Korean Job Discussion Forums

Voyeur · Joined: 19 Jun 2003

Lately, I've been wondering if the whole "come here to save more money" thing is more of an illusion than a reality.

Certainly people do save. But I'm wondering if it has more to do with the fact that being away from home and their friends, people just live more simply here than they would back home.

Seoul is supposed to be one of the most expensive cities in the world. Are expenses really that much lower here compared to back home? Or is it just that here, away from the real world, we are happy to wear crappy clothes, live in a crappy place, eat bad food, buy cheap furniture, get no car, and generally live like we did back in University while actually having a job?

If a 25-30 year old chose to get a job at home and live like most new teachers do here, wouldn't they save just as much money? Or maybe they wouldn't. Is it all about the taxes?

Why exactly can you come to a place rated the most expensive city in the world, get a job that in absolute terms doesn't really pay that much, and yet save so much more than back in the USA?

Draz · Joined: 27 Jun 2007 Location: Land of Morning Clam

PRagic · Joined: 24 Feb 2006

No...

Rent
Car
Insurance

MUCH lower tax rate

And you leave the Joneses back home, so you don't have to compete with them.

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

Seoul is expensive when you compare the average Korean family's income vs. what they pay for costs of living. The big ones: Housing and education (esp. for their kids). Since I have a provided apartment, am finished with school and have no kids, I am able to save. Food is quite comparable to back home, often it's cheaper to eat here if you do it right. Transportation costs are sooooo cheap here. Good beer is expensive, but that's one vice I'm willing to spend on.

Hanson · Joined: 20 Oct 2004

Taxes - 4.5% sure beats what I would be paying Revescrew Canada.

Housing - Paying no rent sure beats... paying rent.

Just with those two alone, you're standing to save a lot more here.

Atavistic · Posted: Fri Mar 28, 2008 7:20 pm Post subject:

Factoring in taxes, I make a bit less here than I did back home.

But factor in rent, and I'm golden.

ironwolves · Joined: 25 Feb 2008 Location: South Carolina USA

yeah I pay 655 per month for a 368 square foot hole in the wall, but all utilities are included with cable and internet.

newteacher · Joined: 31 May 2007

Rent
Taxes
Where I'm from it's impossible to live without a car, so that's like $4/gallon that I don't have to pay now.

the foystein · Joined: 23 Apr 2007

Income is relative. If you got a job in USA paying what you make here you could save the same amount of money.

MrsSeoul · Joined: 31 May 2007

Oh,everyone on this site claims they save money. LIARS!

I know a bunch of ESL dancing monkeys who haven't saved a penny since they arrived. Go talk to some of them tonight in taverns,pubs,and bars throughout Seoul. They drink their pay each month.

moosehead · Joined: 05 May 2007

Thunndarr · Joined: 30 Sep 2003

plus99 · Joined: 30 Dec 2007

cruisemonkey · Posted: Fri Mar 28, 2008 11:14 pm Post subject:

Typhoon · Joined: 29 May 2007 Location: Daejeon

Savings are not what they seem. Two things that need to be factored in to actual savings are the inflation of the housingmarket back home and the lack of decent pension contributions (if you are Canadian). In order to be really saving you need to save more money then the housing market is increasing or else you are losing money when you eventually go home and buy a house. A lot of people don't clue into this. The average house in my city went about $15 000-20 000 last year. If I didn't save that much I would actually be losing money in the long run and if I want to be saving money I would have to save more than that figure. If I don't I will lose all my "savings" when I purchase a house in my home country and actual have less money then if I was working in Canada and had bought a house.

The pension is similar. The sooner you start paying into pension (teacher's pension anyway) the sooner you can retire with a full pension. By staying here for 8 years I have delayed my retirement with a full pension by 8 years.

So in the end I have saved a lot of money, but in the grand scheme of my life I have extended the number of years I have to work and have not really saved all that much money in comparison to the cost of houses in my city in Canada. If I had a do-over I would have left Korea much earlier. People seem to focus on the now and forget that we are going to live a long time and a house in our home country and decent pension are very important things.