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Korean Job Discussion Forums
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Adam Carolla
Joined: 26 Feb 2010
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 Posted: Tue Oct 28, 2014 7:47 pm Post subject: |
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| KimchiNinja wrote: |
^ Oh my, this is just delusional/weird.
I guess I have that effect on people.  |
Thank you. Much too easy. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Tue Oct 28, 2014 7:48 pm Post subject: |
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| le-paul wrote: |
| KimchiNinja wrote: |
| FriendlyDaegu wrote: |
| How much more could I make (percentage, say), what would I have to do to get there, and would it be worth it? |
It's generally a long road involving WORK to make more money, in any field. Invest in education level, do time with long hours, carefully build a network, improve communication skills, develop specific in-demand skills, invest in a better wardrobe, etc. I slaved away for a decade before any real signs of it being "worth it" appeared... |
Finishing middle and high school doesn't count as 'putting in the hours' and its a lot easier to network when youre at school. |
I mean, whatever you think of KN as a poster, that was a good response. Especially, the in demand skills part. |
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northway
Joined: 05 Jul 2010
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| Posted: Tue Oct 28, 2014 7:52 pm Post subject: |
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| JMO wrote: |
| le-paul wrote: |
| KimchiNinja wrote: |
| FriendlyDaegu wrote: |
| How much more could I make (percentage, say), what would I have to do to get there, and would it be worth it? |
It's generally a long road involving WORK to make more money, in any field. Invest in education level, do time with long hours, carefully build a network, improve communication skills, develop specific in-demand skills, invest in a better wardrobe, etc. I slaved away for a decade before any real signs of it being "worth it" appeared... |
Finishing middle and high school doesn't count as 'putting in the hours' and its a lot easier to network when youre at school. |
I mean, whatever you think of KN as a poster, that was a good response. Especially, the in demand skills part. |
Which you can say about a lot of his posts. Sure, he trolls, but a lot of his trolling has a large dose of truth in it. |
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fustiancorduroy
Joined: 12 Jan 2007
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| Posted: Tue Oct 28, 2014 7:53 pm Post subject: |
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| thegadfly wrote: |
Well, just to be clear, upper 2% of income in Korea is around 60-70 million won a year. Upper 1% would need to break 100 million, but top 2% (or 98th percentile) is only 65-ish million...which is not that much of a stretch at all, actually.
I could easily see someone who was husslin' and busslin', with decent contacts, making that. I could also see folks making that much at one place, if they got a lot of overtime at said place.
Just sayin' there is a bigger gap between the 98th and 99th percentile (about 40 million) than there is between the 90th and 98th percentile (about 20 million).
Of course, I am using 2010 figures, so if someone is using something more recent, I may be a bit off....
http://apebh2013.files.wordpress.com/2013/02/nak-nyeon-kim-income-inequality-in-korea-1933-2010.pdf |
Thanks for the link. I've always wanted to see this sort of information about income levels in Korea. I'm a bit surprised by--and skeptical of--the fact that my income was in the 99th percentile in Korea. I made a decent amount of money last year, but not that much. Not enough to make me feel like a 1 percenter.
I think in Korea it is also important to take into a account an individual's savings, how much money they get/have gotten from their parents, etc. when evaluating wealth. Income alone is not a good measure.
Also, I can't speak for other people, but I don't post much on here anymore because I'm too busy working and making money to do so. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Tue Oct 28, 2014 8:06 pm Post subject: |
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| fustiancorduroy wrote: |
| Thanks for the link. I've always wanted to see this sort of information about income levels in Korea. I'm a bit surprised by--and skeptical of--the fact that my income was in the 99th percentile in Korea. I made a decent amount of money last year, but not that much. Not enough to make me feel like a 1 percenter. |
Yeah, it was interesting. Didn't read the whole thing yet as it was super detailed, but at first glance it looks like there is less income inequality in KR (relative to the US); thus less super rich (and perhaps less super poor?). I think it's quite hard for the people to bust thru the 100M won threshold here, even at a spanky chaebol job. Anyhow, with time capital will likely concentrate into fewer hands. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Wed Oct 29, 2014 1:46 am Post subject: |
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| Offical numbers always understate the actual income of Koreans . There is lots of hidden unreported money and then there is all the use of company issued credit cards. |
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Nester Noodlemon
Joined: 16 Jan 2009
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| Posted: Wed Oct 29, 2014 2:48 am Post subject: |
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| KimchiNinja wrote: |
| fustiancorduroy wrote: |
| Thanks for the link. I've always wanted to see this sort of information about income levels in Korea. I'm a bit surprised by--and skeptical of--the fact that my income was in the 99th percentile in Korea. I made a decent amount of money last year, but not that much. Not enough to make me feel like a 1 percenter. |
Yeah, it was interesting. Didn't read the whole thing yet as it was super detailed, but at first glance it looks like there is less income inequality in KR (relative to the US); thus less super rich (and perhaps less super poor?). I think it's quite hard for the people to bust thru the 100M won threshold here, even at a spanky chaebol job. Anyhow, with time capital will likely concentrate into fewer hands. |
Did you notice on the chart how the income of the Top 1% is higher than the Top 5%? The income of the Top 5% is higher than the Top 10%?
These are things we finiancial professionals learn early in our careers. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Wed Oct 29, 2014 2:54 am Post subject: |
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| ^ Yes Nester Noodlemon, I think we all noticed that. Thank you for, yet again, adding ZERO to the conversation. The forum needs more pointless comments like this... |
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tophatcat
Joined: 09 Aug 2006
Location: under the hat
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| Posted: Wed Oct 29, 2014 3:40 am Post subject: |
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| GENO123 wrote: |
| Offical numbers always understate the actual income of Koreans . There is lots of hidden unreported money and then there is all the use of company issued credit cards. |
This is what I have attempted to explain numerous times. It's not uncommon for Koreans to have company issued cards and plop 200,000 to 500,000 won on personal expenses each month. This isn't figured into the annual salary. The guys in the blue truck who were paid 650,000 won to move the furniture. Cash. |
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Adam Carolla
Joined: 26 Feb 2010
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| Posted: Wed Oct 29, 2014 5:52 pm Post subject: |
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| Quote: |
| Overcompensation happens when a person feels inferior and will go out of his way to feel superior. This leads to the person seeking power, dominance and increased self-esteem. This happens when a person has felt physically or socially inferior all of his life, and for example becomes overly eager to become a sport champion, or feel the urge to gain power over other people. |
http://www.popularsocialscience.com/2013/05/15/the-psychology-of-compensation/
This doesn't describe anyone on this board to a "T" or anything. Not at all. |
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Nester Noodlemon
Joined: 16 Jan 2009
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| Posted: Wed Oct 29, 2014 6:49 pm Post subject: |
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| Adam Carolla wrote: |
| Quote: |
| Overcompensation happens when a person feels inferior and will go out of his way to feel superior. This leads to the person seeking power, dominance and increased self-esteem. This happens when a person has felt physically or socially inferior all of his life, and for example becomes overly eager to become a sport champion, or feel the urge to gain power over other people. |
http://www.popularsocialscience.com/2013/05/15/the-psychology-of-compensation/
This doesn't describe anyone on this board to a "T" or anything. Not at all. |
Little black pajamas carrying a stick  |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Wed Oct 29, 2014 7:48 pm Post subject: |
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| Adam Carolla wrote: |
| Overcompensation happens when a person feels inferior and will go out of his way to feel superior. This leads to the person seeking power, dominance and increased self-esteem. This happens when a person has felt physically or socially inferior all of his life, and for example becomes overly eager to become a sport champion, or feel the urge to gain power over other people. |
Or, it can be a simple statement of fact (income), which leads to an insecure emotional reaction on the part of others (you guys). Perhaps they didn't teach you guys that part in psych 101? |
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PRagic
Joined: 24 Feb 2006
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| Posted: Wed Oct 29, 2014 9:54 pm Post subject: |
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Think I read or heard somewhere that to be considered marginally wealthy in Seoul, you need to have ballpark USD 2 million and a paid for residence.
The initial question paused in the thread was interesting because it asked if it (making the coin you're making) is worth it. Personally, I think it's relative in that respect. Some people go balls to the wall for a while to make a lump of good coin, and then tailor it back a bit. Some people like to work a lot consistently and to reap the financial gain (some planning on an early and/or fat retirement). Some people value their free time, travel, and some intermitant pampering and then bank whatever's left, if any. Different strokes for different folks.
I'm lazy, but I've never minded investing in the future. My goal has always been to keep making more, even if only a bit more, but to work less. Meant a few more years in school, but so be it. Also meant that I could get a job that I like, something I figured was a big plus if I planned on doing it for a while lol...
The better half and I went gonzo on work for a while, but in the end, that was a good thing to do because we could make investments and get our money working for us at an earlier age than many. Unfortunately, not something enough people in their 20s, 30s, and even sometimes 40s think about, but in the end, it makes for a lot less stress when you want to pull up stops and retire. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Wed Oct 29, 2014 10:10 pm Post subject: |
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| PRagic wrote: |
| Think I read or heard somewhere that to be considered marginally wealthy in Seoul, you need to have ballpark USD 2 million and a paid for residence. |
Sounds about right. I run into these people more often I would expect. Awhile back we found out some adjuma at our gym has 6B KRW in the bank (it's Asia, people talk about their money). One of our relatives here, same deal, owned a big English school. These are the older generation that saved. Perhaps the younger generation has the income, but not the path to net worth. |
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ca12bon
Joined: 29 May 2007
Location: Seoul
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| Posted: Thu Jan 15, 2015 7:40 pm Post subject: |
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I used to make "net" 4.3 million KRW per month, before I quit. I don't think teaching English is good if you are planning on doing something else, or if teaching is not your main interest, but that's just my opinion.
I started working as a project manager at a small company right after i quit, making around 2.5 million, the pay was crap but at least I enjoyed it. I've now been a PM for around 7 years, so yeah... making much more than what I used to teaching English and also having fun |
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