I went to university three times. 1. I got a B.A in Arts first. Realized that it is not going to pay off. Decided to change my life around after that and switch to tech. 2. So at 23, I went back to uni and I got a BSc in Computer Science. 3. Was done at 27, and then started a MSc in computer science as well. While getting my degrees, I was working part time to support myself, because my parents couldn’t help out (and even if they could have, I wouldn’t have asked them, since it is my fault for not going into tech sooner). Today: I am now 30 and am about to graduate. Not having savings is scary and sucks but I absolutely love being in tech and I know that my job prospects are great. Plus I am in a field that I truly enjoy. I don’t regret my decisions. Life is not linear for everyone. But I am financially behind everyone else who graduated at a more usual age. I will probably play catch up my whole life. Sometimes it’s hard not to compare or not to get scared about my future. I would love to receive some advice on how I should best maximize savings moving forward now. Some good strategies? Later using savings to create passive income? Investing? Maybe someone has been in a similar situation? Please share your thoughts and also: Please be kind, thanks!
You arent behind
Sometimes it’s hard not to compare yourself to others who graduated at 24 and have been making min. 200k for the last couple years
Some of my friends went back to school in their 30s after realizing what they really wanted. Some dont even realize what they want to do til they die. I’d say you’re ahead of others for realizing what you want before 30.
No worries. I didn't start until 30 either. Just need to save, live under your mean and invest. You will see your net worth grows very quickly.
Thank you for sharing. Fingers crossed!
I graduated at 24 and proceeded to work in the nonprofit sector until I was 30. I didn’t save a penny during that time. I’m doing fine now, OP you are going to be alright.
It’s the quantity not the quality. Starting at 30 does not matter if you get to the right places in a few years time
Why did you go for MS instead of getting a job? I'm not saying it was right or wrong. From now on don't just go with the flow, always be aware of your options, make a conscious decision and own it.
I chose to go for an MSc because I believed that this might differentiate me from other applicants. I also wanted to have the chance to apply for roles that require MSc. I believe that it will pay off in the long run, as I’ve seen a lot of people also go back for an MSc after working some years.
I have MS from top3 and it never gives me the advantage to BSc holders
I graduated from university in 2009. No one was hiring back then. First job I got paid 40k. You'll be fine. Just find a job you like, put money into your 401k, and pay off your debt.
My story too. 38k straight out of college was tough to sustain.
Same as this. I graduated in 2006 and got 35k a year. Fast forward just 13ish years and I'm making 10x that. You're not as far behind as you think - hitting the market at a good time.
I turned 30 last year. And The only saving I have is what I saved after turning 30. I don’t regret it, and I don’t think it’s too late To save for retirement and other life events.
You know what you want, you love what you are in right now. Half the battle won. Rest is , staying healthy and fit, a lot of people neglect it. Money is a byproduct of the things above. FYI: blind sample size is absolutely irrelevant to the world outside. Don't let posts here sway you beyond a point.
You are so right!
Notice how you have gotten zero practical advice? Use this as a strong data point to remind you that thinking about savings at all makes you an outlier. I think google has a lot to teach if you search "planning for retirement savings".
Will definitely make sure to inform myself 💪🏻
I also had a non linear path to the dev life, originally was going through a PhD. Your first goal to save up enough cash to cover 6-12 months of expenses depending on how safe you want to be. Always max out contributions to 401k and roth IRA. The rest is just setting savings/investment goals and not succumbing to egregious lifestyle inflation.
Thank you for this advice! It’s also comforting to hear that I’m not the only one with a non linear path ♥️
Cash? Wouldn't that amount of savings be better off in a mutual fund? Not saying it's so, just curious about your thinking.
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It’s not all about money all the time. People who are bagging millions, won’t even use half of it on themselves. Atleast you invested what you have on yourself and you are happy with that. That’s all matter. Money is just a piece of paper, you will earn for doing something. May be who knows you might get millionaire over night one day. But trust me on your death bed you won’t worry about not earning more / less money than someone else.
Thank you for this! I agree with you mostly. I guess I am just scared of when I retire. But there is enough time to save.
OP you have more than enough time to set yourself up for a solid retirement. FIRE by 40? Very unlikely. Have a super comfortable retirement by 55? Definitely doable. Things get skewed in this echo chamber with needing $50MM to retire. You'll be fine, you won't starve as long as your need for a Ferrari doesn't outweigh your need for food.