 (July 2009 approximate) ... $US 2,632
August 1, 2009: 250,000 JPY = 2,622 USD
XE.com Conversion at http://www.xe.com/ucc
Salary in Japan: 250,000 - 340,000 Yen/Month
Source: See the job ad for salary: Private Jnr/Snr High School English Teacher
https://jobs.gaijinpot.com/index/view/job_id/27005
Historical Exchange Rate (approximate or rounded off)
Korean Won to USD
1993 - 2,000,000 won at 795 KRW to US$1 (January 1993)........ $US 2,515........
1994 - 2,000,000 won at 813 KRW to US$1 (January 1994)........ $US 2,460........
1995 - 2,000,000 won at 793 KRW to US$1 (January 1995)........ $US 2,522........
1996 - 2,000,000 won at 787 KRW to US$1 (January 1996)........ $US 2,541........
2009 - 2,000,000 won at 1362 KRW to US$1 (January 2009)........ $US 1,468
http://www.x-rates.com/d/KRW/USD/hist2009.html
Japanese Yen to USD
1993 - Japanese Yen to 1 USD January: 125 JPY, February: 121 JPY
1994 - Japanese Yen to 1 USD January: 111 JPY, February: 106 JPY
1995 - Japanese Yen to 1 USD January: 100 JPY (250,000 JPY = 2,500 USD)
1996 - Japanese Yen to 1 USD January: 106 JPY, February: 106 JPY
2009 - Japanese Yen to 1 USD January: 90 JPY, February: 91 JPY
http://www.x-rates.com
Historical Exchange Rates for 1995 (note: approximate)
1995 - South Korean Won to 1 USD
January: 793 KRW
February: 793 KRW
March: 781 KRW
April: 770 KRW
May: 764 KRW
June: 763 KRW
July: 760 KRW
August: 767 KRW
September: 772 KRW
October: 767 KRW
November: 769 KRW
December: 771 KRW
http://www.x-rates.com/d/KRW/USD/hist1995.html
1995 - Japanese Yen to 1 USD
January: 99 JPY
February: 98.2368 JPY
March: 90 JPY
April: 83 JPY
May: 85 JPY
June: 84 JPY
July: 87 JPY
August: 94 JPY
September: 100 JPY
October: 100 JPY
November: 101 JPY
December: 101 JPY
http://www.x-rates.com/d/JPY/USD/hist1995.html |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Mon Aug 03, 2009 4:36 am Post subject: |
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| Quote: |
| I pay a bit more than $300 for rent. |
I mentioned more than 2.0 and I was thinking more along the lines of 500. The thing about needing a car just makes it even more of a savings in the end.
As for the last guy who posted the exchange rates, it doesn't mean diddly squat. In 1995, were there as many teachers? We have to take things into perspective here. Look at the earning potential and compare that with the exchange rate.
In China, they don't pay as well, but if you get a part-time job for example you actually get paid more per hour. You just don't work enough when comaring totals. In this case, I wonder if people are allowed to private tutor legally.
If so, there might be a way to earn a much healthier income than a full-time job. |
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fraukoch
Joined: 25 Jul 2009
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| Posted: Mon Aug 03, 2009 7:03 am Post subject: |
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| rws5501 wrote: |
| Why is it that people are bagging on US citizens coming to Korea to teach? Was it not that way in the past? Were the other native english speakers having their way? Just curious. |
Hoards of young, naive, easily manipulated, financially desperate, adventurous septics who've never had a real job before are not exactly beneficial to the market. |
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Chambertin
Joined: 07 Jun 2009
Location: Gunsan
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| Posted: Mon Aug 03, 2009 7:26 am Post subject: |
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Cost of living is cheaper here?
By far.
More so on how much your contract is really worth.
3500 won for a good meal. Good enough to last all day +2000 won for snack and booze at end of day.
38000 won for internet (the fast monthly rate from KT). + general utilities which the person decides, so those are negligent.
$5 for a shitty meal that barely gets you through to dinner, + breakfast and equally shitty $8 dinner.
$40 a month for just internet, but we all sign up for the package deal at 100-120$ us.
Minimum of $400 per month rent. Health insurance, well unless you work at some ungodly company this is going to tack on a few hundred a month. Pension, yeah we pay social security but we will most likely not receive what we paid into it.
30-40% tax rate.
You getting the picture yet?
Sure there are problems and other debaucheries here in Korea, but that 2.0 mil contract is worth a carload more than the exchange rate says it is.
The was a thread about it being worth 8mil a while back. Under the right conditions maybe, but I'm guessing that 2.0 mil is the equivalent of 15-20$ an hour depending on how you spend your money and where you get set up.
I lived nice back in the 90's as a drafting engineer working for about $16 an hour. I never had spending power like this, even when I worked at a liquor store on the weekends.
(drafting engineer was a term for those who knew how to design things better than the college kids but never went to college. I was contracted to Ford, GM, GE, etc. That�s why I went back to finish school.)
People vary, but spending power of a fully sponsored legal job is quite high. I'm guessing that you would have to make at least $25 an hour to compete with 2.0 mil won contract. AT LEAST.
(EDIT): Real Reality makes some decent points every so often, but generally they are just taking up space with unrelated or unimportant facts. Exchange rates mean squat unless you convert your money before you spend it. |
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winterfall
Joined: 21 May 2009
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| Posted: Mon Aug 03, 2009 8:22 am Post subject: |
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| lifeinkorea wrote: |
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| I pay a bit more than $300 for rent. |
I mentioned more than 2.0 and I was thinking more along the lines of 500. The thing about needing a car just makes it even more of a savings in the end.
As for the last guy who posted the exchange rates, it doesn't mean diddly squat. In 1995, were there as many teachers? We have to take things into perspective here. Look at the earning potential and compare that with the exchange rate.
In China, they don't pay as well, but if you get a part-time job for example you actually get paid more per hour. You just don't work enough when comaring totals. In this case, I wonder if people are allowed to private tutor legally.
If so, there might be a way to earn a much healthier income than a full-time job. |
Yes and no. Depending on how you look at it. If your an F-2 than you can't work extra unless you've got your sponsor's approval. I've known of F-4 part timer's who pulled in 4 million a month and hated it.
The Pro's you make a ton of money. The Con's are: the running around gets emotionally tiring, little to no job security (Your easily replaced), Employers don't have to give insurance, little to no vacation, very few places will give you an apartment.
And if your bent on getting a car know that gas is very expensive and driving in Korea is a nightmare.
(Edit - Even 1.8 million Won a month. With or without a favorable exchange rate isn't a bad deal. At my last job, I was an inventory manager at a warehouse. Lazy kids never showed up for work so I had to all the labor for $12 an hr. Losing about 30% to taxes. All I'm saying is count your blessings that you have a job instead of wanting more after you get it) |
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