Korean Job Discussion Forums

[peppergirl]

[ryleeys]

Actually, I taught a social studies class last week... didn't do too badly as the students later told the director they liked learning history from me... was covering for my director who had family obligations.

[busan_boy2000]

OK, I'll also put some thought into your situation and get back to you reylees with a better answer. I assume all you guys are talking US dollars right? Its that I have to consider CDN dollars as well from my sit. And the last econ conversation I got involved in included AUS dollars - so it can confusing. So reylees - your trying to cut your losses back into pounds right? Do you need the money right now? are you paying off a student loan? I agree about holding off and keeping the won in the bank for a few months until the summer - but that in itself is a tough call - as we all know how the won is up and down. Anyway - I'll take a look at the charts for the puond versus the won and maybe have some advice later. But take wahtevr I say with a grain of salt - as I only have my BA in Politcal Econ. -maybe if complete my MA next year I will be qualified to give real advice -but that seems far away right now. In the meantime you should do some research on your own Reylees - as saving money can be a a good incentive. Your online bank, or even yahoo currency and markets has some good advice and charts and articles. Try to pick up an economist a few times a year atleast. I know that it may seem as boring as hell to some but hey, your money right.

[dogbert]

[rok_the-boat]

At the UK current exchange rate, if you don't need the cash - spend it in Korea!

[Jove]

OK...It is quite obvious that none of you were finance majors at university and while I haven't used it in awhile, I still remember the fundementals of the classes I occasionally attended.

First, exchange rates are balanced against one another, increasing and decreasing depending upon the demand for the currency. This wasn't always true. At one time the US dollar was supported by a Gold standard, in the same fasion that the pound represented the value of a pound of sterling silver. Anyway, what drives the currency market today is demand. Right now, demand for the pound and Euro is high, while demand for the dollar is low.

So, is it worth buying dollars and then pounds...NO! That is, unless you have a superfast computer that can take advantage of the changes that occur in the exchange rates that happen every second. There are some companies and a few individuals that make profit out of the money market by doing just that. But without the correct knowledge or equipment, you'll just lose money through the fees. (There is something called hedging, but I spent half a semester learning about it and still only have a vague understanding of the principles and so would try to explain it here).

As others have said, hold onto your money until later if you can...the won is currently very strong against the dollar, which makes Korean exports very expensive. Korean companies don't like that, so to help out, the government will start buying US dollars to create more demand and raise the price of the dollar, which will in turn affect the value of the won/pound.

So, there is an overly complicated way of saying NO don't change your money twice.

[busan_boy2000]

And from what I learned about hedging, we all need to find better jobs to tap that. Teachers salaries just don't cut it - you need large amounts for it to work.

Yeah Jove, I agree - hedging is a little nuts to wrap your head around - but the craziest thing! I still don't fully understand either.