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jimbeam
USA Fan
University of LSU
Member since Oct 2011
38021 posts

re: 20% saving for retirement???

quote:

get a job say paying $65k a year to start
damn. I expect to get close to that, hopefully, as an engineer, but that's pretty generous


RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1674 posts

re: 20% saving for retirement???
Most of my engineering classmates fell within 50-60K. A few were in the 60-70K range and then two that went to the oil industry are 70k+.

Fortunately for engineering, you will be practically guaranteed a position somewhere. Just make the grades and being in the $60K+ range will be a seamless task. I did not have a good GPA and no I did not even sniff the $60K range due to that fact.

As is, I am making every conscious effort to take advantage of the little number of expenses. So savings/retirement for me are near 47% of my income currently. Budget spreadsheet is your friend. I wish I would have started one my junior year or earlier in college
This post was edited on 11/7 at 3:34 pm


jimbeam
USA Fan
University of LSU
Member since Oct 2011
38021 posts

re: 20% saving for retirement???
quote:

Just make the grades and being in the $60K
quote:

I did not have a good GPA and no I did not even sniff the $60K range due to that fact
so i wont be sniffing it
I'm not doing horrible but i'm not 4.0


RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1674 posts

re: 20% saving for retirement???
I graduated after 4.5 years. I had dipped down to a 2.56 my sophomore year. I plateaued the 3.0 mark at 3.01 for my GPA with one semester left and 2 credits to capitalize on in order to graduate. Well low and behold I go and get an internship that summer to pad my resume and I sign up for 12 hours. 10 are for class retakes, and a security certificate which was completely unnecessary. I was beaming with confidence beforehand and then the stack of cards fell and I finished with around a 2.97 overall GPA. Pretty shitty on my part to finish that way academically.

Anyways I did get several opportunities to interview and multiple job offers, so it ended well. If you have a light load going into the end, dont add coursework. Go get a job or make use of your free time, to better yourself in areas you feel is best at the time.


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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78296 posts
Online

re: 20% saving for retirement???
quote:

Well, a house is going to cost an easy $1200 a month


That's 250k with today's interest rates, no need for that house in your 20's


jimbeam
USA Fan
University of LSU
Member since Oct 2011
38021 posts

re: 20% saving for retirement???
was gonna say


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fishfighter
LSU Fan
Baton Rouge
Member since Apr 2008
21453 posts

re: 20% saving for retirement???
quote:

That's 250k with today's interest rates, no need for that house in your 20's


With two or three kids, $250k will buy a very good house in the right hood. Sure one can buy for 100K, but it is all about the HOOD one lives in. Also, how long one wants to pay on a house too!


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78296 posts
Online

re: 20% saving for retirement???
I don't know where you are but there aren't many places in Louisiana that you can't find a 3 bedroom 2 bath for less than 200k in some cookie cutter neighborhood


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Fat Bastard
LA-Lafayette Fan
Paradise
Member since Mar 2009
18936 posts

re: 20% saving for retirement???
the way it is going there may be no retirement with the current POS douchebag we have in office.

have to fund those leeches and economic imbeciles


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CajunAlum Tiger Fan
LSU Fan
The Great State of Louisiana
Member since Jan 2008
4044 posts
Online

re: 20% saving for retirement???
quote:

Eliz. Warren is running for Senate in Mass. against Scott Brown. A few years ago she wrote a book on personal financial advice. In it she recommended that as soon as you enter the workforce, let's say at 22 when you graduate college, you should put 20% of your income into a retirement account. Questions.. Is that realistic? And, if so, for how many people?


Don't listen to anyone who says its not possible from day one. No matter how much you make, if you start putting away 20% from the start, especially with a company match on a few points, you will not miss the money at all and in 10 years you will be happy you did it and in a much better position than those that don't. There is also no need to buy a house right now anyway, this market isn't going anywhere.


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