Need some advice.

[lulu92]

Not sure if I'm in the correct thread but I'll just go ahead. I've been on hwz forum for a while and have really learnt a lot.

I happen to chanced upon a thread on money mind asking the net worth of 30 years old peeps. This made me started to think of my own future.

A little background.
-Currently 24 years old.
-Year 2 SIM-UOL accounting student.
- No gf, no car, no loans.

No student debt as I pay off my year 1 and year 2 school fees with my 10 lot of singpost shares which I bought at $1 during my army times( was a airforce regular for a while) , sold at 2 bucks last year. I was lucky I guess, bought the shares with my army friends.

Currently I'm left with another 7-9k worth of school fees to pay for year 3 and I'm out of cash. Parents stopped giving me allowance since army.

Here's the question. I manage to find a full time job paying 2.9k take home( I'm a A level student) and I'm thinking of converting to part time studies.
1) I have friends who however tell me that I should instead focus on internships instead as SIM students will lose out without internships( as compared to local students)
2)Furthermore, my dad who have stopped working years ago is staying at home and kia ka while my mum is the sole breadwinner. I have two other sisters one in poly, one in ntu. Both not working and my mum is not earning alot also as a cashier.

I probably can ease the workload off my mum as well with the Job and pay my school fees. However, the part time job as no future and won't be able to contribute to my resume.

The more I type, the more I feel I'm answering my own question. Lol! But would definitely like to hear advice from the expert here as well regarding internships.

At age 24, I've started ocbc blue chip program last year by buying 200 bucks of starhub every month(DCA). Currently have 600 dollars worth of starhub. With my 2.9k income, should I save aggressively( 40% of income) to pump into STI ETF with ocbc blue chip and cont the blue chip plan or I should just save up cash first.

Sorry for the long post. �

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[V_for_Vanilla]

I will take the full time job. Full time work experience trumps internship imo.

 

[lulu92]

But that full time job experience is sales related, and won't help much with my future job.

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[oceanicmanta]

Full time job & part time studies sounds like the right way to go.

If do part time study, will it take longer to obtain your degree ? if not, go for it.

Nothing wrong with Sales job. There is something to learn from practical work experience. However, hope its not those MLM, member get member, buy more get more sales type ! 脚踏实地

Re continuing with your investment plan, you need to balance that with your household needs. Help reduce household expenses (AC use, cable subscription, mobile plans etc)

Hopefully your sisters are aware enough to help, get part time jobs etc to chip in. Once they complete studies & join workforce, situation will be better.

In next 2- years, you are making some compromises here for your family, as the oldest son (I assume).

Being able to work full time, study part time to support family is a big plus for any resume.

 

[dowzkeh]

Internships would help you get a job when you graduate, but what do you want to do? Do you want to be a big 4 auditor? If so, you should grab a chance to be an intern there if it arises.

If you are taking the accounting degree without necessary aiming to be an accountant/auditor, an accounting internship may not be needed.

 

[hypertrophy]

I would take the full time option if I were you. And depending on whether u need the money anot, then decide whether to do that sales job or something else with a lower pay. Actually i'm on this pathway, working full time and studying part time at Unisim.

 

[agenda]

Let's look at this objectively.

Which one gives you the best pay-off? Work full-time, study part-time or study full-time.

If you are on track to FCH then stay full-time and get a good internship. You still stand a chance to work back office at a bulge bracket with a starting pay of 4k and above.

If you work at a SME FT and graduate with a lousy grade, trust me, not many firms will want to hire you. Sure, maybe you get a few small firms here and there offering you 2.9k or 3.3k but you're pigeon-holed in a small pond there on.

But if you stay on and get a good grade, get a good internship, impress your boss or prospective employer during interview, you could end up getting into the big league.

Most people here are probably not students anymore but I'm still a student and I've been working on my portfolio since I entered university, I made sure my resume was building towards what I wanted for a career. It was hard but I'm sure its harder for you but I think you should look at long term instead of short term. Yes, to me, working full-time and studying part-time for this 1 year is taking the easy way out unless of course, you are not slated for at least FCH then by all means, this 2.9k job is probably your best bet. Hard truth.

 

[thebelljar]

Agree with oceanicmanta that you should do full time job and part time studies for now. After getting your degree, try and look for another job with better career progression. In my view, the only really valuable internships are the ones in which you work for a recognisable MNC/brand name. Otherwise, internships and job experiences are generally as useful as you make them sound to be. No matter the nature of the job experience, it is possible to put a positive spin to it such that you demonstrate qualities of being driven, resilient, dilligent, and resourceful. Successfully completing your degree while working full time is already a good example of these attributes.

Also agree with your approach to save aggressively. But before diving into investment options, have you already set aside emergency savings and taken care of insurance needs (at the very least medical insurance)? For me I worry a lot about unexpected circumstances and will always try to manage risks first. When I first started working I also ensured that my parents were sufficiently insured so I don't have to worry so much should they fall ill in future.

As for investment portfolio, I personally found ShinyThings' advices very illuminating. Not sure if you have already read through his thread and recommendations for a three-component portfolio. If you are relatively new to investing, his method is a good way to get reasonable return without exposing one to too much unnecessary risks. Also, try not to invest just to make money without knowing how much money is sufficient. Plan for your retirement first, do some rough calculations and find out how much you need before deciding the best investment vehicle to reach your goal.

Can tell you are a sensible and driven guy. Jiayou and all the best!!

 

[Genosis]

Wow! Nice to see a thread with good genuine advice.

 

[lulu92]

Full time job & part time studies sounds like the right way to go.

If do part time study, will it take longer to obtain your degree ? if not, go for it.

Nothing wrong with Sales job. There is something to learn from practical work experience. However, hope its not those MLM, member get member, buy more get more sales type ! 脚踏实地

Re continuing with your investment plan, you need to balance that with your household needs. Help reduce household expenses (AC use, cable subscription, mobile plans etc)

Hopefully your sisters are aware enough to help, get part time jobs etc to chip in. Once they complete studies & join workforce, situation will be better.

In next 2- years, you are making some compromises here for your family, as the oldest son (I assume).

Being able to work full time, study part time to support family is a big plus for any resume.

Yup oldest kid. The sales job is not mlm. Haha. Some job that is high paying cause been working for the boss for a while and she willing to pay more.
Appreciate the advice bro.. My youngest poly sister like earning her own buck alr. The ntu one like eng eng cheng cheng, live in hall some more.. Dunno how to convince her to work. She quite smart though, fch kind.

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[lulu92]

Internships would help you get a job when you graduate, but what do you want to do? Do you want to be a big 4 auditor? If so, you should grab a chance to be an intern there if it arises.

If you are taking the accounting degree without necessary aiming to be an accountant/auditor, an accounting internship may not be needed.

Tbh I'm still quite doubtful with what I want to do. I went for accounting and finance is partially cause I interested in accounts so to under business better( sounds like big words but it's really my intention)
But after studying, I'm ain't sure if I wanna face all the accounts everyday. Lol...

I'm wondering if it's possible to jump to banks even though I'm from SIM account and finance.

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[lulu92]

I would take the full time option if I were you. And depending on whether u need the money anot, then decide whether to do that sales job or something else with a lower pay. Actually i'm on this pathway, working full time and studying part time at Unisim.

I guess I will need the money. But I haven't been good with studying since young.( worst excuse ever ikr)
But I'm willing to change.
Been partting and yoloing too much. If not I would have more savings from my regular airforce pay.

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[lulu92]

Let's look at this objectively.

Which one gives you the best pay-off? Work full-time, study part-time or study full-time.

If you are on track to FCH then stay full-time and get a good internship. You still stand a chance to work back office at a bulge bracket with a starting pay of 4k and above.

If you work at a SME FT and graduate with a lousy grade, trust me, not many firms will want to hire you. Sure, maybe you get a few small firms here and there offering you 2.9k or 3.3k but you're pigeon-holed in a small pond there on.

But if you stay on and get a good grade, get a good internship, impress your boss or prospective employer during interview, you could end up getting into the big league.

Most people here are probably not students anymore but I'm still a student and I've been working on my portfolio since I entered university, I made sure my resume was building towards what I wanted for a career. It was hard but I'm sure its harder for you but I think you should look at long term instead of short term. Yes, to me, working full-time and studying part-time for this 1 year is taking the easy way out unless of course, you are not slated for at least FCH then by all means, this 2.9k job is probably your best bet. Hard truth.

That's a very interesting perspective. I believe FCH is definitely the way to go as well... During my first few years I didn't do very well due to my strong commitments to cca( council) and planning of school events.

I guess it's worth a shot for part time even though it might lower my chance of getting good grades.

It's like loans over grades now. T.T

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[lulu92]

Agree with oceanicmanta that you should do full time job and part time studies for now. After getting your degree, try and look for another job with better career progression. In my view, the only really valuable internships are the ones in which you work for a recognisable MNC/brand name. Otherwise, internships and job experiences are generally as useful as you make them sound to be. No matter the nature of the job experience, it is possible to put a positive spin to it such that you demonstrate qualities of being driven, resilient, dilligent, and resourceful. Successfully completing your degree while working full time is already a good example of these attributes.

Also agree with your approach to save aggressively. But before diving into investment options, have you already set aside emergency savings and taken care of insurance needs (at the very least medical insurance)? For me I worry a lot about unexpected circumstances and will always try to manage risks first. When I first started working I also ensured that my parents were sufficiently insured so I don't have to worry so much should they fall ill in future.

As for investment portfolio, I personally found ShinyThings' advices very illuminating. Not sure if you have already read through his thread and recommendations for a three-component portfolio. If you are relatively new to investing, his method is a good way to get reasonable return without exposing one to too much unnecessary risks. Also, try not to invest just to make money without knowing how much money is sufficient. Plan for your retirement first, do some rough calculations and find out how much you need before deciding the best investment vehicle to reach your goal.

Can tell you are a sensible and driven guy. Jiayou and all the best!!

Thanks for the advice. I'm currently thinking of internships for banks like ocbc ( have some connections but no guarantee though) other banks I haven't tried yet.

I've been following shiny things thread for a while until recently, got lost with some of the terms, haha. I will follow back again!

Really appreciate it.

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[lulu92]

Wow! Nice to see a thread with good genuine advice.

Really glad for all the advices given. I thought I will kena flame sia. I got post in edmw before asking how is private uni and Part time studies. The negative feedback was overwhelming.

I guess I miss out alot by not coming to money mind. Haha

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[havetheveryfun]

Sales job are the best to put in your resume leh, why say not able to contribute to your resume ?

 

[hypertrophy]

Tbh I'm still quite doubtful with what I want to do. I went for accounting and finance is partially cause I interested in accounts so to under business better( sounds like big words but it's really my intention)
But after studying, I'm ain't sure if I wanna face all the accounts everyday. Lol...

I'm wondering if it's possible to jump to banks even though I'm from SIM account and finance.

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Sometimes it boils down to luck, I have an irrelevant Diploma but managed to secure a job in a local bank on my previous job doing back office Trade Finance work.

Some of my colleagues were UOL accounting and finance grad / some from the banking and finance course. Don't really think it matters to the boss, as long as you can present yourself well enough.

 

[Dyhalt]

Your best investment right now, is in YOURSELF.

If your job enhances your communication skill with different people... then its really vital for your future advancement and you should make full use of it to train yourself.

As for your study, just make sure you complete it so your investment in time and money is not wasted.

Investment should be done with spare money, so learn to create more spare money by adopting good habits like minimal lifestyle, use your money where it counts the most.

Cheers

 

[oceanicmanta]

another avenue to give & get help

http://www.straitstimes.com/singapore/youth-who-give-their-time-to-society-get-cash-grant-from-gic

 

[hyperbole]

i would take the 2.9k full time job if i were you. it's a rare opportunity to get offered this as an a level holder and it would look even better on your resume than any internship.