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Recently accepted a Job in ATL. Questions about starting out.
Posted on 4/22/14 at 6:10 pm
Posted on 4/22/14 at 6:10 pm
What are things some of you older guys wish you did fresh out of college that you didn't do? I'm talking about investment strategies etc.
inb4 strippers and blow, bitcoins, giving money to African princes
inb4 strippers and blow, bitcoins, giving money to African princes
Posted on 4/22/14 at 6:17 pm to olemissfan26
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.
Posted on 4/22/14 at 8:10 pm to olemissfan26
My brother is 4 years removed from college and just told me these things. since I graduate In May. Thought it applied
He works for Boeing and does well
- don't buy a car
-if you buy a car buy a used one with low maintenance. A new expensive car is a used car tomorrow
- you can always move into a nicer apartment when you make more money later
- Pregame anytime you go out and don't waste money on bar drinks
-Buy all household stuff on slickdeals or bensbargains at a discount and don't be afraid
-Find cool free entertainment. Big cities always have things going on cheap
-find a roommate
-save before you have the opportunity to spend
-go on cheap dates
-
He works for Boeing and does well
- don't buy a car
-if you buy a car buy a used one with low maintenance. A new expensive car is a used car tomorrow
- you can always move into a nicer apartment when you make more money later
- Pregame anytime you go out and don't waste money on bar drinks
-Buy all household stuff on slickdeals or bensbargains at a discount and don't be afraid
-Find cool free entertainment. Big cities always have things going on cheap
-find a roommate
-save before you have the opportunity to spend
-go on cheap dates
-
Posted on 4/22/14 at 8:35 pm to GenesChin
quote:
- don't buy a car
-if you buy a car buy a used one with low maintenance. A new expensive car is a used car tomorrow
Winner winner, chicken dinner.
Lots of new grads think they have to go out and splurge on a new vehicle as a 'reward'.
Wait a couple of years, you don't want to be 'car poor'.
BTW, start your retirement savings ASAP. Time goes by sooooo quickly.
BTW congrats and good luck,
Posted on 4/22/14 at 8:49 pm to olemissfan26
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...
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...
Posted on 4/22/14 at 9:15 pm to Tiger n Miami AU83
The vast majority will disagree but this is my opinion. Get your retirement/savings/emergency accounts in order and then don't worry about saving a nickle here or a dime here. Saving a a few grand over a year or two does not matter in the long run. You get much more utility from spending it and enjoying life in your twenties. I know the majority will disagree with me, but if you believe you have a lot of earning potential in the future even 5-10k won't matter that much when you're 40.
Posted on 4/22/14 at 10:10 pm to olemissfan26
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.
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.
Posted on 4/22/14 at 10:30 pm to Reubaltaich
quote:
BTW, start your retirement savings ASAP.
Do this first and learn to live on what's left of your paycheck. You'll never miss the money if you don't allow yourself to get used to making the full amount. However, if you wait, it'll seem like much more of a sacrifice to cut back on spending just so you can save for retirement.
Posted on 4/22/14 at 10:51 pm to olemissfan26
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.
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.
Posted on 4/22/14 at 10:57 pm to Tiger n Miami AU83
quote:no can do
Partying less.
Posted on 4/22/14 at 11:00 pm to olemissfan26
quote:
Recently accepted a Job in ATL.
Prayers sent.
At least it will be convenient for you to catch UM at the SEC Championship Games this year and next year.
Save your money. Cheap apartment, cheap transportation, don't go anywhere extravagant in town or travel (other than back to home) for a year. Take stock then and maybe reward yourself with a minor-cost trip. Today set a hard but attainable goal of $X K in Savings and another $X K in a 401k or IRA by this time next year.
Good luck.
Posted on 4/22/14 at 11:22 pm to Tiger n Miami AU83
quote:
Partying less.
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.
Posted on 4/23/14 at 5:44 am to GenesChin
quote:
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.
I'd say this: work your arse off. You will be given opportunities if you ask for more work. That being said, don't be an idiot about it and work more than 12 hour days. Being young you're probably cheaper than the rest of the guys, and if you work hard you won't have to worry about layoffs.
I'll also say this. Make a budget and stick to it. Don't throw said budget out the window once you start dating attractive women. Don't try to teach them about a budget - they won't understand. Just stick to yours
Posted on 4/23/14 at 6:19 am to olemissfan26
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.
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.
Posted on 4/23/14 at 9:18 am to olemissfan26
Buy mutual funds, not flashy items, and put as much as you can into your 401K/IRA. Also, let the market pull back a little then invest in solid stocks. Put as much money away as possible!!! That is about all I have haha
ETA: "Live like a King for a year or live like a Prince for a lifetime."
ETA: "Live like a King for a year or live like a Prince for a lifetime."
This post was edited on 4/23/14 at 9:20 am
Posted on 4/23/14 at 9:22 am to olemissfan26
quote:
I'm talking about investment strategies etc.
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.
Posted on 4/23/14 at 10:13 am to olemissfan26
I would split a place with 2 or 3 people for as long as you can stomach it. If you can get away with paying 500, 600/month in rent for a couple years that is a great starting point.
Dump enough into your 401K to get the company match, max out your Roth and you will be in pretty good shape.
I live very frugal MON-THUR so that I can really enjoy the weekends.
Dump enough into your 401K to get the company match, max out your Roth and you will be in pretty good shape.
I live very frugal MON-THUR so that I can really enjoy the weekends.
Posted on 4/23/14 at 10:51 am to hiltacular
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.
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.
Posted on 4/23/14 at 11:05 am to lynxcat
I bought a new car. Don't regret it. I lived alone, don't regret it. My advice, save the right amount of money within reason (emergency, 401k, etc.). And then have fun.
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