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A South Korean man facing $300,000 in debt documents his daily life on just $10 a day.
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Kang Gwang-sik, 40, told Business Insider that he was bankrupt after his business collapsed.
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The content creator shares how he’s managing to survive amid South Korea’s worsening economic pressures.
This essay is based on a conversation with Kang Gwang-sik, a 40-year-old content creator from South Korea. The conversation has been edited for length and clarity.
I’m the guy on Instagram in South Korea with $300,000 in debt, living on $10 a day. That’s my concept of content, but it’s also my real life.
My total debt was actually quite large. At one point, it approached $1 million.
I ran a company in electric mobility focused on smart charging systems, but it collapsed in early 2025, and I entered bankruptcy proceedings.
In South Korea, early-stage startups rely heavily on government grants and private investment. When I started my business in 2020, there was a global boom in electric mobility.
However, product development took time, and I spent years – and a lot of money – on research, manufacturing, international certification and marketing. Over time, market attention and investment shifted strongly to AI-related industries.
Existing investors withdrew, and competition for government funding intensified. Difficulties in securing additional capital eventually led to the collapse of the business.
The company’s bankruptcy is over, but my personal bankruptcy is not. About $300,000 remains. This is the number I’m sitting on now.
All going into a business idea and failing
Before I started my company, I had a steady, full-time job.
I studied regenerative medicine and worked as a freelance stem cell engineer in South Korea from 2016 to 2018. At the same time, I also took up other jobs to support myself.
I chose to study this field because I suffered a severe knee injury in a typhoon in South Korea years ago. The doctors told me that I would never fully recover. I want to understand the human body and fix my knee.
I became interested in electric mobility. Because of my knees, it was difficult to walk long distances, and electric mobility gave me freedom again. What started as an interest became a company. I was all in without realizing it.
When the company failed, I stayed at home, awaiting the bankruptcy court’s decision. I was disappointed in myself. I felt depressed and alone. In Korea, failure carries a lot of shame. If you fail in business, some people see you as a loser in a very competitive system.
They live on $10 a day
Now I live on $10 a day. When I returned to work as a manual laborer in May 2025, most of that money was spent on transportation and a simple meal.
Sometimes I skipped lunch altogether. Whatever was left — usually $2 or $3 — I carefully managed to get the next day.
Food prices are very high in Korea, so I learned how to cook cheaply. I make simple Korean dishes – soups made from cheap cuts of meat, vegetables with chili paste, and basic home cooking. I share those meals online. People who love to see that you don’t have to be sad to live. It may still be warm.
I was injured in an accident at work in December — then I lost my job, and had to recover at home.
I created content to share my journey – And the support has been overwhelming
My wife changed everything for me. Before the company officially collapsed, I sat her down and told her the truth – that we were going to have a very difficult life. He didn’t blame me. He thanked me for being honest and assured me that we would get through this together.
As part of the bankruptcy process, we had to liquidate most of our assets and move from Busan to Jeju Island to try to spend less.
I started sharing my daily life online. My wife was creating content online, and one day she encouraged me, “You can do this too.” It made me think, “Maybe I can do this too.” She became my strongest supporter.
At first, only a few people watched—maybe 100 or 200. But they left comments and encouraged me. They did not watch silently, but actively helped my videos reach others. This surprised me the most.
My online work generates very little, inconsistent income through occasional brand collaborations and advertisements. It’s not a solution yet, but it’s a start.
Life, even when it’s hard, is worth continuing
Many people in South Korea are struggling right now. After the pandemic, many small businesses failed. Government debt is running out. Bankruptcy courts are full of people waiting just like me.
If I could say one thing to people in a similar situation, it’s this: don’t disappear. Don’t isolate yourself. Accept that this is where you are now—not forever. When you accept reality, your mind calms down. Then you can start thinking again.
My goal is simple. I want to be financially stable without hiding my debt. I want to show that recovery is possible, even if it is slow. So I am sharing my life.
And real life, even when it’s so hard, is still worth continuing.
Do you have a story to share about working in Asia? Contact this reporter cmlee@insider.com.
Read the original article on Business Insider
