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Korean Job Discussion Forums
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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 Posted: Fri Dec 04, 2015 5:56 pm Post subject: |
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| alongway wrote: |
| silkhighway wrote: |
I didn't read every response here..
But..
What is $20K these days? 15-20 years ago that was probably enough for a downpayment on a house, but now? Not very much. |
Depends where you live. Big city no, small town, yes. If you plan to stay in Korea long term and get married here and have a life, if you can save 20 million won a year for the first 5 years before you do that, things are going to be significantly easier for you. |
The average house price in Canada is now $430K. One could argue there's a real estate bubble but they're not going to drop drastically from that point.
I don't know other countries but I can't imagine it's significantly cheaper than that unless you want to live in an isolated town where your employment options consist of truck stop service worker or subsistance farmer. |
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alongway
Joined: 02 Jan 2012
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| Posted: Fri Dec 04, 2015 8:39 pm Post subject: |
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| silkhighway wrote: |
| alongway wrote: |
| silkhighway wrote: |
I didn't read every response here..
But..
What is $20K these days? 15-20 years ago that was probably enough for a downpayment on a house, but now? Not very much. |
Depends where you live. Big city no, small town, yes. If you plan to stay in Korea long term and get married here and have a life, if you can save 20 million won a year for the first 5 years before you do that, things are going to be significantly easier for you. |
The average house price in Canada is now $430K. One could argue there's a real estate bubble but they're not going to drop drastically from that point.
I don't know other countries but I can't imagine it's significantly cheaper than that unless you want to live in an isolated town where your employment options consist of truck stop service worker or subsistance farmer. |
The average price is driven up by places like Toronto and Vancouver. There is plenty of Canada outside of that. 100 million Korean (After 5 years) is around 115,000 CAD with exchange right now, and my home town which has a metro area of around 120,000 people has an average home price of 158,000. That doesn't get you very far off. And it's hardly a truck stop. |
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DaeguNL
Joined: 08 Sep 2009
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| Posted: Fri Dec 04, 2015 8:47 pm Post subject: |
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| silkhighway wrote: |
I didn't read every response here..
But..
What is $20K these days? 15-20 years ago that was probably enough for a downpayment on a house, but now? Not very much. |
20k is better than the 2k you can save up in Canada working at starbucks, waiting for that big break.
I don't think too many people realistically expect to buy a house after working 1 year in Korea. |
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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| Posted: Fri Dec 04, 2015 9:13 pm Post subject: |
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What fraction of the 97% employed college grads work at Starbucks? I think that's selling yourself pretty short. But even if you live in an economy where it's tough to get a decent job for a year or two, well, you have to go through it anyways at some point unless you plan to be in Korea for a long time.
Frankly, there's lots of reasons to go to Korea to teach and to travel, but to linger there for financial reasons if you're only saving 20K/yr is not a great justification. |
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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| Posted: Fri Dec 04, 2015 9:23 pm Post subject: |
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But I guess a college grad going to Korea for 2 years and knocking of 25K in student loan debt or building some saving, and coming back with 15K cash to get set up with an apartment, car, whatever they need, would be in an ok position.
My point wasn't that saving 20K is bad, just that it's not great. I knew people 15 years ago who went to Korea literally with the goal in mind of doing a year to save enough for a down-payment for a house. They probably actually saved more than 20K fairly easily. |
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World Traveler
Joined: 29 May 2009
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| Posted: Sat Dec 05, 2015 12:55 pm Post subject: |
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| In the U.S.: Average hourly earnings rose 4 cents in November to $25.25. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Sat Dec 05, 2015 1:32 pm Post subject: |
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| alongway wrote: |
| My home town which has a metro area of around 120,000 people has an average home price of 158,000. |
What's your town? I mean even in BC towns without any jobs in the middle of nowhere, I doubt you'd find that low an average price? |
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alongway
Joined: 02 Jan 2012
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| Posted: Sat Dec 05, 2015 4:13 pm Post subject: |
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| Who's Your Daddy? wrote: |
| alongway wrote: |
| My home town which has a metro area of around 120,000 people has an average home price of 158,000. |
What's your town? I mean even in BC towns without any jobs in the middle of nowhere, I doubt you'd find that low an average price? |
East coast. A lot of BC is affected by vancouver. Anywhere near there is going to have high prices. |
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DaeguNL
Joined: 08 Sep 2009
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| Posted: Sat Dec 05, 2015 9:43 pm Post subject: |
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| silkhighway wrote: |
What fraction of the 97% employed college grads work at Starbucks? I think that's selling yourself pretty short. But even if you live in an economy where it's tough to get a decent job for a year or two, well, you have to go through it anyways at some point unless you plan to be in Korea for a long time.
Frankly, there's lots of reasons to go to Korea to teach and to travel, but to linger there for financial reasons if you're only saving 20K/yr is not a great justification. |
Within a year or two of graduating? probably a lot.
What % of fresh college grads are working a job that can save them 20,000 a year? |
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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| Posted: Sat Dec 05, 2015 10:14 pm Post subject: |
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The only people I know working at Starbucks are teenage girls, but ok, it depends on what part of the country you are in, how the economy is doing, etc. etc.
I don't know the statistics, but I guess you're right and most grads aren't saving 20K the first year or two after graduation. But they're setting themselves up for a position where they'll earn more down the road.
For most people 20K fifteen years ago was hardly a lot of money, but it was enough that it could bump you over a large financial hurdle like having enough for a down payment. If you went to Korea for a year with that goal in mind, it was very attainable. Today, that's not as true, and I think most people would blow through it quicker than expected.
Buddy who does one year in Korea and saves 20K and comes home. Well he has to get an apartment, might need to get a car. It might take awhile before he lands a job. How long is that 20K going to last? And what income opportunities does he have now that puts him ahead of the person who didn't go to Korea in the first place? If anything, he's a year behind. |
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newchamp
Joined: 09 Mar 2013
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| Posted: Sun Dec 06, 2015 2:31 am Post subject: |
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To save 20k in a year most teachers would have to spend almost nothing. It's too bad this thread is being kept alive by someone who says he hasn't been here for 8 years (silk highway) and a couple of people who exaggerated job conditions a few pages back.
Last edited by newchamp on Sun Dec 06, 2015 2:38 am; edited 1 time in total |
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World Traveler
Joined: 29 May 2009
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| Posted: Sun Dec 06, 2015 2:36 am Post subject: |
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| 2.1 mil is $1,800, which is $21,600 a year. How are teachers going to save 20K out of that? DaeguNL and friends will find a way I'm sure. |
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alongway
Joined: 02 Jan 2012
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| Posted: Sun Dec 06, 2015 3:57 am Post subject: |
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| World Traveler wrote: |
| 2.1 mil is $1,800, which is $21,600 a year. How are teachers going to save 20K out of that? DaeguNL and friends will find a way I'm sure. |
9 pages..we've been over the math several times.
I know you've been here for at least parts of it.
20k in the first year is not likely. But single people here more than a year should be putting that away.
In the first year you should put away: 14 million (1 million a month + severance) without too much issue. If you want to be frugal and squeeze out another few hundred you're going to get very close to 20 million. In the second year get yourself an after school or better hagwon (there are plenty out there better than 2.1) and you should hit 20 million. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 06, 2015 8:57 am Post subject: |
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| silkhighway wrote: |
But I guess a college grad going to Korea for 2 years and knocking of 25K in student loan debt or building some saving, and coming back with 15K cash to get set up with an apartment, car, whatever they need, would be in an ok position.
My point wasn't that saving 20K is bad, just that it's not great. I knew people 15 years ago who went to Korea literally with the goal in mind of doing a year to save enough for a down-payment for a house. They probably actually saved more than 20K fairly easily. |
Pretty much. If you live in a place with a depressed economy, don't go back to it. Instead, take your savings and move to a place with a better economy. 10 or 15 K ought to be enough to get yourself set up or started. I would have said Calgary up until a year ago, but looks like the whole place is going to $h!t! Looks like Saskatchewan or Regina has the lowest unemployment and decent housing costs. Alberta will still be better than the Maritimes even with the oil glut. Somewhere in South West Ontario maybe too? Toronto if you have enough to get set up. I just read that Mississauga has the most head offices in Canada; so that could be a place to live and start at the bottom and work your way up.
As for the USA, google where the lowest unemployment rates are balanced by affordable living costs (IE Housing) are. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 06, 2015 9:04 am Post subject: |
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| alongway wrote: |
| World Traveler wrote: |
| 2.1 mil is $1,800, which is $21,600 a year. How are teachers going to save 20K out of that? DaeguNL and friends will find a way I'm sure. |
9 pages..we've been over the math several times.
I know you've been here for at least parts of it.
20k in the first year is not likely. But single people here more than a year should be putting that away.
In the first year you should put away: 14 million (1 million a month + severance) without too much issue. If you want to be frugal and squeeze out another few hundred you're going to get very close to 20 million. In the second year get yourself an after school or better hagwon (there are plenty out there better than 2.1) and you should hit 20 million. |
Highly unlikely. With those exchange rates for the US Dollar, you'd prob top out at saving 800 bucks a month. If you don't travel or do anything else, then 12 months would get you $9600 and then another 1800 for severance. So, you'd have $11400. Maybe second year 2.3 million with the same saving potential, you'd get $13,500 to $14,000? Maybe if you went up to 2.5 mil, you could save $15,000 to $16,000. Again, this assumes no travelling and living moderately frugal. It also assume having no student loans and credit cards to pay off. Otherwise, you'll have to pay those balances with interest slowing you down first. (I haven't counted the pensions, in case you stay for years and decide you want to make up for not paying into the home country's pension plan. But if you're here for 2 or 3 years, then cash that out too before going home.) |
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