Korean Job Discussion Forums

[Weigookin74]

On the bright side the exchange rate for Canadians is getting better and better. 2.1 mil was about $1800 on average from 2008 to 2013. Now, it's hovering around $2400? If you make more, it means even more money to send home. Makes a huge difference. Of course Canada is much more expensive than the USA (excluding the coasts). So, an American from Iowa probably has less of a start of up cost going back home even if he's getting less exchange rate nowadays. Canada is seriously such a high priced rip off nowadays. I'm still shocked at the ridiculous costs.

[World Traveler]

The Canadian dollar is becoming so weak, most major currencies earned overseas would give a better exchange rate compared to before.

http://www.xe.com/currencycharts/?from=CNY&to=CAD&view=5Y
http://www.xe.com/currencycharts/?from=USD&to=CAD&view=5Y
http://www.xe.com/currencycharts/?from=GBP&to=CAD&view=5Y
http://www.xe.com/currencycharts/?from=AED&to=CAD&view=5Y

[oatmeal]

It's not actually about how much money you save, it's about the % of your income you are saving. So no matter what amount of money you are making, I've been saving about 71 to 74% on average of my income. With the remaining 26 to 29%, I'm able to pay off all my bills, housing, food, car gas+insurance, and a little bit of purchases here and there.

I know I'm on the extreme high side 71-74 percent is crazy for most people. Most people might be more around the 30-50% range, even others only 5 to 15%. In other words, lots of people in this world spend as much as they earn each month and get by paycheck to paycheck. I couldn't live that way. But then again, I dont have a family to support so it's easier to save 74% than if you are a family person.

There is no right or wrong answer, but only what works best for you. Some people could save 70% of their income but they'd be absolutely miserable people living like that. Others might only save 5% and spend most of what comes in, but still be miserable people. It all depends on what works for you and what your goals are.

If your goal was to come to Korea, travel, experience and have an adventure, then spending most of what you make is what you would be doing and being happy about it because you are traveling and having adventures. If your goal was to just come and pay off debts or save money, then 70%+ is doable very easily.

If some of you have a significant other or looking for one and have to dish out the doe to pay for all the dates and gifts, then saving is not your main priority, 10 or 15% is good for you. Again, it all depends on what your goal is.

Percentages is the way to work with it, don't focus on the actual dollars amount because you might get confused when comparing yourself to others who make 3x times more than you or make less than you, so it's not an accurate way to assess anything. It's all about %.

[tophatcat]

It's about the amount you make and the percentage % you save/invest.



It's better to make 6 million and save 50%

than

to make 3 million and save 70%.

[jlb]

Time to stop acting like a 22 year old newb fresh off the boat:

http://teachinginkoreanuniversity.com/20000-a-year-in-korea-is-it-possible/

[The Cosmic Hum]

[isitts]