Bravo Sashti. I must congratulate you on achieving a 6 figure income in your first year of work. With that kind of income, I think you are way ahead of your peers and many older workers.

As you are still young in your working life, you should temper your early achievement with humility. Much as we want to shout out to the world of our achievements, we should always be cognizant of the fact that we cannot know what the future has in store for us. Will it be one where we will achieve one success after another or will it be full of ups and downs?

Speaking as someone who has worked more than 30 years, I dare say life is seldom smooth. There will be ups and downs. I always advise my children and younger colleagues that in good times, when the income is good (eg. good bonuses), save some for a rainy day, when in bad times, don't give up hope. Tell yourself, bad times don't last, on the other hand good and resilient people do.

So, yes while we may earn a lot at this moment, think and plan ahead a few years to ensure that when times are bad, we have the savings to tide over.

There are both pros and cons being your own boss and working for others. I have worked 30+ years for the same company since graduation. My company has taken care of me all these years:

1. giving my family and I medical coverage (outpatient as well as hospitalization and surgery)
2. Contribution of employer CPF (substantial amount over 30+ years)
3. Paid leave (annual, maternity & paternity, medical and others)
4. Transportation allowance
5. Paid Training courses
6. Overseas trip allowances
7. Business class tickets for company trips
8. Good working environment and colleagues
9. Scholarships for staff and children of staff.
10. Subsidized company D&D
11. Housing and car loan at competitive rates
and many more

And I guess the more important aspect is that you see yourself moving ahead in your career, taking responsibility for a department etc...

While there is the "freedom" of being your own boss, your income depends entirely on yourself. Especially as a financial planner, what you earn this year is no guarantee that you will earn the same next year. You don't see yourself working for promotion to the next level. It is just yourself. When you are sick and can't work for a few days, you are not earning income for that few days. There is no employer CPF contribution.

I don't know if that little "freedom" of being your own boss is that worth it. However, I can understand it if you have already built up your retirement fund and want to try being your own boss for a change. Like my retired neighbour. He retired from a stat board, and with his children already working, he became his "own boss" by becoming a financial planner and a property agent simultaneously.