I’d rather look poor but financially secure. Than to look wealthy but wallet is empty. If people mock and disrespect me for what i can afford, its more of a reflection of them and not on me.

@leealex24

2 жыл бұрын

This is really sad. The Chinese people, and particular east asians have been known historically for being very good savers and/or very careful in their spending i.e. you would never even spend more than 40% of what you earn if you can. What happened in the past 20-30 years?

@AtlantisAng

2 жыл бұрын

@@leealex24 Probably most of our generation are affluent as compared to our parents, grandparents who face hardship, war etc while we do not and become complacent. Most things paved for us. My parents at best are secondary educated my father primary school educated and sold newspaper or whatever on the streets - as a child. So they are frugal. Also the housing prices are so far apart during their time in their 20s and 30s compared to now. In about 2000 while I worked in a petrol station, a guy proudly told me he has multiple credit cards and repeated it when I didn't look impressed the first time.

@leealex24

2 жыл бұрын

@@AtlantisAng True that Asians are more affluent. But, I think affluence to me is having huge income/wealth not a lot of debt! Worst, having more expenses than your income or no income.

@AtlantisAng

2 жыл бұрын

@@leealex24 I guess it's like"oh I have the money to spend on xxxx" then overspending keep thinking they can pay off then the debt roll and roll into an avalanche. E.g a min income of 30k to be able to get a credit card. My parents cannot but I can. Then I get addicted to branded good like the ones in the vid, for example. Then roll and roll the debt. Monthly vicious repetition. I wouldn't be able to get into credit debt if I can't even get a credit card. For me I don't, cos I know I'll overspend.

@leealex24

2 жыл бұрын

@@AtlantisAng It's fine to spend lavishly if you can afford it. But, if you spend way above your means, that's not superiority, that's maximum stupidity!

My parents used to say “if you cannot pay in cash, you simply cannot afford it” & I agree absolutely.

@maverickbull1909

2 жыл бұрын

American college says hi

@user-3jd6hek5h

2 жыл бұрын

Not necessarily if it’s buying a house. There is “good” debt.

@ofeebape4232

2 жыл бұрын

Rule of thumb even when buying in cash... 'if you cant afford to buy it twice... Dont bother buying it in the first place...' I am a 25 yo minimum wage worker in Dubai however I always have a positive bank account... I never got myself into any kind of corporate debt.

@Saicofake

2 жыл бұрын

THIS. Another thing that my father taught me was to never buy Credit Cards. Understandably, there are many benefits with a Credit Card however the chances of you managing the card spending wrongly is equally high.

@kkk2.077

2 жыл бұрын

What if they use UPI ?

I can relate to this. I'm a single mom and basically an orphan. Got a minimum wage job back then and the bills just kept on piling up and I had to resort to loans. From one loans to another until I drown from debts. And then I loose my job because I got sick. I thought of suicide so many times. I got depression and even heard voices in my head. The only thing that was keeping me sane was my daughter. It lasted for 2 years and by God's grace, I got a good paying job. I literally starved myself just to save money to pay off my debts. My daughter was even malnourished then because of lack of food. All of this happened 8 years ago and now my debts are cleared out and I'm earning enough to raise my daughter decently.

@vamptowngirl6922

2 жыл бұрын

Happy to hear. God bless you 🙌

@freedcrypto

Жыл бұрын

Glad you worked it out, god bless

@NoraDawn

Жыл бұрын

Yes, I can relate 👍💓 sometimes life just happens, no matter how responsible or what you do. 🤷

@BlanceDevereaux

Жыл бұрын

Amazing work on your part - well done! Your daughter should be very proud of her mother!

@xFlared

Жыл бұрын

Please get unemployment, assisted housing, and food stamps next time. You literally qualify for everything to live without a job as a single mother in U.S.

I remember during my first year as an international student studying in a US high school, one of the Korean kid told me that some Korean (international students) don't like Chinese (international students) because they looked "poor". But in reality, most Chinese students in the US had wealthy families that supported them to study abroad. Then I began to understand that he was referring to Chinese kids not buying expensive clothing and making themselves look good.

@2Fennie

Жыл бұрын

Jokes on him

@user-ww9hp9fo5n

Жыл бұрын

Chinese people have more luxury than korean

@quitegenius

Жыл бұрын

Bruh, Chinese kids in my University had most expensive cars even though most of them were only here temporarily.

@hellosammy4105

10 ай бұрын

Weird. When I went to US to study, Chinese students were the ones driving around in sports cars and bikes and fitted themselves head to toe in brands to the point of cringe.

@shuyangliu282

10 ай бұрын

​@@hellosammy4105 Nobody had a car back in sophomore year of high school and we had to wear uniforms for the first school I went to. In my second high school and university there were spoiled kids with flashy cars/designer brand clothing, but most seemed normal to me.

My Dad always said if you can’t pay for it with cash, don’t buy it. You don’t need to go into debt for anything.

@olchat2012

3 жыл бұрын

Your dad is a very smart man. You work towards earning enough money to pay for the things you need. If you have a little extra, it goes into savings. If you want to buy something you dont really need, you work longer hours.

@JK-tq7bi

3 жыл бұрын

But interest rates in Korea are quite low, especially for housing. Thats why everybody loans and pays for years or a decade. In a city like Seoul, rent should be around $ 1,500/month for a family. If the bank interests are low and you pay somewhere similar to the rent its better to get your loan. At least the house will be yours.

@HeyItsAvi90

3 жыл бұрын

But use a credit card so you get 1% cashback and purchase protection. Then pay the card in full with the cash you alloted for that purchase. Free money + Protection! Win win

@ALing-ff2qf

3 жыл бұрын

Tats the thing about credit cards is that you think you’ll have a job, good health and people spend spend spend. But just like how 2020 is, things can come up unexpectedly. If you don’t need it, don’t get it.

@ALing-ff2qf

3 жыл бұрын

OooC my Dad had several places that refused to take his all cash payments & wanted him to take loans out because he had excellent credit. He was like America would rather you have debt than pay things for cash.

Moral of the story: live within your means and don’t try to show-off.

@veaccara

3 жыл бұрын

Bankers: "hmm, if you stil canl make it on your own means, it means you stll get too much"

@demoncloud6147

3 жыл бұрын

Moral 2 of the story: The modern economy is FAKE !

@jam.medina

3 жыл бұрын

while those who are the richest are the most simple in what they wear. (e.g. bill gates and mark zuckerburg) this is why minimalist living is a good choice as well. no many stuff, no stress in maintenance and you can save more.

@PennPearson

3 жыл бұрын

I lived in Korea for many years. There, building and maintaining status by showing off one's conspicuous consumption is a national addiction. Even elementary school students feel they have to keep up with their peers' purchases or lose face.

@onengkusumah2905

3 жыл бұрын

also moral of the story: never lend your money to your friends. just let them die and find new better friends.

In the Netherlands, we have a law that is: contract is not broken by purchase. So if a new landlord buys the property you are renting they cannot, by law, break the contract you have from the previous landlord. So it is important to read and negotiate a good contract. We also have laws that state rent can only be increased 2-3% once per year. Absolutely shocking, that this woman lost her business because the landlord raised rent x3 or x4, just like that.

@abygorsonabor7982

5 ай бұрын

and that's why you are dumb socialists

@Nick-ue7iw

3 ай бұрын

That's called rent control, and the result is people are trapped in their housing because the moment a property is vacant the rent skyrockets. You are also guaranteed a 3% rent rise every year, because no landlord will give up the limited increases, regardless of the economy.

My friend's cousin got himself into massive amounts of debt from renting sports cars and designer clothes to impress his dates when he first moved to Seoul (from the Korean countryside). That was 6 years ago and he's still paying for it, despite not actually ever ending up becoming serious with any of the girls he took out. It's terrifying

@Msbuddy08sej

Жыл бұрын

CRA cra

@hahahahaha7824

Жыл бұрын

I personally knew a guy like that. and Car poor was a serious issue in Korea for sometime, lol. I used to drive in North America because I had to but you don't need one in Seoul. Everything can get delivered but most people have cars in Seoul lol... It's just not economically wise.

@priscillaadomabadu2154

Жыл бұрын

I honestly don’t know why u hv to go through such extreme length to impress someone if you’ve got to do that to get a girl, it’s better of being single then cos it’s not gonna work😮

@nemo9540

10 ай бұрын

Laws should be put in place to stop irresponsible loans from banks and predatory credit card companies.

@qweqwe9678

2 ай бұрын

bro got run over hard

I actually ugly cried when the narrator said the lady only managed to make a sale at 6pm when she works 12 hours shift a day while her husband is in jail for attacking their tyrant building owner, and the son has to drop out of college to help repay family debts.

@silververnallbells191

3 жыл бұрын

The thing with dropping out of college is if he stays the course he could get a better paying job. Paying for parents' mistakes is a band-aid on the short term & an axe wound for his future!

@silververnallbells191

3 жыл бұрын

@E 10 The student could get a part time (or full time) job & work w/the school for financing options to pay off their own debt - many students works & attend college (& raise families) at the same time.

@neelrastardust3052

3 жыл бұрын

I didn’t ugly cry, but I did have tears. 😢

@markatyoutube

3 жыл бұрын

@@silververnallbells191 Jlhgtoj CNN thvohghihht

@markatyoutube

3 жыл бұрын

@@silververnallbells191 ui. Il Vy

Iam a Japanese, my father told me that its better if we look humble but we have a lot of money than we look rich but we fall into debt

@forexdragon

3 жыл бұрын

Yes, it's called 'class', something which many Koreans lack sadly enough and I'm speaking as a Korean.

@SoAS26

3 жыл бұрын

I agree soooo much. I'm indian and my family believes in that too!

@airtafae4718

3 жыл бұрын

in India we take pride in having bought cheaper goods and our bargaining skills. Unless u r visibly super rich or Ambani's relative(basically top 1%) if u buy a 3000$ bag your friends wont be jealous/look up to u but mock you and ur parents will shout on you and probably make u return it. Expensive items are always bought for occasions(wedding, festivals) not for casual use

@jenniferblanchette873

3 жыл бұрын

not when your a compulsive gambler. Its an addiction and people will go into debt and lose everything they ever worked for. Some even commit suicide

@electroandcake6658

3 жыл бұрын

@@airtafae4718 I think its totally fine to buy expensive goods ...also you cat exactly bargain in many famous brand shops. But ONLY if you can afford it. If you can easily afford a 3000 bag, 30 000 bad and not get in bebt - go for it. If you end to get into debt for this - no no no...

Imagine call people from another country poorer, inferior, and so on but you are the one who burdened by DEBT FOR LIFESTYLE not for Investment or to meet daily needs note : my personal experience

@silverianjannvs5315

Жыл бұрын

Koreans look down on dark skinned South East Asian...

my grandpa looks like a broke construction worker who drives a beat up american truck but is an engineer and owns a few houses in the usa, a steel detailing company, and a winery in asia. when he noticed i cared about my looks too much, he said, "look at all these people, they don't know me, they have no idea how much money i have. they don't have to respect me, the people who know me, do."

I used to be an ESL teacher for South Korean students and I had a student who told me he maxed out three credit cards to buy Ferragamo clothes, wallets, shoes and a Mac PC, Macbook, etc. because he started working at a company and didn't want to look poor. Whenever he ate out with his coworkers, he would foot the bill and didn't post anything on IG unless it was of his luxury items or an expensive trip he went on. He emphasized how appearances are everything there.

@user-gz4ve8mw9l

3 жыл бұрын

How primitive, and pathetic, just truly a travesty, indoctrination as well as dumbing-down at its finest. Still he had a choice so while the system of so called government, corporations, and indoctrination system are at fault, so is he...

@kelvinhoang2309

3 жыл бұрын

He could have reduced that if he shipped around

@immortan-valkyrie90

3 жыл бұрын

Former ESL teacher here too, and I did see this with mostly my middle schoolers who wanted to emulate kpop stars they saw on social media. I was in Ulsan.

@forexdragon

3 жыл бұрын

Yes, and some of those girls will sell their bodies just to maintain those tastes.

@milkyway6021

3 жыл бұрын

what the fu

Did you know the word Mortgage is French? It is a portmanteau consisting of two French words: "Mort," meaning death, and "gage" means pledge. A long time ago, when a person took out a loan of its size, it typically meant the borrower died before fully paying off the debt. So Mortgage literally means, "In debt until death."

@izumiaozora6130

3 жыл бұрын

this is interesting information. thank you!

@kxmode

3 жыл бұрын

@@izumiaozora6130 You're welcome. I think a better word would be a new portmanteau called "prêtgage," which means "loan pledge." That sounds better than "In debt until death," and the meaning is more modern considering most people pay off their mortgage before they die. 🙂

@Laura-Yu

3 жыл бұрын

Woah, cool (and grim) info!

@aabb-zz9uw

3 жыл бұрын

This is what mortgage actually is. Paying house related debts for all of the life until retirement.

@kxmode

3 жыл бұрын

@@aabb-zz9uw Retirement doesn't mean death, unless you're a Blade Runner.

I'm glad I grew up in a environment where practicality and being money-wise is encouraged. My parents always say if you can't afford it in cash, then don't even mind buying it through your credit card, my mom also always tell me, not to practice buying expensive things then starve for 2-3 months, because you've spent all of your money in it.

@timurdobrianskyi179

Жыл бұрын

The only exception are house mortgages because no one has 300000 dollar or more for a house.

@tek87

8 ай бұрын

Kinda defeats the point of a credit card though.

@PatrickFDolan

3 ай бұрын

​@@timurdobrianskyi179some do.

While living in Seoul I saw lots of people wearing designer clothes. It really surprised me until my friend explained that the clothes are either fake, gifted, or bought with an allowance or credit. The people that are actually wealthy are the ones that own property and/or very successful companies which is really difficult with the astronomical prices in Seoul.

There is a proverb in our tamil language " யாருக்கு கடனும் நோயும் இல்லையோ அவனே செல்வந்தன்" which means" one who has no disease or debt is the real wealthy person "

@hendyyuniarto6164

3 жыл бұрын

My family told me the same thing. Btw, is that the Tamil language?

@reshabbr8888

3 жыл бұрын

Hendy Yuniarto yup...that’s the Tamil language

@nisha8298

3 жыл бұрын

So true!

@arthantarpujari6669

3 жыл бұрын

There re perfectly healthy beggars

@shadowisles6644

3 жыл бұрын

indians are not classy and fancy but they have no debts .

I’ve lived in Korea and appearance is everything to them. They were shocked that as someone coming from France I didn’t have any Chanel or Lous Vuitton goods.

@peterlipman8211

3 жыл бұрын

Ha ha ha.. not everyone from France is rich. Not everyone in France owns a Peugeot.

@erenmademewritethis9833

3 жыл бұрын

@@peterlipman8211 Peugeot isn't a luxury brand though

@jmitterii2

3 жыл бұрын

I always wondered why they all seemed so rich.... dorm mate with many in college 2011 and 2012. One was dual citizen US fluent in English and Korean. I knew from him that they all have a suicide problem and all of them were chronic drinkers. I always thought it was the stress, competition for any job is fierce there.

@jinnij9721

3 жыл бұрын

Lol bruhhhh

@sparcx86channel42

3 жыл бұрын

LOL

I am really surprised about the fact that Korean's debt is almost out of control. Paying too much attention on those material goods without having a personal financial plan in place is really detrimental to the life after retirement. Buying luxury items is not a mistake, but it chiefly depends on how much disposable income you have to make this purchase. It's unwise to just splurge your money on something out of your affordability. In Taiwan, many older people always remind young people to save for the future so as to live through unexpected accidents which is quite right for me. Thank you for filming this docu to allow people to stay more vigilant when it comes to personal finance.

i am so sorry for the shopkeepers who worked so hard, and lost everything

My father earns about 600k every year in South Korea, but he still wears his 3 years old jacket and a jean with nike tennis shoes. He always tells me that all these young people spending bank money on luxury items are stupid and pathetic.

@PC2011HK

3 жыл бұрын

You make him proud by remembering and acting on his word of wisdom. So easy to forget.

@volume_02

3 жыл бұрын

600k what? Dollas?

@iwshum8740

3 жыл бұрын

600k in dollars is insane but 600k in korean wan is about 500$ maybe its 600k÷1200

@AidenP361

3 жыл бұрын

@@iwshum8740 It's 600k in dollars, so I guess it is insane.

@Shinobi_x.ehdits

3 жыл бұрын

I'm trying to reach his status in yearly income. He sounds like a wise man also.

Aftaer watching this documentary, Squid Game suddenly make more sense.

@rabd3721

2 жыл бұрын

Got dangit, I literally scrolled down to make the exact same comment. But yeah, between Squid Game and Parasite, seems like this is a big issue in South Korea lately.

@tommys6596

2 жыл бұрын

@@rabd3721 hong king is pretty bad too

@arasseo_wakarimashita3904

2 жыл бұрын

Yes agree! Most of them were drowned to debt and severely stress life.

@vyebrator6076

2 жыл бұрын

Yeha man

@Hillers62

2 жыл бұрын

I just saw the first episode tonight!!!!! I've been to Korea several times (Seoul was beautiful at night)..a very safe city...but I didn't know about all the debt....

As a filipino, I'm blessed my mom got me into how credit and debit works as soon as we moved into the U.S. it's something I otherwise probably wouldn't experience if we stayed in the Philippines. Since I turned 10, every time my mom does any transaction whether it's food, car, rent, etc. she tries her best to find time to sit down with me & explain why shes doing the things she does. One of the things my mom always used to say is "don't charge $ on the credit card if you don't have the cash to pay it off right after" & I couldn't thank her enough for putting me on this mindset at such a young age. To any one reading this comment & also play Genshin Impact by any chance, please if you gamble on the game stop it for the sake of your mental health and your future. Just like from the video above, there's lots of young adults that have developed insane gambling addictions in Korea, just imagine other places around the world. I love the game myself but I stopped playing to separate myself from potentially cultivating bad habits. Use money to buy experience, not on digital non-fungible things.

@balv2164

2 жыл бұрын

That's exactly what my mum says about credit cards too and it's honestly such a simple thing to understand but so easily dismissed! Never ever buy on impulse or at least sit on it before making a purchase, that helps cut out a lot of unnecessary spending as well.

@blessparco

2 жыл бұрын

Very well said.

@jirehtheprovider

Жыл бұрын

@Syn If you are a gamer for a long time and have been financially trained and disciplined to be frugal with your money at a young age, it also helps contextualize the danger of Gacha Games and how to utilize their fun factor in as little spending as possible. As an avid gamer, you have to approach every new game or promo / feature they show like a game reviewer. It means not being afraid of spoilers clauses should it result in saving up money for other investments. Having savings and investment programs practiced are a must once you are able to work on a first time job. Hence I can relate due to Filipino culture having witnessed a lot of the good and the bad (mostly bad) side of debt of any kind. Save up

@VaniaAjah

Жыл бұрын

Me too. I used my credit card only for Google Play Game (because how could we pay it if its not by CC), of course on limited amount. I never bought anything on Credit except for my house's mortage years ago, even last year i bought a car in cash.

@phillipwright7022

11 ай бұрын

No1 cares where you’re from, orphan

I will just throw this out there and hope it’s helpful to someone. When ever you decide to buy something wait for 2 days before buying it. Except food and drink and medicine

@Blue-pk1hw

11 ай бұрын

I totally agree with this. I was once told a story about a father who, whenever his children wanted something, he would tell them to wait 2 weeks and if they still really wanted it by that time he would get it for them, but if they didn't really need it they would forget about it or admit that they didn't need that "want" anymore. Having a system like this will keep you from spending on things that are only short term wants or fads, things you don't actually need. Waiting 2 weeks or so would be enough time to cool your head and make you think rationally about whether you really needed said thing.

Financial planning should be taught in early school.

@dellet4000

3 жыл бұрын

They won't let that happen. It would just increase the subjects you have and not remove some unnecessary one's, whic will lead to pressure and mental problems.

@jeimeanne

3 жыл бұрын

@@dellet4000 Correct. The govt have it under control. Sad truth.

@koilamaoh4238

3 жыл бұрын

religious fascists already defund education, so they can control their populace in the USA, its why they are fighting a "race war" and russia is inciting it against these right wing terrorists of america.. Guess south korea, as they already have religion in place lol..

@marcgargaritano2275

3 жыл бұрын

The down side of education financial education is not taught that’s why know how to value money and the value of your hard earned money

@jhoohnan19

3 жыл бұрын

@@dellet4000 this is why they have to find some ways. Yes it can lead to some pressure but in the long run its for the benefit of everyone.

The two young people talking about their 'luxury' shopping items is a tragic indictment of the modern-day lives of young people . Soulless consumerism. Feeding their never-ending desperation to impress their online followers. Not by doing anything worthy but by buying things. The corporations wish us all to live like this.

@Sunny-zv9lt

4 жыл бұрын

44Wynter facts on facts man

@joelkoffi2806

4 жыл бұрын

True that’s why it’s says that happiness comes from within because you can never be happy with such pitiful educational system !

@Evosol1

4 жыл бұрын

Very sad...

@apodis3103

4 жыл бұрын

Everyone who is young today learned what they know from older generations. This is not a "young people" problem this is a ideological problem.

@Tom19142

4 жыл бұрын

That's a rather combination of many things like family education, religious education, school education, social medias, music, art, ads on the streets or on internet, tv, radios, journals, basically anything can!

Korea's household debt is the highest in the world. - When asked what his dream is, most of them say he is the owner of the building. - Koreans think of real estate as a means of investment. - Real estate prices continue to rise and people without real estate become poor. - There is no economic education at all. - Economic wealth is the standard of happiness in SK.

Its not the K-Drama world people love so much. All those back stories about missing parents or beleaguered children are rooted in this issue. This is a worldwide problem.

I got lucky and pulled myself out of the credit trap early in life. Now, I’m retired, I only have one credit card with a $5K limit, and I pay it off every month. I’m debt free, and even on a $2,5K pension per month I live a comfortable life. I also have some savings for emergencies. Please think about your financial future folks. When your old and broke, no one will be there for you.

@monique_pryce

4 жыл бұрын

That’s good!! 👏🏾

@karenhetherington9358

4 жыл бұрын

Some folks work hard all their lives and still can't afford to save for a rainy day; It's enough for them to pay the mortgage and utility bills and put food on the table. Very sad.

@paperexplain9342

4 жыл бұрын

Especially Singaporean

@linustw

4 жыл бұрын

go for debit card instead of credit card. I don't understand why Korean Gov never discourage credit card usage by forcing the bank to introduce debit card? the biggest culprit here is the Government. Malaysian Gov already imposed maximum 2 credit cards policy more than 10 years ago.

@andrewheffel3565

4 жыл бұрын

Good job, and thank you for encouraging others to be wise with credit.

"I don't care about interest rates," Well, that explains all your failed businesses

@chocolatefaerie

3 жыл бұрын

Yes, any business is about cash flow end of the day

@leealex24

2 жыл бұрын

@@chocolatefaerie Unbelievable, 20% - 30% interest rate? Even a 5% interest loan I also think many times before getting.

@chocolatefaerie

2 жыл бұрын

@@leealex24 my home loan is at 12 percent, at the time was prime minus 1. My credit card which I don't use, charges 26 percent. My overdraft which I also don't use, at 28 percent. This is natural bank of south Africa btw. All legal, normal rates. How to make the poor people of sa poorer.

@JohnDoe-qj3iv

2 жыл бұрын

@@leealex24 Aren't bank interested rate mainly dependent upon the inflation of the country?

The amount of people in the comments going on about "managing your finances" and "being wise with money" while blatantly ignoring the obvious structural failures of the country's economy makes me wonder if we even watched the same documentary.

Why doesn’t the Government simply outlaw loan sharking - especially when it’s aimed at young people. Make it a jail-able offence.

I don't think this is the only Korea's issue. It's a world wide problem

@irayan-hun

4 жыл бұрын

Yes a worldwide problem created by rich to make them more rich and poor people buy into it.

@kittykat5204

4 жыл бұрын

But I think South Korea and Japan gap between the rich and poor is so wide, that essentially it puts the poor in a position to feel like they need to catch up. Not to mention the society places so much emphasis on brand names and beauty, that everyone is just racking up debt fast. It’s no doubt that everywhere is dealing with debt but I feel like South Korea especially focuses on material goods and even their job applications asks about their parents jobs. Girls in middle school are literally getting plastic surgery to improve their job outcome. I think that itself says a lot.,.

@Aurica34

4 жыл бұрын

Oh it is household debt? Then S Korea isn't alone. Housing in HK and Singapore is expensive too.

@jayemmemo4998

4 жыл бұрын

Yup. Just look at Australia

@derriegel5705

4 жыл бұрын

That is not true. In europe household debt compared to GDP is at an all time low. In 2010 it was about 54 percent and now it is about 49 percent. But most people over here don't own or use credit cards. In general taking on debt is considered very bad and most people don't do that. They just spent what they earn and also put some money aside into saving accounts.

I was chatting with a taxi driver on the way to my destination, when she told me that young people who wear expensive stuff, wore their money on their bodies meanwhile their pockets were empty. She told me a story of when she was sending an old average looking lady and her daughter home, the old lady told her to stop in front of a huge house in the city. The driver asked if her house was farther away but she said no and that house was hers. Goes to show that it's better to be humble than to try to keep up with the Joneses.

@renpilak6048

3 жыл бұрын

Doesn’t having a huge home keeping up with the Joneses, too?

@nataliaturner4845

3 жыл бұрын

@@renpilak6048 Good point. It could be that. But I guess if you are going to spend lots of money on something, at least it's smarter to spend it on a home, because it's a better investment (as long as you can hang onto it!)

@havenprice

3 жыл бұрын

I think one thing is that everyone judges you like crazy in South Korea. I’m Singaporean but I look Asian enough to look Korean / Chinese and golly did they treat me different when I wore lazy clothes vs when I dressed up well (they were nice to my American friends) Anyway, given that, the pressure to dress up well is *real*. It probably even affects how people at your work see you and things like that

@buddhinij7874

2 жыл бұрын

Or the lady lied about her house and had him stop there. She might have walked over to her own house from there :') This happens in my country a lot lol.

@darkodarko9

2 жыл бұрын

well eastern europe is going that way too :) i have a 10 year old phone.. and few of my friends have brand new phones yet constantly calling everyone from my phone since they dont have money to pay phone credit.. people life for show only now :) same goes for expencive big cars that stay parked for years infront of my building :) its both funny and sad at the same time :)

I remember trying to talk my parents out of building a swimming pool in the backyard. I was shocked at the price tag. I think I was 12. Watching things like this makes me grateful that I grew up with a frugal mind. I don't know where I got it exactly, but I'm glad for it all the same. I can't imagine going into debt to own a designer anything. Let alone something like a wallet or a handbag. It's insane. According to my understanding, South Korea has had to come through hard times economically, but it has managed to progress through a lot of hard work. So sad to see this happening, though I'm writing in 2022. I wonder if things have gotten better or worse.

@V.E.R.O.

2 жыл бұрын

I wonder if that's innate, everyone in my family is a spender and no one thinks about saving, I'm the only one who worries about prices and saving money. No one taught me either, it's just something I've always wanted to do, I also take good care of my belongings so that they will last as long as possible. I've been driving my current car for 20 years and it hasn't broke down once!

@retarded1651

Жыл бұрын

same here. Its weird that im finding people like this. My family also like spending but I am somehow frugal

@baronvonjo1929

Жыл бұрын

My parents also have spent a lot of money on their pool. But to give them credit the LOVE it and constantly use it. I rarely ever do these days.

@dodieodie498

Жыл бұрын

@@baronvonjo1929 That's cool. I have nothing against pools, if you love and use them. Good exercise. I think my mother had some sort of ideal about owning a pool...kind of a status symbol. None of us were much into swimming, and my parents weren't either. If we'd really used it...I might have been a little less judgmental of them in paying the hefty price and maintenance costs. Plus the loss of backyard space and the trees that were cut down made me sad. Though it was a pretty pool, and we had a couple of good barbecues around it. As it was, my parents were sort of enslaved to it. Keeping it chlorinated and the endless scooping of leaves and cleaning out the skimmer. All the dead frogs and bugs. Testing the water to get it right, just so it would stay algae free. And when my folks got old...well...one winter I went to visit, and Mom asked me to get the leaves out for her using the pole. But when I looked, there were two drowned possums on the bottom...one in each end. That's a bit off topic, but your comment made me think about that. I came to view that pool as sort of an enemy, and I worried a lot about my parents trying to deal with it. But I'm glad your folks don't regret theirs.

@ambientsentient

Жыл бұрын

At least it’ll up their selling price, should they ever choose to move!

My wife and I spent 2 1/2 years of intense effort to become debt free using the Dave Ramsey snowball method. I had a friend who approached me once we mentioned how excited we were to be debt free. He really seemed to be motivated and interested in becoming debt free. To get a gauge for his level of motivation, I asked him one question, “Are you willing to cut up your credit cards and never use them again?” That was pretty much the end of our debt free discussion.

@hannehanneart8605

Жыл бұрын

Yes! the 7 baby steps, I’m following them, planning to be debt free before this year ends.

Till date I do not use a credit card. My parents have always believed...cut your coat according to the cloth and I stick by it. A simple life is always better than living a life of borrowed luxury

@muhammadpratamaputraibrahi9534

4 жыл бұрын

Tanaya Roy Choudhuri A proven maxim, from time to time... :)

@salimsg

4 жыл бұрын

Then you won't know what you have missed.

@tanayaroychoudhuri503

4 жыл бұрын

@@salimsg there's a new term that's being widely used nowadays called FOMO...fear of missing out. I guess it's all one's perspective. I would happily miss out on a Rolex watch than miss out on my time with my family...simpler things in life are free but valuable

@badboi888

4 жыл бұрын

I am using credit card but I always pay my bills in full thou

@salimsg

4 жыл бұрын

@@tanayaroychoudhuri503 No venture no gain. Air is also free. Try living on it.

I remember as being a poor school kid in Korea It was unbelievable how many people judged me by what brand of jacket i wore on my school uniform. Even school uniforms had many different fancy brands and they judged me. What an experience 😂

@kellyy9349

3 жыл бұрын

Let these empty mind judge you. You will be much wiser later.

@smokiis9099

3 жыл бұрын

Woau 😶 in my country you juts buy anywhere and if it's not perfect no one its gonna tell you nothing, no one cares.

@samguy7209

3 жыл бұрын

So it's like the kdramas lol

@fharhunachoudhury2434

3 жыл бұрын

Woah tat totally sucks, sorry u had to go thru tat :/

@aabb-zz9uw

3 жыл бұрын

My generation was during the short period of no school uniform but it wasn't as bad.,

I'm glad my mother is not only a god with money, but she is also really good at saving it. She said: "If you want something big, you need to say no to smaller things." or "You can only save on Food and Clothes." I stopped buying snacks and fizzy drinks for 3 weeks. I had around 250 euros for a good Chair! Also a good thing i do: *Money in your purse, that you haven't touched in a week, is going into the piggy bank!*

@STAWTEREHWYREVE-dx7si

20 сағат бұрын

I prefer clean water and good food. My skin is acting up the second I'm not being careful. There is nothing more attractive than a healthy body and clear skin. So many women around me use expensive products to paint their faces, but their skins look like the surface of the moon. The same with those plastic nails. How are those women clean their bodies or homes with those things on their hands!?

I've once dated a Korean girl and living together for 3 yrs. This story is 100% correct how young Korean think and even adult as well. It's all about luxury and face.

"They leave university with about 10k worth of debt" My American mind: OOoo that's not bad at all!

@WithoutException

3 жыл бұрын

Yeah but I wonder how much their average post college wage is to pay that off in a “reasonable” amount of time. I think post college workers in the US making at least 40-50k a year can pay off their 200k debt in like 1-2 decades with proper financial planning and budgeting

@moniquep1141

3 жыл бұрын

I know!! I’d love “only” 10k!! 😭😭😭

@aayushabhattarai81

3 жыл бұрын

Koreans have the same earnings as the average uk citizen so about 35k. But they dont have free healthcare even though it is way cheaper than the us so that may be smth

@BEV-yz9ji

3 жыл бұрын

@@WithoutException really?10-20years are long!I believe there are some interest rate rolling up the amount at the same time...5-7%?

@pearlperlitavenegas2023

3 жыл бұрын

@@hurbrowns5397 "Free" ? There is no such thing as "Free". Did they not teach you that in school. Do a bit of research & learn how your "Free" education was really funded 🤔

I was always taught by my mum: ‘If you don’t have the money for it, don’t buy it. The only thing you can get a loan for is a house or apartment.’ Best advice ever!

@ihazplawe2503

3 жыл бұрын

If you feel lonley, you can always get a cat

@Laura-Yu

3 жыл бұрын

Even an apartment is iffy, my dad would say only for a house within reasonable means.

@gumicherryblossom8015

3 жыл бұрын

this is why i keep my credit card limit the same -_-

@brenlouissurio2404

3 жыл бұрын

@Andres These people don't have any idea how to use credit cards lol Look at the threads before, everyone is demonizing credit cards, wtf. You don't get into debt when you have one. What they don't get is that if someone is a bad spender, it doesn't matter whether he has credit card or not, that person will be a bad spender. In my experience I saved more using credit cards. It makes you aware of your spending habits because everything is in one list at the end of my statement period! That had me reducing money on some areas I don't really need.

@neycongjuico7395

3 жыл бұрын

@Andres You can buy all those with a debit card lol. Which is pretty much digital on-hand cash.

While overspending might be one of the reasons, we can't decline the fact that prices of housing are growing extremely fast and the value of money is decreasing just as fast. Nowadays most people can't afford their housing and never will if they try to 'save for it,' since you still have to pay rent one way or the other. Times are different now and this is actually an issue in many countries where wages can't satisfy the price of living (food, shelter, medical treatments). I live in Eastern Europe and even here it's very hard to get on your own feet. One of the reasons is that rent sometimes can be higher than the minimum monthly wage, not even talking about other life necessities. For us, it's better to get housing on a mortgage since then the monthly payment is lower but the risk still is higher. (Since this video is about South Korea, just wanted to point out that the fruits are extremely expensive there. I saw a watermelon being around $20. Not sure if it was for one piece or a certain weight but that's super expensive. Or the low wages for the young workers is another stupid thing. The one they call 'passion pay'. No wonder so many young people still live with their families). What I'm trying to say is that it's not always about people wanting to get the best out of the best but most of the time it's the desperation since they can't afford to survive.

He has all this expensive stuff but his apartment looks like a mess. All the boxes.. Maybe he should sell something

@nygellabelle2193

3 жыл бұрын

No the boxes, also are expensive, sell what a smart tv worth 5000usd to his neighbour that already have one.. It is like in the Portugal, a building contractor has 5 expensive cars to each member of his family, even thoses which don't have legal age to drive, by the end he lives on street, like presenter told, it will b next and sitting on a time bomb, just an blink of an eye...

@mohammedraazi4943

3 жыл бұрын

These are the simple solutions from Allah the one god who created all the human beings : O believers, take not doubled and redoubled interest, and fear God so that you may prosper. Fear the fire which has been prepared for those who reject faith, and obey God and the Prophet so that you may receive mercy.” That which you give as interest to increase the people’s' wealth increases not with God; but that which you give in charity, seeking the goodwill of God, multiplies manifold.” (30: 39) Those who believe, perform good deeds, establish prayer and pay the zakat, their reward is with their Lord; neither should they have any fear, nor shall they grieve.”

@nygellabelle2193

3 жыл бұрын

@@mohammedraazi4943 Ameen

@tabby3378

3 жыл бұрын

@M. Hall there's a Korean show like hoarders called Clean Avengers

"Most young people leave college with an average of $10,000 USD in college loans" Me, an American "Must be nice."

@oliviahanlim8089

4 жыл бұрын

Shaye M lol that amount of money is a lot for Asian countries.

@ChaiChabeela

4 жыл бұрын

@@oliviahanlim8089 Well, yeah, because it's also perfectly normal to leave school with no debt. My husband had $160,000 in student debt and I had $40,000. On top of that, affordable housing is much more scarce than in Korea and medical care here is much less affordable as well. I lived in Korea for years and their main issues appear to be the need to keep up with trends and luxury items, and an over educated population leading to low employment.

@oliviahanlim8089

4 жыл бұрын

Shaye M you have a point. They could have controlled their spending and avoided debt. Thanks for the info!

@ChaiChabeela

4 жыл бұрын

@@oliviahanlim8089 it is definitely an issue. Especially when they are set up for success in a lot of ways. They have access to affordable (small, but affordable even a studio in a rural part of the US is over $1000/month) housing, affordable medical care, affordable college, the ability to live with their parents until marriage (most americans are expected to move our between 18 and 21). The issue is so many people want to look like they have a luxurious life, even when they cannot afford it. My friends have debt, but still buy luxury fashion items, go on trips several times per year, fly first class so they can post it on Instagram. I used to think they were just well off, but it's all about portraying an image.

@yudhathama6670

4 жыл бұрын

glad in my country no student loan, you can't get loan if no fixed income..

This quote comes to mind👉We buy things we don’t need with money we don’t have to impress people we don’t like or even know.. happy my parents taught us never to buy anything unless you have the cash.. key is to SAVE for what you really want/need..served us well throughout life..

The ironic thing is that credit cards actually raise the price of commodities by increasing demand. If there were no credit cards, cost of goods would be a lot cheaper.

Koreans: Feeling proud to wear/ use expensive stuff. Me as a Filipino: I feel scared on wearing/using expensive stuff. I tend to imagine myself as being kidnapped or lost my expensive stuff.😂

@jonaktexcor8390

2 жыл бұрын

🤣🤣🤣

@archietheredcat

2 жыл бұрын

Yeah, As Indonesian I also feel the same, I even buy cheap phone, because I keep drop them so Im scare expensive phone will ruin easily or gone in a blink of an eye lol

@Ymats-dj1nt

2 жыл бұрын

@@archietheredcat haha so true

@cybercomets7260

2 жыл бұрын

@@archietheredcat dude that's me Rn 😂 my mom bought me a new phone and i'm so scared losing it out of my sight.

@yourworld64

2 жыл бұрын

Hahaha same I prefer to buy cheap clothes rather then expensive one same goes for shoes I only buy expensive clothes or shoes for events then use that dress for 4 or 5 events 😂😂😉

Korean culture is truly a materialistic hell hole. The emphasis on short term happiness blinds an individual of his/her sense of responsibility. Its youth really are lost and need guidance.

@asutoshghantoiiitdharwad5674

3 жыл бұрын

I dont understand why people in korea are so into materialistic stuff.We just need some money for food and entertainment.

@jet5995

3 жыл бұрын

Not culture btw its just today's business trends which is been followed... it'll fade when things fall tho time' worried about future of korea

@cottoncandykawaii2673

3 жыл бұрын

yeah I notice Asians make up the majority of people buying luxury brands at malls (both South and East Asians). I respect their desire to look good but you don't need big brand names to do that

@janesmy6267

2 жыл бұрын

Kpop culture probably lead to the debt issue. People spending money on luxuries they can’t afford to look more like their idols.

@sheenl1409

2 жыл бұрын

Agree

Fascinating..I would love a follow up on this now after Covid., the self employed? I can’t imagine the problems!! And pandemic drags on…I like this in depth information--not just the sanitized or over dramatized news reports. Thank you for this. Really enjoying your channel! I just found it and watched several.. so we’ll done.

"If you can't afford it, don't buy it." One of the best quotes that could be applied as a solution to this.

No bag is worth 3000$! It is the biggest scam in the world😂 I rock 20$ bags and I am happy.

@nualpha3933

3 жыл бұрын

that's nice of you rocking simple things. have only 2 bags, one formal which was a gift to me the other a sling, bought it for $6 and been using it for 4 yrs now. went to singapore & johor, malaysia w/ my family on our own savings, using that bag and wearing a $2.5 flat shoes. I never really cared, how much I was wearing, as long as the money I spent is not on loan. you can live life happily by not splurging on material things. for us seeing the world and the places in our own country, really makes us happy. but we do it by saving, not borrowing money. if the savings not enough, then we hold the desire to travel for another year.

@teteya.n

3 жыл бұрын

🤣🤣I feel rich when I buy a 20$ bag as a university student 🤣

@joek7031

3 жыл бұрын

Those are the hottest word you can say to a guy. Lol thats not even a joke

@elbadean4907

3 жыл бұрын

@@teteya.n ikrr

@aadcp4375

3 жыл бұрын

I agree! A pretty and cheap bag is the best deal ever lol

My mom loves to people watch here in the U.S. She's lived here for many years now and says how no one here is dressed exactly the same and how everyone has their own sense of style. She said in Korea, if something is "in", that's what everyone is wearing at that time. I think there is probably so much pressure to do that....

@theheartbeatsdiscord

2 жыл бұрын

When I was a kid, my Korean mom in Canada told me she liked to watch all the different kinds of people come in through the mall doors.

@orsikocs

2 жыл бұрын

If my sister wears the same colour or similar style i would literally not leave the house and go back and change 🤣🤣 I'm from Europe tho. Here we have different pressures. For example not being seen in the same dress twice when u go out. Just as expensive as keeping up with latest trends :(

This investigation does not ask: - how to ban loan shark ? - how to increase credit union ? - how to financially educate the young people ?

This video reminded me of watching Vice documentaries in my high school history class, brought back good memories, thank you for making this CNA Insider!

Pride is not the opposite of shame but its source - Uncle Iroh

@GoogleUser-wp6sg

3 жыл бұрын

Ah you are a man of culture

@whataudreylovestoday9316

3 жыл бұрын

👍🏼👍🏼👍🏼 from a follow last airbender fan 😉

@gtw4546

3 жыл бұрын

In the Bible it has something similar: Pride goes before the fall and a haughty spirit before destruction.

@calibudz916

3 жыл бұрын

RIP MAKO

@TheFinalsTV

3 жыл бұрын

Always upvote for Iroh

The family whose landlord quadrupled their rent without ample notice is heartless. He didn’t even want to speak to the couple about it and even resulted to threats. How can that be legal? He should also be charged.

@lovablevietboy

3 жыл бұрын

There's always more to the story.

@gtw4546

3 жыл бұрын

Their NEW landlord. They had to move out if they didn't agree to pay. They refused to pay and they refused to leave, so they were forcibly evicted. Plus the husband is in prison for assaulting the landlord with a hammer. They could have just moved to a lower rent place, but they didn't.

@olgakonstan7970

3 жыл бұрын

Where I live it is illegal for the landlord to raise the price of the rent before signing a new contract with the people who rent the place. I thought it was common sense.

@naimas8120

3 жыл бұрын

@@gtw4546 You see there is a housing crisis there, it is extremely hard to find housing much like hongkong so all prices of apartments and houses are GODDAMN HIGH. So what you're suggesting is very unrealistic and mindless. I understand them, and house prices shouldn't be quadrupled like that. Even in my country that is prohibited irrespective if the house is bought by another landlord.

@gtw4546

3 жыл бұрын

@@naimas8120 Rewatch that part of the video - it wasn't housing, it was their shop. And it was "after a TWO YEAR deadline"

Very interesting! All of your videos Congrats!!!

this is insane. I was always taught that if you don't have the money to buy something, you shouldn't buy it. And the money you have available is not all the money in your bank account, but all the money that is left after you deduct things you have to pay for, like bills. I don't get why people would buy "luxury items" when that can ruin your life. It's such a high price to pay for something that does nothing for you.

To me, The saddest thing is to see someone who looks rich but is very poor. I would much rather see someone who looks like a pauper but is actually very rich.

@jascrandom9855

4 жыл бұрын

" I would much rather see someone who looks like a pauper but is actually very rich." So a Silicon Valley executive.

@zhangqian516

4 жыл бұрын

@KPop Rocks ! South Korea is a lapdog of the US while Singapore is not! As the containment measures used during the coronavirus outbreaks, Koreas learned them from China! For example: the lockdown, aggressively testing...etc.

@monketstyling

4 жыл бұрын

Why would you be sad, I'd just laugh. When I see a person living on the street I feel sad.

@jwmoon1989

4 жыл бұрын

@@zhangqian516 please Korea didn't learn anything from China, China is still suffering, more likely learnt it from Taiwan. And Singapore was and is bulit by exploited foreign labourers.

@samcha9448

4 жыл бұрын

One Inch Punch I would be sad because that person is wasting resources on a facade. There’s no substance to their “wealth.” In the end, they will likely struggle with debt and/or poverty.

One thing I noticed about Koreans early on, is they play the "Keeping Up with the Jones's" at an expert level. I lived in Korea for a time and have many Korean friends. They NEED the Mercedes, the Louis Vuitton Bags, Chanel,etc... They can't seem to buy normal everyday things. IT HAS TO BE THE BEST....or the Most Expensive.

@shastaweston

3 жыл бұрын

People like that are materialistic af and will most likely die alone

@protectourfreedom8221

3 жыл бұрын

Those are the wrong type of koreans...I'm korean and that is disgraceful to me.

@shannon2748

3 жыл бұрын

Yes, and they think expensive means better quality. No, it doesn't.

@xhaseem1

3 жыл бұрын

@A. L. Buddy I have studied and worked in Korea for 8 years now. I think it's all about culture other than stereotype. Korean people are so much worried about society, about what others will think of them in appearance, where they work, lifestyle, apartments etc. I have friends who have bought expensive designer cloths at uni even when they got no source of income but a credit card. I have seen co-workers get car loans for BMWs just cuz their friend or neighbour has one! I have seen a boss who talks about his competitor living in a luxury apartment so he plans to live in a more expensive one too as well on mortgage, a professor who just paid off his mortgage at 68 after retirement! Some people won't even tell you where they went to college just cuz it's a low rated uni! Having the highest rate of suicide rates says it all! my first korean word I learnt was "oh btw this is expensive" literally everyone will say that when you complete about a thing they have! Of course not everyone but I would say 90% of Koreans live that kind of life

@vena936

3 жыл бұрын

Yes, it's called living a double life as though you're rich.

This documentary really Made me apreciate my life

Luckily me and my family never use credit card like ever. The only time we have debt is when we have to buy real estate, but it's a affordable debt and even the worst case scenario happen, it won't bankrupt us. Now we got like 3 houses in the economic hub city in Asia while my friends have none.

This documentary is totally a perspective changer on SKorea for me. Many in my country, especially young girls, young women and those at their 30s are crazy about S. Korea, you know, because of Kpop and kdramas. They all see S. Korea as a developed country, one of the highest-ranked economy in Asia, with all those fancy lifestyle of Korean "idols." Even me who's not a fan, thought the same. The glamorous packaging of Korean ent. Industry has been serving as perfect cover for what's rotten inside.

@dance4ever940

3 жыл бұрын

it's just a documentary on certain people, does not represent the whole nation. i mean if i see a docu on drugs in america, it does not mean all americans are druggies.... you should go visit korea yourself to get an opinion instead of from 1 youtube video. korea is hands down one of my favorite countries to visit.

@katie-st8nx

3 жыл бұрын

@@dance4ever940 their just saying that everything isn't as perfect as it seems which is a fair statement. As a tourist, you only see the best of a country.

@shoponshopee

3 жыл бұрын

@@dance4ever940 Seems like you don't get it. Which of my comment insinuating that I thought all Koreans are broke which prompted you to make the analogy of american druggies? It merely says that it turns out SKorea isn't as perfect as it look. There are people having financial problems, in bad debts, losing their jobs and struggling to get one, just like average people in any other developing countries. You won't get to learn of it as a tourist, as you'll only see the nice, beautiful tourist destinations. Also, there may be only certain people in this docu, as a short docu has limitation to portray many people, but they are samples of many others who suffer the same thing. As the title says, "SK GROWING household' debts." If you watch the docu carefully, there's also graph showing it, means there are many households who suffer the same thing.

@shoponshopee

3 жыл бұрын

@@dance4ever940 you still don't get it do you. Let me explain: 1. In my original comment, I said it's totally a perspective changer for me as I never thought many Koreans hv financial problems. All this time I thought they're all wealthy, not necessary crazy riches of course, but wealthy enough, living good lives. 2. Rotten inside, doesn't mean the whole country is rotten. There are things apparently rotten in the country: the financial systems that brought people into huge, bad debts, the economy that is based mainly on consumption, the mindset of average koreans (mostly young ones) of fancying branded goods as their social identity to the point they felt alienated when they don't submitted and force them to exceed their credit limit, force them to live beyond their means. 3. I'm totally aware that Korea is a developed country (see my original comment: one of highest-ranked econ in Asia). What I mean is, turns out they have the problem like many of the people in developing countries, not that I said korea is a developing one, get it? 4. I'm totally aware that people in many other countries also have the same problems, even in developed ones like the UK and US. You dont need to patronize me on it. Just that for Korea, as I said, I had no idea that behind that perfect portrayings of koreans lives in K-ent, there are average people who in real life suffer fin difficulties. 5. That Korea is one of the countries you love to visit the most doesn't hv anything to do with what was depicted in the docu. There's no way you'll learn about the problems as a tourist, who only spent days in the country. Even if you lived for years in the country, there's no guarantee you'd know it. It's something that doesn't come up in everyday news I think, mostly if what you watch and read is only abt K-ent. The journalists that made this docu had to dig deep into the society and gain trust from them to be able to come up with the story, something any tourist can't do. 6. All of the above are my personal opinions (perspective changer FOR ME), I stand by them, I dont even care if you disagree. But I need to explain mine to you since you seem to fail to get them. Also, why do you seem to feel offended by mine, are you k-ent fan? As I'm aware k-pop/k-drama fans most are fanatic ones, who'd feel offended and take it as their personal matter whenever there are ppl criticize their "idols" and will defend them and the country to the bones. All said, I'm done. Not going to waste more of my time debating with total stranger on YT. I'm muting this.

@mujkocka

3 жыл бұрын

I have an issue talking “especially “ about girls. Obviously men are especially vulnerable in buying their gadgets

South koreans: buying 3000 dollars bags Me: feeling bad for buying the 35 euros sneakers that I have been wearing for 3 years

@UnseenSpirit

3 жыл бұрын

I'd rather spend within my means than not...

@luce3619

3 жыл бұрын

@@UnseenSpirit agreed

@peacock3020

3 жыл бұрын

Me too. I live by the principle if my clothes and sandals are still in working condition so there is no need to buy more.

@Laura-Yu

3 жыл бұрын

I was feeling so iffy about buying a $40 pair of sneakers, though they ended up being very comfortable (thank you Sketchers)

@dan9809

3 жыл бұрын

I bought $110 Nikes and the bottoms fell of in the dryer. That's when I said "never again"

He needs to start selling some of that stuff he bought so he can clear debts. Also it is possible to tell a card company that you want you credit limit to be a certain amount and not to carry it up. Not sure if it works with banks too but worth checking out.

I remember in my sociology class, SK was stated as a hedonistic country. I wasn't so sure about that, until recent years I read the news and saw documentary like this. it's their society that drives them into this life style

Married to a Korean and this is so true on so many levels. Korean are big spenders on fashion, appearances and food.

@jyc313

4 жыл бұрын

why did you marry him/her ?

@pinkgal206

4 жыл бұрын

jyc313 lol

@foxkenji

4 жыл бұрын

Food? We all need to eat.

@cheesypuffs1342

4 жыл бұрын

$65 sushi the other day just for herself

@MCHD4

4 жыл бұрын

@@foxkenji I think he means expensive foods.

Young Korean people would have a mental breakdown looking at my closet. I have clothes I bought 10 years ago which I still wear because I genuinely like them.

@uselesstips3675

3 жыл бұрын

Haha I can relate..😅😅😁

@abelsoo5465

2 жыл бұрын

I have clothes with holes of torn fabric and they are my favorite. Coz I can wear them and walk the street at night with no worry of being robbed.

@kazumasatou5760

2 жыл бұрын

@@abelsoo5465 don't forget they are sooo comfortable

A consumer spending based economy didn't work when Reagan championed it in the US, and it wont work in S. Korea now. Countries HAVE to build things, have to have ideas, to be successful. Unfortunately, the biggest consumer scam in the US are college cost (about 1.8 trillion in consumer debt), so we are killing any potential we have for an idea based economy.

My parents have a saying that they drilled into our heads since childhood. "If you can't afford it, you don't need it."

In my early 20s, I racked up 38 thousand dollars debt in less than A Year. Mostly because of my heavy drug addiction. Now in my 30s, I work well paying job, still working over8 Years now, and now have thousands $$$ saved up in savings. If it weren't for my addiction, I wouldn't the person I am now. Addiction has taught me a lot about self control. Been clean for 15 years now

@luonghuutin3856

3 жыл бұрын

Good for you 🤗

@teeboo4616

3 жыл бұрын

👍🏻

@thanos3839

3 жыл бұрын

nice may GOD bless you

@IllusiveDude

3 жыл бұрын

keep at it bro

@achrajbhardwaj8396

3 жыл бұрын

Wow man, respect 👍🏻

The problem with today’s world is almost everyone is fake. Everyone wants to show they are living a better life while they are not to others!

@kawaiidere1023

3 жыл бұрын

“Look at this unethically sourced bag” 💼 “Isn’t this shirt that will go out of fashion in 3 months so cute” ✨ “I have zero originality” 💯

@mitchkabanga2950

3 жыл бұрын

Africans are the only people who are real

@vinogs651

3 жыл бұрын

Most of them are on Instagram and Facebook.

@truefalse934

3 жыл бұрын

@@mitchkabanga2950 What? What does that have to do with the video???

@yowelbeugre1353

3 жыл бұрын

@Punk Rotten so true

Thanks for your high quality video. I am 79 years Fijian, and believe in saving rather than loan! It is simple.

I don't blame the users of cards for this crises. I blame the predatory banks and businesses for taking advantage of people, full well knowing that they can't pay it back.

Feel like in the west we view japan and South Korea with rose tinted glasses and only see the mainy positives in the countries yet neglect the negatives. No body or nation is perfect I suppose.

@m.zahiruddinmohhar6492

3 жыл бұрын

Yes but some countries are better than others

@lemmino1846

3 жыл бұрын

@@m.zahiruddinmohhar6492 obviously.

@LalaLa-ze7kv

3 жыл бұрын

Feel like in the west we don't really differentiate between them even tho they are pretty different

@uetzel

3 жыл бұрын

Only if you are a weeb or a koreaboo.

@JanineDypongco

3 жыл бұрын

Social Media is making you delusional. Obviously they're not perfect. Just like make up, when you wipe it off you know that truth but once you've accepting it little by little you learn that hiding something is not bad. And it's make you human. No one is perfect, You'll learn something new

Financial literacy should be taught in school at an early age. People get into bad debt and not debt that generates money. Bad debt that pays other people and not yourself and the lack of knowledge of understanding how to leverage other's people money to your own. All bad debt stems from financial ignorance, passed down poverty, and the short sighted-ness of keeping up with the Jones, Kims, Nguyens, Chen, Gonzalez...etc.

@BalazsNyitray

4 жыл бұрын

The thing is with the current situation, that even “good debt” which generates money and revenue is potentially bad and can be a case for bankruptcy. But in general you are right, 99% of people and everydays person debt is bad debt in the first place...

@towngirl1665

4 жыл бұрын

but thats exactly what the government wants, or at least the corrupt people in the government. they dont want people to be financially literate. thats why its not taught in schools. its so the rich can stay rich and the poor stay poor. thats capitalism.

@IronicLamoWithAwsome

4 жыл бұрын

Gosh I always wondered why this wasn't the route schools went into instead of geometry proofs

@NHCal-wk4kq

4 жыл бұрын

@@BalazsNyitray right, but with common sense and foresight you can use the money other people have generated for you to save up for emergency funds. Knowing to how to make good money is secondary to knowing how to save good money. Many rich people don't know how to do that so they live like poor people; day by day, paycheck by paycheck, it's still a poor person's mentality with a bigger pocket.

@NHCal-wk4kq

4 жыл бұрын

@@towngirl1665 I think that's over simplifying the problem. Most of these government officials are taught the conventional way about the value of education and less about finance if at all. And many of them have money in the stock market and allow corporations to control them by the balls because of the money they've invested in each other. It'll take a while to reform old ideas and laws in government and society, but collectively as regular citizens with the help of technology we can help educate each other on financial matters and take our power back from government, Wall Street, and Banks. The biggest hurdle is not creating content that can educate the masses about finances but changing people's mindset about money. These thoughts are passed down by family and validated by society. For example, if you can help me fill in the blank: "A penny save is a _____"?

Never borrow money to buy things that you cannot afford, as simple as that.

Lessons from this documentary! 1. Never own a credit card. 2. Don't buy expensive stuff to make yourself look rich. 3. Don't have friends to support your expensive spending habits. 4. Don't lease a commercial space to start a business without a solid long term contract with the lesser. 5. Never spend more than your means. Last but not the least. Don't care what people think about you, the only people that matters in your life is your family.

@Alozhatos

2 жыл бұрын

Credit card is like a knife. If you know what to do with it, you can save a lot of money. For example, petrol credit card is indeed a necessity for me. You can save a lot of money using petrol credit card. Paying cash for petrol is a bit of waste for me since no rebate. I do know most Singaporean Petrol Credit Cards do offered more than 20% petrol discounts. Malaysian petrol credit cards gave maximum 10% rebate, no petrol discount.

@user-mt4vn9kg8n

Жыл бұрын

Yup.. for stupid people. Credit cards are better ways to accumulate points while withdrawing cash will cost you a fees.

@nurnadhirahsaing6169

Жыл бұрын

I agree with some of your points, except for the first one. I think it's ok to have a credit card, as long as you know your limits. Credit card have their its own benefits compared to debit card. But yeah, better avoid credit card if you're not confident in yourself to use one (myself included).

"When I carry this bag I feel proud" Proud of what? DEBT? Really?

@emma-nv4ox

3 жыл бұрын

he has rich parents though, he’s not in debt yet ig

@neetikakumawat1238

3 жыл бұрын

@@emma-nv4ox I am reffering to the 'she'. She is taking debt as she stated in the video herself

@peacock3020

3 жыл бұрын

@@neetikakumawat1238 she is working two jobs to maintain her lifestyle. She is not yet in debt

@KironManuelCards

3 жыл бұрын

Now South Koreans can live in the US properly.

@Sabundy

3 жыл бұрын

It's an utterly idiotic mindset

They need to stop buying stuff. Some people spend whole paycheck buying clothes. Wake up people. If you don't have money. Don't buy things.

@jongyoonoh6721

4 жыл бұрын

Like US citizens....

@linustw

4 жыл бұрын

@@allgoo1990 china too, especially the millennium with no concept of hard cash. all electronic payment. They wont know how much their owed.

@linustw

4 жыл бұрын

when you don't earn much, and your friends all showing their prized possession, you have no choice but not to be left out. the young Korean society is all about looking good for other people.

@terrellwilson251

4 жыл бұрын

I spend my whole check buying weed though 🤔

@roscoeelcocko1863

4 жыл бұрын

@@linustw phook that

We have had family living with us to consolidate costs and reduce over-head by spreading it among four earners. So far, it’s been great, we can pay down/off all our debts, and finally get to the point where we can save money. Credit is a trap, buying on credit should be avoided at all costs.

I feel so bad for that family who ran that restuarant. Economists generally agree rent control is a net negative, but it takes time and resources to make more supply to readjust housing market prices to affordable levels without dropping the quality of housing in compensation. Sometimes I just can't believe how heartless some landlords can be to double, triple, or even quadruple (in this case) rent for tenants. I'm all for the invisible hand of a free market, but sometimes it results in displacements that just lead to higher profits at the expense of human suffering.

@user-wr6zt9lh7n

6 ай бұрын

I do not agree that the idea of 'invisible hand' as the sole means to control the market as a viable option as it has already caused epic failures through out short history. This didnt just happened in S.K. Dont you remember Subprime in the US?

"The greatest wealth you can have is having healthy mind and body." -Master Oogway

@GGOWO

3 жыл бұрын

Yes

@magiccarp3710

3 жыл бұрын

Actually its gold or silver you can be as healthy as a horse wont get you into a home

@Ish2uff

3 жыл бұрын

True, healthy mind and body are the luxury a human should have

@AkoChisummer

3 жыл бұрын

So lucky not having mentality of want every thing. Thanks God

@lemuelochea4088

3 жыл бұрын

Indeed..

You shouldn't try to live a champagne life on a beer budget.

@pandupras47

3 жыл бұрын

So in that case im in mineral water financial

@WhySoPrettyJinsoul.

3 жыл бұрын

That's a good quote, i like it

@DAEDRICDUKE1

3 жыл бұрын

@@pandupras47 You can afford minerals!?

@kyrios0307

3 жыл бұрын

Rockin that Coca Cola life

I would rather choose a cheap bag that durable and cute rather than a named brand bag. I have 8 handbags, which 5 of them were priced $3-4 each and the other 3 were $6-7 each and I have them for 6 years (still counting). I would say my family is in the middle upper class, rather spend the money on named brand, we usually spend it on cats. We like to TNR (trap-neuter-return), or we usually take care of kittens/dying cats. There are >15 cats and it is still growing (We don't have the heart to return the cats that have disability or had an experienced near death)🧐😅

@punyafyr

2 жыл бұрын

also i think its more comfortable to use cheap bag that actually functions properly as a "bag" than those ectremely expensive bags that cost fortune but fits literally nothing.

@whyparkjiminnotridejimin

2 жыл бұрын

It's just that I never choose bags. My family and friends just give them to me and it always turns* out to be expensive brands... If I'd choose a bag then I'd also take a cheap one. But I already have too many bags (that I sadly rarely use) so no need for more.

Key to being Happy is being Grateful for however little you have.

i think that guy has depression and the shopping initially gave him a good feeling but now hes stuck with items he doesnt need and debts he cant pay

@Tom19142

4 жыл бұрын

@KPop Rocks ! so to justify your "better" siutatuon you use the situatuon of Singapore? Ah come on, just resolve your problems and that's it, don't compare R.O.K. to Singapore to look better

@m.fakhriansyahk7988

4 жыл бұрын

@cesar cenro i know what you're trying to say is rude, but you do have a point

@fitrianhidayat

3 жыл бұрын

@KPop Rocks ! the video wasn't even about national debts, it was about household debts

@paris9316

3 жыл бұрын

Fitrian Hidayat ^^ what you said.

I find it really misleading when countries are called economic powerhouses, rich, when most people are in debt. "X country is having an economic boom" should not be allowed to be said about a country where millions are in severe debt, whether by their own choices or not

@felixsubakti6907

3 жыл бұрын

It's a paradoxical case of macro vs micro assessment of economic growth. Most economic journalists have a tendency to lean towards a macro economy assessment approach when talking about a nation's economic growth. Meanwhile social commentary journalists such as this video took a much more micro scaled assessments. Fun fact: most single- nation companies falls under micro scale economies while MNCs follow a macro based economy; take that as you will.

@hansol-kim

3 жыл бұрын

This whole video is exaggerated, misinterpreted, and irrelevant. As this video says, household debt includes debt in housing too. Housing debt accounts for more than 50% among the whole household debt in Korea, according to stats from Bank of Korea. However, this whole video is about either small business debt, or personal debt, which takes little part of the whole household debt in Korea. So, it is ridiculous to say "This can shake the whole economy" when you do not even mention about housing debt. I was expecting something professional analysis and observation from non Korean perspective, rather than some extremely abnormal examples of people who do not properly responsibly use their loan. When young couple was interviewed, who bought luxurious products, the guy said he bought his wallet without any loan WTF? Is this video about HOUSEHOLD DEBT or crazy fashion enthusiast? SO IRRELEVANT and people comment like "oh.. this is why i dont use social media..." or "oh... young people are a tragic because they buy luxurious products" WTF is going on here??????

It’s interesting how in the west admitting that your self worth is based on material goods is somewhat vain and frowned upon, but over there it’s almost encouraged and cultural among younger people

I've never had a credit card, or used one of those small loan companies, even when I was desperately poor and homeless, and had no money for food. I knew it would only make matters worse for me in the long run.

South Koreans taking the whole "keeping up with the jones'" to a new level.

"rely on his wealthy parents for his indulgences." His parents raised him right.

@reichan8363

3 жыл бұрын

I was impressed at first since he said that he saved up for that tiny card holder, but then he said that he borrowed money to buy some limited edition shoes, and then the narrator even added that he has rich parents. o_o

@fredylim7691

2 жыл бұрын

I suprise also because ussually in East Asian people tradition (China, Japan, and Korea) parents are very strict and will always teach their kids to be dicipline and work hard regardless the economy codition even the rich families never give their kids that much money and stuff and teach them a lesson. Guest what , Korea have changed.

@allenk6373

2 жыл бұрын

@@fredylim7691 koreans dont know healthy balance either do not raise child at all so he become spoiled brat or they raise him so strictly that he hates them no Heather balance

When their own country is encouraging them to spend more via debt, to “save the economy “ it just perpetuates the same cycle of living beyond their means and maintaining appearances.

@Mike-rt1vh

2 жыл бұрын

Exactly. Its the f%$#ing system, the corrupt government, the greedy oligarchy, heartless foreign investors, all of these the real cause of that economic nightmare... people commenting on s.k. people... psh... o better people

@YourAnpanman

2 жыл бұрын

I also think the same. People rely on loan sharks bc it's unregulated. It's the main problem but why is the govt not stepping in? They are doing business illegally by charging way beyond the normal interest rates. It makes you wonder who are these people behind the loan sharks? Why are there no interventions from the govt? How powerful are them?

@leealex24

2 жыл бұрын

@@Mike-rt1vh This is really sad. The Chinese people, and particular east asians have been known historically for being very good savers and/or very careful in their spending i.e. you would never even spend more than 40% of what you earn if you can. What happened in the past 20-30 years?

@leealex24

2 жыл бұрын

@@YourAnpanman This is really sad. The Chinese people, and particular east asians have been known historically for being very good savers and/or very careful in their spending i.e. you would never even spend more than 40% of what you earn if you can. What happened in the past 20-30 years?

@hypothalapotamus5293

2 жыл бұрын

So... It's basically like a middle class American lifestyle?

Would be really interesting to review the debt in South Korea after 2 years with Covid.

I only learned how credit card/loans work because I ended up working for a call centre for a bank. Good stuff.

It’s a worldwide problem when you live beyond your means. That said, South Koreans are also brand obsessed.

@michaelmanlolo29

4 жыл бұрын

100% true I live in Korea for 10 yrs..They rarely eat left over foods love to order and eat outside than cook at home and they actually hated most of their local products..

@wcstevens7

4 жыл бұрын

disappearintothesea ...They, like most Asians do not like to lose face.

@itsLoriX3

4 жыл бұрын

@@OpiumBride Most east asians are known to be like that tho (China, Japan and Korea)

@autobotdiva9268

4 жыл бұрын

and stuck on themselves

@animerocks2468

4 жыл бұрын

Sorry, but Americans have this problem as well. Why do you think most Americans can't afford a $1000 emergency?

work like grazy - buy expensive things - fall into dept - fell proud - over dept - cant buy things - fell shamed - depress - want to die oh what a healty life..

@hypocritelife8018

3 жыл бұрын

don't forget the 16-hour school life that sacrifices your youthhood....

@abelsoo5465

2 жыл бұрын

Jimat cermat, Ada berkat.

@mulkanmulkan5620

2 жыл бұрын

What do you expect from atheis country 😆

@cybercomets7260

2 жыл бұрын

@@abelsoo5465 mantap

@abelsoo5465

2 жыл бұрын

@@mulkanmulkan5620 This has nothing to do with religious affiliation. It's about financial savvy and prudence. I am atheist but I don't get myself into consumer debt . I've seen religious people (Christians, Muslims, Buddhists, Hindus, you name it) who get themselves into a lot of consumer debt. Please don't make unfounded correlations.

5:32 The chubby cat almost fell off the bed. So adorable!

12:00 I lost it how she just said it. 😂😂