2 thoughts on “Out of sight, out of mind

  1. Good day there lawyer,

    Glad that I’m reading this post, your advice are kinda good and really helps in cultivating a saving behavior.

    I also holding on some cash for purchase of good shares.

    Recently I got an offer to work in Papua New Guinea. The pay was quite decent but all my friends are against if the idea going there.

    Btw, I’m still working in Singapore. Will be glad if you could provide some insight for me.

    I got three options here;
    1.) Got to Papua for fmcg sales job
    2.) Go for my dream of joining an insurance company
    3.) Stay on current stable and good pay job

    Think that’s all from me now.

    Thanks for reading;)

    Cheers,

    Wesley

    Liked by 1 person

    1. Hi Wesley, welcome to the blog and don’t forget to follow!

      Wow, this is such a personal decision and before we go further I must give the caveat that I’m just a stranger on the Internet giving an opinion. 😃

      I’m going to operate under the following assumptions: (1) those 3 work options are mutually exclusive ; (2) you are single with no kids (coz you never mentioned any wife or kid); and (3) you have no mortgage, credit card debt/car loan or other personal debt.

      State of your finances
      Personally, I would never consider a voluntary work relocation if I had existing debt -mortgage, credit card debt, car loan,or other personal debt. It’s hard enough moving to a new city and settling in a new job (which you’re not sure how it will pan out) without having to worry about how I’m going to be able to keep up payments.

      If moving is what you desire, it would be ideal to first pay off any existing debt and settle the state of your finances. It also goes without saying that you should have a 6-month emergency fund in case SHTF.

      Similarly, I would think twice about relocating if I had a spouse or kid.

      What do you want to do?
      It is clear that you want to move to Papua New Guinea. Haha… The best option would be a job in Papua New Guinea that also meets option 2 – your dream job in insurance.

      But is it financially feasible? There are several things to consider:
      (1) cost of living in Papua New Guinea – what’s the rent like, transportation expenses, etc?

      (2) would your NET take home pay suffice given the estimated cost of living? You mentioned the pay would be decent but will that be enough for you to not just live comfortably but to also save for your retirement? Personally I like a minimum 40% saving rate.

      (3) Do you have a concrete idea how much your net take home pay would be? employers tend to be vague about this. You wouldn’t wanna be shocked to learn that your actual pay is actually low after taxes, etc.

      (4) is there a probationary period? if yes, your work status may be precarious. What happens if you don’t become a regular employee?

      This isn’t an exhaustive list. But these are some of things you may want to consider before making a decision.

      Hope this helps,
      George

      Like

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