Korean Job Discussion Forums

[losing_touch]

Having read quite a bit about the infamous midnight run, I think it is appropriate to document my own experiences. I never had any intention of screwing my boss over or completing my contract here in Korea. However, circumstances related to the current economic situation have made the decision to leave Korea a simple decision. The Won is as useless as toilet paper. The days of earning money in Korea are a thing of the past at the moment.

Please allow me to give you some background information. I am 28. I am married to a Thai national. We moved here to save some money and pay off some bills in August. Being a Thai, employment is not an option for my wife. I must admit that she has had some side work at English cams and whatnot, but it is difficult to make ends meet. In reality, I support her.

A while ago, I booked some tickets. I decided that my wife should visit her family, and I should get the hell out of Korea for a while. I purchased a round trip ticket for myself for the dates Dec. 27 � Jan. 3. With miles, I got another ticket for my wife for the dates Dec. 9 � Jan. 5. Everything was great. We had a good holiday planned.

As a finance major, I spend a significant amount of time looking at the exchange rate. Since I have booked my vacation, I have seen a serious fall in the currency. I started contemplating a midnight run. Nothing was too serious until the won hit 1500. That was the figure I said was my bottom line.

I just got off the phone with Cathay Pacific, and the rules say I cannot change my departure date. I can refund my ticket for a fee of 50,000 Won. I am about to look into the price of a one-way ticket to Thailand. I cannot change my ticket to a one-way. I will just eat the cost of the ticket and not return pending the results of my analysis.

My wife is going on miles. I will call Asia Miles and see what I can do to change her ticket to a one-way when I am done typing this. She is happy to be returning home.

Unfortunately, things didn�t work out so well in Korea. Adios Amigos!

Any thoughts?


(restored the op)

[jadarite]

Well, what is to say the won won't go back up? Instead of a midnight run, why not keep the money in your bank account, give your 60 day notice, make everything legal, and then when (or is it an "if" scenario financial guru?) does go up exchange it to the currency of your choice.

It seems like you two would be happier in either of your home countries. Going to a third country for work is nothing more than a glorified honeymoon. And you got to work, yuck,

I can see why you are dissatisfied, and I would too, but I don't see this as a midnight run scenario. Good luck.

[Evanzinho]

[sojourner1]

OP, as a finance person, didn't they teach you to stay in a position and not jump ship just because things momentarily are bad? You just mighta lost and then you just mighta won running off to where it's warm and sunny. Time will only tell. I think it's better to fulfill my contract (since they seem to be doing me OK on their end) while I wait to see what happens with the Won. If the Won doesn't come back up to 1100 to 1200 by middle of next year, then I might consider the fact, I once again fell behind the 8 ball in personal finance and once again, am a loser in the personal finance department, by taking the risk of coming Korea to work for Won. I figure I still did better than I would had in St. Louis, Missouri as a working poor, but educated man who doesn't get to enjoy anything like a vacation, albeit, a vacation from Korea may cost a whopping 80% more this season than it did last Winter. Even if I lose to foul corrupt economics, I still got to do something with my self in life more so than I would had at home during the same period. 4 months ago it was only 1000 Won to the dollar and now it's over 1500, but almost anything is possible in this day and age.

Since there's unprecedented volatility occurring in the markets, it's possible it could come back at some point during 2009 which is time to sell millions of Won savings. I'm just holding until then or until I have to leave.

[rationality]

[mike123_ca]

My wife and children are Thai and one day soon in the future we will be moving back to Thailand.

I've been working a couple of years in the public school system and I also do a lot of extra teaching ( legally).

I'm making over 75,000 baht a month here in Korea. If I started in Thailand maybe between 30,000 to 35,000 and also starting at the bottom. What I can make here is far more than doing the same work in Thailand.

[Bibbitybop]

mike123, I've wandered between Cheonan and Asan and also took a taxi. I'm not wondering what you actually do in that void.......

Do you work in Asan and wander to Cheonan?

[mike123_ca]

When I first came to Korea, I worked in Asan-si (Onyang) for the first year. Nice small town, good place to get started and to get to know Korea.
My second and third year, I was in the south living next to the East Sea. I would see the the sun rise from my appartment window that was facing the beach.
I decided to come back, but I wanted a larger city so I chose Cheonan. I've been here for 3 years, but I still like to visit Onyang esp for the hot springs.

[Ya-ta Boy]

For a finance major, you seem to have made a series of poor financial choices recently:

a) run up bills you can't afford
b) moved to a country where your wife can't work
c) set an arbitrary exchange rate limit

And now you want to screw your boss who presumably paid for your flight here. Why not at least give him the courtesy of serving notice so he knows he needs to replace you? Is that because you would have to pay him back for the flight? If so, isn't that just a form of theft? As a finance major, you should be aware that your boss isn't responsible for the exchange rate and your punishing him for it isn't fair. If you want to leave, leave. But don't punish your boss for something that isn't his fault.

You're 28. It's time you looked up the word 'responsibility' and do some hard thinking about what that word means.

[losing_touch]

This morning, I decided to delete my post in a moment of uncertainty. I have been rethinking my situation. I keep coming to the same conclusion. I should leave. At any rate, please allow me to respond to your comments:

[justaguy]

OP I wish you and your wife the best of luck.

[frankly speaking]

This is not as bad as the Won has ever been. The Won has not been over valued. Yes, because the dollar was so weak last year, the Won was quite strong but it has been stable at 1000/30-33 baht for over 7 years. Right now it is quite low. As a person with a finance background, you should realize that now is the time to buy Won and keep Won. You might keep it for a year or two but the Won will be back up to 1200-1100/$1 in the future.

Look at the dollar vs Thai baht. 2 years ago it was 38/1, then last winter it went down to 30/1 and now it is back up to 35.

Personally, I make a lot of money exchanging between dollar, baht and Won. I have made over 35% interest of my original investment in just 3 years. That is over 10% a year interest.

AS long as you don't trade out your won, you haven't lost anything. I think that you are reacting to fear and not being smart. If the fact that you don't have enough money to pay for your bills and life in Thailand, then why would you think that the low salaries in Thailand would be any bettter? Even in the low exchange rate crisis, 2 million won is still more than the 30-40,000 baht you would make at a Thai School. Not to mention that this is not the time to find employment in Thailand. You will be out of work for 2-3 months anyway.

I think that you are a fool to leave especially to do a midnight run over this. Why ruin your teachingrecord now. Now is the time to stay and earn, keep the Won and wait it out. Don't be hasty.

Good luck whatever you decide. But I think that you are making a mistake.

I actually don't have a problem with people doing midnight runs, I just don't think this is a reason. Your boss didn't screw you.

[oskinny1]

[losing_touch]

I am no thief. I will gladly pay the ticket allowance given to me. Hell, 1,000,000 won might buy a roll of toilet paper tomorrow. I will discuss this with my boss in the near future.

[oskinny1]

^^

That is good to hear, but now I think we need to work on what the definition of a "midnight run" actually is.