It was back in 2012 that I did a calculation of how long it would take to pay off my student loan debt at the rate I was going. The calculation came back with a punch to the stomach…60 years. It was going to take me 60 years to pay off my $30,000 debt at the rate I was going. 60 years! Would I even be alive for that!? I was working full time with a second job and donating plasma twice a week to survive. SOMETHING had to change. That is what made Korea look soooo great.
Sooooo, 4 years later, where am I with my debt you might ask. Pretty good actually! I came to Korea with a little over $40,000 in debt if you include my credit cards, student loans and my car.
April 19, 2013 $39, 641 in debt.
August 25th, 2016 $12, 638 in Debt
Debt Paid Off: $27,003
Savings (Pension, Apart, Savings): + $18,700 (with a few month months I should leave Korea with a little over 21,000 USD)
Basically, I could be out of debt if I decided to pay off the rest of my debt but have pulled back with the idea that I might need that money for some other plans I have in the works. If those all fall through a good chunk of my savings will go to that last 12 grand and then I will be totally freeeeee….sort of.
Some would look at that number and think WOAH! That is so much! Others, might think how do you not have more!? I KNOW I could have easily paid off more if I decided to be a hermit for 4 years and not experience things. I decided that experiences were more important. I also am REALLY bad at saying no to things.
“Want to go to Seoul for the weekend?” SURE!
“Want to sign up for boxing classes!?” SURE!
“Want to go to a music festival and spend all of the money in your bank account!?” Abso-fucking-loutley!
…see the problem?
I also love to travel. In my 4 years here I have gone home to the states twice. Each being a month, unpaid. I also went to Japan, Taiwan (twice), Beijing, The Philippines and all over Korea. I have also been very social. I go out almost every weekend and don’t worry TOO much about money. If I would not have traveled, drank or basically did anything fun for 4 years I would have a lot more money. But…experience is almost always better. SO, I chose experience and am happy I did.
Could I have a lot more money? Fuck Yes. Do I regret any of my trips or experiences in the last 4 years. Fuck no.
I personally think that $27,000 in debt in 4 years was pretty damn good considering all the travel and fun. However, on the flip side of all the fun, I did work hard to pay off that money. I worked a lot. Sometimes too much. I have worked almost every Saturday for the past 2.5 years. I have worked added morning jobs and late night tutoring sessions. I did make sacrifices to pay off those bills but I don’t think I will ever get paid $25 an hour to sing the ABCs and dance to “How’s The Weather” so I might as well take advantage of it while I am here!
60 years turned to 4 years. I could still be living in Arizona, donating plasma twice a month trying to get by…but thankfully I decided against that and made the jump to do something else.
Roaming Rackel 