Korean Job Discussion Forums

[Looking East]

Just curious about the potential mass exodus of foreign teachers here in Korea due to it's link to the U.S. economy.

[Captain Corea]

Heck, if anything, it might make me stay here longer

[xCustomx]

[rowdie3]

I've been here for four years now. The plan I made with my family when I was home this summer was that I would come back for two years and start sending huge amounts home as of this month to try to save for a house downpayment, car, etc. Now, the plan has been changed for me to save as much as I can here and only send the minimum home each month to pay my student loans.

If anything, the economic situation will add on another 6 month to a year to my exit plan which I'm not too happy about, but I have a set financial goal and I'm not leaving till it's been acheieved.

[ttompatz]

[77quote="Looking East"]Just curious about the potential mass exodus of foreign teachers here in Korea due to it's link to the U.S. economy.[/quote]

The won is still stronger now than it was back in the early part if this decade (2002 it cost 1250-1300 won to buy a buck).

With the meltdown in the US economy and the loss of jobs occurring (growing) I can see an exodus of new grads from the states coming here because they are faced with $50,000 in student loans to pay off and no job prospects at home other than joining the army and heading to Iraq.

The supply of fresh meat for Korea will continue into the near future (even if the won falls to 1400 there will still be those new grads who need some kind of job and as bad as it is (or will get) here, it still pays better than China for most jobs.

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[Eedoryeong]

I started two investment funds last summer, one in Canada(bwa-ha boohoo), one in Korea(yay). I'm pretty disappointed by the one in Canada at the moment but I'm going to change it over soon to a locked interest rate term deposit (CD).

Other than that, hasn't affected me too much. Didn't plan on coming back soon anyway, although it is making me consider other work just to check out my prospects of job currency.

I do feel a bit sorry for these one-year types who are looking for a short-term financial correction.

[Zutronius]

I'm still planning on sticking around next year. My goal was to be debt free by next October. With the won so low I've had to set back that goal by six months possibly. I can still have a good lifestyle here and save for when the won improves.