Share your advice for a soon-to-be graduate

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I would expect to be making an income of around $60kish

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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.

get ready for this coming week..

pretty big earnings slate of tap

You’re in a good spot financially....use some time and money to travel while,you’re young and unencumbered.

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

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.

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.

Lots of good advice there. Hardly any of the 20’ish year old engineers in the company I work for want to buy a house. I bought a 30 year old inexpensive house a few years after I graduated. It was an opportunity to learn how to fix stuff and when I was ready to buy a nicer house, the equity and appreciation provided the 20 percent down payment for it.

I would bet you took the FE exam already, if not, I would take it soon. If you are not doing consulting work, a license may not be required. However, you may decide to take a job later in life that does require a license. Some states will allow you to take the PE exam without the FE, such as Texas. Other states require the FE regardless of experience or being licensed in other states. My wife is an advanced structural engineer, but started her career as a project manager. Later in life when she decided to take a consultant job, she took the PE and received a license in Texas. I would say she is an expert in her field, but she can’t get a Louisiana license unless she goes back and takes the FE. The FE of course includes all the stuff you learned in college and never use in the real world. She doesn’t want to have to teach herself engineering economics, thermo dynamics and differential equations again at this stage of her career. I took the FE before I graduated but have always done management jobs and never needed to get a PE.

Also agree with the comments on investments. Don’t worry too much about being a hedge fund manager. Choose a combination of funds that are relatively conservative. Diversification and leaving them alone is the key over time. Don’t invest more than 30 percent in your company’s stock, if they are listed. Lots of untouchable companies will go bankrupt over 30 years. (Ask anyone that was 100 percent invested in General Motors in 2008)

I would also add that a good rule of thumb at a minimum would be to invest 10%, donate to church or charity 10%, put 10% towards an emergency / slush fund that continues to build, and try to live on less than the 70 percent remaining. Avoid credit cards, no matter the discounts or points, as much as possible. Save up in advance for vacations and large purchases versus paying 18% interest on credit cards. Of course there will be exceptions to all the things I just listed, but the mindset and getting back on target is the most important thing.

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!

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.

Sounds like on right track.
1. I would strongly suggest building a 'War Chest" = to 3 then 6 month expenses-- outside of 401k.
2. Make a bucket list and travel once a year.