Networth Benchmarking

[TryingToMakeIt]

Hi, just doing this out of curiosity and perhaps it may inspire or motivate myself and other readers as well. I am curious as to where my networth stands in comparison to others in my age group with similar eduation level. So here's my info:

- 24 years old, bachelor degree in banking and finance from overseas university.
- been working for around 2 years, with total net worth of around 38k SGD (all in cash). I am not PR or SIngaporean, so no CPF.
- currently working at a foreign bank earning around $4.5k (take home) per month .

Where do you think I stand in terms of net worth and salary? low, mid, high?
Any suggestions or tips from the experts out there on investing and saving?

Originally Posted by TryingToMakeIt

Hi, just doing this out of curiosity and perhaps it may inspire or motivate myself and other readers as well. I am curious as to where my networth stands in comparison to others in my age group with similar eduation level. So here's my info:

- 24 years old, bachelor degree in banking and finance from overseas university.
- been working for around 2 years, with total net worth of around 38k SGD (all in cash). I am not PR or SIngaporean, so no CPF.
- currently working at a foreign bank earning around $4.5k (take home) per month .

Where do you think I stand in terms of net worth and salary? low, mid, high?
Any suggestions or tips from the experts out there on investing and saving?

You're doing fine. Your networth will go up over the years. You should job hop every 2 years or so and settle down with the best job possible in your early- to mid-thirties.

To save more, live slightly below your means - observe how your peers spend their money and try spending less than them without mistreating yourself.

To invest well, be a contrarian - buy when market is in the doldrums, sell when you think there's euphoria (easier said than done).

$4.5K at 24yrs old? It is very GOOD as compared to me when i was your age during my time.

I started in 1997 - Asian financial crisis.
Graduated with a IT degree from australia, but only managed to find a job that pays $2,000.
After 1 yr, job hopped to another job that pays $2.5k
After 1 yr, got promoted and got $3.1k
Around 1997+5yrs = 2002, I job hop again and landed with $3.7k
then in 2006, I got pay increment and had $4.5k.

So it took me 10yrs to get $4.5k !

Most of my peers who started around 1997 seems to have salaries that lagged alot compared to others who started later.

Conclusion drawn is if you are not the outstanding type (like me), your 1ST PAY is very important in negotiation for future pay increment! (You can see mine pay increment hovers around 15-20% most times)

So, I think for your case, it is safe to say you will definitely earn at least $8-9k after 10yrs!

[momojojo]

Originally Posted by TryingToMakeIt

I am curious as to where my networth stands in comparison to others in my age group with similar eduation level.

I think you're doing very well! I am 24 too, but I'm still stuck in a local university doing a bachelors in engineering (hons), and i doubt the future seems bright for a person with a degree in mechanical engineering.