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Message
re: Just got a new job making nearly 50k.
Posted on 5/26/16 at 10:08 am to The Spleen
Posted on 5/26/16 at 10:08 am to The Spleen
That's really good advice man, I appreciate it and will definitely do that. Out of sight, out of mind for sure!
0
Posted on 5/26/16 at 10:10 am to gamatt53
Thank you as well, yea I'm not ready to settle down just yet and I honestly don't know if I'll ever want a kid. I believe once I'm settled in w/ the job, I am def gonna open up a roth, how much would you recommend to put in there?
Posted on 5/26/16 at 10:10 am to xxKylexx
Don't buy a new car. Buy a very nice used car.
Posted on 5/26/16 at 10:11 am to xxKylexx
Congrats on the new job.
I would keep the car until it breaks down, honestly. A 2008 should be okay for at least 150K, maybe 200K
Match every 401K penny your employer will allow
Still remember to treat yourself from time to time- it's important to live frugally and within your means, but you still want to enjoy life
I would keep the car until it breaks down, honestly. A 2008 should be okay for at least 150K, maybe 200K
Match every 401K penny your employer will allow
Still remember to treat yourself from time to time- it's important to live frugally and within your means, but you still want to enjoy life
Posted on 5/26/16 at 10:16 am to DallasTiger45
Yes. This. Except I'd say 300k miles.
Properly maintain a modern vehicle and fix things when they start giving you signs instead of waiting for them to break. Old car repairs are cheaper than getting a newer car and the amount you save in personal property taxes and insurance really add up.
if you want to live the simple life, cars are where you can make a HUGE impact.
quote:
I would keep the car until it breaks down, honestly. A 2008 should be okay for at least 150K, maybe 200K
Properly maintain a modern vehicle and fix things when they start giving you signs instead of waiting for them to break. Old car repairs are cheaper than getting a newer car and the amount you save in personal property taxes and insurance really add up.
if you want to live the simple life, cars are where you can make a HUGE impact.
Posted on 5/26/16 at 10:20 am to StringedInstruments
quote:
These threads always lead to the same ole generic responses, but I feel like unless we know what you're allocating your money for, we can't really help you. You also need to have a budget that you stick to. Having some short term and long term plans helps as well.
That's bullshite
OP, max out your Roth and any other retirement account. Have an emergency fund, and cut spending where you can.
Posted on 5/26/16 at 10:28 am to Croacka
quote:This. As someone who is almost in the same exact boat as you, just a year and a half into it, you need to live like this. It will help you develop a disciplined lifestyle that allows you to still have fun and not be a hermit, but also learn to save for the short/intermediate/long term.
Live like you're making 30 K
Posted on 5/26/16 at 10:30 am to xxKylexx
OP, whats that kind of money look like after taxes?
I only ask because i am graduating next spring and my job i currently work at now has already made me an offer at 55k. I'm trying to create a budget spreadsheet that will use my net income but i don't know what that is going to be
I only ask because i am graduating next spring and my job i currently work at now has already made me an offer at 55k. I'm trying to create a budget spreadsheet that will use my net income but i don't know what that is going to be
Posted on 5/26/16 at 10:36 am to xxKylexx
Compare and contrast your actual desires to what the average Joe thinks he needs to do
The Director where I work drives a car he bought off a Mexican with cash in a gas station parking lot. He doesn't feel a need to have the status items a lot of people think they "need" once they reach a certain threshold in their career, a certain age, certain income, etc
The Director where I work drives a car he bought off a Mexican with cash in a gas station parking lot. He doesn't feel a need to have the status items a lot of people think they "need" once they reach a certain threshold in their career, a certain age, certain income, etc
Posted on 5/26/16 at 10:50 am to baseballmind1212
that will vary a lot based on company. Take your salary, subtract benefit costs and 401k contributions. IMO, i'd assume about 80-85% of that number will be your take home depending on how you set your tax witholdings.
Posted on 5/26/16 at 11:05 am to xxKylexx
My advice as someone that was in your exact situation at one time:
1) contribute to your company 401k once you can
2) try to max out roth IRA
after that...enjoy your single 20s, don't horde too much, but also don't ball out every weekend
but every now and then, it is perfectly ok to go out with your guys and cringe when you look at your charges from the weekend
1) contribute to your company 401k once you can
2) try to max out roth IRA
after that...enjoy your single 20s, don't horde too much, but also don't ball out every weekend
but every now and then, it is perfectly ok to go out with your guys and cringe when you look at your charges from the weekend
Posted on 5/26/16 at 11:08 am to xxKylexx
Congratulations. My advice is not directly money related.
Show up early.
Work late.
Start thinking about how you get a promotion.
Show up early.
Work late.
Start thinking about how you get a promotion.
Posted on 5/26/16 at 11:24 am to xxKylexx
pick up a drug habit
Posted on 5/26/16 at 11:24 am to xxKylexx
quote:
No debt. I'm actually kinda paranoid about that stuff, I once owed about $700 on a credit card and once I paid it off, I threw my card in my mom's desk and haven't seen it since lol.
in the make your money work for you - find a card with good rewards and stay disciplined in paying it off.
i personally go with travel miles and use that as a way to splurge for myself
Posted on 5/26/16 at 11:36 am to xxKylexx
Max out the company match in your 401
Max out your Roth
Start savings for a home down payment
Max out your Roth
Start savings for a home down payment
Posted on 5/26/16 at 12:17 pm to gamatt53
quote:
Stay single. Your wallet will think you
Far and away the best piece of advice in this thread
Posted on 5/26/16 at 12:31 pm to xxKylexx
-Roth401k to match amount at the very least, + as much as you can afford to put in (max is 18k annual) if they have the Roth401k option available through your retirement plan
If not, then 401k to match amount then open a Roth IRA and max that out (if you can afford to - considering living expenses and any other necessary expenses you may have)
-Also set aside cash every month for an emergency fund (set an amount and stick to it)
ETA: Check with your employer to see if your company offers a Roth401k option, after reading the comments it appears many people on this board are not aware that a Roth401k even exists
If not, then 401k to match amount then open a Roth IRA and max that out (if you can afford to - considering living expenses and any other necessary expenses you may have)
-Also set aside cash every month for an emergency fund (set an amount and stick to it)
ETA: Check with your employer to see if your company offers a Roth401k option, after reading the comments it appears many people on this board are not aware that a Roth401k even exists
This post was edited on 5/26/16 at 1:00 pm
Posted on 5/26/16 at 12:40 pm to xxKylexx
quote:
Just got a new job making nearly 50k
quote:
what are some of the first things I should do
This post was edited on 5/26/16 at 12:41 pm
Posted on 5/26/16 at 12:42 pm to hungryone
quote:
I see so many high-earners who work too hard/too many hours to enjoy much leisure time.
That's just how the cookie crumbles in some idustries including mine to an extent, especially if you want to get ahead. I've busted my arse and worked long hours most of my career. All for a reason and a master plan to achieve goals that were not possible just working bankers hours.
MAde sacrifices to have more time now and to of course shut it down when i feel like it when that time comes later in life.
Of course i'm not just busy in the professional world i'm busy in extra activities as well. But that is part of the "my time" i've worked for. Sure i still work long hours now when needed but have much more freedoms.
This post was edited on 5/26/16 at 12:52 pm
Posted on 5/26/16 at 3:24 pm to The Spleen
quote:
Seriously, I'd hold off on the car. Most cars are built to go well over 100,000 miles, so you probably don't really need one, though I can understand the want for one.
Agree. However when I got my first well paying job I traded in the green 1978 Corolla station wagon for a brand new Mustang GT 5.0
I think they gave me $400 trade in for that chick magnet.
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