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jzrossef
Joined: 05 Nov 2010
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 Posted: Sat Nov 27, 2010 8:02 pm Post subject: |
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| Back to the original topic... if making 75K is what's considered as comfortable middle class family with no significant financial concerns... what would the equivalence of that in Korean society? 5 million? 6 million? (I�m not asking to simply convert 75K USD to Korean won here, just to be clear) |
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Todstar
Joined: 05 Mar 2010
Location: Hakdong/London
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| Posted: Sat Nov 27, 2010 9:15 pm Post subject: |
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| Its relative. Im a high earner and that allows me to live a lifestyle that I otherwise would not be able to, money gives you choices. I would not say that the money alone makes you happy but certainly having more choice how you want to live your life provides contentment. Am I happier now than when I was at college stacking shelves on minimum wage - yes. |
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DorkothyParker
Joined: 11 Apr 2009
Location: Jeju
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| Posted: Sat Nov 27, 2010 9:50 pm Post subject: |
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I come from a lower economic background. The combined income of my 2 parents and my dad's military retirement did not come to 75k. They managed to raise 3 kids well enough.
If my husband and I made 75k USD combined, I think we would be very happy. If just one of us was making that a year, I think we would be ecstatic. (Assuming there isn't high inflation or a raised cost of living to compare to.)
I don't have lofty expectations or goals. A small house would be nice, but I would settle for a medium-sized apartment in a central area of a good small-medium sized city.
In terms of just money = happiness, I would say yes, to a degree, for all the reasons you stated. |
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madoka
Joined: 27 Mar 2008
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| Posted: Sun Nov 28, 2010 1:44 am Post subject: |
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| pkang0202 wrote: |
I need a six figure salary. Then I'll be happy. Why do I need that much?
I want at LEAST 4 bedroom house. I want to drive a nice car. I want to go into a restaurant and buy that $500 bottle of wine without doing the math in my head about the cost. If I want to impress my gf/wife with a nice date, I want the cash to be able to do something movie-like. I want a home theater in my house. I want a hot tub. I want to take a vacation without ever thinking, "Can I afford that?"
Thats not to say I'm not happy without those things. I'm plenty happy now. All those things that comes with making 6 figures a year will just me happier. |
You'd need something more in the mid to high six figure range to hit your goals. Of course, that's also dependant on where you are living. I assuming a large American city in my estimate.
Personally, I think 20-30% more than whatever you are currently making would seem to make most people happy. It's like a perpetual carrot on a stick. |
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methdxman
Joined: 14 Sep 2010
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| Posted: Sun Nov 28, 2010 2:36 am Post subject: Re: Happiness is 85MKW? |
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| decolyon wrote: |
I remember reading an article in the Journal a few months back, that said essentially, money can buy you happiness, to a point. It said that through studying people of various income levels and how happy those people describe themselves, there is consistent and steady increase in happiness relevant to the increase in yearly income. The level of happiness is dramatically evident until the point to where people make about $75,000 a year. After that point, the level of happiness to income levels off. While there is still some increase, it's relatively minor compared to below that point. People said they are "happier" because they worry less about making ends meet, they don't worry about day to day expenses, they worry less about their children's future, and they feel secure that even if they lost their job, they could survive comfortably for a prolonged period of time.
This got me thinking, I know people that earn incomes at this upper range. I know some people that make in the low 6 figures yearly, and in general, these people (my friends in some cases) are much happier (at least on the surface) than I would consider myself to be. I did the rough math and found that the equivalent of 75K back home is roughly 85 million Korean won. My salary, plus benefits gets me to about 40 million a year. Which means, if I had more than double my salary, I should be "happy." After thinking about it, I would say I would feel more comfortable, I would worry less, and I think I could fit what might be described as happiness. I mean, wouldn't you? If you boss told you tomorrow he's going to double your salary and you wouldn't have to work any extra hours, wouldn't that be one of the best days of your life so far?
So, I wanted to put that out and get some feedback from you guys. Can happiness have a price tag? Would you be happy with 85mkw a year? Are there any of you making that amount and do you consider yourself happy? More importantly, how can I double my salary, legally, and not work myself to death for it? haha. Or is happiness not about money, but about the life you are living? I think if money wasn't an issue, I would have the time to pursue the things that make me happy, i.e. extensive travel, learning a musical instrument, learning a language, constantly improving myself. But, given I work 40 or more hours a week, combined with the daily responsibilities of being single and living alone, I often find I get maybe 2 or 3 hours a day of just "me time" and I usually just devote that to turning my brain off as I'm exhausted.
Anyways, I'd love to hear your opinions on it all. I look forward to your responses. |
Before I answer your main question, two pieces of advice from a guy to a guy:
You seem slightly depressed! (We all get that way sometimes, especially guys) 40 hours is nothing (wait, I thought ESL teachers worked less than 30?)! Come on! Get your ass into gear. I know it's a pain in the ass to cook, clean (get some ahjumma to do this for you once a week or twice a month) but get a nice efficient rhythm down so you have more time for yourself. And even when you don't feel like it, go do something with other people.
Second piece of advice is don't worry about making money right now. You sound young and this experience will pay dividends in the future for you. You will always have something fun to B.S. at job interviews and people marvel at others who have lived abroad. Ride it out until it wears thin. You have until 65 to make money. You won't always have time for an adventure like this.
To answer your main question:
It depends on what you value in life, that's what it boils down to. And people always try to look happier than they really are so don't compare yourself to them. Look at people who live in New York, they always claim that they live in the best place in the world, but they ALL live miserable, empty lives.  (Expecting someone to say, "Hey I know someone who lives in NY" and...)
It varies from people to people, region to region, etc.
I know people in Europe value family and friends more than Americans do. I know this for a fact I don't care what any American says, but in general terms family, friends, leisure, well-being, etc. is far more important to Europeans than their salary/job is. Most people in Europe don't really care about the car they drive either as long as it's practical. No one really cares about wearing nice clothes all the time (as opposed to Seoul) and they really don't ask each other about salary.
Most people in southern Europe are extremely happy with a job that pays them 1500-2000 EUR gross a month. Some managers only make 40k EUR a year in Spain. It's a bit different in Northern Europe but people are generally happy even if they have a relatively low salary by OUR standards.
Were you saying your compensation was equal to 40 million KRW gross or net? You mean net right? 75k gross in the U.S. is not that much after you get r'ped by the taxman.
You'll be able to make money later, but make sure you goal plan 5-10 years ahead and work backwards to know what milestones you need to be hitting by a certain time. Do you need a house by the time you're 35? 40? Think about those things and work backwards.
But hey, I'm only 29 myself and haven't done that yet either haha |
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methdxman
Joined: 14 Sep 2010
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| Posted: Sun Nov 28, 2010 2:41 am Post subject: |
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| pkang0202 wrote: |
I need a six figure salary. Then I'll be happy. Why do I need that much?
I want at LEAST 4 bedroom house. I want to drive a nice car. I want to go into a restaurant and buy that $500 bottle of wine without doing the math in my head about the cost. If I want to impress my gf/wife with a nice date, I want the cash to be able to do something movie-like. I want a home theater in my house. I want a hot tub. I want to take a vacation without ever thinking, "Can I afford that?"
Thats not to say I'm not happy without those things. I'm plenty happy now. All those things that comes with making 6 figures a year will just me happier. |
Nice cars are a huge waste of money unless you're making a lot of bank, as another poster said, mid six figures. Getting a nice, new car even every 5-10 years will kill any chance for you to save. Not to mention your spouse's car.
$500 bottle of wine? Probably like once in a blue moon with a low six figure salary.
Any vacation is probably doable with low six figs, since they're not so frequent. |
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Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
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| Posted: Sun Nov 28, 2010 2:55 am Post subject: |
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| If you can free yourself (and your parter) from envy, the lust for status and the need to buy stuff to fill up whatever is missing from your life, $75,000 should be OK to be happy on. |
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jzrossef
Joined: 05 Nov 2010
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| Posted: Mon Nov 29, 2010 12:54 pm Post subject: |
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| jzrossef wrote: |
| Back to the original topic... if making 75K is what's considered as comfortable middle class family with no significant financial concerns... what would the equivalence of that in Korean society? 5 million? 6 million? (I�m not asking to simply convert 75K USD to Korean won here, just to be clear) |
There's a lot of talk about whether money really gives you happiness or it depends on your lifestyle etc etc... I think we get that by now. But seriously, any answer for this quoted post? |
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