We love stereotypes. They make us feel like we know it all and help us to build associations we are familiar and comfortable with. One of the well-known stereotypes is that you are all set in life when you’ve landed a professional job. You work as a lawyer? Fantastic you must be so rich! You are an Accountant? For sure you won’t have any trouble paying your mortgage! These statements are surely inaccurate and do not reflect the difficult encounters professionals face. We look at some of the challenges below.
A Late Career Start
Most professionals kick start their career in their mid-20s, due to study commitments and the lack of flexibility for a proper full-time job. In some cases, one cannot even practice professionally in their field since they would need an actual warrant to do so. Coupled with this is the lack of experience during the early stages of one’s career, which practically equates to a not so phenomenal income. The only solution to prepare for this late start is to start saving early.
Expensive academic education
In most instances, education in Malta is mostly free, however there are many cases of people seeking educational ventures in other countries due to the limited and lack of specialisation opportunities in Malta. This brings with it a number of challenges pertaining to tuition fees and accommodation where the numbers can well exceed over a hundred thousand. That said we are quite fortunate that one can get a good education in Malta for free, unlike in other countries where students need bank loans to pay off their education.
Landing your first job
Following years of studying and the celebrations of graduation, the next struggle ensues, that of finding the first full time job. Some find this problematic, as employers are constantly seeking experienced candidates, not ones who have just graduated.
In addition to the initial struggles, most professionals will set their sights on the acquisition of a property. Having just a few years of work experience under your belt, this is by no means an easy feat, especially in a market which is booming. Not to mention the amount of savings required for the initial deposit, tax, notary fees, architect valuations and agency expenses, all this without highlighting the loan repayment.
That said, things do get better and there is light at the end of the tunnel. Fast forward a few years and you have better savings practices and more work experience which allows you to target better opportunities which render higher financial value.