Trouble coming up with a down payment? Move to Korea!

My family thought I was crazy. My friends thought I was just going through a quarter-life crisis. Maybe I was. To be honest, I had no idea why I was moving across the world to teach English in Korea. Little did I know way back then, that teaching English would actually be funding my REI career.

I do love America. I’m from Indiana, and I really miss it. But, Korea is my home. The reason? Well, my wife happens to be Korean, that's high on the list of reasons. But really, both of us agreed to stay because it's just SO much easier to get ahead here! So much so that we are able to put away nearly $2,000 each month, and still living quite well.

Here’s why:

No need for a car!

Seriously, there is absolutely no need for a car. If you have kids, perhaps that would make life easier. But, even then you could get by. I had a nice Jeep before leaving America. I loved that thing. But the truth was, it ate SO much of my income. In fact, I had become so far under on it, that I was still paying on it 3 years after I left. Not to mention insurance and the crazy prices of gas. NOPE! I put $10-20/week on my transportation card and I’m set. The Seoul Subway system is amazingly simple and the buses get your anywhere else you would need to go. Put that extra $500+ dollars I’m saving toward my next deal!

Free Housing!

Yes, your house is free. It’ll be just a studio, nothing fancy. But, every other teacher you’ll meet will be in a similar situation. So, keeping up with the Jones’ is a little less of an issue. I’ve worked at my school for a few years now, (and got married) so I’ve upgraded to a 1 bedroom place, with some extra space, and we pay $300 extra per month. (But then again, we have 2 incomes now) If we were both teachers, then the double housing allowance would cover the entire apartment. Amazing! Before she came along, I was more than happy with my studio, and saved that $600/month that I was paying for rent at home!

LOW Cost of Living!

Your pay will be somewhere around $2,000. Not that great, BUT...Once you take out the expenses for a car and apartment, the only thing you have to pay for is food, utilities and some entertainment. (Of course, you should travel a bit and see the country, don’t be a hermit.) When I first moved here, I was in a pinch, and HAD to live on about $600/month for a few months. And you know what, I did it. It sucked, don’t get me wrong. But, budget for $1,000 per month and you’ll live well. Going out to eat is cheap, and actually healthier than I could cook at home as a bachelor. Your apartment is small, so utilities are low.

Even more amazing. After you finish your 1-year contract, you get a 1-month severance bonus, and you’ll get back a good chunk of your taxes (national pension contributions) which add up to about another month’s salary. That means your last payday is about a $6,000 chunk of cash. Add that to whatever you’re able to save each month, and you’re set!

What to do next?

First, lookup a recruiter online and see what’s available. There are schools hiring all the time, although the majority of schools start looking in November and hire for late February. (School year starts the first week of March)

After a year, you have a couple options:

1. Leave and use that last big paycheck for your first down payment. I would house-hack from there personally. OR…
2. Stay longer and funnel your money into REI like we are.

Contact me if you need some more guidance!