26 years old just started working with less than $1.5K take home pay right after national service. How much should he be saving already? Is 20K good enough? And should he find a better job or stick for another year for a better portfolio?
26 years old just started working with less than $1.5K take home pay right after national service and have been working for almost a year for his full time career but in the F&B sector.
Depending on his fixed expenses his savings will varies. A good amount of savings will be 20% of whatever income earned.
Its hard to say if he should find another job. Where does he wants to be at say 5 years down the road? Works towards that and invest in himself to get the necessary skills. In between the 5 years, sure he can switch job for a higher paying one or ask for a raise with the existing company, but the ultimately he should be working towards his Goals.
Everyone has different starting point so there isnt a guage as how much we 'should' have at x age. It's not the amount currently that matters, it's about the steps you take to ensure it keeps increasing. A rough estimate would be at least 6 months' worth of monthly salary.
Where does you passion lie? Is it in the F&B sector? If it isnt, then maybe you should rethink and consider doing something you like. This way, you will have motivation to do your best. If this is your passion, maybe you can consider going for workshops or courses to upgrade your skills so it'll be easier to handle more responsibilities in the future.
Not too much advice we can provide tho. As Gabriel mentioned he can venture out as he is young.
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