Hi,
I'm in my early 20s. I crunch numbers for a living. In a developing country like mine, young professionals were compensated less than $4,200 annually (excluding bonuses/incentives of course). My rule every paycheck would be 40% on stock investments, 10% on emergency fund, 10% on savings with another bank, and the rest goes to living costs. Every now and then I set aside small portion for leisure, but have not incurred any debt. Safe to say, I am quite proactive financially to the point that I live like a student.
My parents, on the other hand, have been working overseas for most of their life but sadly, are living paycheck to paycheck. In fact, when I asked my Mom whether they were able to save up for retirement, she straightforwardly answered, "No." Honestly, I don't think it's reasonable... though they were still the ones paying for my sibling's college and costs in our house, I still think they could set aside at least 15% of their annual income.
Anyway, today, reality strikes me hard - my mom's retiring soon which would significantly cut our cash inflows (she earns 3 times more than my dad and earns 7 times more than me). We share the same vision of putting up a business in the long-run and donating proceeds to charity (or putting up a charity of our own), but I think with their financial habits, I'm on my own. I also need to fund my MBA to further my learnings on business and achieve this goal.
I know the easy way out would be to resign on my current job and look for a job that pays more $$. But please understand that despite the low pay, growth and learning from this job are endless.
People have been telling me not to worry about these things, but I think the earlier I plan, the lesser I panic.
Any genuine advice there, please? Thanks in advance.
Submitted January 02, 2017 at 12:55PM by financialfreedomSOON http://ift.tt/2hHSln2
