Awful Exchange Rate...

One thing that's really annoying is how much LESS money we make since we've come to Korea. Dawna and I each make (before taxes and other deductions) 2.2million Won a month, which roughly came out to about $2450 Canadian back in August 2007 (when we first got here). Looking at the exchange rate today, it's somewhere near $2050. That's $400CDN less each month! It's especially frustrating when our jobs have gotten a lot harder, we have to come in earlier one day out of the week and there is much more to stress about. On top of that, we have no choice but to exchange our money each month to send it home for repayments and stuff.


Here's a graph showing the rate trend in 2007. Awful.


Another one showing the last 120 days.

My thoughts? Coming to Korea to teach English is an awesome experience if you're lucky to not end up at a Hagwon that screws you over. Not that ours is doing that, but there are lots of risks to come here. Everyone always talks about how great the money is coming here...but with the way the rate is dropping (for us, at the current rate, that's about $4800 lost if the rate were to stay at this level for an entire year and not drop) the money doesn't seem all that great anymore. With a Bachelor of Arts, you could easily find a job that paid at least $30-35,000 in Canada... which would be a whole lot more than here. However, rent here is free... and the cost of living is definitely cheaper... but in the end... do you really end up saving all that much? Times are changing... it sucks that the times so happened to change while we were here.

Now don't get me wrong. I do not regret coming here. I've had great experiences... learned a lot about myself and others in the process... got to see many parts of the world and meet some really beautiful people... I just wish I was making a stable income (or at least not lower than what I was initially making) while I was here.

- Gilad