Living On $24K A Year In Seoul, South Korea | Millennial Money

Michaela Cricchio, 26 years old, lives in Seoul, South Korea and earns $24,000 a year as an English teacher. After graduating college, Michaela joined the cruise ship industry to pay for all the expenses associated with moving abroad. She is now in her second year teaching in South Korea, and has plans of becoming a digital nomad.
This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
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Living On $24K A Year In Seoul, South Korea | Millennial Money

[@CNBCMakeIt]

What's your budget breakdown? We're looking for stories from all ages, not just millennials! Share your story with us for a chance to be featured in a future installment of Millennial Money: ​cnb.cx/32TYZ2K​

[@abisek.e7636]

I'm in India, is that ok also?

[@mannyluis7961]

I make $55k a year , 28 years old moved from LA to GA 2 years ago and just purchased my 2nd rental property. Getting closer and closer to financial freedom

[@nielguaman9412]

Living in East Williamsburg Brooklyn witth a huge backyard & living room, 27 years old making $140k per year at a top e-comm business but paying $810 in rent! (4 bedroom appt $3600 total)

[@anuragsrivastava007]

Please make a video on living on 5000 dollars a year in India

[@smallscapital]

Kindly do a video featuring a day/forex trader.

[@peppolicchiopappo7274]

Yes please start doing this around the world, we had enough ny and la episoded

[@November441]

For real! People making 6 figures, living in a high-rise, paying $4-5k for rent. It’s a typical story. Not interesting at all

[@shraypuri4824]

@@November441 typical lol

[@kathydelarosa1286]

yeah i live in ny but i want to see other places too

[@erickdabandan76]

Yup. I’m from NYC and I’m tired of the NYC episodes

[@MrCesar20018]

😂

[@TransplantedLotus]

Same here… I’m earning 24K a year as an English Teacher in Thailand. I’m renting a 3 bedroom townhouse and able to save 50% of my monthly salary. I travel around world for at least 2 months out of the year. Life is good.

[@jrhalpin221]

Woahhhhh who do you work for?

[@giuliacorsettiantonini5615]

I'd love to be able to do the same, but it is incredibly difficult to find the same opportunities as a non-native English speaker :(

[@grayonthewater]

Omg please tell us how to do this

[@TransplantedLotus]

@@giuliacorsettiantonini5615 In Thailand, they hire lots non-native English speakers as long as you have at least a bachelor degree in any field.

[@TransplantedLotus]

@@jrhalpin221 A little background… I’ve taught in South Korea for 4 years in a government school, 2 years in Singapore at a learning centre, and now I’m in Thailand and have worked in 3 different schools so far… international school.

[@skylark8749]

Rent free. Car free. That helps massively

[@maureenmurphy8196]

No US federal income tax on teh first $110,000 helps massively!

[@jasonwill5949]

@@maureenmurphy8196 she still has to pay tax to korea though but it’s a bit lower

[@betsywilliams3666]

It sure is! I teach English in South Korea, and earn a little more than she did. I used the money to pay off all of my debt, save money and travel. Will be leaving to go to the US after 5 years of living in Korea.

[@saynotop2w]

Turns out metropolitan areas designed for public transportation and pedestrians in priority is cheaper to live, because, well, no need for a car.

[@laurarenteria3430]

hey that ryhmes!!

[@PSYCHROCKS5]

I love seeing different ways of life on here. Not everyone makes 260k and lives in LA/NYC, so this was so refreshing! Let's see more amazing people like Michaela

[@dreesunc]

Yeeees, pls!

[@lovelydae7455]

Just follow expat channels on here

[@LuzVerr]

this

[@jasiah1313]

I live in Miami now and make 430k a year at 29 and I still feel I don’t make much. Miami is super expensive.

[@vernon121]

@@jasiah1313 what do you do? 430k is extremely good.

[@lynneal7574]

For those who didn’t get a chance to watch all the way through and are curious: you get free housing as an English teacher in Korea, so that’s a large reason why she’s able to live on 24k

[@fobkingdingaling]

The worst thing about teaching abroad is the coming back home and realizing how much you miss life abroad

[@formoftherapy]

Certain cost of living is incredibly low in Korea. You don’t pay taxes on most purchases, so if food is like $6 it’s JUST $6. There’s also no tipping, food trucks can give you a full meal for like $5 and convenience store food is actually good in Korea. So food alone can be pretty cheap. As she mentioned you most likely never need a car so no car payments or insurance. Then their health care system is nuts. I’ve had several procedures that would be five figures in the US but only a few grand or even several hundred dollars. Had one dental procedure quoted in the US to me at like several thousand when it all added up. I happened to be going to Korea in two months so I waited and the ENTIRE cost, was $70. There’s certainly limitations and inconveniences to living in Korea but I always loved these things.

[@jiawai3988]

Thanks for the insight, PD! :)

[@Loulydollx3]

all taxes are already included in the price, so it s 6 dollars after tax. also living is seoul is so expensive and one of the most expensive cities in the world. Your comment is not only wrong. it s stupid. try 20 dollars for watermelon, 5 dollars for a small yogurt and milk and 2 dollars for one pack of ramen ONE pack.

[@pianoonparade]

I mean, that sounds like many other countries too. While some aspects might be better than the states, other aspects worse.

[@asiantrick24]

@@Loulydollx3 sit down and be quiet. You have no clue wtf you're talking about. Seoul cost of living is 75th in the world, and rent is sitting at 156th in the world. Definitely not the most expensive city. It's sitting below Minneapolis, MN in cost of living chart. I've live there for 5 years. Eating out in Seoul if you avoid the fancy restaurant are dirt cheap. Why would anyone cook when you can eat out at a cheaper price.

[@rijae]

I think you understand things a bit wrong. We do pay tax when you buy any food or items. We only displays the total price. That is why if you see $6, it's $6 including tax. And things are cheaper for sure but it depends where you go, things will be pretty expensive or can be cheap. It's like you get what you pay for.

[@evileyez504]

Finally another country. Let’s see Poland or France or Hong Kong or Brazil or Mexico.. I watch the Finland one over and over cause it’s like a dream

[@stephaniecallejas7475]

Let see Turkey

[@zamansyed86]

@@stephaniecallejas7475 I am considering Turkey from Australia as living in Turkey is so damm cheap compared to Australia .

[@trung170801]

Only so because you dont live there. The benefits are only for citizens. Making friends is tough bc of the culture. Its very depressing in the winter. Etc.

[@stephaniecallejas7475]

I live in the states and I am considering Turkey.

[@Kcelloo]

@@trung170801 If you mean Finland you are right that people should be prepared if they decide to come here. If somebody likes calm, quiet and well organised then I think they would love it here. Having basic rights like healthcare, long paid holidays, free schooling, safe and clean environment is a bonus but you have to love the country and culture first. Otherwise it will be miserable despite the bonuses.

[@shielamariejara9087]

So happy they are bringing this worldwide!!

[@weeyakkawonga6243]

YH, there is one about a lady in the UK.

[@weeyakkawonga6243]

YH, there is one about a lady in the UK.

[@AlanaBertozzi]

MASSIVE shout out to Michaela, I worked on a cruise ship too and taught English in south korea for three years, we need to talk Michaela!!!!!!!!!!!!!!!

[@TravelingSoloLogs]

It takes a lot of courage to move abroad by yourself. Much respect 😃

[@katlinmicheal8121]

That good I invest in real estate , and forex trading I can say forex trading have been lucrative monthly I get $140,000 as for real estate annually I get up to $1.3m is just about meeting the right people .thinking of starting a laundromat

[@blakealik8819]

Indeed meeting the right people too is another key may I know how do your trading . You trade by your self ?

[@lindalily6924]

Your blessed woman keep working hard

[@katlinmicheal8121]

Cedwick I invest $40,000 to gain $140,000 monthly

[@katlinmicheal8121]

no Blake I work with my contract trader Thomas Stuart mark

[@katlinmicheal8121]

He have been hand my allocation for quite a while now

[@EmeraldGamingNewz]

This story brought tears to my eyes. I lived in worked in Asia (japan) teaching English last year for 2 years. I didn’t need a lot of money to be happy i just liked experiencing the different cultures. I saved i sought out new things, etc. Though one day I was mugged and almost killed there by another foreigner. It left me hospitalized. I had to come back to America. But after seeing this video it made me smile, remembering the joyous feeling of leaving your home and going to a country with a different language and culture, and full immersing your self in it.Hats off to you Michaela, hope you’re enjoying it out there!

[@bobbab5759]

That sounds awful. And exceedingly rare. It's like winning the lottery in a bad way. On the bright side, you are better off returning after a couple of years. It's not really a career. Great experience, but it's Groundhog's Day after the first year or so with extremely limited opportunity to move into another career.

[@EmeraldGamingNewz]

@@bobbab5759 Yes, i have to remind myself what happened to me was a one in a million chance. there was nothing i could do about it. Also so tru, there are a lot of foreigners who stay there 5+ years, and are completely burnt out. I miss japan dearly, but I’m happy I’m home. I’m excited to go back and visit without having to work at all 😁

[@igoro1451]

how did they do it? I want to avoid this

[@552mustang]

What race was the foreign attacker that assaulted you?

[@EmeraldGamingNewz]

@@552mustang Brazilian

[@trex1448]

She's not paying rent and no car. That's a huge saving.

[@organizedchaos4559]

@@NathanAponte no she doesnt

[@giancarlopineiro1294]

@@kushal4956 650 of that is saving. So not really spending 1740.

[@foreverbeauty4141]

@@kushal4956 She save $650 and pay $100 toward her debt per month.

[@AN-xs7dw]

i really admire this girl. A lot of people are too comfortable where they live and their salary. They spend their whole lives in one place and thats actually pretty sad to me.

[@GG-tf1tc]

@@P.90.603 “most” but not all. I have friends that live in Europe and they moved out of the USA by choice. No financial reason at all.

[@louish2037]

I can never understand how someone could be happy living in one place for their entire lives, must be very self-absorbed and close-minded, and eventually become oblivious as to the true reality of the world

[@AN-xs7dw]

or just afraid of chance and the unknown in a different area and having to make new friends.@@louish2037

[@brimmed]

i knew she was an english teacher right away

[@lovelydae7455]

🤣🤣🤣🤣

[@passporttopalates]

I love Seoul. I studied there in grad school. It's a great city and I was able to live pretty inexpensively and still have a great time.

[@CA2SD]

Everyone needs to travel. It will open up both your mind and heart. The fact you can walk around at night there without having to worry is an amazing feeling.

[@wds3222]

You think SK is safe? Come to Taiwan and you will see whats up.

[@STOPMOTIONMANIA1000]

I don't enjoy travelling and find it's a waste of my money (I live on a tight budget). It's also not good for the environment..so no, not everyone needs to travel.

[@daebak7370]

This is what you get when you have a conservative culture.

[@ShanTalks-Podcast]

I want to go back so bad. I miss Korea, I miss the food. It was so peaceful.

[@xoxo9972]

How was your experience being a black woman in Korea? I’m debating on visiting there.

[@milesbarksdale2446]

how is life in korea while black? I'm a black male and I'm curious if there is as much racism or discrimination in Korea as there is in the USA.

[@skillfuldabest]

@@milesbarksdale2446 Asia is way more racist

[@tae-whankim9821]

@@milesbarksdale2446 There is racism, but its not like the hostile one in US. No our police wont shoot you for your skin color. However Korea is the worlds MOST homogenous country. People might stare (outside of Seoul) because they probably never seen a Non-Korean in their entire life. You are most likely the first person they ever saw. 50% racism due to curiosity. Now the older generation who grew up watching Fox news and LA riots will have a certain image. but as long as you stick with the younger generation you should be good.

[@sanelephants]

If you want to get more pay and better life, you should come to India. India is better than little country South Korea.

[@bakarit08]

Michaela!!! So glad to see you're doing well! I ran across an old video from the gym of us dancing recently! Keep up the great work girl!

[@tristanrodenhauser5267]

15k in loans isn’t a amount you should say …oh I can’t pay this off, it will be with me forever

[@maxwell2703]

Trust me when I say you can pay back the loan

[@kevinhyun1600]

@@maxwell2703 I think that's what he's saying too

[@AlexSchwartzATV]

I laughed so hard when i saw $73 for health insurance. If it was that cheap in America I'd have it right now.

[@janedoll3237]

Did you start crying afterwards? Hate healthcare here

[@organizedchaos4559]

Thank you for being back the old versions of millennial money

[@dancinmama1986]

I taught English in Korea for six years and had a ball! Income was low but the lack of major expenses like rent, etc, gave me the ability to pay a lot on my student loans while still traveling and enjoying my life. If I was smarter at the time, I would have been more frugal (pay off loans totally and invest) since the money came so easy. I did get a nice lump sum from my pension when I left which set me up well upon my return to the States. I HIGHLY recommend, if you have the opportunity and desire to go, to JUST DO IT!

[@danielhea728]

Don't get this wrong. 24k annual salary in Seoul will be considered "low" "real low" income

[@won1853]

It's not super high but it's not super low either. The legal minimum wage is 8720 KRW/hour in South Korea which translates to about 2.2 million KRW a year. That's 19k USD / year. This English teacher is getting 5k more than that AND doesn't have to pay rent because the school pays it for her. She's better off than most 26 year olds in Seoul.

[@AlexSchwartzATV]

Yeah its the rent free that makes up for that i imagine

[@sarabera325]

I agree with Daniel. The portrayal is so skewed it's almost laughable. I thought the title said $240K.😂

[@saang]

Yep... considering that most conglomerate jobs start at around 50k now for 1st years.

[@won1853]

@@saang Not true at all. According to data from March 2021, the average starting wage for college educated employees at large Korean conglomerates was 41,210,000 KRW (35,772 USD). The average starting wage for medium or small sized companies was 27,930,000 KRW (24,244 USD). This is all before taxes btw and the housing prices in Seoul is one of the craziest in the world so she's definitely making way more than the average Korean 26 y.o.

[@Mr2Reviews]

I'm Korean American and I've been living in Korea for over 8 years now. I'm originally from LA so the cost of living in Korea feels cheap to me. I make about $27,000 per year.

[@winmeaphone]

May I ask what you do? I’m a Korean American myself and looking to live in Korea soon

[@Mr2Reviews]

@@winmeaphone I work at a gaming company.

[@ivak8988]

@@Mr2Reviews is 27k enough to live in korea?

[@jg1514]

Also Korean-American working for a gaming company, making twice her income. I'm able to rent a 3 bedroom apartment by myself, and save a good amount as well. Living expenses are so much cheaper than stateside

[@AlexSchwartzATV]

How do you like living there VS LA?

[@FinancialShinanigan]

My time to shine: 1. Definitely don't need a car, get monthly pass that works on subways and buses. 2. Korea has brutal work hours (I also worked at Hakwon/cram school where I was required to come in every other Saturday to do additional tutoring for kids who got A-) 3. Definitely don't miss those apartments where you shower where you pee, do laundry where you cook, hang clothes up because there's no dryer and mold starts to form unless you open windows even during winter. 4. Lots of foreigners work in Korea, check out Itaewon if you're ever feeling homesick. 5. Buy fruits from grandmas selling on the street, cheaper and if you're nice n buy frequently, they give extra. 6. Don't think of buying beef unless you're willing to pay $4 an oz. 7. Enjoy the super fast internet and cry when you go back to your home country. 8. Teach English on the side (I put up flyers in public libraries and taught conversation english to adults, charging $50 an hour) 9. Even if you don't go to teach English, definitely visit Korea. Whether you want to ball out or go on a budget, there's so many good, places, and experiences you can find. 10. Yes, North Korea is right there but everyone just lives their lives without a care of what the crazy fat guy does.

[@WhatIsThis-zq4hk]

Friendly reminder to people reading: teaching on the side with an E2 visa is illegal

[@Je.rone_]

Yup

[@ED-ie3et]

Why is produce so expensive though? Import costs?

[@hyewoncho3361]

@@ED-ie3et I think it's because of inefficiency of supply chain and small economy of scale

[@MrTmenzo]

Can you cross the north to get a pizza like jacka parker does huehue

[@Tomasthe1st]

I taught abroad as an English teacher too. It's a lot of fun and gives a lot of experience about the world outside the U.S.

[@bcasa3376]

This is so crazy I actually use to teach and live in South Korea too and at the age of 26 like her! Lately I have been thinking about my time in Korea because of how much happiness and joy it gave me. Now I’m 35 and in a big career/transition crisis. I wonder what would have happened had I stayed overseas for a few years but with my mom being so overprotective and living in her own bubble I had to go back home it’s good seeing people enjoy experiences like this sometimes there just isn’t opportunity in your own background

[@marlotomas]

South Korea is awesome. I hope you'll be able to pick up travelling again

[@bcasa3376]

@@marlotomas I hope too I take experiences like that traveling over owning a big home any day

[@rodriguezchen]

Nice thanks for sharing your experience

[@anubistiger]

I did the same thing too! Taught in Korea for two years after college. It was fun living there... Made great friends. Wish I could go back and have the same friends still there.

[@bcasa3376]

@@anubistiger same here wish I could go back. My mom is now passed away so I have to take care of my father

[@andrealaurenpegollo9873]

I was an english teacher for young korean kids and college level adults right off college back home in the Philippines and to this day its still the best job ive ever had in my entire 31 yr old life. Been thinking back and forth if I should go back to it, Im now living in Canada as a nurse but still feel empty. This video makes me wanna go and actually think of being an english teacher again seriously :)

[@ohmingfeng9351]

Quickly quit your job and gooooo

[@KomicKing]

What you probably miss is being young and carefree. Make sure you know what you are seeking before you make an expensive move.

[@aliali-ce3yf]

teaching english overseas definitely seems more for people in their early 20s.........there is a high turnover rate for a reason

[@betsywilliams3666]

@@aliali-ce3yf Not necessarily I came over to Korea when I was in my early 30s. And I am going to be heading home to the US in my late 30s. But I do agree about the high turn over rate. I did't live in Seoul, so I found it difficult to meet people and have meaningful friendships.

[@skybluegirl878]

So glad you guys uploaded this video. Seriously contemplating on moving to Seoul to teach English. Interesting to hear her perspective and will probably reference this video once more.

[@Onetwo-rr9kd]

Thank you for bringing back this version of millenial money and show us people with a ''normal'' salary! it's very nice, because we can relate to them

[@TheDanaYiShow]

oooo love that this series is going international, would love to see more!

[@DojKim]

respect her courage living aborad with low salary, and being open to talking about it to share her experiences.

[@goodenergi]

so glad you brought this international. we see so much of la, nyc, san francisco .. people need to see how life abroad can be.

[@hannanordstrom6]

yesssss, i love seeing them in different parts of the world

[@alejandro3485]

$35 on a weekend…..that’s two drinks in NY.

[@AccidentalAlexia]

No drink, if the guys find you attractive lol

[@quicksandx54]

Or 10 bottles of Soju!..

[@trevorkim]

Well it’s about three drinks in Seoul too if you want cocktails at a cheaper part of Seoul. Depends what and where you drink.

[@vegasunni]

She is super frugal. I am Korean and I don't know how she does it. A lunch and a coffee after that would be $35.

[@joy.diaries]

Yes 35$$$ is true...... This is not about being frugal. Well, a typical weekend for a foreigner(like us) who doesn't really have a lot of friends and just hanging out around 'SEOUL'. Subway/bus costs( back and forth depends on your area) maybe-$10,starbucks coffee $6, food breakfast $3(kimbab/rolling rice),lunch $6-8(bibimbab/stew/soup) dinner$8(burger set) or just eat at home for dinner. i am already enjoying the view/sceneries, window shopping(sometimes i buy a $5 t-shirt on sale in UNIQLO and attended a korean free classes and that would be a bit productive day😅 and enough for spending Saturday/Sunday outside your house.

[@cakkidi007]

I am assuming she’s a US citizen. And if that is the case, then she doesn’t have to pay any federal or state income tax on the first $105,000 that she makes. There’s a special tax law that allows for US citizens who are working abroad to have their tax exempt as long as they pass the physical presence test. She may need to file for a tax extension. Not bad.

[@isisathena5237]

Yup don't have to pay US taxes.

[@atari1001]

Still need to pay local taxes though...

[@jasonwill5949]

She needs to pay tax to Korea

[@raburipanda]

I also lived in Korea and filed taxes but did not pay taxes because I didn't have American income. I paid Korean taxes.

[@ferddoesweirdthingsinlife1040]

@@isisathena5237 yes you do. America has this thing where you have to pay US taxes no matter where you are in the world,

[@ndem658]

Love we get to seeing perspectives from different countries.

[@dhgemein2]

This story shows that what you keep matters more than what you earn. $24,000/year doesn't sound like much, but she saves $550 a month. I know people who make double, triple, and quadruple what she makes and don't save the same monthly amount. They're living larger in the present but in the long run they'll be no better off.

[@ruttatata2023]

Rent free perk in Seoul would be a dream job. Rent is extremely expensive in decent quality neighborhood in Seoul. If rent wasnt free, she would either live in a really small studio or go bankrupt in months.

[@tonystark6173]

How much is a small studio in Manhattan or LA or SF in a safe high quality neighborhood? You would be struggling in those cities even if you made a 100k a year….

[@WyattCieluch]

You have to remember that free housing is factored into her pay. They would have to pay more if they didn't provide housing.

[@dailyupdates2960]

Loved this video, I’ve been teaching in Korea for 4 years myself and I love the country.

[@FinancialShinanigan]

She has such a carefree seoul.

[@Je.rone_]

That was actually really clever and funny.... clunny 😁

[@dreesunc]

Oh geez 😁

[@hojaeyun6747]

Lmfao yeah but it"s not worth teaching in Korea esp with that much u make.

[@garyish]

These make it ones are always nice. Btw, $24k a year is somewhat misleading. Her organization is covering her rent which is at least $20k a year. She’s making the equivalent of $40-$50k a year which is doable for a decent living even in the US.

[@garyish]

@@aama123ful Actually a few years ago, after graduating college I was making $35k a year and renting a studio in Miami for $900, so I d argue it’s doable. Not ideal but doable.

[@haute03]

@@garyish Agreed. Definitely doable, but not ideal.

[@jasonwill5949]

@@aama123ful you also have to consider it’s after tax and Korea rent depends how much deposit you give

[@adradaadrad326]

@@aama123ful i live in chicago and 34k is super doable

[@TheMasterhomaster]

@@adradaadrad326 how many roommates do you have? 4?

[@JDelta87]

Nice! Millennial Money outside the US again. I'm glad she was able to take a chance and teach abroad before talking herself out of it.

[@seasonli1653]

Please do more international episodes! It's so fascinating to see how others around the globe budget and live!

[@happylife7542]

Personally I would pay more towards the student loan. It’s a loan that will follow you forever. TBH 15k really isn’t much, she can do it in about 2 years, then more money to invest. Well that is my 2 cents lol.

[@EagleEyedSheLion]

agreed, less investments more getting that loan out of the way

[@jorge3234]

I would agree but with student loan the interest rates are usually really really low. So unless she’s planning on buying a house (with 24k income I doubt she could) or a car (which she said she doesn’t need) there’s no real reason to pay it off soon unless her interest rate is crazy high.

[@Jessica-ni3nh]

Wishing her all the best - what a lovely lady! Enjoy your adventures.

[@suniloneal34]

I did this for 4 years. Was amazing.

[@samXDpm]

When you make "more" than her but your paycheck is lower bc of taxes and health insurance 🙃

[@katy3901]

This is what I find mad. I live in Scotland, and although we have nationalised (free at point of use) healthcare (including prescriptions, visits, parking... basically everything), good pensions etc etc., I pay much less in tax than I would in the US, and less than a vast majority of people on millennial money. Part of that's because I'm currently relatively low income because I'm also a student, but for the base quality of life I get here I really don't see any negatives to our progressive tax system.

[@DMTHOTH]

I am sure her '24k per year' deosn't include taxes. Income tax in south korea is higher than in the US.

[@boostftw123]

AND RENT AND CAR INSURANCE. mind blown

[@tessy28]

When you compare yourself to others you get hurt.

[@jsebby2284]

@@katy3901 what do you make and what's your tax rate?

[@jbstravels1741]

So good to see these kinds of videos but with people who are abroad. Very refreshing to say the least. Great work!

[@MoorishBrooklyn]

She is very brave and very motivating in my own move and travel ambitions. Even more so she is living her dreams and goals.

[@sssoeee]

omg I’ve never thought I’m gonna see someone who lives in Korea on this channel. Good surprise! :p

[@nottolearnbuttouse]

저도요 ㅋㅋ

[@hyewoncho3361]

Me, too 😆

[@truthhurts7045]

Yes

[@yasiraarafat3314]

Brave soul. A small example of how to be proactive and take the charge of your lifestyle rather than just being complacent and reactive.

[@liferdog3697]

Good for you Kay, your family and friends are amazed by your resilience and commitment to do what you always wanted to do. There are not to many people in this world who get to live out their childhood dream. Keep calm and travel on!

[@cecitanae3201]

This was a really dope segment. I think this girl has the right mindset and heart. There were just so many meaningful things she mentioned that really made me think differently.

[@ezewong290]

I taught in South Korea for 5 years and am back in the US. Let me tell you, I saved aproximately 20k every year either in Korea as a English Teach peon 30k or making mid 6 figure in the US. Costs in the US are insane. Healthcare, Car insurance, Food costs, Rent, tax.... everything all adds up and all that said, the lifestyle in Korea was way better. If I weren't married and have obligations I would go back in a heartbeat.

[@laina-brown]

This is a way to house hack! So cool that she gets to travel and live in another country and have low expenses.

[@goodenergi]

woooowww I wanted to do an episode abroad like this!! im a full time traveler and id love to be on millenial money!

[@JustinPacete]

Glad to see this going worldwide too, But I'm surprised I didn't see this early. Just saw they posted this in July and I'm currently watching it in September !

[@multifxinc2561]

you can find that on this KZbin channel kzbin.info/door/4K3CkitduOuLawzfqLTsaQ

[@junhyungshim4647]

Props to her for making it work, but living on a $24,000 salary is near impossible in Seoul (if her rent was not covered)... Video might misinform notions of living costs

[@vegasunni]

Well her employer pays her rent so her annual salary is technically above 24k.

[@lovelydae7455]

And health insurance

[@gold9ja]

Kudos 👍🏾👏🏾 Michaela, she is on the right track. I’m glad she is saving towards her Roth IRA and it’s easier for her with her annual pay since she doesn’t have to pay for rent and a car.

[@janellentim]

Pay off your debt aggressively

[@betsywilliams3666]

I completely agree. That's what I did my first 4 years living in Korea, and I paid it off last summer even during the pandemic. Then for the last year I saved money. Also on top of severance, relocation money back to the US and pension, I saved a lot of money.

[@shannon.harperrr]

I work with her! She’s awesome and she’s got it totally right! I love living here and it’s a great way to save and see the world!

[@jimmycheon376]

The $73 per month for health insurance is a game changer.

[@betsywilliams3666]

It's great! I also live in Korea and for the past 5 years have gotten overall great medical care.

[@DailyMeditation365]

Sad to see that salaries haven't changed in almost 20 years. Teach private lessons like I did. I was saving $3k a month and had over $60k in the bank in two years. You should be able to charge 5만원 at a minimum per hour.

[@khill704]

Love this! Recommending doing a van life person who is working full time

[@khill704]

@@imonim7775 sweet thanks!!

[@Martina_E]

Great episode - more international episodes!

[@user-fp4dr1ne7z]

Good luck Michaela! This was a great interview :)

[@EricPei]

Wow under $100 for health insurance, love it!

[@skylinec83]

Seoul is a beautiful city and Korea overall is an amazing place. But Seoul can be EXPENSIVE. Between the ‘business room’ clubs, korean BBQ’s, Gangnam/Shinsigae shopping, and dining/bars at Iteawon…. $35 might be enough for just the uber ride during peak hours to the starting point. And then if you do the extracurricular activities late at night… Oh wait I’m rambling. Good job on saving half your salary!

[@skylinec83]

@@DutifulComments Paris Baguette is delicious. It's not cheap but it's a far cry from being a ripoff.

[@SaulOjeda]

this episode stressed me out, paying her $15k of debt should not be a lifelong process. But we're all different, so I hope things work out for her.

[@Enrique-peralta]

She has the choice to give up a few years to maximize paying down debt or making it a long process but enjoying those few extra dollars she gets to keep. She made her choice accept it for what it is

[@soyou4217]

her interest rate on her student loan is probably lower than her investing. so i think it;s fine. i would say pay off the debt first before saving if it was her credit card. credit card interest is like 10-20%

[@swicheroo1]

Her student loans are supposed to be paid off in 3-4 years. How is that 'lifelong'?

[@SaulOjeda]

@@swicheroo1 3-4 years? she has $15k in debt and only pays $100/month. Without interests it would take her almost 13 years, plus accrued interest, probably a few more years than that

[@sonderexpeditions]

She can pay that off in 2 years. There are blogs by teachers in south South Korea who showed how they paid off debt. One girl paid 50k in 3 years. Even coming back to the states its possible to pay that off in a year or 2 if she's privileged enough to live with family rent free

[@TitusBogba]

Big up to you sis ❤️❤️ .. I respect your prospective 👌🏾

[@peggycricchio7410]

Great job girl! Way to go!❤️

[@toniCbenn56]

As someone who was also an English teacher in South Korea, the western culture shock was REAL. One thing that's unfortunate though is that the English teachers at "hagwons" are underpaid and overworked. I'd never been so mentally and physically drained in my life until I started working out there. Imagine working consulting type hours for work study pay... Also if you're a POC, be prepared to possibly struggle to find a job worthy of your time. Best part of my experience was my sweet and adorable students. All of this to say, when choosing a country to teach English abroad, DO YOUR HOMEWORK.

[@merrychase9744]

thanks to Graham, got to know this channel. Really cool vids!

[@MeanBodyMami]

I am currently living in Korea and she's right about the Doritos being sweet. In fact, the Korean versions of most salty western snacks or foods are laced with sugar here. I bought a garlic cheese bread that literally ended up tasting like sugary garlic cake lol. After living here for a little over a year I still can't get used to it lol

[@multifxinc2561]

you can find that on this KZbin channel kzbin.info/door/4K3CkitduOuLawzfqLTsaQ

[@trugangsta4real]

"Leave the US" is probably the best financial advice CNBC has ever given. This is a good one

[@long_fellow]

Seoul has one of the highest cost of living in the world. My friends in Seoul make $70-90k and they always tell me they are broke as hell. Not sure how she can sustain herself. Oh wait. Her teaching job provides housing. That's how.

[@johnholst]

Yes, it's true. Seoul CAN be VERY expensive. But it doesn't have to cost a fortune. Like you said, it's all about the housing! But also, how you like to eat!

[@anubistiger]

What kind of job do they have? The average Korean doesn't even make that much. If they have a car, house, kids, I guess that makes sense.

[@swicheroo1]

Not true. First off: Few Koreans pay rent in Seoul (they offer a chunk of cash called 'key money' that is fully refunded after termination of lease). Second: No car (I have a 40K car in LA). Third: Nationalized insurance (I pay 400 dollars a month for mine). The reason why your well-paid friends feel like they're barely making it--and not saving--is because Seoul is a huge bandwagon culture. Everybody feels compelled to be copycats of trends and behaviors and fads. Even as a foreigner, married to a Korean, I observed this. If everybody in your income bracket is splashing out, you will feel the need to do that, too. It is a truly singular phenomenon that is unmatched.

[@anubistiger]

@@swicheroo1 Yes! Koreans have one of the biggest debt problems, especially among the younger generation. Younger people also tend to live with their parents until they get married - which is in their 30s nowadays.

[@connorbardine4072]

@@swicheroo1 Yes this is why. I actually broke with my Korean ex in part because she was bad with money.

[@10-OSwords]

Curious how are the social security systems for retirement & the disabled in S. Korea right now, have seen horrific docs in the past where most elderly kill themselves as there is no social security. Wondering if that is improving.

[@abisek.e7636]

At this rate, you can interview me as "living in 10k$ a year in India"

[@mememinaa7052]

Ewe India. No thanks

[@abisek.e7636]

@@mememinaa7052 that's why it can be interesting

[@nottolearnbuttouse]

I'm so looking forward to it. Wish you got adopted for the next video :)

[@sudhanshsr853]

@@mememinaa7052 I can guarantee you on the fact he has a better lifestyle earning $10k in India compared to you earning $70k at a mid range city in USA.

[@garyish]

@@mememinaa7052 Big words for someone who doesn’t know the difference between “eww” and “ewe”

[@user-ps1tz7ld8f]

I am Korean, I am living in Seoul. I love Seoul. I've lived here for about 16 years.but I cannot survive with $24K. $24 is low or too low income.

[@bobbab5759]

Nice piece and very realistic with regard to ESL. It can be great fun and a great experience for a younger single person for a couple of years.

[@johnsain]

I taught English there in 2001,...was there when 9/11 happened....School even asked me if I wanted time off,...I didn't. I loved the kids there so much. One of the great experiences of my life. Don't go there unless you're going to give 100%, because that's what the students will give you and your classes.

[@alanbabu8465]

I really hope that Graham reacts to this episode!!!

[@isisathena5237]

I live in South Korea too, and I was thinking recently, "You know it would be interesting for millennial money to make a video about people living abroad like me. Because you can save a lot more than you think." Also you don't need to pay that much for a tefl certificate becuase it's not checked by the ministry of labor or education. I paid $40 for a online tefl class.

[@betsywilliams3666]

As an older Millennial I was happy to see someone like me living and teaching in Korea.

[@OMGiLOVEyourNAILS]

The US needs to take notes. It seems only NYC got the memo about public transportation. America needs to be less car reliant.

[@CaraMarie13]

Well america did say let's improve public transportation but lobbyist from the car industry said, 'we disagree'.

[@xohannahbananaa]

Chicago and Boston also have pretty good public transportation systems! Are they always reliable? No but I’m sure major cities with comparable public transit would say the same. It’s decent for sure.

[@salentino]

The US doesn't care about public transportation. It cares about money and billionaires flying to space in rockets they built from the money that they saved by not paying taxes because of the system that is ultra capitalist. Everything else is communism or whatever some conservatives call it to avoid change that would have a positive effect for everyone no matter what status they have. It's just sad.

[@ferddoesweirdthingsinlife1040]

@@xohannahbananaa no way. I live in Shanghai and Toronto. Both have extremely good train services and I have never met a problem with them

[@theendurance]

why? Most Americans are happy using their car. Its more convenient than waiting for a bus or train and being surrounded by dozens of strangers. And public transportation doesn't work well in the US anyways since its so sparse unlike Europe and Asia.

[@naughtytiger1444]

She's such a sweet person. Please her heart.

[@victorgom91]

Waiting for Graham’s new video, also happy to see that it’s not a person living in New York.

[@aliali-ce3yf]

she seems happy so good for her, that's hard to achieve. to each their own, living a nomadic lifestyle wouldn't be for me, but she clearly enjoys it. to me, the main drawback would be the uncertainty looming of what happens if some emergency happens - doesn't seem to be a lot of wiggle room. plus your 20s are for making moves to set you up for later in life, but i guess if your life is going to be nomadic and travel is all that matters, teaching sounds pretty cool. the work culture of asian countries doesn't seem desirable though. if i had a safety net and wanted that life, i'd probably choose a country with a more relaxed work culture.

[@ReginaScholey]

Wow I'm shocked I haven't seen this sooner. I'm also an English teacher in Korea and love this series. She's right - the Doritos are terrible!

[@travel9two557]

Seoul South Korea is an excellent place to move abroad too and work. That city had it ALL! very fun place. Looks like she’s managing well and seems genuinely satisfied/happy.

[@johnholst]

Seoul really is a world class city. Love it!

[@nykid30]

"I also do freelancing on the side" I hope you're on the F2 visa, otherwise, you just admitted to a crime 🤣

[@Danigirlrocks101]

I was thinking the same thing!!!! LOL

[@goldiea8598]

I moved from Canada to Seoul in May and it seems cheaper to live here so far.

[@smkace5558]

Lived in South Korea for a year in the military and I was certainly living like a king (although I made much more money).....the USD goes soooo much further than people may think considering how developed South Korea is. Even living in Seoul and Busan, you can easily get by on less than $1000 per month. She is probably living like royalty bringing in 1700 per month AND not having to pay rent. I think I would probably get more aggressive in paying down those student loans though. She could probably throw at least $400-500 at them a month and pay them off in about 2 years

[@michaellim4165]

That's really pushing it. The stipends she gets from her job is the exception, not the norm. Most of the time the apartment costs are much higher. It's only when you have jeonse, the lump money with lower monthly rent payment can you really live off the low expense. But like you already know jeonse requires a HUGE down payment on the apartment, usually 100 to 150 times the monthly rental rates.

[@sarahsseoulsearch]

I live in Korea on 1k a month (grad student stipend). While it’s technically possible, there is very little wiggle room. If I didn’t work as a TA I wouldn’t have any savings or be able to go out much at all >

[@sarahsseoulsearch]

@@michaellim4165 Free housing comes standard with most hagwon jobs

[@damioncurrier290]

@graham stephan time for your first international millennial money review!

[@damioncurrier290]

love the vids btw!

[@skyestrachan4149]

As a Bahamian teacher, I could totally relate to her. Especially when she said she only gets paid once a month. Our monthly salary is almost the same. I get paid more but after deductions it’s basically the same.

[@sgs6116]

Somebody should make a video about "Living with 8k a year in Romania, Millenial Money" That would be fun to watch.