English teachers in 1997?

This Q is for expats or English teachers who lived there in 1997.
At that memoent, the economy suffered so called IMF shock (financial collapse).
I can read Korean citizen's life from books.
How was the English teachers life then?

Boom Blatz . I didn't say all, but you, a person who send crappy mail to me.

I first came to Korea to teach in 1996 after I finished college. When I arrived in 1996 the exchange rate was 780 won = $1. An average teaching contract was about 1.2 million won a month plus housing. Private lessons went for 20,000 to 30,000 and there were plenty of offers. I finished my first contract in March of 1997 and the economy was still fine. I made great money my first year. I then took a vacation and signed a different contract in late 1997.
I think my next contract was for 1.5 million won a month, but at this time the exchange rate was up to 1,000 won = $1. By the spring of 1998 teachers were leaving in droves (due to not getting paid and devalued money), language schools were closing down and the Korean economy was a mess. When I left Korea the exchange rate was up to 2,500 won = $1. So, the currency was 1/3 the value of when I first arrived. It wasn't worth wiring cash back to the U.S. at that time, so I bought some tailor made suits and went back home and to graduate school.
As for the teachers life then, it was fine for me because I was getting paid and working at a smaller hogwan with only one other native English teacher. It was really the hogwan owners that were suffering more than the teachers. I was having a lot of fun with Korean girls and since the money wasn't worth wiring back I was always going out. There was some resentment from Koreans towards foreigners, but native English teachers were providing a service that Koreans couldn't do so it wasn't bad. If not for IMF, I don't think I ever would have left. I really didn't want to leave, but I love money and I just couldn't stomach making only $800 a month.
Other teachers were not so fortunate.... I knew a couple Canadians at a hogwan that worked two months, never got paid, and went to work on a Monday to find the door chain locked for good. This wasn't uncommon. So for some teachers, it was awful.
The teachers that really came out the best were the ones that were able to ride it out through the bad times. There were all kinds of great jobs available in universities and public schools. Even those teachers were leaving. Sometimes I wonder how my life would have been different if I stayed.

Both my Korean wife and I believe another "IMF-style" situation is coming within Korea's future.

Too many people "crapping-out" with their Credit Cards. Report It

Yea. Too many (huge) spendings (expenditures) fill a place in the S.Korean GDP, despite there are less earnings. Report It

erm.. i think that english teachers in olden days had a hard life as they did not earn much and they also did not have good education. thus, educating students can be tough.

Interesting question for a man that in email said he wishes all westerners would leave Asia.

Anyway, slightly off the exact question, I got here in late '98 and the and rate was about 1500 to the dollar. I was sitting pretty because I was getting paid in US currency. Life was good.

I had a different experience than the teachers. I worked for a US company and was paid in US dollars. When I started working in Korea in 95 the exchange was in the mid 800's Won to one dollar. In the summer of 97 the the rate jumped up to 3000 won to one dollar for a brief period before finally stabalizing at around 1600.
I don't want to sound like I'm greedy or anything. But when the exchange hit around 3000 I went on a spending spree. Big screen TV, my wifes engagement ring, etc. I mean c'mon you get a 300% raise you're gonna spend too. The only thing I wish I had done was buy an Apartment in Kangnam at the time. I'd be set for life.
To be fair, the Sales Rep for my company, a Korean Citizen got his commissions in US dollars as well. He played the Money market daily. Made 50,000,000 Won on his best day and bought a Mercedes.

I think after this problem most teacher were garaunteed a percentage of thier income in US dollars. I know that my daughters foriegn school charged me half in US currency and half in Won.