Korean Job Discussion Forums

Whistleblower · Joined: 03 Feb 2007

I was chatting to some fellow Koreans at work and they are really stressed at the moment due to house prices being inflated, debt soaring and jobs being cut.

One guy in particular, whose wife owns a restaurant, has so much pressure with regards to rental price, etc increasing and is considering closing the place.

I get the feeling that Korea's economic bubble is going burst very very soon and when it does, it will surprise all Koreans. Do you think that Korea will return to the days like during 1997? Will hagwon still be around in a year? Seriously people, have a backup plan 'cos this place may sink in a year.

sojourner1 · Posted: Mon Oct 06, 2008 3:22 pm Post subject:

Dang, you just blew the whistle. I hope not. Paying 1200 to 2000 won for a $ is messed up. I tell you in today's economy, we're just getting jacked from all ways.

640x480 · Joined: 02 Apr 2008

My cousin from the states is telling me how crappy it is in the states right now. Everyone's feeling this one...

BTW, this is exactly why teaching jobs are so coveted in Korea...IMF or not the schools have to keep running. I heard teacher's here get tenure right away, job security anyone?

Cheonmunka · Joined: 04 Jun 2004

Speculation in real estate in Seoul/Kyongi is one of the most nefarious things about the economy and the money spin.
Most people I know buy apartments only on expectations of (high) capital gain. They do interest-only loans and need 15% year on year up-valuations to keep their investment positive. In recession when gain isn't realized they moan and groan. Some even blow themselves and their families up with dynamite. Others sigh with them and share their misery, but I have no sympathy. You play the game and go for higher rewards.
I don't play the game. I will often be the quintessential loser - until ... 'pop goes the bubble.'

Whistleblower · Joined: 03 Feb 2007

I wouldn't expect your school to be around in a year. They would probably downsize during a bad economic period and would cut staff. Guys, I would advise you all to have a backup plan. Save your cash for a rainy day and able to buy your way back.

It is all a gloomy prospect next year. Don't forget you have been warned.

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

If IMF happened again, I don't think anyone would be bailing Korea out, because it's bad everywhere.

Yaya · Joined: 25 Feb 2003 Location: Seoul

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

Ignore the warnings about losing your job. That is scare-mongering.

I was here during the '97 melt down. Only the small mom & pop hakwons with few students need to worry. Even then, there will be other teaching jobs available. The need for English will not go away. Just move to a public school if necessary. The demand in the public schools is higher than the supply.

It wouldn't hurt to keep enough money in your account to fly out of here if an emergency happens. That's common sense at any time.

As the economy contracts, watch for bargains but don't be foolish.

saw6436 · Joined: 16 Jan 2003 Location: Daejeon, ROK

I got her in 98. WON was around 1,300 to the dollar. The Hagwon I started at hired me because of booming enrolement. Koreans tend to invest more money into education during hard economic times.

I'm not overly worried at this time for my self. I am a bit worried as my wife is pregnant with twins so were going to get a double whammy in a few months.

poet13 · Posted: Mon Oct 06, 2008 7:55 pm Post subject:

Twins wow. Congratulations. That has to be scary. We just had our second child, and I'm a little worried about how to keep everything afloat.

Typhoon · Joined: 29 May 2007 Location: Daejeon

The IMF is not going to happen again. The world is going into depression by the sounds of things. If that happens all countries will be in the same boat. Every country for themselves.

Harpeau · Joined: 01 Feb 2003 Location: Coquitlam, BC

aka Dave · Joined: 02 May 2008 Location: Down by the river

It's really scary. The European markets are falling apart as well ( http://www.lemonde.fr/ if you can understand French). This isn't potentially an IMF. It's potentially a global depression, which is far worse. One upside is China, Korean's top export market, is still chugging alont. However, to the huffingtonpost.com 6 in 10 Americans are predicting a depression.

I work at a Univ. I pretty much have been offered a job renewal starting March next year, however God knows how secure that is. My students aren't really talking about the economics stuff so it doesn't sound like they're having trouble with tuition.

Every day the news seems to get worse. I'm just gonna hold my won as long as I can, and that might be years atm.

Manner of Speaking · Joined: 09 Jan 2003

I have been planning to enroll in a Korean language course at one of the big unis for the next year or so full-time...stop working. With things the way they are, do you guys think I'd be ok to take the course, or would I be better off to keep working and stashing the cash?

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

MOS, if you have been seriously planning it -- take the course. If you happen to have money overseas, you could probably live off of that via ATM and do pretty well. hahaha

To learn Korean is good, if you can do it.