I used to be really hard up about money before I resign from my fist job (after uni, worked for more than 4 years) recently. It was a really tough decision as i was doing what i was passionate about. But the environment i was put through made me chose to leave without having another job lined up. I took a trip out of Singapore to reflect about myself and the job I wish to take. Below are some conclusions I had for myself, which hopefully helps you.
1) I should never do what I'm passionate about/hobby as a job - because I'm so passionate about it, I tend to have my own opinions and know a lot more about it while my bosses may not. Their focus would be purely organisation needs and nothing else (unless the WHOLE organisation is set up with its core value revolving around what you're passionate about.. And your boss got to believe in the organisation core value too!)
2) when I'm young, it's important to follow the right leader who are willing to teach and groom me rather than following the highest pay and never get to grow. Of course if I can get both at the same time, that would be awesome.
3) after I graduate, my degree probably lands me my first job and not the subsequent one. The next job and on is highly based on my transferable skills from my first job.
4) I was hard up about money and it was also money that kind of made it a really though decision for me to resign. Only when I finally prioritised my emotions over money then I can let go. It's ok to not have a lot of money now, as long as there's sufficient for emergency use!
4) no matter how much I love the job, the company (especially big org) will only view with you as one of the employees. Don't ever sell your life to the company. Take your deserving break and don't try to "more OT means more hardworking". You will only torture yourself.
6) I never knew what I don't like a job until I get to try it. I will view every single new things as a new challenge and told myself that I will get hold of it, no matter how much I dislike it. The next job I'm getting is a job that I always told everyone I will never do. But I met my direct boss during the interview and he seems really nice and nurturing.. most importantly, I know I can now do what I am really passionate on my own And not live my passion up to other people's expectation anymore.
Sorry for the long story, but in summary, money shouldn't be your first factor, unless you're in a fire situation that needs as much money as possible. Good luck! :)
Coming from personal experience here.
After graduating I worked for a job I really liked, kinda llike a dream job. But the pay really sucked. I didnt mind cos the job was really what I liked.
Then, came the betrayal, was retrenched without benefits.
Second job, also same industry, a job that I liked, really really into the job and people were great.
Then, came another stab in the back. Retrenched again.
After that came the realization. F*** the job you like. The company don't give a shit. They treat you like slave in the end. Just work for money and invest then retire early.
3 more comments
I tink a lot of people have asked very good questions which when you think through them, you will probably get your answer.
I’ll just share my own experience. Hopefully it can shed some light.
I was brought up to chase the dollars. There was always comparison from my mom with her friends children and my cousins and friends.
When I got a job I liked but the pay wasn’t getting me anywhere those people were, it made me really upset. I felt useless. Until I left for Australia.
As as long as what I am earning is able to get me the things I want, and there are aspects of it thst I enjoy (learning opportunities, good colleagues who support and encourage me rather than backstab me, etc) I was much happier. Then again, it was less stressful there because there was no talk about what I was earning, where I was staying, what brands I was buying.
When i I returned to Singapore a couple of years back, the same stress returned Cos Thst was most of the conversation topic anongst adults. What house was I getting, am I upgrading, etc.
it was until I had a target then it helped. I know I want to pay off my house in full by a certain age. So I don’t have to worry if I lose my job. Of cos job satisfaction was a high expectation now having had that in Australia. but the pay here was not able to compare.
So I found a job that I believed I would like, and I also found ways to increase my income outside of my job so I would be able to also hit the target of paying off my house.
For me, life is short. There is no point working like crazy and not be able to enjoy the fruits of it. The friendships and family time should be enjoyed now. But that also doesn’t mean don’t prepare for the future. So while I am healthy, I do what I can to prepare for the unexpected. Hopefully it never comes. I did it through investing - locally and overseas.
i am not where I want to be yet but it is close.
i hope through the sharing on this platform you are able to figure out what makes you happy, what is a must have for you and then from there plan where you want to go.
Sometimes you might have to put up with a period, a season of discomfort to get to where you want to be.
To improve myself I took time off to study and had to make do with little income during that period of time.
2 things to consider:
What is your financial situation? Living comfortably or constantly worrying about your budget?
What do you want to get out of your workplace? Job satisfaction, money? Are there other factors to consider like learning opportunity or career progression? List them down for both jobs and you may be able to see clearer as you weigh the pros and cons.
All the best in whichever work you choose in!
Honestly it's hard to not like money more.
Unless it pains and kills you inside, I'll most likely bite the bullet, save enough capital, invest, and then choose to go back and do what I love.
The 1st question is how sure are you that you will enjoy the 30k/yr job? Is it like a life calling that you know you will stick to it till your death? You probably currently know you dont like the 100k/yr job. Many ppl don't like their current jobs. I certainly don't like mine but it's just a job right?
The 2nd question is how important it is to you to enjoy your job? And how much will you foresake for it? Cut expenses? Live with limited options?
The 3rd question is which will you regret more in 10, 20, 30, 40 years' time, Not enjoying your job? Or not earning more when you had the chance?
The 4th question is will the 30k/year job you enjoy run away or disappear? I.e. will it still be available when you are financially independent?
The 5th question is what if the 30k/yr job turns out to be something you dont enjoy after a while? Will the 100k/yr job be still available to you or will you need to settle for another 30k/yr job?
You should more or less know what you want by the time you think through these questions.
2 more comments
18 Oct 2018
18 Oct 2018
I was in a similar position a few years ago. Was making about $30,000+ a year working 3 days a week when my former manager called to ask me to return to help him for $100,000+ a year (standard 5-day work week). I had thought to do it for 2 years, save enough and then go do something else. But eventually I turned it down, less because I was enjoying what I was doing, but more because there was something else I wanted to do and returning to the company wasn't it.
18 Oct 2018
The obvious answer is to earn more, plan well then you can retire early.
Since you were earning 30k, by gaining additional 70k with proper control and planning means investing 70k per year.
That is crazy huge.
I would also say this.
You were hired for 30k. Now out of the blue you have an offer for 300% increment.
Do be careful if it is genuine.
Steph Yeo, Auntie Uncle Whisperer at Agency for Integrated Care
Answered on 18 Jun 2019
Get the 100k job and do my passion as a hobby.
i had a higher paying job when i was out of uni, about 100% higher worked long hours, always fall sick. spent most of my money at the doctors. i did like my job and worked hard.
but now my pay is much lower, it is more fulfilling, more autonomy, freedom to explore ideas and to execute and i love it.
maybe you have to go through both to really know which one is more suitable for you.
$30000 is too low to continue even if you like your job. Especially in materialistic singapore. Even if you like it , you will have to think for your family ( if you are married) and your future
If its strictly between only 2 choice, i would choose $100k
HC Tang, Financial Enthusiast, Budgeting at The Society
Answered on 18 Oct 2018
I think depends on where you are now.
If need $ down the road in about 2 years time, go for the higher pay one and make sure you can "dong" till you reach your $ target in few years time .
If $ is not a big problem now and can afford the 100k job, then go for it.
At the end, need to make sure it is a job you can learns and grow. Otherwise , it's just a job but not a long term career.
Cheers.😄 Happy working 😄
Kenichi Xi, nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham
Answered on 18 Jun 2019
When passion meets demand, you will see Good Money.
Likewise, passion without demand will dampen everything.
Delay gratification is highly related here.
To achieve passion without demand you need to go thru the hardship of making it big in career or savings so you can enjoy the fruits towards Retirement.