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Korean Job Discussion Forums
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magicmajenta
Joined: 03 Feb 2007
Location: Saint Paul Minnesota
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 Posted: Thu Oct 02, 2008 7:47 pm Post subject: How much less are savings in Korea for Americans? |
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| I am sure Americans are not able to save now as much as before since the dollar is going down. 2 million won use to be around $2100 a month and now I check the exchange rate and it is like $1600+. So how much less are you saving a month and does it affect the way you spend etc. |
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Captain Marlow
Joined: 23 Apr 2008
Location: darkness
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| Posted: Thu Oct 02, 2008 9:45 pm Post subject: |
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i've been here for almost a year now... when i was first sending 1 mil won back to the states, it ended up being $1,150 or there abouts... now when i send 1 mil won home, it's about $800ish... i'm holding off on sending any more home until something happens to make the won go back up...
basically, americans have taken a 20% pay cut.... i'm staying another year, and with the raise i'll be getting i'll be making about the same (american) as i did when i first started 11 months ago... that is if the won doesn't dip too much further...
i just bought a brand new scooter last wednesday, paid with my american check card from the savings that i've sent home over my stay here, and basically got a 20% discount... that was nice... |
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magicmajenta
Joined: 03 Feb 2007
Location: Saint Paul Minnesota
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| Posted: Fri Oct 03, 2008 12:24 am Post subject: |
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| Thanks. I'd sure like to hear from more people as this is a factor I am certainly considering before going there. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Oct 03, 2008 12:36 am Post subject: |
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| Not to worry, everyone here is mental...no normal person would consider teaching English in Korea a viable career option. |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Fri Oct 03, 2008 2:13 am Post subject: |
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| Captain Marlow wrote: |
i've been here for almost a year now... when i was first sending 1 mil won back to the states, it ended up being $1,150 or there abouts... now when i send 1 mil won home, it's about $800ish... i'm holding off on sending any more home until something happens to make the won go back up...
basically, americans have taken a 20% pay cut.... i'm staying another year, and with the raise i'll be getting i'll be making about the same (american) as i did when i first started 11 months ago... that is if the won doesn't dip too much further...
i just bought a brand new scooter last wednesday, paid with my american check card from the savings that i've sent home over my stay here, and basically got a 20% discount... that was nice... |
The exchange rate is a HUGE factor. It's killing me and others I know who are sending money back to the US. |
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jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
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| Posted: Fri Oct 03, 2008 3:44 am Post subject: |
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| I have been sending home about 30M a year, but this year I have to send home more to make up the difference in the exchange rate. I haven't been necessarily saving less, I've just been working more and spending less in order to make up the difference. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Oct 03, 2008 5:07 am Post subject: |
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| I'm hedging and buying gold. If it goes up 75$ I'll sell. I don't buy into this depression crap. It's just a pre-election sellers market. After all, might be a welfare Pres is elected. Most investors are just bummed that Bush is leaving. |
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MrRogers
Joined: 29 Jun 2008
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| Posted: Fri Oct 03, 2008 5:10 am Post subject: |
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| Quote: |
| Most investors are just bummed that Bush is leaving. |
?! 
thank god
the sooner he is out of there the better |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Oct 03, 2008 5:15 am Post subject: |
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| Do u mind explain why? Also, why do u think the current banking situation is not a reaction to his leaving? |
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OnTheOtherSide
Joined: 29 Feb 2008
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| Posted: Fri Oct 03, 2008 5:23 am Post subject: |
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| spliff wrote: |
| Do u mind explain why? Also, why do u think the current banking situation is not a reaction to his leaving? |
That is an absolutely stupid suggestion. I would love to hear you explain this. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Oct 03, 2008 5:35 am Post subject: |
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| Okay, I'll explain. You talk crap but can't answer to it. |
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MrRogers
Joined: 29 Jun 2008
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| Posted: Fri Oct 03, 2008 5:46 am Post subject: |
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Spliff wrote:
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Do u mind explain why? Also, why do u think the current banking situation is not a reaction to his leaving? |
I am not sure if you are joking or serious
the current banking crisis is a product of 8 years of Republican/Bush ignorance; destroying banking regulations so wealthy Bush cronies do even better; not taking action (also not intelligent enough to take action) on the complexities of a domestic/world economy/banking;
spending billions and billions of dollars on an illegal war, beside killing innocent people; money which could have been spent on improving infrastructures, mass transit, etc., etc...don't get me started
let's hope we all survive till he is out of there, and pray that ignornant voters don't vote for McPain/Failin |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Oct 03, 2008 5:51 am Post subject: |
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Really, why is this banking crises just showing itself now while Bush is in fact a lame duck. Reaction to the uncertainty of things to come, perhaps.  |
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MrRogers
Joined: 29 Jun 2008
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| Posted: Fri Oct 03, 2008 6:03 am Post subject: |
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| Really, why is this banking crises just showing itself now while Bush is in fact a lame duck. Reaction to the uncertainty of things to come, perhaps |
This banking crisis has been building for a long time.
http://www.nytimes.com/2008/09/15/opinion/15krugman.html
http://www.nytimes.com/2008/10/03/opinion/03krugman.html?_r=1&hp&oref=slogin
October 3, 2008
Op-Ed Columnist
Edge of the Abyss
By PAUL KRUGMAN
As recently as three weeks ago it was still possible to argue that the state of the U.S. economy, while clearly not good, wasn�t disastrous � that the financial system, while under stress, wasn�t in full meltdown and that Wall Street�s troubles weren�t having that much impact on Main Street.
But that was then.
The financial and economic news since the middle of last month has been really, really bad. And what�s truly scary is that we�re entering a period of severe crisis with weak, confused leadership.
The wave of bad news began on Sept. 14. Henry Paulson, the Treasury secretary, thought he could get away with letting Lehman Brothers, the investment bank, fail; he was wrong. The plight of investors trapped by Lehman�s collapse � as an article in The Times put it, Lehman became �the Roach Motel of Wall Street: They checked in, but they can�t check out� � created panic in the financial markets, which has only grown worse as the days go by. Indicators of financial stress have soared to the equivalent of a 107-degree fever, and large parts of the financial system have simply shut down.
There�s growing evidence that the financial crunch is spreading to Main Street, with small businesses having trouble raising money and seeing their credit lines cut. And leading indicators for both employment and industrial production have turned sharply worse, suggesting that even before Lehman�s fall, the economy, which has been sagging since last year, was falling off a cliff.
How bad is it? Normally sober people are sounding apocalyptic. On Thursday, the bond trader and blogger John Jansen declared that current conditions are �the financial equivalent of the Reign of Terror during the French Revolution,� while Joel Prakken of Macroeconomic Advisers says that the economy seems to be on �the edge of the abyss.�
And the people who should be steering us away from that abyss are out to lunch.
The House will probably vote on Friday on the latest version of the $700 billion bailout plan � originally the Paulson plan, then the Paulson-Dodd-Frank plan, and now, I guess, the Paulson-Dodd-Frank-Pork plan (it�s been larded up since the House rejected it on Monday). I hope that it passes, simply because we�re in the middle of a financial panic, and another no vote would make the panic even worse. But that�s just another way of saying that the economy is now hostage to the Treasury Department�s blunders.
For the fact is that the plan on offer is a stinker � and inexcusably so. The financial system has been under severe stress for more than a year, and there should have been carefully thought-out contingency plans ready to roll out in case the markets melted down. Obviously, there weren�t: the Paulson plan was clearly drawn up in haste and confusion. And Treasury officials have yet to offer any clear explanation of how the plan is supposed to work, probably because they themselves have no idea what they�re doing.
Despite this, as I said, I hope the plan passes, because otherwise we�ll probably see even worse panic in the markets. But at best, the plan will buy some time to seek a real solution to the crisis.
And that raises the question: Do we have that time?
A solution to our economic woes will have to start with a much better-conceived rescue of the financial system � one that will almost surely involve the U.S. government taking partial, temporary ownership of that system, the way Sweden�s government did in the early 1990s. Yet it�s hard to imagine the Bush administration taking that step.
We also desperately need an economic stimulus plan to push back against the slump in spending and employment. And this time it had better be a serious plan that doesn�t rely on the magic of tax cuts, but instead spends money where it�s needed. (Aid to cash-strapped state and local governments, which are slashing spending at precisely the worst moment, is also a priority.) Yet it�s hard to imagine the Bush administration, in its final months, overseeing the creation of a new Works Progress Administration.
So we probably have to wait for the next administration, which should be much more inclined to do the right thing � although even that�s by no means a sure thing, given the uncertainty of the election outcome. (I�m not a fan of Mr. Paulson�s, but I�d rather have him at the Treasury than, say, Phil �nation of whiners� Gramm.)
And while the election is only 32 days away, it will be almost four months until the next administration takes office. A lot can � and probably will � go wrong in those four months.
One thing�s for sure: The next administration�s economic team had better be ready to hit the ground running, because from day one it will find itself dealing with the worst financial and economic crisis since the Great Depression.
http://www.nytimes.com/2008/09/29/opinion/29krugman.html?pagewanted=print |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Oct 03, 2008 6:10 am Post subject: |
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| That's your reply? The meltdown is simply the reaction to an uncertain change of government. You do realize that the NYT is politically motivated in their reporting, do you not. |
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