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Message
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 8:49 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 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 10:51 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 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 4/23/14 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 11:24 am to olemissfan26
quote:
Recently accepted a Job in ATL.
prayers sent
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