SINGAPORE: A man who saved S$500,000 within three years of graduating took to social media to seek advice on quitting his job and pursuing his passions.
On Tuesday (Jan 21), he posted anonymously on the NUSWhispers Facebook page, “I’m wondering if I should just stop applying, quit my job, and pursue my interests. I have managed to save up S$500k in my bank account, so I do have some fallback. But I would unlikely be welcome back into my current industry after leaving.”
Struggles with the job market
The man, who holds a Computer Science degree, said his current job provides a decent salary, enjoyable work, and great colleagues. However, he feels undervalued as the company treats engineers poorly.
While exploring roles more aligned with his passions, he has faced numerous rejections, often failing to make it past resume screenings. “The competition is extremely fierce and often only looking at CS PhD students,” he explained.
Faced with a crossroads, he asked netizens if he should stick with his job, pursue his passions, or strengthen his qualifications with a PhD. He acknowledged that while a PhD could solidify his skills, it would require significant time and effort.
“How did he save S$500K?”
The post sparked curiosity, with several netizens questioning how the man saved such a large sum so quickly.
One commenter doubted the figure, saying, “I think he meant S$50K.”
Another suggested a theoretical scenario: “If he earns S$10K/month and lives with his parents, it’s possible. S$120K per year, plus S$30K in bonuses, add up to S$150K annually. Over three years, that’s S$450K. Add smart investments, and it’s achievable, though rare.”
Advice from the community
While some debated his savings, others offered practical advice. A few encouraged him to pursue a PhD, emphasizing its potential to open doors in specialized fields.
“PhD usually leads to research or specialist roles. Check with your school’s course advisors or others who’ve taken the path. It’s good to pursue your passion, Jiayou!” one user wrote.
How much should you save before quitting?
Experts recommend having three to six months’ worth of living expenses saved before quitting a job. This emergency fund can ease financial stress while job hunting.
Additionally, it’s wise to review and adjust your budget by cutting back on non-essential expenses like travel or hobbies. You can gradually reintroduce these once you secure a new job or steady income.
Featured image by Depositphotos (for illustration purposes only)
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