Home News A millennial jobseeker regrets spending extravagantly and ending in debts

A millennial jobseeker regrets spending extravagantly and ending in debts




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By: Jobless Millennial

(If you have read my earlier rant), here’s an update on my situation. After 7 interviews (Thank God for them), I have received 1 job offer which is almost 50% down from my last drawn.

To be honest, I am quite disappointed with myself and it is more towards conflicting feelings of self worth. I feel that I should have been able to command more salary but yet I am thankful to have received an offer so quickly. The interview was fairly straightforward with a pre-interview questionnaire, 2 face to face interviews, 1 logic test and 1 personality test.

It was a dark horse offer as I actually didn’t like the hiring manager…quite arrogant fellow but given that they paid me the low end of my asking salary and also this is a brand new industry for me.

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I have to admit that they were sincere and I did some market benchmarking and their offer seems fair. The company though is a small set up with 100+ employees which is different from the MNCs I am used to so I am not sure how I will adjust to an SME.

They offered me $80Kpa and initially I asking was between $80-100K as this industry was new to me and I didn’t know how they pay. I did go back and try to negotiate for more but they didn’t bulge so now I am in a situation where I have to start work in a job that I probably won’t like but have no choice.

There was another role that narrowly eclipsed me as another candidate had more relevant experience and this role was for my old industry and a preferred role in a traditional MNC so I feel quite disappointed not getting it as well.

I suppose my best bet now is to try out this new industry first and try to look for jobs that can pay me my old salary as my financial commitments are high, children, parents, property etc.. my absolute minimum take home have to be around 9K or so for me to fully meet my financial obligations and to live comfortably but with this offer I am quite off the mark..

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I have also reflected on my foolishness in spending money when I could have paid my debt. I went for 7 holidays last year and bought many useless stuff. Bought gold around $8K earlier this year, went for a family holiday $3K and have even booked another family holiday in Nov of which I don’t think I will be going… I have to admit I have been extravagant with holidays although we usually travel around the region.

I always book at least economy and stay hotels in the 150-200 range per night. All those unnecessary money spent could have shaved my debt off by $30K. This lesson have made me learn to clear my debts first before spending and to understand delayed gratification.

I am however happy to report that with the compensation received from previous company, it has helped me to trim my unsecured debt levels to $60K (from $100K) though with such a pay I might take 5 years to pay this off..assuming $1K per month. Then I have to pay more interest to the banks but thankfully I have been able to still renew my loans with rather cheap interest rates of 1.1% like the recent balance transfer I did.

I do however have 2 potential jobs (from my old industry) in the pipeline one of which I had today should pay in the range of $100K but that maybe a long shot as I just got contacted today and should take at least 4 rounds of interview and maybe 1 month to know the results if I even make it to round 2. Another role which I have been coveting which should pay in the $150-180K range and I have been waiting on the hiring manager to travel to Asia since start of Aug. We had a good discussion and they seem keen to advance the interview but after that, no sound no news…that will be an ideal role for me as it has an expanded scope from my previous role and will be considered a promotion.

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Anyway to conclude I feel that with this current offer I am “travelling back in time”. My family members are all very positive and it appears that I am the only glum person who is not contended. I suppose this is better than sticking around with negative people. I just feel so discontented and angry with myself. I feel that I can achieve so much more but…

Republished with minor edits from the website ‘Transitioning‘.Follow us on Social Media

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