Korean Job Discussion Forums

[Korea30003000]

So I am leaving Korea. Have been here 5 years and saved 35,000,000. How much did you save in your first 5 years?

[metalhead]

First five years about 46 000 000, but I took three trips to Thailand, one to Germany and a couple to Indonesia (I don't count my trip to South America because that was only three weeks).

Next five years was 58 000 000, with only four trips out of the country and a car and stocks being my big expensives.

Once I am done with these five years, I should have topped 80 000 000. Pretty crappy but it's better than nothing at least I guess.

[Stan Rogers]

I saved nothing.

[Hatcher]

It all depends on the person. Prior to the F visas, it was easier to make extra cash.

The highest amount I ever heard of was 13,000$ for one month. Most I know here save 10-20%... My roommate came with 2000$ in debt and five years later left with 3000$ in debt. Lots of lady friends though.

I also knew one guy who in the summer taught 65 hrs of classes a week and took home close to 100,000$ a year in savings. Another guy was very handsome and pulled in 10,000$ a month... if the moms had found out that he was gay, that would have reduced to about 1,000$ a month.

How much do you want to work? Can you save?

[schwa]

I think I'm set now for a modest worry-free retirement. Though I plan to keep teaching as long as I'm able, because I enjoy it. Thanks, Korea!

[wings]

I'm not sure why I'm always interested to know how much people are saving here. Here's my info:

I arrived in Korea with student debt, like most of us. My debt was 38,000 Canadian. I paid it off in 3 years, while traveling out of the country at least twice a year. It's been a few years since I paid off my loans and I am now living a bit better (spending a bit more, working a bit less). I save 850,000 a month automatically from each each pay, + severance and pension. If I add up my paid off loans + my current savings then I would say in my first 5 years here I've saved 58,000 (not including my pension and severance from the last 2 years)

In my first 6 months I saved pretty much nothing as I was getting set up (I chose to have my own apartment.) I also left Korea for 2 years in the middle of these 5 years, which means that I came back and had to get set up all over again (another 3 or 4 months of saving nothing) I think that the average person can probably save a bit more than me as I have my spouse with me who can't legally work in Korea, as well as a dog.

What are most people able to save after they get through the first few months of getting settled?

[kingplaya4]

Are you including pension in that figure? I don't waste much, and still didn't save as much as you did, but if you include pension I wouldn't be too far off.

[Squire]

Still not hit the end of my fourth but I'll have over £30k by then, and with one more year plus severance I'd almost certainly hit £45k which is more than 76,000,000.

[KimchiNinja]

375,000,000 in 3 years.

[misher]

Worked my first 6 months part-time while studying Korean. Picked it up after that and managed just a little over 40 million KRW by the end of my second year. I certainly can't save that kind of money now but i paid a steep price in terms of my mental and physical health teaching 40-60 (one week I did over 70) CONTACT hours a week. I took only Sunday off which was spent sleeping. I had no time or energy to go out so I don't think it was really worth it. I did manage to take a 6 week vacation in the south pacific after though.

Don't think I could have pulled those hours for another 3 years. Guys that do itto support their K-wives and kids are just asking for health problems later on. I feel for those guys.

[EZE]

My estimate is around 76,000,000 won after 3 years and 8 months. I've been on the low end of wages 2.1-2.3, but with a relatively high savings rate of way over 50%.

[KimchiNinja]

[EZE]

[Hatcher]

KimchiNinja - how did you save roughly 350,000$ US in less than three years?

You save over 100,000$ a year? You have a home school? Publishing?

[EZE]

Where's FustianCourderoy? Why hasn't he responded yet? Is he okay?