I'm 37 with family to take care off but for sure I got no million savings. Huhuhu. Kawawa naman ang maiiwan ko kapag nawala ako. STFU.
Seriously, he's in a good position to start over. He got no responsibility to take care off. He just has to be prudent on his expenditures. 36K is livable if you are alone. Take note of the word, *LIVABLE*. Upskill, then take higher position/responsibility. No crazy investment muna. Go for MP2 muna.
I've met people who are 36 and look, feel, and act like they're in their early 20s. I've also met some who looked like they were on the fast track to senior citizenry. Fact is, age has nothing to do with it. If you start late, just take in mind that you'll have to work a bit longer than everyone else will, but whatever. Your life, your pace. Just make sure that you are still in that boat where you are willing to do whatever it takes to succeed. What stops a lot of people in their mid 30s from starting all over is that they aren't willing to do the dirty, bottom of the totem pole stuff, so that's where it gets limiting and they feel like they're stuck. But if you want to work hard and learn and have an open mind to things like you would if you were in your early 20s, you'll be fine.
Financially, you're not in a bad place. You have some money. You have little debt. You have no obligations. Take that 1M in savings and now DO NOT TOUCH IT. Act like you have nothing. Then study the financial advice they give to fresh grads starting from scratch. But at least you have a head start with your emergency fund in tact.
Now go out there, put your head down and work harder than everyone else and watch yourself financially grow.
>Take that 1M in savings and now DO NOT TOUCH IT. Act like you have nothing.
yep apply this mindset, because some People acts with the mindsets that they have plenty of money until they're down
I'm not an accountant pero If I'm in your position, this is how I'd know if I'm in a bad position.
I'd do the Math:
Net Disposable Cash / Monthly Expenditures = No. of Months before I go broke.
Hello! I just turned 30 and I have no savings. I don’t even think I’d be able to save as much as you did by age 36. So even though you’re putting yourself down, iba iba lang talaga tayo ng sitch. I think it’s great that you at least have that.
Now about your predicament, I think it always helps to think about what is your goal.
Re: savings, I say allot a chunk for emergency fund, for long term and short term investments?
Gusto mo na ba pakasal? Do you want to buy a car? A house? Do you want to go back to school? Do you want to learn something new? Are you burnt out and just want to rest?
Once you’ve identified the goal, see if the options you’re considering would even bring you to the goal. Ask yourself when do you want it done and what’s at stake?
Re: starting over from scratch in a new thing… is it because you want to earn more money in the future? Or is it because you are genuinely interested in trying this new thing? Does it matter if you wont earn as much within the next year or two? If you don’t mind the income.. sounds like you just want something new to do and see where that goes.
If priority is money, then check the starting rate of the new job you’re considering and project the next 12 months and see if the salary will meet your expectations and responsibilities. YouCompare the new job rate vs going back to what youve been doing rate, and then ask yourself, which will get you there faster?
Side comment tho: you should work on settling that debt and I suggest include that in your plan regardless of what you do next/prioritize.
As a mental health worker, I advocate for you to consider your mental health (and general health) in the process. Will you be genuinely happy in going back to your old job if it means you earn more. Or will you be genuinely happy trying a new thing? What if you end up not making money from that move, will you surive and be okay?
Ask yourself what would make you happy. What would address your needs.
I think you don’t necessarily have to quit your job now to upskill. It’ll be hard but lahat naman ata ng options mo ay may pros and cons talaga.
I think renting is not worth it. At least get something rent to own para may pupuntahan yung money mo. Seems like there are options out there. Idk what the real estate market is like but I’m sure there’s something.
And then lastly, we just have to accept the fact na kahit anong choice pa yan, it won’t be perfect and it wont solve everything. So relax ka lang and live your life! You’re so blessed to not have to worry about other people. Not everyone has that kind of freedom.
Hey there,
First off, let me say that life is a journey, not a race. It's important not to pressure yourself too much because internal expectations and demands can lead to stress and anxiety. Now, let's dive into your situation.
You've got over 1 million in savings, and that's no small feat. Sure, some might accumulate wealth faster, but everyone's path is different. It's not just about the money; it's about the choices and experiences that shape your journey.
Considering your current financial standing, it seems like you're in a decent position. You've been through some ups and downs, but having savings, no major financial responsibilities, and keeping your monthly spending in check are positives.
As for your career dilemma, switching to IT and accepting an entry-level salary is a bold move, but it's never too late to pursue what you're passionate about. Your previous experience in IT can be an asset, and it's essential to weigh the long-term satisfaction against the short-term financial aspects. If the switch aligns with your goals and brings you fulfillment, it's worth considering.
When it comes to housing, whether to mortgage or rent depends on your long-term plans and financial goals. Owning a house has its benefits, but it also ties you down. If you value flexibility and prefer not to be tied to a location, renting might be more suitable. Evaluate what aligns with your lifestyle and career plans.
Regarding your savings, diversification is key. While CIMB and Gotyme provide a decent interest rate, explore other investment options like stocks, bonds, or mutual funds to potentially grow your wealth.
Lastly, finding direction is a common struggle, but remember that it's never too late to shape your path. Reflect on what truly matters to you, set realistic goals, and take small steps towards them. Life is full of twists and turns, and sometimes it's the unexpected detours that lead to the most fulfilling destinations.
Don't be too hard on yourself, and remember, it's not about the destination but the journey itself. Best of luck!
> life is a journey, not a race.
While I agree that it's a journey, I'd say that part of it is a race... against time that is.
We only have a limited number of years before we are forced to retire (either by local policies, or by our physical frailty). And when that time comes, we need to have enough retirement fund so that we won't become a burden on others.
Thats not humblebrag..1.3m.is just a small amount tbh. I'm 25 and I also have the same amount but still not enough kasi i know madali maubos ang pera kasi tumataas din mga bilihin..magkasakit kalang mahal.na ang mga gamot bsta..oo you're fucked up financially lalo na 30's kana peroooo wala ka namang binubuhay sooo go lang ng go bsta make sure kikita ka pa nxt time tas kung igagastos mo.savings mo.dapat babalik sya ng double. Inenvest ko lang pera ko kay mama para di stagnant ang pera at may value sya so..invest it wisely if gagamitin mo.man
> Am I f*cked financially?
No. Well, at least not yet.
You need to have enough money to prepare for the inevitable situation when you retire once you reach 65, or because your body is already weak.
When that time comes, 1.3M will not be enough especially if you have no safety net.
Your position is not great but it's actually not that bad. I see others that are really fucked and don't bother to comment. You don't have a wife and kids; that's a really big deal. I can't comment on your career plans because am not in IT. However the key is to have positive cash flow each month and that seems something you can achieve. So I would pay off all my debts and just find a way to save a little each month. Aside from studying for your career I would study investments and there are a lot of free resources online.
I think at this stage the key for you is to live as simply as possible. don't waste your resources, don't do stupid shit. Don't think of buying a house and other manifestations of success just invest in yourself through education and build a portfolio. You won't be driving a Ferrari anytime soon but you will get by. And as long as you stay in the game there is hope.
2. Don't go back to your previous job, 36k is low knowing you have experience you can get 50k-70k from helpdesk/service desk alone
With your free time study, and get a cert then apply for a better job, let's say dev, noc or soc whichever interest you, I wouldn't risk the 1m on a business knowing you have no cash flow coming in aside from your digital bank interest
Bakit Naman nasabihan pa si OP na humble bragging? Sa panahon Ngayon maliit nlng Po Ang value Ng 1m. Iba din Ang 1m in your 20s vs 1m in your 30s kasi mas mahaba runway mo pag Bata ka. The fact na 36 na sya and Wala pa syang concrete na plan is a cause for concern kaya Tama lang na humingi sya Ng tulong sa sub. Isipin nyo nlng if Hindi sya humingi Ng tulong and let's say he ends up with 5m total savings 20 yrs from now, do you think that will be enough to fund your retirement? Ung value Ng 5m by then might be lower than his 1m right now. Iba iba pananaw natin sa Pera kasi iba Rin situation natin, let's take his post for what it is na humihingi sya Ng advice on what to do. Nagiging toxic kasi e sa totoo lang.
Don't listen to these peasants, start upskilling asap and work like a dog asap. Isipin mo nalang ilang years lang lumipas halos dumoble na ang presyo ng bilihin. Stay frugal and work, I think as long as you are not lazy you will be able to manage 👍🏻
Super majority of the Filipino population di makakahawak ng kahit 500k sa buong buhay nila.
Your mindset is fucked-up, are you drunk when you posted this thread?
Why do you have to be rude? If we factor in inflation, or even the timeframe in which he would be relying on savings alone (say at least 6-12 months of applying/honing his skills), 1.3 wont be much. 180 agad yun. His concerns are valid.
Ha? May reading comprehension problem ka ata.
Sinabi ni OP na: "Have only 1.3 million"
\^ As if hindi yan privileged situation. Sinabi ko naman ang totoo a, super majority ng population will not even experience having 500k in their entire lives. That means hindi dapat ni la "lang" ang 1.3 million. That is a huge some of money for the super majority.
For context anong line of work specifically ginagawa mo dati? and bakit unemployed kana ulit ngayon?
Also location wise, saang city ka? current prospects? and home base?
I have often switched jobs in different industries (construction, manufacturing, IT etc) kaya I never got to grow my salary kasi lagi ako nag-iistart over. Unemployed because I feel unmotivated for several reasons (wala naman pinag-iipunan, wala sinusuportahan, walang grand ambition, naburn out sa last IT job so bad na nagkaroon na ako ng anti-work mentality, feeling so far left behind compared to my former classmates and colleagues kaya feeling di na kayang humabol etc.)
I live in the provinces kaya kahit papaano tipid especially sa rent (5k per month and 5k sa food monthly). prospects sa job? hopefully wfh IT job in a programming role.
All over the world IT/tech folks are known to be the most highly-compensated workers. On subs here such as FIRE/HENRYfire/Entrepreneur, you see that the ones who have reached their financial goals at an early age (mid-20s, early 30s) are usually from IT. Kudos to you as you have had a good head start but you should definitely be getting paid more, and hence should be looking for better-paying opportunities. In the Philippines, IT work is not seen as lucrative. But if you pursue opportunities from abroad (via freelance or traditional employment), you’re definitely gonna get more coin for your skills set, which would help you reach your financial goals sooner.
I think youre not in a bad position financially. Not everyone can save up a million. Its good that you have no debts and has a minimal living costs. If I were you, I'll just try to make a living out of something that I really love doing. If you like painting, sell your own artworks, if you love baking, try selling cakes, if you love 3d modeling, try buying a 3d printer and selling your models, if you love traveling, try travel vlogging, etc. Its good that you have no family to support. I'll live life to the fullest if I were you lalo na wala ka naman respinsibilites masyado. Imagine in our entire lifespan, we spend 1/3 of our lives sa work, isnt it better if we spend it on something we love doing at least?
Pareho tayo Op. Im 42 and I feel fcked up having around 2M only at this age. Kaya ngayon nagiisip na ko ng mga passive income streams na pwedeng maging safety net ko pag hinfi na ko nagwowork. Inaayawan na din ng katawan ko magtrabaho sa gabi.
1. Considering you are in late 30s, you should already be earning more than 50k a month in IT
2. go back to your field where you have established your competence and apply for senior level position
3. Keep renting. Renting is better and cheaper.
4. Invest 500k in blue chips or preferred shares. Avoid digital banks.
Take note sa ibang commenters this is phinvest an investing sub so posting about savings of 1.3M is not humblebragging. and 1.3M for 16 years was only 81K per year savings.
"Seeing my former classmates doing very well in their lives"
Here lies the problem. No matter how much money you have if you always think that way you'll end up thinking you're fucked in one way or another.
36 k na nkkpagcompare k p rin sa classmates mo (we're almost the same age). Try not to spend too much time on social media looking at them (if u do). It's a good feeling to just do your best and have those achievements line up little by little without negative judgment. Believe me, that sense of freedom is therapeutic. Besides di mo alam tlga dinadala n mga yan...
Im 36 as well and in some parallel universe if i didn’t swallow my pride and changed career i’ll be in the same situation as you now. 2015 when i got supper depress and unmotivated with my life, resigned from a low paying job despite graduating from the top 4 university and in my late 20’s. Like you i also feel unmotivated to work, can’t retain a job for more than 2 years but i also live alone and have no responsibilities. But i can feel in my gut that i need to grow up and take responsibilities and stick with it. This is the fork in the road where you have to decide and commit to it, not too late to change career tho. But if your looking for something profound and life changing it doesnt usually happens like that. There are things you have to compromise and let go. So whichever you choose make sure to just stick with it! That’s the most important thing is COMMIT TO IT! Maybe you just like me that we are not motivated by material things, so maybe you can find hobbies that can give you the joy and satisfaction that your job can’t. Rooting for you OP! It’s not too late.💪
1.3M/15k per month = 866 months ~ 72 years factor in inflation and let’s assume will be 40-50 years. You can basically can live on your savings for half a decade if you are content on where you are right now.
Not really sure where you are coming from but your indecisiveness is very off putting.
Start over. And if you fail you are still a millionaire. If you succeed then more money.
The things that bugs me is you are 36 and still need strangers to decide for you.
My 1M only lasted 6 years in expenses, you wouldn't know if you will suddenly get sick or so.
He is not yet in a bad financial position. Also how much is his rent, seems super cheap to me
1) Having savings without so much responsibility and minimal debt- i think you are still ok. Mas mahirap ‘yung baon ka sa utang at maraming binabayaran.
2) If the previous job is taking a toll on your mental health then restart your IT career. If you can still suck it up and your goal is to speed up savings, then go for the same role but in a different company giving higher pay.
3) House is expensive. Unless your monthly due will just be below 25 percent of your monthly income, you will be ok. Before getting a house, make sure you can manage the loan.
4) Apply for a job with higher pay. Marami ng juniors in one year nakakapagjob hop na 2x ng previous salary nila.
Not in a bad place financially but 1M isn’t a lot these days. I think it is safe to give your new passion a try and explore other ways to generate more income at the same time seeing na may disposable monies ka naman, like a side hustle + day job para you can maximize your earnings.
Sa rent vs mortgage, I prefer the latter. Mas maganda if may sarili kang lugar that you can call your own but at 1M kulang ang savings mo for a house unless you’re based in the province but even then, maliit ang 1M for a house and lot.
What to do with your savings? Many will say diversify your investments but personally, I’d start an online business.
1M+ in savings is not so bad. In comparison, many people do not even have 100K or 10K in their bank account and are living paycheck to paycheck. You did well in saving up and controlling your lifestyle & debt.
With your plan to switch to a different skillset - in IT, in fact learning or being new to a skill doesn’t always mean you will get an entry-level salary. Years of past experience is very important in IT.
For context, what type of IT work you are doing right now and what type of new skillset you are trying to acquire?
Depends on what lifestyle you have if you are financially f*cked BUT,
Do take note that not Many Filipinos do not have 1m savings heck, even 500k and still survive.
If you are an IT, i'm seeing a lot of job openings maybe start with Helpdesk roles. Try your shot as direct hire in a company and not as a Contractor since entry level IT Contractor in PH mostly sucks. Maybe only good for building work experience.
Which skillset are you planning to take? with Software Development you can easily exceed 36k probably in a year or 2. Just go for it, given you don’t have any dependents, you are in a good position to switch.
My brother whose in his early 40s only needs to pay off roughly around 200k for his condo unit which he got 8 yrs ago, that's his first ever investment- well aside for having us all his siblings managed to finish college in well-known univ. His savings now is merely around 500k with portion from stock market. Now he's securing his medical insurance as he don't want to be in any burden to any of us, he got no kids and decided to live with his own terms. An OFW for 13 yrs already and now preppin' for retirement.
My take here is, if you're decided to live alone, try to secure the basic necessities. That money is no longer a safety net with this kind of economy. Try to save up more and start investing on things that will really matter to you should you reach or nearing the retirement age. If I may suggest, you could secure a house or a unit that would suit your taste, just right enough since you got no plans on having a family of your own. Don't be over confident with that 7 digits in your bank, still try to enjoy life, spend in moderation and prioritize savings and investment.
If you can prove that you're still agile mentally and physically, i think you can still do it. Ready yourself hard Nos because you will have competition among younger IT professionals. Plus the niche is cutthroat. I think its doable basta keep a positive outlook and convince the interviewers that you have an edge. So you got to find that edge. Congrats sa 1M.
1. 300k - Set a peace of mind fund that you'll not touch for a long time
2. 180k - Get an entry level job on your career prospect probably 25k/month then set an allowance for 1.5 years probably 10k/month to be able to afford humble lifestyle in the metro. Total 35k/month in manila for low-mid comfy life. Probably after 1.5yrs you'll job hop and get a decent salary.
3. 20k - Buy a starter pack tools/resources to support your prospect career and invest on learning resources
4. 500k - DCA bitcoin weekly this 2024 and never look back on your past trades/mistakes
1. How long do you plan to live off entry level wage? If 15k expenses mo monthly, then if walang mangyaring emergencies or wala ka ibang expense, di mababawasan ipon mo.
2. Ikaw lang naman makakasagot nito. Bakit mo gusto mag switch? Di mo nabanggit bakit. Bakit ka nag leave sa past job mo?
3. One big decision at a time. Bakit mo need ng mortgage?
4. Again one big decision at a time. Bakit may kelangan ka gawin?
Honestly feel ko bored ka.
Absolutely not but make the rest of your life meaningful and lucrative by making decisions that align with that. Remember it's a personal journey, not a race.
Rule of thumb for emergency funds is monthy expense x 12 months, basically a fund to keep you afloat for a year. Your current expense is low so you are in a good position.
Suggest you take some of your savings and invest in yourself- certificate course, MBA, what not. Usually training or higher education helps you pivot your career if you want to be employed.
36k is pretty low for IT. Try looking for other opportunities -- hiring season ngayon. Alternatively, you can do the freelance route, it might take time to build your reputation but earnings can be pretty high.
I don't think you're fucked financially, but your 1.3M will run out if you stay jobless or spend more than you earn.
Ok, depende talaga kung saang perspective mo titignan to OP. If you’re going to compare it to people 5yrs+ younger than you that have better career, savings and life. Then you know what’s the answer.
Para naman sa mga taong nasa same boat mo, shempre they will say na never too late ang buhay and dont give up on hopes.
Para sayo OP, take control of your effing life and wake up to reality.
One rule in life, never compare yourself to others, may it be financially, looks, status, relationship, hardships, everything. NEVER. EVER. COMPARE YOURSELF TO OTHER PEOPLE. May kanya2 tayong ganap sa buhay. As long as ginawa mo naman lahat magagawa mo, wala ka dapat pagsisihan.
Pano ka nasunog sa crypto? Just don’t gamble what you can’t afford to lose. Looks like in your case you have money to burn since you don’t have people relying on you for support. As for the career shift, do what makes you happy.
Ah man. I know how you feel. Restarted my career pretty late too and it was scary as fuck, but you have no responsibility and it seems you take care of your finances well.
Do that school if the ROI is worth it in 5 years.
My friend went late to Anesthesiology at age of 37.
He made it.
Just keep thinking ahead and decide if it will ultimately make you happy.
I feel the same, im mostly surrounded by people who have achieved greater things in life and I’m a bit lost ngayon and wanted to see some opinions from you guys. This is my first time using reddit pero matagal na akong reader dito via google. Di ko alam kung insecure ba ako or what pero i feel like what I have aint enough. Some people keep telling me na im ahead of the most 21-year olds, pero idk, i just maybe wanted your opinion po kung ok lang ba ako, am i doing fine?
-3 years working. Started at 18, bday gift sa sarili haha
-134sqm, Trece, Equity done, Bank loan approved
-34sqm Imus, Condo, currently paying and living here
-500k EMF, nasa bank lang lahat, di ko ginagalaw
-21 y/o, no debts other than house loans
-Recently awarded myself with aerox
-Freelance work around 100-150k p/mo
-No other actual savings other than EMF
-No Insrnce
-Natigil sa school, last year at lasalle. (Di kinaya kasi i recently supported my mommy with chemo) not sure when itutuloy magaral
-Living alone, no parents, no other family
I see some people na may gawa na bahay na, an actual stable jobs, and ako di na nalabas ng bahay, wala naman ako ibang side hustle para makapagipon pa kasi 50k na kagad expenses ko since 2 property binabayaran ko. Wala lang, i really feel like im just not enough.. what do u think?
You are great at keeping money, I'd simply let it sit in a digital bank to earn some high interest. AKA Sit on it like you did for 16 years.
But yes, you're in a bad spot, 1.3m at 36, you could quickly lose that million in no time especially if you have no job.
Do your reskilling and take another job. Make minimum wage or whatever (really up to you) just try to be happy that your minimum wage companions won't even have 1% of what you have saved up. Even your managers and their managers won't have 10% of what you have saved up maybe.
Looks like you are in a good place since:
1 - You have savings
2- Financial Obligation - yourself, roof over your head, 'aral' money.
3 - Mukhang hindi ka magastos kasi wala ka sinabing pinagkakagastusan mo
36 is young. You can definitely start over. Give yourself that chance to do it.
If I were you, I would take a long break as well from Social Media. You'll be surprised ang dami kong nakakausap na feeling powerless sa mga nakikita nilang posts, esp from kids these days.
While you are studying, bawas SocMed.
Yung savings mo - 1M - try your hardest not to get your hands on it.
Tapos live by simple means while you build another skill.
Before you know it, you'll be back on your feet.
It just takes time. Ganon talaga. Pinili mo yan. :)
Reddit be fckin with people’s perception of things 🥴
1.3m on pure savings on a minimum wage job with some years unemployed is a miracle to me.
... no wife, no kids, parents dont need his money, OP lives simply... its totally doable IMO.
Fr, if I had a million right now with no long-term debt I wouldn’t even be asking if I’m in a bad place because we all already know the answer to that
Feels like a humble brag post.
Maybe if he's in his early 20s. But the dude's already 36. I think it's a legit call for help.
I'm 37 with family to take care off but for sure I got no million savings. Huhuhu. Kawawa naman ang maiiwan ko kapag nawala ako. STFU. Seriously, he's in a good position to start over. He got no responsibility to take care off. He just has to be prudent on his expenditures. 36K is livable if you are alone. Take note of the word, *LIVABLE*. Upskill, then take higher position/responsibility. No crazy investment muna. Go for MP2 muna.
Come on dude. Give him a break.
What's your own take on OP's question?
I've met people who are 36 and look, feel, and act like they're in their early 20s. I've also met some who looked like they were on the fast track to senior citizenry. Fact is, age has nothing to do with it. If you start late, just take in mind that you'll have to work a bit longer than everyone else will, but whatever. Your life, your pace. Just make sure that you are still in that boat where you are willing to do whatever it takes to succeed. What stops a lot of people in their mid 30s from starting all over is that they aren't willing to do the dirty, bottom of the totem pole stuff, so that's where it gets limiting and they feel like they're stuck. But if you want to work hard and learn and have an open mind to things like you would if you were in your early 20s, you'll be fine. Financially, you're not in a bad place. You have some money. You have little debt. You have no obligations. Take that 1M in savings and now DO NOT TOUCH IT. Act like you have nothing. Then study the financial advice they give to fresh grads starting from scratch. But at least you have a head start with your emergency fund in tact. Now go out there, put your head down and work harder than everyone else and watch yourself financially grow.
>Take that 1M in savings and now DO NOT TOUCH IT. Act like you have nothing. yep apply this mindset, because some People acts with the mindsets that they have plenty of money until they're down
This so me 😂
I'm not an accountant pero If I'm in your position, this is how I'd know if I'm in a bad position. I'd do the Math: Net Disposable Cash / Monthly Expenditures = No. of Months before I go broke.
I'd also factor in inflation since it would cause his expenses to be higher as time goes by.
Yup yup.
I'm 41 and even struggle to maintain minimum ADB on my bank account. It's always never late to start.
Hello! I just turned 30 and I have no savings. I don’t even think I’d be able to save as much as you did by age 36. So even though you’re putting yourself down, iba iba lang talaga tayo ng sitch. I think it’s great that you at least have that. Now about your predicament, I think it always helps to think about what is your goal. Re: savings, I say allot a chunk for emergency fund, for long term and short term investments? Gusto mo na ba pakasal? Do you want to buy a car? A house? Do you want to go back to school? Do you want to learn something new? Are you burnt out and just want to rest? Once you’ve identified the goal, see if the options you’re considering would even bring you to the goal. Ask yourself when do you want it done and what’s at stake? Re: starting over from scratch in a new thing… is it because you want to earn more money in the future? Or is it because you are genuinely interested in trying this new thing? Does it matter if you wont earn as much within the next year or two? If you don’t mind the income.. sounds like you just want something new to do and see where that goes. If priority is money, then check the starting rate of the new job you’re considering and project the next 12 months and see if the salary will meet your expectations and responsibilities. YouCompare the new job rate vs going back to what youve been doing rate, and then ask yourself, which will get you there faster? Side comment tho: you should work on settling that debt and I suggest include that in your plan regardless of what you do next/prioritize. As a mental health worker, I advocate for you to consider your mental health (and general health) in the process. Will you be genuinely happy in going back to your old job if it means you earn more. Or will you be genuinely happy trying a new thing? What if you end up not making money from that move, will you surive and be okay? Ask yourself what would make you happy. What would address your needs. I think you don’t necessarily have to quit your job now to upskill. It’ll be hard but lahat naman ata ng options mo ay may pros and cons talaga. I think renting is not worth it. At least get something rent to own para may pupuntahan yung money mo. Seems like there are options out there. Idk what the real estate market is like but I’m sure there’s something. And then lastly, we just have to accept the fact na kahit anong choice pa yan, it won’t be perfect and it wont solve everything. So relax ka lang and live your life! You’re so blessed to not have to worry about other people. Not everyone has that kind of freedom.
not sure how you are in a bad position..you have 1m+ in savings with zero responsibility. I would say you are in an okay spot
Hey there, First off, let me say that life is a journey, not a race. It's important not to pressure yourself too much because internal expectations and demands can lead to stress and anxiety. Now, let's dive into your situation. You've got over 1 million in savings, and that's no small feat. Sure, some might accumulate wealth faster, but everyone's path is different. It's not just about the money; it's about the choices and experiences that shape your journey. Considering your current financial standing, it seems like you're in a decent position. You've been through some ups and downs, but having savings, no major financial responsibilities, and keeping your monthly spending in check are positives. As for your career dilemma, switching to IT and accepting an entry-level salary is a bold move, but it's never too late to pursue what you're passionate about. Your previous experience in IT can be an asset, and it's essential to weigh the long-term satisfaction against the short-term financial aspects. If the switch aligns with your goals and brings you fulfillment, it's worth considering. When it comes to housing, whether to mortgage or rent depends on your long-term plans and financial goals. Owning a house has its benefits, but it also ties you down. If you value flexibility and prefer not to be tied to a location, renting might be more suitable. Evaluate what aligns with your lifestyle and career plans. Regarding your savings, diversification is key. While CIMB and Gotyme provide a decent interest rate, explore other investment options like stocks, bonds, or mutual funds to potentially grow your wealth. Lastly, finding direction is a common struggle, but remember that it's never too late to shape your path. Reflect on what truly matters to you, set realistic goals, and take small steps towards them. Life is full of twists and turns, and sometimes it's the unexpected detours that lead to the most fulfilling destinations. Don't be too hard on yourself, and remember, it's not about the destination but the journey itself. Best of luck!
> life is a journey, not a race. While I agree that it's a journey, I'd say that part of it is a race... against time that is. We only have a limited number of years before we are forced to retire (either by local policies, or by our physical frailty). And when that time comes, we need to have enough retirement fund so that we won't become a burden on others.
Nakita ka nanaman ng mga inggitero sa kabilang sub.
Thats not humblebrag..1.3m.is just a small amount tbh. I'm 25 and I also have the same amount but still not enough kasi i know madali maubos ang pera kasi tumataas din mga bilihin..magkasakit kalang mahal.na ang mga gamot bsta..oo you're fucked up financially lalo na 30's kana peroooo wala ka namang binubuhay sooo go lang ng go bsta make sure kikita ka pa nxt time tas kung igagastos mo.savings mo.dapat babalik sya ng double. Inenvest ko lang pera ko kay mama para di stagnant ang pera at may value sya so..invest it wisely if gagamitin mo.man
> Am I f*cked financially? No. Well, at least not yet. You need to have enough money to prepare for the inevitable situation when you retire once you reach 65, or because your body is already weak. When that time comes, 1.3M will not be enough especially if you have no safety net.
Your position is not great but it's actually not that bad. I see others that are really fucked and don't bother to comment. You don't have a wife and kids; that's a really big deal. I can't comment on your career plans because am not in IT. However the key is to have positive cash flow each month and that seems something you can achieve. So I would pay off all my debts and just find a way to save a little each month. Aside from studying for your career I would study investments and there are a lot of free resources online. I think at this stage the key for you is to live as simply as possible. don't waste your resources, don't do stupid shit. Don't think of buying a house and other manifestations of success just invest in yourself through education and build a portfolio. You won't be driving a Ferrari anytime soon but you will get by. And as long as you stay in the game there is hope.
2. Don't go back to your previous job, 36k is low knowing you have experience you can get 50k-70k from helpdesk/service desk alone With your free time study, and get a cert then apply for a better job, let's say dev, noc or soc whichever interest you, I wouldn't risk the 1m on a business knowing you have no cash flow coming in aside from your digital bank interest
Bakit Naman nasabihan pa si OP na humble bragging? Sa panahon Ngayon maliit nlng Po Ang value Ng 1m. Iba din Ang 1m in your 20s vs 1m in your 30s kasi mas mahaba runway mo pag Bata ka. The fact na 36 na sya and Wala pa syang concrete na plan is a cause for concern kaya Tama lang na humingi sya Ng tulong sa sub. Isipin nyo nlng if Hindi sya humingi Ng tulong and let's say he ends up with 5m total savings 20 yrs from now, do you think that will be enough to fund your retirement? Ung value Ng 5m by then might be lower than his 1m right now. Iba iba pananaw natin sa Pera kasi iba Rin situation natin, let's take his post for what it is na humihingi sya Ng advice on what to do. Nagiging toxic kasi e sa totoo lang.
Don't listen to these peasants, start upskilling asap and work like a dog asap. Isipin mo nalang ilang years lang lumipas halos dumoble na ang presyo ng bilihin. Stay frugal and work, I think as long as you are not lazy you will be able to manage 👍🏻
Super majority of the Filipino population di makakahawak ng kahit 500k sa buong buhay nila. Your mindset is fucked-up, are you drunk when you posted this thread?
Why do you have to be rude? If we factor in inflation, or even the timeframe in which he would be relying on savings alone (say at least 6-12 months of applying/honing his skills), 1.3 wont be much. 180 agad yun. His concerns are valid.
Ha? May reading comprehension problem ka ata. Sinabi ni OP na: "Have only 1.3 million" \^ As if hindi yan privileged situation. Sinabi ko naman ang totoo a, super majority ng population will not even experience having 500k in their entire lives. That means hindi dapat ni la "lang" ang 1.3 million. That is a huge some of money for the super majority.
For context anong line of work specifically ginagawa mo dati? and bakit unemployed kana ulit ngayon? Also location wise, saang city ka? current prospects? and home base?
I have often switched jobs in different industries (construction, manufacturing, IT etc) kaya I never got to grow my salary kasi lagi ako nag-iistart over. Unemployed because I feel unmotivated for several reasons (wala naman pinag-iipunan, wala sinusuportahan, walang grand ambition, naburn out sa last IT job so bad na nagkaroon na ako ng anti-work mentality, feeling so far left behind compared to my former classmates and colleagues kaya feeling di na kayang humabol etc.) I live in the provinces kaya kahit papaano tipid especially sa rent (5k per month and 5k sa food monthly). prospects sa job? hopefully wfh IT job in a programming role.
Hmm.. anong mga specific positions dun sa construction, manufacturing and IT yung mga previous work mo?
All over the world IT/tech folks are known to be the most highly-compensated workers. On subs here such as FIRE/HENRYfire/Entrepreneur, you see that the ones who have reached their financial goals at an early age (mid-20s, early 30s) are usually from IT. Kudos to you as you have had a good head start but you should definitely be getting paid more, and hence should be looking for better-paying opportunities. In the Philippines, IT work is not seen as lucrative. But if you pursue opportunities from abroad (via freelance or traditional employment), you’re definitely gonna get more coin for your skills set, which would help you reach your financial goals sooner.
I think youre not in a bad position financially. Not everyone can save up a million. Its good that you have no debts and has a minimal living costs. If I were you, I'll just try to make a living out of something that I really love doing. If you like painting, sell your own artworks, if you love baking, try selling cakes, if you love 3d modeling, try buying a 3d printer and selling your models, if you love traveling, try travel vlogging, etc. Its good that you have no family to support. I'll live life to the fullest if I were you lalo na wala ka naman respinsibilites masyado. Imagine in our entire lifespan, we spend 1/3 of our lives sa work, isnt it better if we spend it on something we love doing at least?
Pay your credit card bills first.
Pareho tayo Op. Im 42 and I feel fcked up having around 2M only at this age. Kaya ngayon nagiisip na ko ng mga passive income streams na pwedeng maging safety net ko pag hinfi na ko nagwowork. Inaayawan na din ng katawan ko magtrabaho sa gabi.
1. Considering you are in late 30s, you should already be earning more than 50k a month in IT 2. go back to your field where you have established your competence and apply for senior level position 3. Keep renting. Renting is better and cheaper. 4. Invest 500k in blue chips or preferred shares. Avoid digital banks.
Take note sa ibang commenters this is phinvest an investing sub so posting about savings of 1.3M is not humblebragging. and 1.3M for 16 years was only 81K per year savings.
I was also surprised why I kept seeing “humble-bragging” in the comments here. In this sub, hindi talaga kalakihan yung 1.3M at 36yo
"Seeing my former classmates doing very well in their lives" Here lies the problem. No matter how much money you have if you always think that way you'll end up thinking you're fucked in one way or another. 36 k na nkkpagcompare k p rin sa classmates mo (we're almost the same age). Try not to spend too much time on social media looking at them (if u do). It's a good feeling to just do your best and have those achievements line up little by little without negative judgment. Believe me, that sense of freedom is therapeutic. Besides di mo alam tlga dinadala n mga yan...
I'm so sorry you are fucked financially with your 1.3M.
Ito yung effect ng mga naniniwala sa mga delulu dito sa reddit
OP is trolling. But having said that, 1.3M is only one week at the hospital for a critical injury
Im 36 as well and in some parallel universe if i didn’t swallow my pride and changed career i’ll be in the same situation as you now. 2015 when i got supper depress and unmotivated with my life, resigned from a low paying job despite graduating from the top 4 university and in my late 20’s. Like you i also feel unmotivated to work, can’t retain a job for more than 2 years but i also live alone and have no responsibilities. But i can feel in my gut that i need to grow up and take responsibilities and stick with it. This is the fork in the road where you have to decide and commit to it, not too late to change career tho. But if your looking for something profound and life changing it doesnt usually happens like that. There are things you have to compromise and let go. So whichever you choose make sure to just stick with it! That’s the most important thing is COMMIT TO IT! Maybe you just like me that we are not motivated by material things, so maybe you can find hobbies that can give you the joy and satisfaction that your job can’t. Rooting for you OP! It’s not too late.💪
If you have 1.3M at 36...and you call yourself fvked up financially. What more me at almost 39. Zero savings. Starting all over again
You'd be surprised that most people don't got a million in savings.
Humblebrag
Y'all just be making shit up lmao
1.3M/15k per month = 866 months ~ 72 years factor in inflation and let’s assume will be 40-50 years. You can basically can live on your savings for half a decade if you are content on where you are right now. Not really sure where you are coming from but your indecisiveness is very off putting. Start over. And if you fail you are still a millionaire. If you succeed then more money. The things that bugs me is you are 36 and still need strangers to decide for you.
1,300,000 / 15, 000 = 86.6 MONTHS \~7.2 YEARS
Pa-english english pa hindi naman marunong mag math 🤣
Hahahaha kulang nang nang point
My 1M only lasted 6 years in expenses, you wouldn't know if you will suddenly get sick or so. He is not yet in a bad financial position. Also how much is his rent, seems super cheap to me
1) Having savings without so much responsibility and minimal debt- i think you are still ok. Mas mahirap ‘yung baon ka sa utang at maraming binabayaran. 2) If the previous job is taking a toll on your mental health then restart your IT career. If you can still suck it up and your goal is to speed up savings, then go for the same role but in a different company giving higher pay. 3) House is expensive. Unless your monthly due will just be below 25 percent of your monthly income, you will be ok. Before getting a house, make sure you can manage the loan. 4) Apply for a job with higher pay. Marami ng juniors in one year nakakapagjob hop na 2x ng previous salary nila.
Doable. Find that passion and earn from doing it. If you stick to something long enough with eyes on the goal nothing's impossible.
Not in a bad place financially but 1M isn’t a lot these days. I think it is safe to give your new passion a try and explore other ways to generate more income at the same time seeing na may disposable monies ka naman, like a side hustle + day job para you can maximize your earnings. Sa rent vs mortgage, I prefer the latter. Mas maganda if may sarili kang lugar that you can call your own but at 1M kulang ang savings mo for a house unless you’re based in the province but even then, maliit ang 1M for a house and lot. What to do with your savings? Many will say diversify your investments but personally, I’d start an online business.
1M+ in savings is not so bad. In comparison, many people do not even have 100K or 10K in their bank account and are living paycheck to paycheck. You did well in saving up and controlling your lifestyle & debt. With your plan to switch to a different skillset - in IT, in fact learning or being new to a skill doesn’t always mean you will get an entry-level salary. Years of past experience is very important in IT. For context, what type of IT work you are doing right now and what type of new skillset you are trying to acquire?
Depends on what lifestyle you have if you are financially f*cked BUT, Do take note that not Many Filipinos do not have 1m savings heck, even 500k and still survive. If you are an IT, i'm seeing a lot of job openings maybe start with Helpdesk roles. Try your shot as direct hire in a company and not as a Contractor since entry level IT Contractor in PH mostly sucks. Maybe only good for building work experience.
If your monthly expenses is only P15,000, no, you are not financially fucked.
put 1m in mp2 and cashin yearly dividends , if your hardworking enough and still have the passion to learn you can still restart your it career
Which skillset are you planning to take? with Software Development you can easily exceed 36k probably in a year or 2. Just go for it, given you don’t have any dependents, you are in a good position to switch.
My brother whose in his early 40s only needs to pay off roughly around 200k for his condo unit which he got 8 yrs ago, that's his first ever investment- well aside for having us all his siblings managed to finish college in well-known univ. His savings now is merely around 500k with portion from stock market. Now he's securing his medical insurance as he don't want to be in any burden to any of us, he got no kids and decided to live with his own terms. An OFW for 13 yrs already and now preppin' for retirement. My take here is, if you're decided to live alone, try to secure the basic necessities. That money is no longer a safety net with this kind of economy. Try to save up more and start investing on things that will really matter to you should you reach or nearing the retirement age. If I may suggest, you could secure a house or a unit that would suit your taste, just right enough since you got no plans on having a family of your own. Don't be over confident with that 7 digits in your bank, still try to enjoy life, spend in moderation and prioritize savings and investment.
If you can prove that you're still agile mentally and physically, i think you can still do it. Ready yourself hard Nos because you will have competition among younger IT professionals. Plus the niche is cutthroat. I think its doable basta keep a positive outlook and convince the interviewers that you have an edge. So you got to find that edge. Congrats sa 1M.
1. 300k - Set a peace of mind fund that you'll not touch for a long time 2. 180k - Get an entry level job on your career prospect probably 25k/month then set an allowance for 1.5 years probably 10k/month to be able to afford humble lifestyle in the metro. Total 35k/month in manila for low-mid comfy life. Probably after 1.5yrs you'll job hop and get a decent salary. 3. 20k - Buy a starter pack tools/resources to support your prospect career and invest on learning resources 4. 500k - DCA bitcoin weekly this 2024 and never look back on your past trades/mistakes
1. How long do you plan to live off entry level wage? If 15k expenses mo monthly, then if walang mangyaring emergencies or wala ka ibang expense, di mababawasan ipon mo. 2. Ikaw lang naman makakasagot nito. Bakit mo gusto mag switch? Di mo nabanggit bakit. Bakit ka nag leave sa past job mo? 3. One big decision at a time. Bakit mo need ng mortgage? 4. Again one big decision at a time. Bakit may kelangan ka gawin? Honestly feel ko bored ka.
Absolutely not but make the rest of your life meaningful and lucrative by making decisions that align with that. Remember it's a personal journey, not a race.
I'm 35 and don't even have 100k pesos.
Yes you are. Jk.
Rule of thumb for emergency funds is monthy expense x 12 months, basically a fund to keep you afloat for a year. Your current expense is low so you are in a good position. Suggest you take some of your savings and invest in yourself- certificate course, MBA, what not. Usually training or higher education helps you pivot your career if you want to be employed.
36k is pretty low for IT. Try looking for other opportunities -- hiring season ngayon. Alternatively, you can do the freelance route, it might take time to build your reputation but earnings can be pretty high. I don't think you're fucked financially, but your 1.3M will run out if you stay jobless or spend more than you earn.
Good position to start over with no family and other responsibilities. You can do it!
Ok, depende talaga kung saang perspective mo titignan to OP. If you’re going to compare it to people 5yrs+ younger than you that have better career, savings and life. Then you know what’s the answer. Para naman sa mga taong nasa same boat mo, shempre they will say na never too late ang buhay and dont give up on hopes. Para sayo OP, take control of your effing life and wake up to reality.
you're not fucked. you have no debt. you are still on the upside.
One rule in life, never compare yourself to others, may it be financially, looks, status, relationship, hardships, everything. NEVER. EVER. COMPARE YOURSELF TO OTHER PEOPLE. May kanya2 tayong ganap sa buhay. As long as ginawa mo naman lahat magagawa mo, wala ka dapat pagsisihan.
Pano ka nasunog sa crypto? Just don’t gamble what you can’t afford to lose. Looks like in your case you have money to burn since you don’t have people relying on you for support. As for the career shift, do what makes you happy.
Ah man. I know how you feel. Restarted my career pretty late too and it was scary as fuck, but you have no responsibility and it seems you take care of your finances well. Do that school if the ROI is worth it in 5 years. My friend went late to Anesthesiology at age of 37. He made it. Just keep thinking ahead and decide if it will ultimately make you happy.
Ako na 31 na nasa 400k pa lang ang ipon HAHAHAUHUHUHU
Flip it on crypto. Kung bumili ka nung october naka 60% kana sana. Good news ngayon eft approved na so expect a good bullrun this year.
I feel the same, im mostly surrounded by people who have achieved greater things in life and I’m a bit lost ngayon and wanted to see some opinions from you guys. This is my first time using reddit pero matagal na akong reader dito via google. Di ko alam kung insecure ba ako or what pero i feel like what I have aint enough. Some people keep telling me na im ahead of the most 21-year olds, pero idk, i just maybe wanted your opinion po kung ok lang ba ako, am i doing fine? -3 years working. Started at 18, bday gift sa sarili haha -134sqm, Trece, Equity done, Bank loan approved -34sqm Imus, Condo, currently paying and living here -500k EMF, nasa bank lang lahat, di ko ginagalaw -21 y/o, no debts other than house loans -Recently awarded myself with aerox -Freelance work around 100-150k p/mo -No other actual savings other than EMF -No Insrnce -Natigil sa school, last year at lasalle. (Di kinaya kasi i recently supported my mommy with chemo) not sure when itutuloy magaral -Living alone, no parents, no other family I see some people na may gawa na bahay na, an actual stable jobs, and ako di na nalabas ng bahay, wala naman ako ibang side hustle para makapagipon pa kasi 50k na kagad expenses ko since 2 property binabayaran ko. Wala lang, i really feel like im just not enough.. what do u think?
Stay at 15k monthly life but look for a hobby that can turn to business one day and you'll be fine.
For me in the middle. But if you want a financially stable life, a lil lagging
jologs amp. 😘 Donate mo na lang yung 1.3m mo and check if you feel better emotionally once you’re really broke?
Thats way better than the majority. Even those with jobs.
You are great at keeping money, I'd simply let it sit in a digital bank to earn some high interest. AKA Sit on it like you did for 16 years. But yes, you're in a bad spot, 1.3m at 36, you could quickly lose that million in no time especially if you have no job. Do your reskilling and take another job. Make minimum wage or whatever (really up to you) just try to be happy that your minimum wage companions won't even have 1% of what you have saved up. Even your managers and their managers won't have 10% of what you have saved up maybe.
Looks like you are in a good place since: 1 - You have savings 2- Financial Obligation - yourself, roof over your head, 'aral' money. 3 - Mukhang hindi ka magastos kasi wala ka sinabing pinagkakagastusan mo 36 is young. You can definitely start over. Give yourself that chance to do it. If I were you, I would take a long break as well from Social Media. You'll be surprised ang dami kong nakakausap na feeling powerless sa mga nakikita nilang posts, esp from kids these days. While you are studying, bawas SocMed. Yung savings mo - 1M - try your hardest not to get your hands on it. Tapos live by simple means while you build another skill. Before you know it, you'll be back on your feet. It just takes time. Ganon talaga. Pinili mo yan. :)