Welcome back!
One of the primary factors behind people coming to Seoul to teach is the money. There is massive potential to save or pay down debt here.
All public schools jobs (in Seoul at least) offer free furnished housing, reimbursed airfare (I made $350 USD on my flight over here!), bonuses such as paid vacation and a final bonus at the completion of the 1-year contract of a full month’s pay. Some special situations may differ, but for the most part this is what all SMOE (Seoul Ministry of Education) teachers can look forward to. Most reputable hagwons offer similar benefits and pay, though they generally have different work hours (more late nights) and less vacation.
If your spending habits are on the frugal side, you can bank at least 60-65% of your monthly paycheck without feeling the pinch. For most teachers with a basic TEFL certificate salaries start at 2.0 million won. At current exchange rates, that’s approximately $1700 USD. Saving $1000 USD a month isn’t difficult at all. These wages don’t even factor in private lessons, which range from 40k-50k won an hour. Again, the potential to save or pay down debt here is amazing.
For me, the only temptations I currently have are some new gadgets such as a nice DSLR and a new iPod touch. Beyond those two items, my only personal expenses consist of food, drink, and my small utilities fee I pay on my building each month. Pension out of each paycheck is returned to most countries upon the completion of the contract, and my health insurance only costs 50k won a month. I also have an income tax exemption both here and at home as an American.
Realistically, I think I’ll come out of my time here with at least 15k USD in pure savings when taking into account other projects like my writing. That’s some serious bank for one year.
If you’re staring down educational debt or wanted to save a large amount of cash in a short time, I would seriously consider teaching English here.
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Yo Evan! Sounds like things are going swell man! I’m really glad to hear it. If I get the chance I’ll come visit sometime, mayhaps early spring?
Take care of yourself over there! Everyone will miss ya dearly.
Cheers,
Ben