Korean Job Discussion Forums

[AtmaWeapon]

Most of us here are making ~$24K/yr with a paid apartment (if that), the equivalent of making ~$30K back home. Since most of us are recent college grads, the alternative would be making ~$36K at an entry level position (I guess if you are lucky enough to get one).

Aside from saving on costs associated with driving such as gas and insurance (I already factored in rent above), I think most people would still be able to save more money living in their home country. I just don't understand why so many people rave about Korea being such a great place to save money, when in reality we are making peanuts. Transportation aside, the cost of living in Korea is about the same if not higher than the US.

Personally I prefer teaching to working a boring desk job, which is why I came to Korea in the first place and why I'm coming back. I managed to save $20K over 15 months my first time around which is OK, but my friend who works an entry level job saved $30K during my time in Korea. Granted he was living with his parents and I definitely had more fun in Korea than he did back home, but I'm speaking purely of finances here.

[PRagic]

Your friend lived with his parents, ate his parents food. He also didn't pay utilities and may well have been covered under their health care plan. Was he paying off student loans, or did his folks foot the bill for his degree, too?

A lot of new grads are doing what your friend is doing, and it's great that he did indeed save up instead of pissing away what he saved by living at home.

In general, though, you're going to save more your first year or two in Korea than you possibly could in an entry level job in N. America, and, like you said, you'll have independence and a life, too.

It would get good to know what your friend majored in and what career field he entered. A lot of the one and two year wonder teachers in Korea are from the soft sciences, and there isn't much demand in the job market 'back home' now (nor was there ever, to be frank).

[T-J]

How much of that $700 a week do you think you actually get after federal, state, FICA, health, dental are all taken out?

Your 36k job gives you about 25k to work with. Less than most make here Now take out the rent, and car that you don't pay for here.

Pretty easy to see how it's easier to save here.

[edwardcatflap]

[OBwannabe]

Just before I moved home (about a year and a half ago) I did my best to estimate how much I would have to make in Canada to end up with approx as much disposable income as I had living in Seoul. Factoring in rent of $700/mth ( gets you a crap basement suite or decent 2bdrm with roomate), and the expense of running a car (paid for)....my estimate was $60,000/yr.

I was not far off. I struggled making 30 grand/yr to start and now make 50 grand/yr before any overtime. I'm lucky that I have unique rental situation. For $500/mth I rent out the spare bedroom of my friend's house and he only stays here one or two night/mth. So essentially I get a house to myself...and that's with all utilities included. I also drive a piece of crap car that I paid cash for.

I'm not looking forward to paying more for rent when I move out, or someday making car payments.

I really think I was nearly spot on in my estimate. Even making 50grand a year I definitely don't have the money to spend on beer/going out/travelling/dating...that I did while teaching in Seoul. Not to mention the severance and pension refund. Man, they are a great add on!

I may have made this comparison based on what I was making my last year in Seoul which was 2.7/mth. I'm don't really remember.

[radcon]

Most Americans would be thrilled to save 20k in 15 months. And in what American city would you be able to rent your own place for only $500 a month?

[pkang0202]

[thegadfly]

No car, no gasoline for said car, no insurance for said car, no rent, much lower tax rate, significantly lower payment for medical insurance (if one were lucky enough to even HAVE medical insurance from a job in the US), and lower costs for most basic entertainment (Internet, cable, cell phone, movie tickets, movie concessions, most non-western style restaurants, draft beer, etc)....

All of those make for significantly LOWER costs of living, which equal much HIGHER savings potential.

If you make $24k here, you would need to make $50k or so to equal the saving potential in most places in the US (mainly because most places in the US, a car is a necessity, not the luxury it is here). Remember, your bills get paid from your NET salary, not your gross -- so tack on an additional 30% or so to all of your bills. Each dollar you earn is going to be taxed in the US at around 30-ish %, depending on the state, so to have $7 to pay toward bills, you need to earn $10

If one insists on eating and drinking only at Western style places, and insists on "Imported" Western brands, then yeah, prices are way higher here than back home. I eat at a sit-down restaurant for less than the cost of a Big Mac Meal in the US -- heck, the Big Mac Meal in Korea costs less than the Big Mac Meal in the US!

Some stuff IS more expensive here -- but most stuff is cheaper...and if you avoid the some and go with the most, you have more to save and spend less.

[radcon]

[radcon]

Utilities are huge. In Korea I get internet, regular cell phone, home phone, cable tv, gas, water, electric, and trash pick up all for about 100 bucks a month. Try that in the US. Smart phones in Korea are about 50-60 bucks a month. Double that or more in the US.

My main source of entertainment these days is torrents. If I downloaded the amount I do now in the US I would get sued for sure by the entertainment companies.

And what about vacations. A trip to Thailand would be a once in lifetime (or impossible) trip for my US based friends. Its run of the mill for me.

[akcrono]

[Swampfox10mm]

As mentioned, new people are able to save here because they have less.

No car.
No rent (basically).
Etc.

And one more important thing... they just don't know where everything is at. In the first few months, for many people who like to spend, their lives are temporarily reset so that they aren't going to their regular haunts back home (be that a bar, a shopping mall, or whatnot) and spending money. Eventually, people find ways to save money and saving becomes a lot more difficult.

Plus Korea is NOT anything NEAR what it used to be for saving. I came here 10 years ago. My pay started at 2.3 per month. Back then, the won was 850 to 900 per dollar, if memory serves. Now it's 1250 to 1, give or take. The subway cost half as much. I could easily eat a full lunch for under 4,000 won -- and I'm not talking about the cheapest Korean food you can find. You could eat at some Western fast-food places for that, just as an example. Now, if I eat out for lunch, I can easily spend 8,000 won or more.

No matter what the apologists say, prices are far, far worse than before. People aren't saving like they used to, and entry-level salaries have remained pretty close without being adjusted for inflation.

[myenglishisno]

[OBwannabe]

[quote="Swampfox10mm"] I came here 10 years ago. My pay started at 2.3 per month.

That sounds like a pretty stellar starting wage for 10 years ago. I'd be happy to start at that now if I decide to return.
But ya, unfortunately the cost of living in rising, but the wages remain pretty much stagnant.

[rowdie3]

You gotta network to make money. First year, yeah I could see making 2.1-2.3 but after that, you have to find better jobs. I don't know anyone that makes less than 4 million (legally) a month who has been here for two or three years. Find jobs that you can add to your E2 visa. Maximize your Won per hour rate. If you are making less than 3 million in your second year, you are not working the system to your benefit. Don't tell me that those jobs aren't out there. I work for a company that has 60 plus foreign teachers. They are ALL making at least 3 a month. Korea is a goldmine exchange rate or not.