I’m 40 and $300,000 in debt after my startup failed. I’m living on $10 a day in South Korea.

• A South Korean man documented his daily life on just $10 a day while facing $300,000 in debt.

• Kang Gwang-sik, 40, told Business Insider that he went bankrupt after his business collapsed.

• The content creator shares how he managed to survive despite South Korea’s worsening economic pressures.

This article as told is based on a conversation with Kang Gwang-sik, a 40-year-old content creator from South Korea. The interview has been edited for length and clarity.

I’m the guy on Instagram who owes $300,000 South KoreaHe lives on $10 a day. This is the concept of my content, but it is also my real life.

My total debt was actually much larger. At one point it approached $1 million.

I was running a company in the field of electric mobility focusing on smart charging systems, but it collapsed at the beginning of 2025 and I entered bankruptcy proceedings.

Early-stage startups in South Korea rely heavily on government incentives and private investment. When I started my business in 2020, there was a global explosion in electric mobility.

But product development took time and I spent years and a lot of money on research, production, international certifications and marketing. As time passed, market interest and investment shifted strongly towards AI-related sectors.

Existing investors withdrew and competition for government financing intensified. Difficulties in raising additional capital ultimately led to the collapse of the business.

The company’s bankruptcy is over, but mine personal bankruptcy not. That leaves about $300,000. This is the number I live with now.

Going all out on 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. At the same time, I took on other jobs to support myself.

I chose to study this field because of a serious knee injury I suffered during a typhoon in South Korea years ago. Doctors told me I wouldn’t make a full recovery. I wanted to understand the human body and maybe fix my knee.

I started to care electric mobility. It was difficult to walk long distances because of my knee, and electric mobility gave me freedom again. What started as an interest turned into a company. Without realizing it, I was completely inside.

When the company went bankrupt, I stayed home and waited for the bankruptcy court’s decisions. I was disappointed in myself. I felt gloomy and lonely. In Korea, failure carries a lot of shame. If you fail in business, some people will see you as a loser in a very competitive system.

Living on about $10 a day

Now I live on about $10 a day. When I returned to work as a physical worker in May 2025, most of this money went to transportation and a simple meal.

Sometimes I skipped lunch altogether. With whatever was left (usually $2 or $3) I managed to carefully get through the next day.

food prices in korea It increased a lot, so I learned to cook cheaply. I cook simple Korean dishes; soups made with cheaper cuts of meat, vegetables with pepper paste, and basic home cooking. I share those dishes on the internet. People like to see that survival doesn’t have to be miserable. It may still be hot.

I was injured in a work accident in December, then lost my job and had to recover at home.

I prepared content to share my journey — and the support has been encouraging

My wife changed everything for me. Before the company officially collapsed, I sat him down and told him the truth; We are heading towards a very difficult life. He didn’t blame me. He thanked me for being honest and assured me that we would face this problem together.

As part of the bankruptcy process, we had to liquidate most of our assets and move from Busan to Jeju Island to spend less.

I started sharing my daily life on the internet. My wife was creating content on the internet and one day she encouraged me by saying “You can do this too.” This made me think, “Maybe I can do this too.” He became my strongest supporter.

Initially only a few people watched; maybe 100 or 200. But they left comments and encouraged me. They not only watched silently, but also actively helped my videos reach others. This surprised me the most.

My online work generates very little and inconsistent income through occasional brand collaborations and advertising. This isn’t a solution yet, but it’s a start.

Even though life is hard, it’s worth continuing

Many people are inside South Korea is in a difficult situation Right now. After the pandemic, many small businesses went bankrupt. State loans are running out. The bankruptcy courts are full of people waiting just like me.

If I could tell people one thing similar situationthis: Disappearance. Don’t isolate yourself. Accept that this is where you are right now; not forever. When you accept the truth, your mind calms down. Then you can start thinking again.

My goal is simple. I want to be financially stable again hiding my debt. I want to show that recovery is possible, even if it is slow. That’s why I continue to share my life.

And real life, no matter how hard it is, is still worth going on.

Do you have a story to share about working in Asia? Contact this reporter at: cmlee@insider.com.

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