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Korean Job Discussion Forums
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Chokse
Joined: 22 May 2009
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 Posted: Sun Aug 28, 2011 4:10 am Post subject: |
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Jeonse is a dangerous way to rent. Even if you fill out all the "protection" paperwork at the various government offices, you are not protected.
My wife and I have friends who put 200 million won down on a jeonse place and they haven't been able to get the money back for over a year. The owner is broke and can't pay them back, but he refuses to rent the place to another person for anything less than 300 million won. No one is biting.
Our friends went to the government and the workers there said there is nothing they can do. Our friends just have to wait until the owner has money, which may be never. They were told they could sue, but that it would take a couple of years to complete the suit and even if they win, it wouldn't guarantee they would get all, or any of their money back.
The whole jeonse system is a house of cards waiting to collapse. These landlords all bought expensive properties on borrowed money, took jeonse payments to pay off their debt, and now have no cash in hand. They also know the government can't do anything about it and that real estate agencies will lie about the safety of your money in order to get a sale.
Korea, Sparkling! |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Sun Aug 28, 2011 5:54 am Post subject: |
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| Chokse you are right for a part of the Jeonse industry. People need to be careful of course as some people engage in real estate speculation with the jeonsea deposits. A lot of other people use the system as clients quite well (my brother in law for one) and save a ton of Won while they live in the place they paid a deposit on, then use those savings plus the deposit they get back to buy a place. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Aug 28, 2011 7:40 pm Post subject: |
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| jvalmer wrote: |
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I was thinking one person, but 2 people then 20 million a year is manageable. That is if your significant other makes at least what you make. |
It's also manageable for one person even if the person is on an E-2.
How?
Well if you are at the top of the payscale (which for public schools is around 2.5-2.8 depending on province/location) you should be able to save just over half (around 1.5 mil) and still live comfortably without scrimping. Multiply that by 12 and you get 18 million at the end of the year. Add severance and and you are banking over 20 million in one year. Then add in the pension refund.... You could do that with a somewhat lower salary as well although 2.4 and under is going to require some scrimping.
What if you are not at the top of the payscale ?
OT is often (although not always) available even at many rural schools.
Or working 2 jobs (legal for an E-2 if Immigration okays it).
You don't want to scrimp, have no OT and can't find a second job?
Then there's always "privates" (which CAN be done legally by an E-2 and here's how.) The students register at your school and both you and the boss take a cut. At one hakwon I taught I had a 1 student class which was the last class of the day. When I asked one of the Korean teachers about it (it seemed uneconomical) she told me that his mother was paying a much higher rate to have a one on one class with the foreign teacher...so obviously it was economical. I found out later that the last foreign teacher was friends with the mom and apparently had set this up so she could get a "cut" from this...when she left the boss pocketed the whole thing.
So you teach a number of regular classes for salary and then 2-3 "privates" for a bit extra and it's a nice supplement to your salary and all perfectly legal. Thing is though...YOU have to find the students, convince the mothers and be able to sell the idea to the boss.
Then there's the regular kind of privates but they are illegal for an E-2 so I won't get into that.
Bottom line if you want to make more money teaching you can...but as in any other field it's going to require some extra effort. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Mon Aug 29, 2011 12:05 am Post subject: |
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| Nice tip TUM. I had a similar experience when I first got here. My boss took a small cut and I thought he was being greedy. That puts it in perspective. |
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