Navigating career choices and managing finances in your 20s can be a daunting challenge. Many young professionals are faced with tough decisions about their work-life balance, job satisfaction, and how to manage their income. In a recent live session in partnership with Guinness, Peter and Frankie shared their personal experiences and answered questions from the public on how to strike the right balance between career growth and financial stability.
1. Chill Job vs. Hectic Job: Which is Better for Your Career?
When asked whether they would choose a relaxed job with a lower salary or a hectic job with higher pay, both Peter and Frankie agreed that they would pick the latter – a more demanding job with better financial rewards.
Peter shared, “Now that I’m married, I wish I’d worked even harder when I was single. I worked long hours back then, often until 2 or 3 AM, and while it was exhausting, it was worth it for the financial gains.” If you don’t want to follow these footsteps, then you have to at least be adequately prepared to find other means to earn money.
Frankie also chimed in, emphasizing that hard work often leads to higher income, but the key is to work smarter, not just harder. If you’re smart, you can find ways to work less and still earn more. And beyond just working, you need to learn how to invest. Anyone with a salary can begin investing and working towards financial freedom, and it’s best for you to learn earlier rather than later.
2. Generalist vs. Specialist: Which Path Should You Take?
The debate between being a generalist or a specialist is a common one, and both Peter and Frankie have their own perspectives.
Frankie shared his take: “If I had to choose, I’d pick being a generalist in a specialized field. This gives you the sweet spot in your career.” Much like a doctor who is a general practitioner, you may hit a ceiling in income after some time without specialization. However, if you choose a specialized path, the pressure and stress can increase, and you might find that the compensation doesn’t match the stress level. The key here is finding the right balance between general knowledge and specialization within your field.
Peter, on the other hand, believes in the value of being a generalist. Being a generalist allows you to adapt to different types of jobs and open many doors. You’ll be a jack of all trades, but mastering those trades means having a diverse skill set and a unique ability to link different areas of knowledge together. This is particularly useful in managerial roles where you need to understand and empathize with different departments.
3. Taking the Leap: Leaving Stability for Passion
A significant question many young professionals wrestle with is whether to leave a stable job to pursue their passion, even if it means facing financial risks. Frankie shared his personal journey of leaving investment banking to join Peter at MrMoneyTV. He realised that at a certain point, the value he brought to the company did not justify the compensation that he was receiving. “That’s when I decided to take a leap of faith,” Frankie explained.
He admitted that initially, he wasn’t comfortable giving up his stable job, but after seeing the potential in MrMoneyTV, he went all in. Leaving his full time job was to focus on the potential behind what he believed in and stop all distractions from the past. “I knew it was a risk, but it was a risk I had to take,” he said.
This shift highlights the importance of assessing personal values and what truly brings fulfillment to you. For Frankie, the opportunity to work on something meaningful outweighed the financial risks associated with leaving his full time job.
4. How Do You Know If You're Underpaid?
Many people often wonder if they are being fairly compensated for their work. It is a burning question that almost everyone asks, especially when they just started their career and have no way to properly gauge their value.
Frankie, who has experience in sales, shared that the moment he felt he was underpaid came from realising that the amount of effort and value he brought the company was not correlating to the compensation that he was getting. “In sales, it’s all about bringing in the numbers. When I wasn’t receiving the bonuses I felt I deserved for the amount of work I was putting in, I realized I was underpaid.” He emphasized that while employers often sell a dream, the reality is that compensation sometimes doesn’t align with the effort you put in and it can become quite demotivating as an employee.
Peter suggested that salary transparency can be achieved through casual conversations with colleagues. When you’re having a drink with your colleagues, they tend to let their guard down and are more open to talking about money. You’ll be able to get the benchmark salary of what you should be earning just by mixing around and getting real life advice. If you do this, you can easily gauge the market rate for your position.
However, if you feel underpaid, you should at least try to give it your all before discussing the matter with your employer. If the situation doesn’t improve after that, it may be time to consider looking for other opportunities elsewhere.
Conclusion: Striking the Right Balance
Balancing career and money in your 20s is all about making smart choices, setting clear goals, and being patient. Both Peter and Frankie’s experiences show that while hard work and smart career choices are essential, financial security comes from more than just earning a paycheck – it comes from learning how to invest, making informed career decisions, and having the courage to take risks when the time is right.
The key takeaway? No matter what path you choose, stay consistent, focus on building your skills, and always make decisions with both your career and your financial future in mind.
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