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OBwannabe
Joined: 16 Feb 2008
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 Posted: Sat Dec 22, 2012 7:23 pm Post subject: Start an ESL career in your late 30's and afford retirement |
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Having student loans in excess of 50 grand and being 38 years old....possible?
I don't have a family, not sure I want one, but would like the option.
Is the money good enough to live day to day, save for retirement and raise a family?
Is marrying a K-gal and doing loads of legal privates the only option financially?
Any success stories from those who have been in a similar situation? |
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Brooks
Joined: 08 Apr 2003
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| Posted: Sat Dec 22, 2012 7:35 pm Post subject: |
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Well if you could work at a university and were frugal, maybe.
A free apartment and low taxes sure helps.
There always are places like the UAE where people just go for the salary and the lack of taxes.
50,000 is quite a bit of debt. |
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globusmonkey
Joined: 19 Aug 2011
Location: Seoul
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| Posted: Sat Dec 22, 2012 8:16 pm Post subject: |
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| I would say that you have to be determined to succeed and have a good career plan. At the age of 35 I made the move to Korea, and spent my first year at a hagwon building a solid work reputation. I'll be starting my first university job in March, and while the salary is quite good, no housing is provided (which will take up a chunk of that extra wage). However, I should be able to get overtime and summer/winter camps, which will increase earning potential. My idea is to work here for 4-5 years, continue to improve my credentials (CELTA or even DELTA), and work towards the Middle East, where the right job can get you a hefty tax-free salary. I have more student loan debt than you do, but both my Master's level degrees are related to the ESL field (Teaching and Writing). You do need to budget, but you can live a reasonably comfortable life in Korea, as long as you become knowledgeable of the good & bad of this industry. Do your research, crunch the numbers, and see what come up. Of course, having a family will change a lot of those numbers, but that's a whole different story... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Dec 22, 2012 8:27 pm Post subject: Re: Start an ESL career in your late 30's and afford retirem |
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| OBwannabe wrote: |
| Having student loans in excess of 50 grand and being 38 years old....possible?. |
YES.
| OBwannabe wrote: |
Is the money good enough to live day to day, save for retirement and raise a family? |
Yes, but not working at your average, entry level hagwan job.
| OBwannabe wrote: |
| Is marrying a K-gal and doing loads of legal privates the only option financially? |
No.
| OBwannabe wrote: |
Any success stories from those who have been in a similar situation? |
Continue to network, build your professional credentials and attend workshops.
There IS a career path and it can provide a decent living (firmly planted in the middle class), proper medical care, allow you to raise a family, buy a house and retire at 65 debt and mortgage free.
The American dream is alive and well in many places outside of the USA (even if it no longer exists IN the USA).
. |
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OBwannabe
Joined: 16 Feb 2008
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| Posted: Sat Dec 22, 2012 8:46 pm Post subject: |
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Thanks for the replies...all solid.
As Ttompatz mentioned, retiring at 65 debt free and ready for retirement would be absolutely fantastic. But is it realistic to expect to be teaching in Korea well into your 60's? Or would you have to chase the money and opportunites around the globe? |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Sat Dec 22, 2012 10:04 pm Post subject: |
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If you can get your foot in the door somewhere, work hard, teach well, maybe upgrade your creds as you go along, & network, age wont be a problem. This from first-hand experience.
You've lived here before. Whats with the newbie-esque questions? |
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OBwannabe
Joined: 16 Feb 2008
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| Posted: Sat Dec 22, 2012 10:26 pm Post subject: |
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| schwa wrote: |
| You've lived here before. Whats with the newbie-esque questions? |
You're right, I have lived there before. Five glorious years I spent in the ROK...but was starting to feel like a dinosaur at age 35, so I left.
Just can't seem to shake free of the hold Korea seems to have on me.
So I'm left wondering if I should leave the safe, steady, unfulfilling job (with benefits, pension and decent pay) for a return to Korea an uncertain, but exciting future.
I guess these sound like newbie questions, but going back to Korea with no plan of permanent return to the motherland is entirely new for me.
I appreciate your response. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Dec 22, 2012 10:27 pm Post subject: Re: Start an ESL career in your late 30's and afford retirem |
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| OBwannabe wrote: |
Having student loans in excess of 50 grand and being 38 years old....possible?
I don't have a family, not sure I want one, but would like the option.
Is the money good enough to live day to day, save for retirement and raise a family?
Is marrying a K-gal and doing loads of legal privates the only option financially?
Any success stories from those who have been in a similar situation? |
I can relate. Maybe 5 or 10 years ago would have been much easier. Lower living cost and better exchange rate. Things are still good, but not to the same degree. Many foriegners coming here were older and high student debts loads, especially Canadians. Seems Americans get lots of grants and other things, so they tend to have really low debts. Say, 12 to 20 grand. They can pay things off quickly due to that. I got here at the end of the wave and am still paying things down. But, I have also spent cash on things too. So, partly my own fault. Still progress gets made every day. This market is more competitive than before so wages stay flat. Upgrading credentials are important long term, but high debt loads make that challenging. You're looking at 5 to 7 years paying that down and then having cash to pay for further study to improve credentials. If you spend more when here, taking trips, partying, or anything else, expect to take even longer. Better late than never. My debt was worse than yours and I slowly make progress. But will be a forty something by the time it's all done. Then, I'll have to look at spending more to upgrade credentials, I suppose. If you get a job with pension here and don't cash it out when you leave, then the Korean government will give you a monthly pension when you retire, in combination with something from your home country. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Dec 22, 2012 10:31 pm Post subject: |
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| Public school in a rural area can pay more. But, may mean more trips to the city to stock up on things or to 'get away' from traditional Korea. Try to get some kind of TESOL certification and check out recruiters for specific provinces. But, no chance for networking if you stay in these places. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Dec 22, 2012 10:33 pm Post subject: |
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| OBwannabe wrote: |
| schwa wrote: |
| You've lived here before. Whats with the newbie-esque questions? |
You're right, I have lived there before. Five glorious years I spent in the ROK...but was starting to feel like a dinosaur at age 35, so I left.
Just can't seem to shake free of the hold Korea seems to have on me.
So I'm left wondering if I should leave the safe, steady, unfulfilling job (with benefits, pension and decent pay) for a return to Korea an uncertain, but exciting future.
I guess these sound like newbie questions, but going back to Korea with no plan of permanent return to the motherland is entirely new for me.
I appreciate your response. |
Also, you never paid off your loans when here before or they were much, much higher before? |
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OBwannabe
Joined: 16 Feb 2008
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| Posted: Sat Dec 22, 2012 10:45 pm Post subject: |
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| Weigookin74 wrote: |
| OBwannabe wrote: |
| schwa wrote: |
| You've lived here before. Whats with the newbie-esque questions? |
You're right, I have lived there before. Five glorious years I spent in the ROK...but was starting to feel like a dinosaur at age 35, so I left.
Just can't seem to shake free of the hold Korea seems to have on me.
So I'm left wondering if I should leave the safe, steady, unfulfilling job (with benefits, pension and decent pay) for a return to Korea an uncertain, but exciting future.
I guess these sound like newbie questions, but going back to Korea with no plan of permanent return to the motherland is entirely new for me.
I appreciate your response. |
They were about 60 grand at one point. I got them down to under 50, but didn't plan my departure from Korea very well. Went on a 3 month undpaid vacation and then decided I wanted to move home. Then it was a couple months until I saw another pay cheque. Had to use some available credit at that time to make ends meet.
Also, you never paid off your loans when here before or they were much, much higher before? |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Dec 22, 2012 10:50 pm Post subject: |
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| OBwannabe wrote: |
| Weigookin74 wrote: |
| OBwannabe wrote: |
| schwa wrote: |
| You've lived here before. Whats with the newbie-esque questions? |
You're right, I have lived there before. Five glorious years I spent in the ROK...but was starting to feel like a dinosaur at age 35, so I left.
Just can't seem to shake free of the hold Korea seems to have on me.
So I'm left wondering if I should leave the safe, steady, unfulfilling job (with benefits, pension and decent pay) for a return to Korea an uncertain, but exciting future.
I guess these sound like newbie questions, but going back to Korea with no plan of permanent return to the motherland is entirely new for me.
I appreciate your response. |
They were about 60 grand at one point. I got them down to under 50, but didn't plan my departure from Korea very well. Went on a 3 month undpaid vacation and then decided I wanted to move home. Then it was a couple months until I saw another pay cheque. Had to use some available credit at that time to make ends meet.
Also, you never paid off your loans when here before or they were much, much higher before? |
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Ah, the advantages and disadvantages of credit cards. I feel your pain there, bro. My debts nowadays are a combination of student loans and credit cards. Those foriegners here with no debts must have a glorious life. lol |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Dec 22, 2012 11:01 pm Post subject: |
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| Weigookin74 wrote: |
| OBwannabe wrote: |
| Weigookin74 wrote: |
| OBwannabe wrote: |
| schwa wrote: |
| You've lived here before. Whats with the newbie-esque questions? |
You're right, I have lived there before. Five glorious years I spent in the ROK...but was starting to feel like a dinosaur at age 35, so I left.
Just can't seem to shake free of the hold Korea seems to have on me.
So I'm left wondering if I should leave the safe, steady, unfulfilling job (with benefits, pension and decent pay) for a return to Korea an uncertain, but exciting future.
I guess these sound like newbie questions, but going back to Korea with no plan of permanent return to the motherland is entirely new for me.
I appreciate your response. |
They were about 60 grand at one point. I got them down to under 50, but didn't plan my departure from Korea very well. Went on a 3 month undpaid vacation and then decided I wanted to move home. Then it was a couple months until I saw another pay cheque. Had to use some available credit at that time to make ends meet.
Also, you never paid off your loans when here before or they were much, much higher before? |
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Ah, the advantages and disadvantages of credit cards. I feel your pain there, bro. My debts nowadays are a combination of student loans and credit cards. Those foriegners here with no debts must have a glorious life. lol |
You know how things were then. Still good here as I said, but not as much as before. Assuming a 2.2 mil salary, deductions should bring you down to almost 2 mil. You prob want to keep 700 to 800 K won here to live off. You send home 1.2 Mil and end up with 1000 bucks. (Unlike a few years ago when you would have had 1400 bucks.) This is what you have to pay off debts. I'm guessing interest takes up 300 bucks or more. This is seven hundred a month to pay on the debt. Over 8000 a year to knock down debt if you don't have any sudden expenses that come up. Will take you several years. Then, there's family and apartment expenses on top of these things if you settle here. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Dec 22, 2012 11:03 pm Post subject: |
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| Think the thing to really do is find a sexy ajumma with a good job. Ha ha. Then life is set. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Sat Dec 22, 2012 11:16 pm Post subject: |
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| I've met a number of people who left very dire financial problems in their home countries. They couldn't go bankrupt on the huge debts they had, and so they decided to leave their problems behind and start a new life in a new country. |
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