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re: New grad, new job, need investment help.
Posted on 7/22/11 at 5:28 pm to WelcomeToDeathValley
Posted on 7/22/11 at 5:28 pm to WelcomeToDeathValley
quote:Exactly, this is just my 2nd or 3rd thread I have ever started on this board. I was really coming for legit advice.
normally id agree but TTT doesnt strike me one to come on the MB and bullshite
0
Posted on 7/22/11 at 5:33 pm to TigerTatorTots
When I first read this thread I was like damn you're pulling in a lot of money if that's AFTER expenses & entertainment. But, then I read you live with your parents and don't pay shite 
Posted on 7/22/11 at 5:41 pm to WelcomeToDeathValley
So do you think 810 credit scores straight out of school are normal?
Posted on 7/22/11 at 5:59 pm to NawlinsTigah270
It was JMO, as far as this thread.
Seemed like an honest request, no point in lying about $$$ when asking for advice on how to budget and invest it
eta: although im sure with the ballers on this site its happened many times before
Seemed like an honest request, no point in lying about $$$ when asking for advice on how to budget and invest it
eta: although im sure with the ballers on this site its happened many times before
This post was edited on 7/22/11 at 6:06 pm
Posted on 7/22/11 at 6:18 pm to LSUzealot
quote:That is surely after entertainment. When my parents move out I still won't have too many expenses other than utilities and food.
When I first read this thread I was like damn you're pulling in a lot of money if that's AFTER expenses & entertainment. But, then I read you live with your parents and don't pay shite
Posted on 7/22/11 at 6:19 pm to NawlinsTigah270
quote:If you read that whole thread, you would see why the score was 810
So do you think 810 credit scores straight out of school are normal?
Posted on 7/22/11 at 9:23 pm to Tigerstudent08
quote:
Why is it that nobody believes what he is claiming? He is only saying that he has a starting salary of ~$55k/year. My starting salary was $72,000 for my first year out of LSU and one of the guys I graduated with works for Shell and got a $20k signing bonus with a $95k/year salary! $55k is good but it isn't so amazing to where I wouldn't believe it. My advice is to be as diversified and liquid as possible. You want to save up so that you can put down 20% on a house and be able to buy furniture, landscapping, etc.
$72k starting is in the top 2% of undergraduates coming out of school. 95k/year is probably in the top .01% of college graduates. I think you have a bit of a misconception on starting salaries because you have been surrounded by engineering starting salaries.
Even making 50k a year puts someone in the top percentile of all college graduates.
Posted on 7/22/11 at 11:44 pm to TigerTatorTots
quote:
The current living situation is pretty ideal because I don't have to pay rent/utilities. As of now, I moved back home living in my parents house (yea yea). However, they will only be here until the end of the year because they are building a new house and will be leaving me to live in this one, only having to pay utilities.
Did you get you an interview and job because of your parents?
Posted on 7/22/11 at 11:48 pm to AlexLSU
quote:No, they did not participate at all in my job search process
Did you get you an interview and job because of your parents?
Posted on 7/23/11 at 12:06 am to TigerTatorTots
I too have noticed a bragging trend with you recently, which is why I posted in this thread. I can't tell if you are intentionally bragging, or if you are oblivious. It comes off as the former though, and no one likes a douchey bragger.
Congrats on the job though. The job market sucks dick, so recent LSU grads receiving jobs is good stuff.
Congrats on the job though. The job market sucks dick, so recent LSU grads receiving jobs is good stuff.
Posted on 7/23/11 at 12:22 am to AlexLSU
Like I said before, it isn't intentional and I'll try not to do it again
Posted on 7/23/11 at 12:51 pm to TigerTatorTots
So did anyone actually answer the OP's question. I am curious because I'm in the same boat and would love to know where to put my money after I max out my 401k and play a couple of small expenses.
Posted on 7/23/11 at 1:01 pm to saderade
What I gathered from the 2 or 3 posts on topic:
-Save up a 6 month buffer in savings for emergencies
-Max employer match contributions
-Max IRA
-After that, stay as liquid as possible in case I want to take a chunk of my assets to put towards a house or another big purchase in the future
That is about all that came out of this thread
-Save up a 6 month buffer in savings for emergencies
-Max employer match contributions
-Max IRA
-After that, stay as liquid as possible in case I want to take a chunk of my assets to put towards a house or another big purchase in the future
That is about all that came out of this thread
Posted on 7/23/11 at 8:16 pm to TigerTatorTots
Find out how much your employer matches for the 401k. Typically it is based on a % of your salary. Do this calculation:
Salary x match% = total amount available to be matched / 24 (number of paychecks each year) = amount per pay period to put towards the 401k match.
Then take 5000/24 pay periods and that will give you the maximum you can put in a Roths IRA from each pay period. That is about $208.
After that, save up at least 6 mos of liquid savings for emergency fund. If you are ever in a REALLY big bind for cash, you can take out the principle contribution of a Roth IRA without penalty. Try not to think about it like part of your emergency fund but it is available if you absolutely have to use it.
After that, enjoy your life.
Salary x match% = total amount available to be matched / 24 (number of paychecks each year) = amount per pay period to put towards the 401k match.
Then take 5000/24 pay periods and that will give you the maximum you can put in a Roths IRA from each pay period. That is about $208.
After that, save up at least 6 mos of liquid savings for emergency fund. If you are ever in a REALLY big bind for cash, you can take out the principle contribution of a Roth IRA without penalty. Try not to think about it like part of your emergency fund but it is available if you absolutely have to use it.
After that, enjoy your life.
Posted on 7/24/11 at 2:30 am to lynxcat
quote:
After that, save up at least 6 mos of liquid savings for emergency fund. If you are ever in a REALLY big bind for cash, you can take out the principle contribution of a Roth IRA without penalty. Try not to think about it like part of your emergency fund but it is available if you absolutely have to use it.
What would be the main drawback here, aside from the arrested development of the Roth IRA account? I'm sort of under the impression that Roth IRA principle is taxed prior to investment (leading to withdrawal without penalty), but I might be conflating it with a traditional IRA. I'm not very well versed on retirement arrangements yet.
Posted on 7/24/11 at 9:55 am to Mrtommorrow1987
Ok so I am doing the math on taking home over 6000 a month. The average person takes home 60 percent of his salary at 103,000 a year that would be 8500 a month. Base taxes would put you in 30% tax range or 5950. Then you have insurance and investments and other charges. I wish I pulled in 73% of my total salary in the bank.
Posted on 7/24/11 at 10:20 am to Dead Mike
A Roth should be a long term investment vehicle. The principle is after-tax but the EARNINGS are not taxable if you do not remove them until retirement. Growth without taxation at the end is a pretty awesome vehicle for long-term investment.
Posted on 7/24/11 at 10:26 am to TigerTatorTots
quote:
I have a Roth IRA that I started sophmore year in HS
You started a Roth IRA sophomore year of high school???
Posted on 7/24/11 at 10:27 am to TigerTatorTots
quote:
However, they will only be here until the end of the year because they are building a new house and will be leaving me to live in this one, only having to pay utilities.
Damn, that's nice. I guessing your parents are doing pretty good.
Posted on 7/24/11 at 10:30 am to urinetrouble
quote:Yea, I was making a shitton on money at 15/16/17 in HS working at an upscale steakhouse as a busboy. I would walk out with over $100 a night. Being in HS, I really had nothing big to spend the money on either.
You started a Roth IRA sophomore year of high school???
quote:Yea, we are very fortunate because of my dad's great job.
Damn, that's nice. I guessing your parents are doing pretty good.
This post was edited on 7/24/11 at 10:32 am
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