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tlord1986
Joined: 18 Feb 2009
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 Posted: Sun Jan 24, 2010 11:49 am Post subject: Korean Economy |
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I was planning to move to South Korea to teach English in early 2009, but then Asia had some economic troubles, and the won lost some of its value. I was encouraged not to go to Korea because, at the time, I was told that I may not be able to repay my student loans. I am trying to determine if the situation is better now. Has the Korean economy stabilized/recovered?
Thanks all. |
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mistermasan
Joined: 20 Sep 2007
Location: 10+ yrs on Dave's ESL cafe
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| Posted: Sun Jan 24, 2010 11:57 am Post subject: |
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| recovered a bit. not enough to make it worth the hassle. korea is not a wram and loving place. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Jan 24, 2010 1:13 pm Post subject: |
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| The Won has recovered a lot of its value. Check the conversion rate for your currency to see if you could afford to pay on your loans (most people can save about W1,000,000 a month). |
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Gibberish
Joined: 29 Aug 2009
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| Posted: Sun Jan 24, 2010 1:33 pm Post subject: |
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| You must have some insane student loans to not be able to repay them in Korea. You'll make $2200 a month or so, with free rent and your only real expenses being your utilities and food, yet that's not enough to send a nice chunk home every month? Dang son. |
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SeoulMan99
Joined: 02 Aug 2009
Location: Seoul
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| Posted: Sun Jan 24, 2010 2:00 pm Post subject: |
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| Gibberish wrote: |
| You must have some insane student loans to not be able to repay them in Korea. You'll make $2200 a month or so, with free rent and your only real expenses being your utilities and food, yet that's not enough to send a nice chunk home every month? Dang son. |
Most jobs for newbies are 2.1-2.2 a month(Seoul) from what I have seen. That's a bit less than $2000 US a month. Still, that would be enough to repay loans I am sure. The projections I have seen have the Won getting to 1000 on the US dollar within the next year or so. |
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Old Gil
Joined: 26 Sep 2009
Location: Got out! olleh!
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| Posted: Sun Jan 24, 2010 3:39 pm Post subject: |
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Don't forget about China  |
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Hightop
Joined: 11 Jun 2003
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| Posted: Sun Jan 24, 2010 5:43 pm Post subject: |
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| Yes go to China. Just like Korea without the Koreans and with nicer food. |
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runthegauntlet
Joined: 02 Dec 2007
Location: the southlands.
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| Posted: Sun Jan 24, 2010 8:04 pm Post subject: Re: Korean Economy |
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| tlord1986 wrote: |
I was planning to move to South Korea to teach English in early 2009, but then Asia had some economic troubles, and the won lost some of its value. I was encouraged not to go to Korea because, at the time, I was told that I may not be able to repay my student loans. I am trying to determine if the situation is better now. Has the Korean economy stabilized/recovered?
Thanks all. |
Yes, the won has regained a lot of its value, but isn't and probably won't be what it was in 2007 for a while, if ever. Stock market has bounced back up nicely as well.
You should be able to pay back upwards of 700 USD a month quite easily, and it's certainly possible for some to remit 1000 a month + without too much extra effort, though that depends on a few more things. |
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tlord1986
Joined: 18 Feb 2009
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| Posted: Mon Jan 25, 2010 11:23 am Post subject: |
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When I was asking questions on these message boards previously, I was told that many teachers in Korea were deferring their student loans because of the state of the Korean economy. I don't know how true that was, but at the time, that was enough to scare me off. I am actually glad that I didn't move to Korea last year because I ended up meeting someone who has become very special to me. We plan to teach in Korea together.
Thanks again. |
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placeshifter
Joined: 23 Jan 2010
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| Posted: Mon Jan 25, 2010 12:16 pm Post subject: |
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Korean economy is doing pretty well export-wise. Record revenues for the chaebols.
Lots of disparity though like much of the US.
Rich getting filthy rich. Poor remain poor. |
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air76
Joined: 13 Nov 2007
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| Posted: Mon Jan 25, 2010 4:34 pm Post subject: |
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The state of the Korean economy is fairly irrelevant with regards to working as an ESL teacher here. Over the course of any year there is a fluctuation in the exchange rate, so as long as you wait for an opportune time to transfer your savings then you will do fine. It isn't as though the exchange rate changes so wildly that it should affect your decision on whether or not to come teach here. The 1000won:$1 rate was an anomaly, generally the rate will be between 1100-1200 won. The fact of the matter is that while the economy is a huge contributing factor, it isn't the only factor that moves exchange rates, just like the stock market, it's fairly difficult to predict what exchange rates are going to do.
What's done is done...and it sounds like it worked out for the best for you anyhow, but whoever told you to avoid teaching in Korea because of economic problems gave you some bad advice. |
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redaxe
Joined: 01 Dec 2008
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| Posted: Mon Jan 25, 2010 4:49 pm Post subject: |
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| air76 wrote: |
The state of the Korean economy is fairly irrelevant with regards to working as an ESL teacher here. Over the course of any year there is a fluctuation in the exchange rate, so as long as you wait for an opportune time to transfer your savings then you will do fine. It isn't as though the exchange rate changes so wildly that it should affect your decision on whether or not to come teach here. The 1000won:$1 rate was an anomaly, generally the rate will be between 1100-1200 won. The fact of the matter is that while the economy is a huge contributing factor, it isn't the only factor that moves exchange rates, just like the stock market, it's fairly difficult to predict what exchange rates are going to do.
What's done is done...and it sounds like it worked out for the best for you anyhow, but whoever told you to avoid teaching in Korea because of economic problems gave you some bad advice. |
The USD - KRW exchange rate was right around 900 - 1,000 from 2005 until mid 2008, then from October 2008 until April 2009 it was like 1,300 to 1,500. Granted, that was in the middle of a global economic crisis, but still, that's a pretty wild fluctuation. |
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air76
Joined: 13 Nov 2007
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| Posted: Mon Jan 25, 2010 5:08 pm Post subject: |
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| redaxe wrote: |
| air76 wrote: |
The state of the Korean economy is fairly irrelevant with regards to working as an ESL teacher here. Over the course of any year there is a fluctuation in the exchange rate, so as long as you wait for an opportune time to transfer your savings then you will do fine. It isn't as though the exchange rate changes so wildly that it should affect your decision on whether or not to come teach here. The 1000won:$1 rate was an anomaly, generally the rate will be between 1100-1200 won. The fact of the matter is that while the economy is a huge contributing factor, it isn't the only factor that moves exchange rates, just like the stock market, it's fairly difficult to predict what exchange rates are going to do.
What's done is done...and it sounds like it worked out for the best for you anyhow, but whoever told you to avoid teaching in Korea because of economic problems gave you some bad advice. |
The USD - KRW exchange rate was right around 900 - 1,000 from 2005 until mid 2008, then from October 2008 until April 2009 it was like 1,300 to 1,500. Granted, that was in the middle of a global economic crisis, but still, that's a pretty wild fluctuation. |
Fair enough..I rescind my facts. |
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runthegauntlet
Joined: 02 Dec 2007
Location: the southlands.
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| Posted: Mon Jan 25, 2010 5:13 pm Post subject: |
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| redaxe wrote: |
| air76 wrote: |
The state of the Korean economy is fairly irrelevant with regards to working as an ESL teacher here. Over the course of any year there is a fluctuation in the exchange rate, so as long as you wait for an opportune time to transfer your savings then you will do fine. It isn't as though the exchange rate changes so wildly that it should affect your decision on whether or not to come teach here. The 1000won:$1 rate was an anomaly, generally the rate will be between 1100-1200 won. The fact of the matter is that while the economy is a huge contributing factor, it isn't the only factor that moves exchange rates, just like the stock market, it's fairly difficult to predict what exchange rates are going to do.
What's done is done...and it sounds like it worked out for the best for you anyhow, but whoever told you to avoid teaching in Korea because of economic problems gave you some bad advice. |
The USD - KRW exchange rate was right around 900 - 1,000 from 2005 until mid 2008, then from October 2008 until April 2009 it was like 1,300 to 1,500. Granted, that was in the middle of a global economic crisis, but still, that's a pretty wild fluctuation. |
Indeed. I got to Korea in Aug. of 2007 and it was 940ish. A year later I left and it was 1136. Came back six months after and it was over 1550!
Now, one year later, it's back to 1150ish. Nutty. |
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tlord1986
Joined: 18 Feb 2009
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| Posted: Thu Jan 28, 2010 11:10 am Post subject: |
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| For those of you who prefer China, why do you think it's a better country? |
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