Educated, Unemployed, Broke: How I Live On US$14/mth In Seoul, South Korea | Money Mind

About this video

• Video Title: Educated, Unemployed, Broke: How I Live On US$14/mth In Seoul, South Korea | Money Mind
• Channel: CNA Insider
• Speakers: Not specified in the transcript
• Duration: 00:05:28

Overview

This video follows Jon, a 37-year-old in Seoul, South Korea, who is living on an extremely tight budget of $14 per month. Despite having a significant educational background, he has been unable to secure full-time employment and is part of South Korea's "lost generation." The video explores his frugal lifestyle, the societal pressures contributing to his situation, and his efforts to start his own venture through a startup incubator program.

Key takeaways

• Extreme Frugality: Jon lives on $14 a month, which covers food, transport, and utilities, excluding rent which is covered by his parents. This lifestyle involves home-cooked meals and acquiring most possessions as gifts or giveaways.
• "Lost Generation" Phenomenon: Jon is part of a growing demographic in South Korea (over 750,000 under 40) classified as "resting," meaning they are not employed and not actively seeking work, highlighting a societal issue of educated but unemployed youth.
• Shifting Towards Entrepreneurship: Facing a lack of traditional job prospects, Jon is pursuing a different path by creating his own venture, attending a startup incubator program to gain skills in building a company, managing risk, and building self-belief.
• Societal and Financial Strain: The video touches on the increasing difficulty of climbing the social ladder and the anxiety this creates in a society where future prospects are perceived as less rosy. Jon's situation highlights the limits of extreme frugality without income and the resulting financial vulnerability.