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Message
Share your advice for a soon-to-be graduate
Posted on 1/5/20 at 8:54 am
Posted on 1/5/20 at 8:54 am
If you could go back to your 20s and change something, or if there’s one thing that you learned that really effected your financial situation please share with me. I’m seeking advice for future financial success.
I’m 22 y/o and graduating with a civil engineering degree from Louisiana Tech in May 2020. I’ve been interning with a company for the past 8 months and was 100% vested day 1. As a student working limited hours I’ve accumulated $2100 into my 401k with an personal 10% contribution (I plan to go 15% once full time with 1% Increase annually). Company matches $1 for $1 on the first 4 percent and $0.50 on the dollar for the following 1%. When I graduate and join full time I would expect to be making an income of around $60kish. I have been building a line of credit since I turned 18 and have a credit score of 770. I will also graduate with zero student loans and I will only have about $2000 left on my $250 monthly car note and have rainy day savings account of $5500 as of now that I continue to contribute to.
I just ask for any advice that you wish you knew or that you found success with in your younger days. Thank you to all and god bless!
I’m 22 y/o and graduating with a civil engineering degree from Louisiana Tech in May 2020. I’ve been interning with a company for the past 8 months and was 100% vested day 1. As a student working limited hours I’ve accumulated $2100 into my 401k with an personal 10% contribution (I plan to go 15% once full time with 1% Increase annually). Company matches $1 for $1 on the first 4 percent and $0.50 on the dollar for the following 1%. When I graduate and join full time I would expect to be making an income of around $60kish. I have been building a line of credit since I turned 18 and have a credit score of 770. I will also graduate with zero student loans and I will only have about $2000 left on my $250 monthly car note and have rainy day savings account of $5500 as of now that I continue to contribute to.
I just ask for any advice that you wish you knew or that you found success with in your younger days. Thank you to all and god bless!
19
Posted on 1/5/20 at 9:11 am to Tigerdawg57
quote:
I would expect to be making an income of around $60kish
When I was interviewing engineers for positions in the Beaumont - Houston area about 10 years ago, our starting out offers were about $90K. It depends on where you want to live, but southeast Texas engineering salaries are among the highest. Something you may want to consider.
Posted on 1/5/20 at 9:36 am to Tigerdawg57
quote:"Plastics...."
Share your advice for a soon-to-be graduate
Posted on 1/5/20 at 9:50 am to Tigerdawg57
You are off to a good start. Personally I would probably take near half of my 401K contributions and start an individual Roth IRA. It will increase your taxes now but have tax free growth if Congress does not change the rules. It will also allow you more control of where your money is invested.
Posted on 1/5/20 at 10:02 am to Tigerdawg57
You’re in a good spot financially....use some time and money to travel while,you’re young and unencumbered.
Posted on 1/5/20 at 10:05 am to Tigerdawg57
All I’ll tell you is to be willing to move. 60k is solid, especially for a single early 20s man with little debt in Louisiana. Chase a job somewhere else. Similar positions in Dallas, Houston, Birmingham, Phoenix etc. will all put you in a position well above 60k and give you some life experience. Go get em and don’t slow down until you're getting married and starting a family.
Posted on 1/5/20 at 10:16 am to Tigerdawg57
Live cheap
Put as much money as you can away
Don’t forget to enjoy yourself every now and again
Stay away from high maintenance women
And remember you can’t turn a hoe into a housewife
Put as much money as you can away
Don’t forget to enjoy yourself every now and again
Stay away from high maintenance women
And remember you can’t turn a hoe into a housewife
This post was edited on 1/5/20 at 10:17 am
Posted on 1/5/20 at 10:31 am to Tigerdawg57
Well, you are already thinking about saving which is better than most.
I would say if I could go back, being that is what you asked, I would have forgone serious relationships until I established my career.
I am not trying to get political or anything, but I think "trying to settle down and buy a home" set me back more than anything.
You are young. Now is the time to learn as much real world experience as you can and do the things you want. Now is the time you could afford to take risks (career wise).
Good luck to you!
I would say if I could go back, being that is what you asked, I would have forgone serious relationships until I established my career.
I am not trying to get political or anything, but I think "trying to settle down and buy a home" set me back more than anything.
You are young. Now is the time to learn as much real world experience as you can and do the things you want. Now is the time you could afford to take risks (career wise).
Good luck to you!
Posted on 1/5/20 at 11:08 am to Tigerdawg57
Early on, learn everything you can about your field and get to be someone who knows a lot about a specialized area and is respected in your field/industry. Don’t be scared to go out on your own and start your own business, which can be both financially and personally rewarding.
Get advice from people/ mentors who are successful and tune out people who will bring you down because sometimes family, friends and colleagues are envious and want to see you fail to justify their own mediocrity.
You are not a hedge fund manager so don’t try to invest like one. Just put money away into solid long term investments like index funds and look for opportunities to invest, whether it be real estate or your own business.
Learn to enjoy the ride and keep a long view of life, prioritizing God, family and work.
Get advice from people/ mentors who are successful and tune out people who will bring you down because sometimes family, friends and colleagues are envious and want to see you fail to justify their own mediocrity.
You are not a hedge fund manager so don’t try to invest like one. Just put money away into solid long term investments like index funds and look for opportunities to invest, whether it be real estate or your own business.
Learn to enjoy the ride and keep a long view of life, prioritizing God, family and work.
Posted on 1/5/20 at 12:17 pm to Tigerdawg57
That is a nice starting salary for our field (transportation). My company starts our EIs at around $55-$58k. Make sure you bust your arse and get your license. I am assuming you have already taken and passed your F.E. Exam (it not, do this before graduation). Then, go ahead and take the P.E. exam within the next year or so (if you plan to stay in Louisiana).
You did yourself a hell of a favor getting an internship. That was more important than whatever GPA you will finish with. Great job on the debt and I think 15% contribution is an excellent start.
Most people will tell you not to tie yourself down and rent. But honestly, if you know where you want to be, buy a house, and rent out a couple of bedrooms to your friends while you are young and single. That was the best financial decision I made in my 20’s.
Finally, after you get your license in 4 years, look around. The best way to increase your salary will be to switch companies. Almost no one cares about loyalty, unfortunately. You’ll be able to get a 20-25% raise by changing companies.
You did yourself a hell of a favor getting an internship. That was more important than whatever GPA you will finish with. Great job on the debt and I think 15% contribution is an excellent start.
Most people will tell you not to tie yourself down and rent. But honestly, if you know where you want to be, buy a house, and rent out a couple of bedrooms to your friends while you are young and single. That was the best financial decision I made in my 20’s.
Finally, after you get your license in 4 years, look around. The best way to increase your salary will be to switch companies. Almost no one cares about loyalty, unfortunately. You’ll be able to get a 20-25% raise by changing companies.
Posted on 1/5/20 at 5:24 pm to Tigerdawg57
As a fellow not so young CE Grad here are my thoughts:
1)Take and pass the FE. Do what you can to get design experience and get your PE. Even if you never use it, having that PE behind your name will bring you places.
2)Find an employer that wants to invest in you. Most good employers will fund an MBA or MsCE if you are doing consulting. Take advantage of it early.
3)Max out your 401k or company match.
4)Do an FSA.
5)Join ASCE and the younger members group to be around folks your age
6)Find your niche. For me it was structures, but thats not the case for everyone.
Good luck!
1)Take and pass the FE. Do what you can to get design experience and get your PE. Even if you never use it, having that PE behind your name will bring you places.
2)Find an employer that wants to invest in you. Most good employers will fund an MBA or MsCE if you are doing consulting. Take advantage of it early.
3)Max out your 401k or company match.
4)Do an FSA.
5)Join ASCE and the younger members group to be around folks your age
6)Find your niche. For me it was structures, but thats not the case for everyone.
Good luck!
Posted on 1/5/20 at 5:30 pm to Tigerdawg57
Hell, you should be the one giving advice.
Posted on 1/5/20 at 5:51 pm to Tigerdawg57
The best financial decision you can make is to marry the right person the first time.
I was lucky and did this... my friends...not so much.
I was lucky and did this... my friends...not so much.
This post was edited on 1/5/20 at 5:53 pm
Posted on 1/5/20 at 7:50 pm to Tigerdawg57
Set aside an emergency fund, then double it (if needed it goes faster than you think)
Posted on 1/5/20 at 9:37 pm to Tigerdawg57
Regarding investing, it truly is a long term game. Keep investing for the long term. Increase your % annual 401k deductions by at least 1% when you get a pay increase until you max out.
I have been investing for 30+ years, I am now seeing the fruits of the curve. The curve doesn’t seem to move much your first 10 to twenty or so years. But then all those years of savings and investing work its magic. You don’t have to be a stock picking genius. The SP500 index will do just fine.
Regarding your profession, understand the details of your work. Identify individuals you work with that perform at high levels regardless of their formal education level or position with the company. Learn as much as you can from these individuals.
.
I have been investing for 30+ years, I am now seeing the fruits of the curve. The curve doesn’t seem to move much your first 10 to twenty or so years. But then all those years of savings and investing work its magic. You don’t have to be a stock picking genius. The SP500 index will do just fine.
Regarding your profession, understand the details of your work. Identify individuals you work with that perform at high levels regardless of their formal education level or position with the company. Learn as much as you can from these individuals.
.
Posted on 1/6/20 at 8:53 am to Tigerdawg57
The biggest detriment to your wallet at your age will be women. Dont spend money chasing them and don't marry one yet bc she will want kids soon after. When you get the urge to go out on a friday night, workout instead. Play the long game and sacrifice a little now so that when you're at your prime physically (late 20s-early 30s) you can find a really good one and then get married. Spend these years trying to build the best possible version of yourself for later. You can find a steady fwb so you dont have to spend money at the bar finding new women. Just make sure yall are on the same page and wrap up anyway. Spend your extra money on traveling instead of going out
Posted on 1/6/20 at 3:02 pm to Tigerdawg57
Not trying to beat a horse but again pick the right one to marry...
You are doing fine financially.
You are doing fine financially.
Posted on 1/6/20 at 8:38 pm to Tigerdawg57
My advice: Find a hobby. Relax. Enjoy life, especially as un-encumbered as you are now.
Now, while I am not advocating that you run up credit cards and bills, don’t worry so much about your credit score. You’re 22.
Now, while I am not advocating that you run up credit cards and bills, don’t worry so much about your credit score. You’re 22.
Posted on 1/6/20 at 11:57 pm to Tigerdawg57
Get a high deductible health plan and max out the contribution to the HSA. Either you get sick and can pay the deductible or you dont and roll the money over.
Posted on 1/7/20 at 10:25 am to Tigerdawg57
If it flies, floats, or fricks, it is cheaper to rent.
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