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Started By
Message
Just got a new job making nearly 50k.
Posted on 5/26/16 at 2:04 am
Posted on 5/26/16 at 2:04 am
I've never made this kind of money before (I know it's not a lot at all) but 26 and single, what are some of the first things I should do? You guys are always on point and love lurking here. I've also gotten great advice in the past so figured I'd come back.
Thanks again
Thanks again
25
Posted on 5/26/16 at 2:10 am to xxKylexx
Do they have a 401k? Do you have to wait or can you join now? Put as much as you can to grab as much match from them as possible. Open a Roth IRA and max that out. The great thing about a Roth is you can pull out your contributions without penalty if you need them so this is a great place to park your money and earn interest.
Posted on 5/26/16 at 5:54 am to xxKylexx
Live like you're making 30 K
Posted on 5/26/16 at 6:11 am to xxKylexx
what type of job? Office? Career or just job?
Posted on 5/26/16 at 7:03 am to xxKylexx
Make a budget and post it here.
These threads always lead to the same ole generic responses, but I feel like unless we know what you're allocating your money for, we can't really help you. You also need to have a budget that you stick to. Having some short term and long term plans helps as well.
These threads always lead to the same ole generic responses, but I feel like unless we know what you're allocating your money for, we can't really help you. You also need to have a budget that you stick to. Having some short term and long term plans helps as well.
Posted on 5/26/16 at 8:57 am to xxKylexx
I have some things I would suggest but first, what are your priorities?
Do you want to live a simple life and retire asap?
Do you want to live up now and work until 60+ and be a baller in retirement?
You need to decide what type of lifestyle you want to live and how long you want to work before you can get any good advice for your situation.
Do you want to live a simple life and retire asap?
Do you want to live up now and work until 60+ and be a baller in retirement?
You need to decide what type of lifestyle you want to live and how long you want to work before you can get any good advice for your situation.
Posted on 5/26/16 at 9:05 am to xxKylexx
That's pretty much the position I've been in. I max out my Roth and the state takes out like 10% for their retirement. I tend to keep around 700 to a grand in my savings account for any emergency issues that pop up, but I also put around 50 bucks a week (at the least) in another bank's savings account so I can have a downpayment ready when I want to buy a house/condo.
Posted on 5/26/16 at 9:06 am to xxKylexx
quote:
I know it's not a lot at all
Don't sell yourself short. You make more than the majority of people in this country.
Posted on 5/26/16 at 9:19 am to xxKylexx
Continue to live like you did before.
Save for the near-term (Cash Savings).
Save for the mid-term (Stocks, HSA).
Save for the long-term (IRA, 401k)
Don't put all your eggs in any one basket, especially when it comes to retirement, specifically relying on a pension to fully provide for you.
Save for the near-term (Cash Savings).
Save for the mid-term (Stocks, HSA).
Save for the long-term (IRA, 401k)
Don't put all your eggs in any one basket, especially when it comes to retirement, specifically relying on a pension to fully provide for you.
Posted on 5/26/16 at 9:25 am to xxKylexx
Reward yourself before living like your broke
Posted on 5/26/16 at 9:29 am to swanny297
quote:
Reward yourself before living like your broke
Agreed, but don't equate "rewarding yourself" simply with buying expensive things. Do stuff....fun stuff. Travel, learn a new skill, visit far-flung friends & family. Don't just buy things.
I see so many high-earners who work too hard/too many hours to enjoy much leisure time. So they turn to spending as a form of recreation, amassing piles of stuff (coins, guns, sports/hunting equipment, expensive or collectible cars) rather than actually DOING things.
Posted on 5/26/16 at 9:31 am to xxKylexx
First of all...congrats on the new job.
At that salary just focus on maxing out your Roth IRA (I like Vanguard for this...others may like someone else) and contributing whatever you can to your company's 401k.
At that salary just focus on maxing out your Roth IRA (I like Vanguard for this...others may like someone else) and contributing whatever you can to your company's 401k.
Posted on 5/26/16 at 9:42 am to Eric Nies Grind Time
Thanks to all of you and I'll address as many of the questions here. Out of town at the moment and on the run.
It's an office job.
I have a car that is paid off but it's a 2008 and is almost at 120k miles so I should probably upgrade soon.
It does have 401k but only after 6 months? If I heard that correctly, not sure.
I will definitely still be humble and love the advice on spending like I only make 30k. Again, why I come to you guys lol.
It's an office job.
I have a car that is paid off but it's a 2008 and is almost at 120k miles so I should probably upgrade soon.
It does have 401k but only after 6 months? If I heard that correctly, not sure.
I will definitely still be humble and love the advice on spending like I only make 30k. Again, why I come to you guys lol.
Posted on 5/26/16 at 9:44 am to notsince98
As for priorities, I just found a nice one bedroom for 680 a month and the new car will most likely be my gift to myself. However, I want to make it grow, I want to have my money make money I believe is the saying lol.
Posted on 5/26/16 at 9:48 am to xxKylexx
Do you have any debt??
Posted on 5/26/16 at 9:49 am to xxKylexx
Set. Goals.
How much do you want to save in the next 12-18 months?
Do you want/need a new vehicle in the next couple of years?
Want to buy a house in the next 5-7 years?
All of these things don't just happen, you must have a plan or the $$ will find a way to disappear. Trust me.
I find it helps to write down your financial goals. A couple years from now its good to looks back and see how far you've come.
How much do you want to save in the next 12-18 months?
Do you want/need a new vehicle in the next couple of years?
Want to buy a house in the next 5-7 years?
All of these things don't just happen, you must have a plan or the $$ will find a way to disappear. Trust me.
I find it helps to write down your financial goals. A couple years from now its good to looks back and see how far you've come.
Posted on 5/26/16 at 9:51 am to xxKylexx
Time to lease that nice new BMW!
Seriously, I'd hold off on the car. Most cars are built to go well over 100,000 miles, so you probably don't really need one, though I can understand the want for one.
When I got my first well paying job, I split my direct deposit between a savings account and my checking account. It helped never seeing the money hit my checking account because at the time I was horrible at saving and usually spent every dime that came in my account.
Seriously, I'd hold off on the car. Most cars are built to go well over 100,000 miles, so you probably don't really need one, though I can understand the want for one.
When I got my first well paying job, I split my direct deposit between a savings account and my checking account. It helped never seeing the money hit my checking account because at the time I was horrible at saving and usually spent every dime that came in my account.
Posted on 5/26/16 at 9:52 am to xxKylexx
quote:
26 and single
quote:
things I should do
Stay single. Your wallet will think you
But seriously I have been there. Don't buy a new car 120k miles is nothing these days. Auto deduct a set amount into a savings account that you can't easily raid. Contribute your 401k up to the max match. Open a Roth and put as much as you can in there. Should be easy to save 1k+ a month minimum between savings account and roth if you stick to a budget and still have plenty of cash to have fun, eat well, and do some traveling.
This post was edited on 5/26/16 at 9:58 am
Posted on 5/26/16 at 10:05 am to jlu03
No debt. I'm actually kinda paranoid about that stuff, I once owed about $700 on a credit card and once I paid it off, I threw my card in my mom's desk and haven't seen it since lol.
Posted on 5/26/16 at 10:07 am to lilsnappa
Ideally, I'd like to save as much as I can over the next few months. I don't spend much on groceries as I primarily drink water, tea and coffee.
I definitely think the want is more than the need right now for a new car. I just spent a couple grand fixing it up so it's running fine now.
Not sure about a house yet, I'd like to do some traveling for sure.
I appreciate that and great advice man, thank you.
I definitely think the want is more than the need right now for a new car. I just spent a couple grand fixing it up so it's running fine now.
Not sure about a house yet, I'd like to do some traveling for sure.
I appreciate that and great advice man, thank you.
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