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A South Korean man documented his daily life living on just $10 a day but carrying a debt of $300,000.
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Kang Gwang-sik, 40, told Business Insider he was bankrupt after his business failed.
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The content creator shares how he’s surviving South Korea’s worsening economic pressures.
The well-known article is based on a conversation with 40-year-old Korean content creator Kang Gwang-sik. The conversation has been edited for length and clarity.
I’m that guy on Instagram who’s $300,000 in debt in Korea and living on $10 a day. That’s the philosophy of my content, but it’s also my reality.
My total debt is actually much larger. At one point it reached nearly $1 million.
I ran an electric vehicle company focusing on smart charging systems, but the company collapsed in early 2025 and I entered bankruptcy proceedings.
In South Korea, early-stage startups rely heavily on government subsidies and private investment. When I started my business in 2020, electric vehicles were booming around the world.
However, product development takes time and I spent several years and a lot of money on research, manufacturing, international certification and marketing. Over time, market attention and investment have strongly shifted towards artificial intelligence-related industries.
Existing investors exited and competition for government funding intensified. Difficulties in obtaining additional funding eventually led to the company’s bankruptcy.
The company’s bankruptcy is over, but my personal bankruptcy is not yet. About $300,000 remains. This is the number I live at now.
Going all out to realize a business idea and failing
Before I started my company, I had a stable full-time job.
I studied regenerative medicine and worked as a freelance stem cell engineer in South Korea from 2016 to 2018. In the meantime, I worked other jobs to support myself.
I chose to study this field because I suffered a severe knee injury during a typhoon in South Korea many years ago. Doctors told me I would not fully recover. I wanted to learn about the human body and maybe fix my knee.
I became interested in electric cars. Because of my knees, it is difficult to walk long distances, and electric travel gives me freedom. What started as an interest turned into a company. Before I knew it, I was engrossed.
When the company collapsed, I stayed home and waited for the bankruptcy court decision. I’m very disappointed in myself. I felt depressed and isolated. In Korea, failure carries a lot of shame. If your business fails, some people will consider you a loser in a highly competitive system.
Living on about $10 a day
Now I live on about $10 a day. In May 2025, when I returned to work as a manual laborer, most of the money was spent on transportation and a simple meal.
Sometimes I skip lunch entirely. I spent whatever money was left over—usually $2 or $3—treading through the next day.
Food prices have increased a lot in Korea, so I learned how to cook cheaply. I cook simple Korean dishes – soups with cheaper cuts of meat, vegetables in gochujang and basic family food. I share these meals online. People like to see that survival doesn’t have to be painful. It can still be warm.
Last December, I was injured in a work accident and subsequently lost my job, leaving me to recuperate at home.
I create content to share my journey — and support has been heartening
My wife changed everything for me. Before the company officially folded, I sat her down and told her the truth – we were heading into a very difficult life. She didn’t blame me. She thanked me for my honesty and assured me that we would face it together.
As part of the bankruptcy proceedings, we had to liquidate most of our assets and move from Busan to Jeju Island to minimize expenses.
I started sharing my daily life online. My wife had been creating content online, and one day she encouraged me and said, “You can do this, too.” It made me think, “Maybe I can do this, too.” She became my biggest supporter.
At first, only a few people watched – maybe 100 or 200 people. But they left comments and encouraged me. They didn’t just watch quietly, they actively helped spread my video to others. This is what surprised me the most.
My online work generated little and inconsistent income through occasional brand collaborations and advertising. It’s not a solution yet, but it’s a start.
Even if life is hard, it is worth continuing
Many people in Korea are struggling right now. After the epidemic, many small businesses closed down. Government loans are coming to an end. Bankruptcy courts are packed with people like me waiting.
If I could say one thing to anyone in a similar situation, it would be this: Don’t disappear. Don’t isolate yourself. Accept that this is where you are now—not forever. When you accept reality, your mind becomes calm. Then you can start thinking again.
My goal is simple. I wanted to be financially stable again without hiding my debt. I want to show that recovery is possible, even if it is slow. That’s why I keep sharing my life.
And real life, even if it’s very difficult, is still worth going on.
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Read the original article on Business Insider