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Malislamusrex
Joined: 01 Feb 2010
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 Posted: Sun Nov 20, 2011 7:59 pm Post subject: |
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I did statistics for the UK government... they told me the type of result the wanted and I modified the analysis to suite them, they usually wanted higher for everything.
| jvalmer wrote: |
| Unposter wrote: |
I think there is a lot of good information here so far and I agree with much that Paddycakes has said.
2 million won a month is lower middle class (from an income point of view).
4-5 million makes you middle-middle class.
I believe I've seen something like the average salary in Korea is about 3.5 million a month.
I believe you need to make about 7 million a month to be in the top 25%.
From informal discussions, I think a successful small business should net you at least 10 million a month.
And, yes, there are an awful lot of millionaires in this country and according to one newspaper article I've read, there are a couple of billionaires as well.
Location also matters a lot as well. It is definitely more expensive to live in Seoul. And, the social class of a Seoul address is significantly different than the social class of anyone residing any place else. And, of course, if you have a Gangnam, Mokdong or Bundang (not Seoul admittedly) will also raise your social class as well. |
Keep in mind that some of those figures might be household incomes. Family of 3+
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201111172214dowjonesdjonline000625&title=s-korea-real-household-income-+16on-year-in-3q-vs-+05in-2q
But if you're a young and single Korean 2 million is comfortable, considering that most will be living at home, living in a really small place or sharing a place. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Nov 21, 2011 10:16 pm Post subject: |
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| There's also Seoul and not Seoul. Two million in Seoul is not spectacular, but is definately quite respectable elsewhere. That said, if your making under 1.5 mil anywhere, that's where you're really looked down on here. Plus you get free housing and an annual salary bonus. These factors should make 2.1 more equal to 2.6 mil a month. If you've been with EPIK for a while and climbed the scale, you can easily have the equivilant of over 3 mil a month with all these things. Maybe not as much with SMOE, GEPIK, or Busan EPIK, but elsewhere should be ok. If you get married and you're K wife were to make 1.5 to 2 mil on top of your 3ish, your combined income will be solidly middle class. If you end up with a lazy woman, then you're screwed. Ha ha. Also being married gives the option to earn much more without fear of being deported. |
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Reggie
Joined: 21 Sep 2009
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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meangradin
Joined: 10 Mar 2006
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| Posted: Tue Nov 22, 2011 5:51 pm Post subject: |
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Making 20 million won a month is still only middle class. It sounds like a lot of money when you make 2-3 million a month, but unless you have been making 20 million a month for a 5-10 years, life is not much better; mortgages still have to be paid and investments need to mature.
IMO, I think having a few million dollars in assets and savings still only makes one upper middle class; comfortable for sure, but not rich by current standards (top 1%). |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Tue Nov 22, 2011 6:00 pm Post subject: |
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| meangradin wrote: |
Making 20 million won a month is still only middle class. It sounds like a lot of money when you make 2-3 million a month, but unless you have been making 20 million a month for a 5-10 years, life is not much better; mortgages still have to be paid and investments need to mature.
IMO, I think having a few million dollars in assets and savings still only makes one upper middle class; comfortable for sure, but not rich by current standards (top 1%). |
So let me get this straight, so most people consider only the top 1% rich? So if say someone has $5 million of cash and other liquid assets, a house worth say $500,000, and essentially no debt you would not be considered rich? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Tue Nov 22, 2011 7:13 pm Post subject: |
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| meangradin wrote: |
| Making 20 million won a month is still only middle class. . |
There is not a single middle class person who earn 20 million won a month from their job. 30million won a YEAR is the average salary. 20*12=240. 240/30=8
Making EIGHT times the average salary is not middle class. |
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meangradin
Joined: 10 Mar 2006
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| Posted: Tue Nov 22, 2011 10:25 pm Post subject: |
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my mistake; i was talking in terms of family income.
| Quote: |
| So let me get this straight, so most people consider only the top 1% rich? So if say someone has $5 million of cash and other liquid assets, a house worth say $500,000, and essentially no debt you would not be considered rich? |
"rich" is a subjective term, but for me, you are rich if you have 5 million dollars. I view rich as those who are in the top 5%. |
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Unposter
Joined: 04 Jun 2006
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| Posted: Wed Nov 23, 2011 5:37 am Post subject: |
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I don't have links but from other articles I have read, the salaries in your link seem low.
Do you know if those figures include bonuses or if that is just base salary?
30 million a year on average I can believe but I cannot believe someone working in the financial industry only makes 39 million. It does not make sense unless that was just base salary. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Wed Nov 23, 2011 9:42 pm Post subject: |
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| Unposter wrote: |
I don't have links but from other articles I have read, the salaries in your link seem low.
Do you know if those figures include bonuses or if that is just base salary?
30 million a year on average I can believe but I cannot believe someone working in the financial industry only makes 39 million. It does not make sense unless that was just base salary. |
Those would be the rank and file workers. The head honchos/big dogs would make more.
But there are more rank and file workers then head honchos thus making the average salary 39 million won.
Which is still not a bad salary as that is more than 3 million a month. |
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fustiancorduroy
Joined: 12 Jan 2007
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| Posted: Wed Nov 23, 2011 11:39 pm Post subject: |
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| Paddycakes wrote: |
As for ESL teachers claiming to be on a "salary" of 4 to 5 million per month, I'd like to know how they make that directly from "salary" alone.
If you're doing a ton of privates and extra work on the side, sure, it's possible.
But why why would a hogwan or uni pay you a salary like that when they can get anyone off the street to do the same job for 2.1? |
I teach at a test-prep hagwon in Gangnam. My starting salary was within the range above. Now it is higher. Making decent money at one teaching job is certainly possible. You just to look carefully and be willing to work harder than the average ESL teacher here. |
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Reggie
Joined: 21 Sep 2009
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| Posted: Thu Nov 24, 2011 5:22 am Post subject: |
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The average salary doesn't take the unemployed into account. If the hidden unemployment rate is 21.2%, that knocks the figure down to 1,970,000 won per month.
http://www.koreatimes.co.kr/www/news/biz/2011/11/123_97550.html
It's sort of like the American economy, where most of the unemployed people don't make it into the official economic statistics because they might make them look bad. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu Nov 24, 2011 8:18 pm Post subject: |
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| Reggie wrote: |
The average salary doesn't take the unemployed into account. If the hidden unemployment rate is 21.2%, that knocks the figure down to 1,970,000 won per month.
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Since when does average salary ever take the unemployed into account?
They don't have a salary therefore they are excluded. This is about average salary of a worker not the total amount of salary divided by the total number of available workers. What does unemployment have to do with salary anyway?
Let's say Person A makes 3.5 million won a month. It doesn't matter if the unemployment rate is 3% or 20%....3.5 million won a month is 3.5 million won a month. |
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World Traveler
Joined: 29 May 2009
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Unposter
Joined: 04 Jun 2006
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| Posted: Fri Nov 25, 2011 4:47 pm Post subject: |
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I personally think World Traveler's link is more accurate.
But, also do not forget that Korea has one of the largest underground economies in the world - in a nation where most things are paid in cash and there is little ability to provide oversight to businesses of any size, income is probably more under-reported than in other countries. |
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