I am 26 (M) and only have $12k in the bank (inclusive of expenses + savings). Should I be worried? What is the average amount one should have at this age? - Seedly
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Anonymous

Asked on 17 Aug 2020

I am 26 (M) and only have $12k in the bank (inclusive of expenses + savings). Should I be worried? What is the average amount one should have at this age?

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Lee John

Lee John

Level 8. Wizard

Answered on 17 Aug 2020

Dont compare yourself with others, we are all in our special circumstance and no two individuals are the same.

You just need to ensure you are financially sufficient now and for the future. And to do so, you will need financial planning.

Have you got covered adequately by insurance? Have you have emergency funds? Have you have investment goals for future expenditure/retirement? Have you started making steps to budget/invest/learn about personal finance?

Finally, once again, live frugally and enjoy what you have. That's the way to be content and happy with your life. If you keep comparing, there's no way it'll ever end.

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Hey there!

Most people graduate from university at that age, especially for guys. So there is really little comparison because it really depends on when you started working and your starting pay. There should hopefully be an increment at some point due to career advancement etc. You may want to start small on your wealth accumulation journey and start sorting your insurance coverage too.

Financial planning is an integral part of life. You can reach me here to find out more.

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Hi Anon! Every individual is different depending on their financial circumstances and commitments. This also varies from one's lifestyle and spending habits. Comparing yourself to others' financial situation may not help you. Set goals for yourself from now to reach (eg: $50k by 30) and note down your short term and long term financial goals (i.e are you going to spend on a BTO, car, house in the next 5-10 years? What are your plans for retirement?) Not forgetting on taking note of your personal finances and budgeting too. Remember to set aside your emergency funds too. Next, you can consider how you may want to grow your monies via investments. Check out roboadvisors for an easy start for beginners or talk to a trusted financial advisor as well. Good luck! ​​​

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