:)

October 10, 2005

How much money do I make?

I decided to figure out exactly what I should be making here, assuming that I actual work for an entire year at my new school. :)

My monthly pay is 2,000,ooo won, after taxes (nice!).
So...

2,000,000 x 12 = 24,000,000 won
+ annual completion bonus of 2,000,000 won
+ 1,400,000 won for travel expense
+ approximately 300,000 won for rent x 12 = 3,600,000 won
____________________________
= 31,000,000 won
= c. $35,098.01 CAD per year at the current exchange rate, AFTER taxes.

That's not including possible private lessons.

For fun, I tried to figure out what I would have to make in Canada in order to have the same net pay. Unfortunately, the federal tax bracket requires some guess work, since I don't have an actual gross pay in Canadian dollars. As an educated guess, I'd say that I'm making the equivalent of $46,000 CAD (give or take a couple thousand dollars). That's not bad for a recent university graduate who only works around 30 hours a week.

The disadvantage of course is, according to some people, is that I have to live in Korea. The apartment that I have is definetely smaller than what I would have in Canada (not Dave's though!).

Dave has a 2-bedroom place in a decent part of Ulsan that's approximately 1200 sq. feet (30 pyeong by the Korean scale). For that, he had to put down 10,000,000 won as a refundable deposit ($11,327.43 CAD today), plus 300,000 won a month ($340 CAD). That would be about double or even closer to triple in he were living in Seoul. If he were right in central Tokyo, it would be at least 6 times as much, probably more.

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