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Message
Just started my first Job out of college
Posted on 3/11/10 at 9:18 am
Posted on 3/11/10 at 9:18 am
I graduated from lsu in December and started working at the end of January. I am making just over 70k and have only two bills to pay which total $200 a month. I have no debt and I am wondering what would be the next step for me. I put 4% into my 401k and have just been putting the rest of my money in savings. Should I go to a financial advisor? Put money in the stock market? Or let it sit in savings?
Posted on 3/11/10 at 9:19 am to Tigerstudent08
First step, stop being a bum.
Second step, buy a house.
Third step, speak with an advisor.
Second step, buy a house.
Third step, speak with an advisor.
Posted on 3/11/10 at 9:27 am to FunkyTiger
1. How am I a bum if I am working?
2. I am a petroleum engineer so I am offshore alot so I think I would be wasting money if I bought a place when I am never there.
3. Where would be the best place for me to speak with an advisor?
2. I am a petroleum engineer so I am offshore alot so I think I would be wasting money if I bought a place when I am never there.
3. Where would be the best place for me to speak with an advisor?
Posted on 3/11/10 at 9:29 am to Tigerstudent08
so you don't want a house of your own?
Posted on 3/11/10 at 9:30 am to DowntheBayouTiger
I do, but right now I am in training and don't know where exactly I will end up so I am going to wait until then.
Posted on 3/11/10 at 9:31 am to DowntheBayouTiger
Well, if you're never going to get a house, never pay any bills, then I would take all your money (except for $200) and invest everything. Ta da!
Posted on 3/11/10 at 9:32 am to Tigerstudent08
quote:
I put 4% into my 401k
Bump that up to 15%.(mostly in index funds)
Also, put $5k a year in a Roth IRA.(mostly in index funds)
Build up 3-6 months living expenses and park it in a money market fund for emergencies.
Don't be in a rush to buy a house. There is nothing wrong with renting for a little while.
You need to educate yourself on personal finance. I'd start with The Richest Man in Babylon.
Posted on 3/11/10 at 9:32 am to Tigerstudent08
Put enough into your 401k to take advantage of the company match and then max out a Roth IRA.
Build up six months worth of funds as well.
ETA: Also, I'd recommend reading The Richest Man in Babylon and a Dave Ramsey book or two.
Build up six months worth of funds as well.
ETA: Also, I'd recommend reading The Richest Man in Babylon and a Dave Ramsey book or two.
This post was edited on 3/11/10 at 9:34 am
Posted on 3/11/10 at 9:37 am to LSU0358
The company matches 4% thats why I put that amount. I am going to look into a Roth ira and I'll check out the book. Thanks
Posted on 3/11/10 at 9:39 am to Tigerstudent08
quote:
The company matches 4% thats why I put that amount. I am going to look into a Roth ira
Making $70k with no bills you can and should max out both the Roth and the 401k
Posted on 3/11/10 at 9:43 am to Cash
quote:
Making $70k with no bills you can and should max out both the Roth and the 401k
I agree with this...after you have a nice chunk in savings. At your salary I'd recommend ~25-35k.
And like someone else said, don't get in a hurry to buy a new house or truck. I did and I now regret it. I'm not in debt or anything, but I should have alot more cash than I do.
Posted on 3/11/10 at 9:45 am to Tigerstudent08
quote:Taxpayers match your contributions approximately 30 cents on the dollar for a deductible IRA, depending on your state income tax status.
The company matches 4% thats why I put that amount.
Posted on 3/11/10 at 9:48 am to LSU0358
Yea I am in no hurry to buy a car or house. I have a car that is all paid off I am definitely gonna put more into the 401k and open an ira. Do some companies have better Roth ira accounts or are they all the same?
Posted on 3/11/10 at 9:55 am to Tigerstudent08
What do you do? 70k is pretty good for right out of college in BR
Posted on 3/11/10 at 10:01 am to TortiousTiger
quote:
I am a petroleum engineer so I am offshore alot
Posted on 3/11/10 at 10:02 am to LSURussian
well that explains it then.
Posted on 3/11/10 at 10:08 am to Tigerstudent08
quote:
2. I am a petroleum engineer so I am offshore alot so I think I would be wasting money if I bought a place when I am never there.
Tax write off man. Come on. Better than throwing money away on rent
Posted on 3/11/10 at 10:16 am to LSURussian
quote:
Taxpayers match your contributions approximately 30 cents on the dollar for a deductible IRA, depending on your state income tax status.
The same is true for a 401k.
Park tax deferred money in the 401k and use the $5k IRA limitation to contribute to a tax advantaged Roth IRA. This type of diversification is highly underrated.
Posted on 3/11/10 at 10:17 am to carlsoda
I am not renting anywhere. The company pays for a hotel when I am not offshore. I am not to sure how great the housing market is right now anyway
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