Sunday 16 June 2019

I thought I will get rich once I start work + Updates on my life

In school, I always thought that I will get rich once I started working as it would mean that I have a steady stream of income every month.

However, after starting work for about 6 months so far, I find that it is not as easy saving money as I thought.

From giving allowances to my parents, transport, food and also insurance payment, the bulk of my salary is being used up every time it gets credited to my account.

Right now, my accumulation is slow as my income is not high. I do know that I would need to increase my savings rate for me to build up my savings and war chest at a faster pace.

For example, I have switched my payment for my savings plan from NTUC income to an annual payment frequency.

Read more: Savings plan - Yes or No

With the deduction of the annual amount, my savings have reduced significantly as it is a lump sum deduction. But I have calculated and realized an annual payments saves me a significant amount rather than monthly payments.

Previously, I opted for monthly as I did not have sufficient savings as a student but since I have started working, I am now able to handle the annual amount and so I switched.

For now, the job market looks bleak and I have actually send out my resume to a number of jobs but only got reply from one.

Read more: Is investing aggressively during your 20s right?

On the bright side, my current company has extended my contract till the end of the year. I know that this is definitely no the way to go in the long run but currently I have only been in the company for about 7 months and so maybe a longer period of time to learn more would be more better before I leave.

I do hope to increase my income as I do compare myself with other peers of my age and I find myself earning much lesser than them. Hopefully everything goes well.


  1. You did the right thing to stay on until Dec. I'm in the same situation as you because MOE decided to phase out my job in December this year.

    I encourage you to think about the skills you gained and update your resume.

  2. I would suggest you find a job that fits your character traits.

    Work on your strength and know your weakness! Learn a skill that is needed in the job that will carry you for years to come.