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re: Share your advice for a soon-to-be graduate
Posted on 1/5/20 at 9:37 pm to Tigerdawg57
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.
.
0
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 10:37 am to Yeti_Chaser
OP, you are already ahead of almost everyone your age.
As much as possible, try to invest in experiences. You can travel and try experiences cheaply at your age. I routinely have gone to Europe for under $2,000 a trip by staying at hostels and using points for flights. Saving is awesome and your future self will thank you, but you do not want to regret skipping experiences that you may find harder to do later in life (namely with kids).
As much as possible, try to invest in experiences. You can travel and try experiences cheaply at your age. I routinely have gone to Europe for under $2,000 a trip by staying at hostels and using points for flights. Saving is awesome and your future self will thank you, but you do not want to regret skipping experiences that you may find harder to do later in life (namely with kids).
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 6:40 pm to Ramblin Wreck
quote:
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.
I posted the above and got a bunch of down votes. I probably get more down votes on this board than any other and I’m not sure why. I always laugh it off, but sometimes wonder what the point is that people disagree with. I’m not telling the guy he should move, I’m just making him aware that southeast Texas pays a lot higher salaries. What is wrong with sharing that info? LOL
Posted on 1/6/20 at 6:58 pm to Ramblin Wreck
MTB loves to hate on people achieving 90% percentile successes and basically calls BS on those posts. After a decade posting here, it’s just a reality I’ve come to accept.
Posted on 1/6/20 at 7:22 pm to Ramblin Wreck
I think some of it may be that starting salary. I only know of one civil engineer who made even close to that out of college and they were living in a very HCOL area. You’re going to make 55-maybe 70 out of college as a civil engineer unless you’re in the field and working more than 45 hours a week.
Posted on 1/6/20 at 7:35 pm to jimbeam
quote:
I think some of it may be that starting salary. I only know of one civil engineer who made even close to that out of college and they were living in a very HCOL area. You’re going to make 55-maybe 70 out of college as a civil engineer unless you’re in the field and working more than 45 hours a week.
Salaries might not be as crazy now and I work for a major in the petro chemical industry, so that also makes a difference. We tend to group mechanical and civil engineers together when we hire them since most wind up in management positions. My wife works for a consultant and I just asked the starting salary of the most recent CE out of school she hired and it is higher than the range you mentioned. I don’t think engineers outside of the petrochemical regions realize the salary difference. When I graduated 30 years ago, I chose to focus on finding a job within a few hours of the Atlanta region. For grins I picked one petrochemical company in Texas to interview with. My GPA was nothing to brag about, but my offer was 30% higher than the average starting salary at the time. I had no idea that there was such a difference in salaries between industries and regions of the country.
This post was edited on 1/6/20 at 8:21 pm
Posted on 1/6/20 at 8:13 pm to Ramblin Wreck
Spend less than you make. Enjoy life...
Posted on 1/6/20 at 8:23 pm to Ramblin Wreck
Petrochemical jobs are not the civil starting average
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 9:42 pm to Ramblin Wreck
quote:
Choose a combination of funds that are relatively conservative.
Bad advice. At your age, go with an aggressive fund with low fees and a good track record and let it ride. Don't panic, it will come back. When you get closer to retirement age switch to more conservative funds.
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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