Recently accepted a Job in ATL. Questions about starting out.

The first thing I would do is stockpile cash for 6 months or so to give you flexibility. Then start to go above the match in your 401k/max out your Roth.

thanks for the tips

Less expensive apartment. No day trading or gambling. Less strippers and blow. Not buying a brand new motorcycle on credit.Not wrecking said motorcycle several times. Partying less.

Yeah, I made quite a few mistakes that first year out of college in Atlanta.

Was a hell of a lot of fun and really wish I could go back and do it again. Was catastrophic financially, but the best time of my life as well.

Decisions, decisions...

When you get your first raise, don't immediately find a way to spend the added income. Try to keep your living standards one raise behind and save the difference. It's easier to act like you don't have the money now than it will be to cut back later.

Also, agreed with the others on not buying a car. I did this when my car started breaking down at the end of senior year and spent way more than I should have because I already had a job lined up. Ended up having to sell it when my company moved me somewhere I wouldn't need it anymore. Would have saved probably 5k if I had just fixed the old one and rode it out for another year.

Dump as much as you can into tax-deferred accounts as you can. Continuously buy index funds in those accounts and never touch any of it. It may not sound sexy, but doing this will virtually guarantee that you will be wealthy at retirement. The math is actually pretty simple if you have the discipline. 8-10% returns compounded over 30+ years is a powerful force.

Speaking of discipline, the other best advice to follow is that you should live like a college kid for as long as you can possibly get away with in your 20's (i.e. resist the temptation to upgrade your lifestyle). Almost everybody I know, including myself, looks back with regret at overpaying for new cars, bottle service, apartments, etc. Have fun, but not at the expense of your savings goals.

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Partying less.

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no can do

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Partying less.

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Partying smarter. Getting groups of friends to pregame together is as fun as being out up till 1130-12. If you bring a pocket flask with you and aren't an idiot, you wlil barely spend anything.



The one thing I noticed is huge when I took over my own finances is how much minor bargain awareness can save you. There is almost no reason to buy furniture, cars new. There is no reason to buy household wares, appliances, TVs, computers or even clothing at sticker price. Bargains come all the time and it is dumb not to hold out and come out on top.

Plus one on the car thing.

All my friends leased/financed new C-class Benzes or something similar, I got an 09 accord.

Fast forward 2 years and the only time anyone drives their car is to and fro work and I'm the only one who has maxed out my Roth for the past 2 years.

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I'm talking about investment strategies etc.

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I've always been responsible with my money, but the thing I wish I would have done from the very start is max out the match that the company gives you for a 401k and make sure you max out your Roth.

Aside from that, the first thing you should do is stockpile enough cash for 6 months of living expenses and DO NOT make any major purchases. Build a good foundation and the nicer things can come later.

Party like a rockstar. But really, you are 22-23 and you have worked your arse off to get to this point and have some disposable income. Live life and enjoy it a bit.

The more you live with roommates, dont buy a car, save on the front end in a 401k, etc. the more you enable living a carefree financial life.