20yo S’porean asks if he was behind others who are “already 100k+ ahead in savings”

SINGAPORE: Singaporeans are turning to social media to seek financial advice and share their concerns about their financial progress. Recently, a Redditor with the username Difficult-Pack1592 expressed anxiety about his financial standing compared to others in their early 20s.

The Singaporean in his 20s asked if he was behind compared to others his age, asking, “Am I behind others my age? I’m in my early 20s and only recently did I start saving money. However because I am still studying university I can barely save enough (just started hitting 4 digits). Seeing other mid 20s people on this sub saying they have 120k etc in their savings makes me feel like I’m way too behind peers my age? Is this going to set me behind others since they are already 100k+ ahead of me in savings?”

The Reddit community responded with a mix of perspectives. Redditor schzimmydeenie offered a philosophical take, stating, “Comparison is the thief of joy. And this is the internet, anyone can say anything. I can say I’m 20 years old with 500k in the bank. Who’s gonna fact check me? As long as you’re happy, healthy, and contented with your life, who cares how much other people have.”

Bubbler_crab echoed this sentiment, sharing his personal experiences, saying, “Comparison is the thief of joy. I am 34 in Jan and am definitely behind some peers in terms of annual earnings, seniority, etc., especially given the industry I work in (Tech). However, I have learned to be at peace because I am extremely content with what I have.”

Bubbler_crab shared that he and his wife make enough to fulfil all their wants and needs. Their financial choices regarding choosing between an HDB or condo and buying a new car or opting for a used one ”gave them what they want for less.” He also shared that he can invest where he wants because he doesn’t spend as much compared to his high-earning peers.

He noted it all comes down to control and that he and his wife are very happy with their life right now. They are looking forward to retiring at 55 with already budgeted money for their kids to go to university.

Sharing his life insights, he added, “Seek contentment with your life, vs yearning for someone else’s. Figure out what really matters to you, what doesn’t actually matter, optimise accordingly.”

Offering a different perspective, Brave_Exchange4734 argued, “Firstly, comparison is good because of comparison we know where we are and we are motivated to improve ourselves. Secondly, you can say you have 1M @20yo or whatever number you want. Nobody is going to fact check you, but you are just lying to yourself, not us.”

BaeJHyun supported this idea, highlighting the potential misinformation online: “I can also say I’m early 20s and have 200k. Anyone can claim anything on Reddit. U don’t want to end up giving yourself excessive stress over fakes.”

Amidst these diverse opinions, HANAEMILK shared a personal journey, saying, “25m and only started saving despite working for almost 3 years. Don’t even have 4 digits yet.” Killerlord16, who is almost 50, provided a comforting perspective, stating, “I am almost 50 and don’t even have 100k now. U still young and have a longer pathway to go, so not to worry too much.”

Poginmydog encapsulated the discussion with his comment, stating, “It’s a marathon, not a race. I’d rather be traveling the world debt-free with 10K in my account than have 100K in my account but 1M in debt.”/TISG