A Week In Seoul, South Korea On A $400 Monthly Stipend
Loan payments: $0
Transportation card: $45
Netflix: On family account.
Korean SIM: It’s a prepaid plan.
Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
In my family almost everyone has at least a bachelor’s degree, whether they are using it or not. The idea is that once you have one, even if everything goes horribly wrong, you will be able to get back on your feet because a degree is the only thing no one can take away from you. So far it has worked. At the same time, I’ve never been pressured to pick a “useful” degree that would guarantee me a job at the end. I’m currently pursuing my master’s and spending a semester abroad in Korea. University is less expensive back home than in other countries so my parents were able to pay the tuition fees out of pocket (around €2,000 per year).
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My parents never sat me down for a deep conversation about finances but they would drop advice or recommendations from time to time, for example: Don’t buy things you can’t afford and don’t get into debt (unless it’s a mortgage). They mostly led by example and helped me set up my first bank account once I turned 18. Lately they’ve started talking to me about retirement and pension, which I guess means I’ve become an adult in their eyes.
What was your first job and why did you get it?
I got a student job at my university, as some kind of administrative assistant. It didn’t pay much, but they knew I was a student first and foremost so it was easy to work and attend classes at the same time. My contract was renewed two times and I’ll go back after my semester in Korea, too. I applied for this job because I’ve always wanted to travel and live abroad so I knew I needed to start earning and saving as soon as possible.
Did you worry about money growing up?
No. I don’t think we ever had financial problems but if we did, our parents did an excellent job of hiding them from us. It was never a problem if I needed new clothes or wanted to buy a book (especially if I wanted a book, actually). But perhaps this left me a little too sheltered because I was shocked when I went to live alone for the first time and I realized how much money one needs to simply keep existing.
Do you worry about money now?
Not right now, but I am spending almost all of my savings on this semester in Korea (my parents aren’t paying a dime), with really no way to replenish them until I graduate and find a job. I’m quite worried about job hunting.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I am not yet financially responsible for myself. I’m in Korea now but I’ll move back in with my parents at the end of the semester and I’ll stay there for at least another couple of years. More, if I get a job in the same city. Even after I move out (or if I needed help now), I know that my parents would be there to help me. That takes away a big part of worrying about job hunting.
Do you or have you ever received passive or inherited income? If yes, please explain.
I’ve never had an allowance but while I was growing up, family members would sometimes give me money instead of gifts at birthdays, Christmas, etc. My parents took the money at the time, but we kept track of it and they deposited it all in my first bank account as soon as I opened it. I also received $5,500 from my grandparents after I graduated with my bachelor’s. It went straight into my HYS. I think they are doing it for all their grandchildren.
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