Hey all, I'm starting my first consulting job next month fresh out of undergrad. Im first-gen and can use literally any and all tips on savings accounts, investing, improving credit, and other financial advice! I just want to set myself up correctly and put my money to use properly. (I don't rent & Under 10k student loan) Thanks all, in advance

like
Posting as :
works at
You are currently posting as works at

- Max 401K from the day 1. 401K balance multiplies very quickly (pre-tax dollars, company match and directly goes from salary), and you will soon have a significant NW.
- most people might suggest otherwise, get rid of all debt on priority. Being debt-free is a really good milestone.

like

I recommend starting with putting minimum to 401k if you have company match. I don’t recommend maxing out considering you probably need to figure out your lifestyle spending and any other needs. Start also by building an emergency fund. I think considering the current economic climate for jobs, 6 months is probably a bit better than just 3. And what percent is your student loan at, and what repayment plan are you working towards? I personally also like to max a Roth IRA before working more towards 401k but I think it also depends on if you plan on making any big purchases at some point

like

Hmm then yeah I would def put minimum in 401k and wipe off the loan. Just make sure to remember to apply pay off to principal after you make that minimum that applies to interest too. Then do a split to emergency fund and Roth IRA. But as long as you create the Roth IRA in the current calendar year, you’ll have until April of next year to contribute too, so it’s not terribly pressing

like

Get in the habit of reviewing your spending every month. Make sure you know where you are spending your money and that you’re happy with that.

When you’ve done that a couple months, think about long term plans: when do you want to buy your next car? A house? A fun trip? Let’s say you want to buy a car in two years. How much do you want to spend on it? Research how much car you can afford to buy to help understand and decide a budget. Then decide on a down payment you want to have and add a new line to your budget for saving every month to reach that goal. Follow this process for all big ticket items.

Write down those goals and plans each year. It sounds silly, but writing things down helps. It’s like you’ve made a contract with yourself.

If you can do this and keep it up (obviously making changes and modifications to the process to suit what works best for you), you’ll be set up for great financial success throughout life.

like

some podcast and book recommendations would also be greatly appreciated! anything helps

Related Posts

What is a good introduction book on investing?

I've heard multiple people say at a certain age, it no longer makes sense to make partner. What does that even mean? I know you typically have to be a partner for 10 years to fully vest in the pension. But even if I were a partner for just 2 years, isn't it still better to be a partner? Year 1 partner comp might be almost same as your comp the year you made partner due to health insurance and buy in, but it's not like you're worse off as a partner. And you get your buy in back when you leave.

like

New job, new 401k. Not quite as many options so trying to figure out a good mix to stick with maxing 401k. Target date fund (2045) has decent fees but has 40% international stocks. Isn't that high? My old mix only has 20%.

like

Any one of you made a plan to save for your home’s down payment? My SO and I have to just start with this process and your experience and lessons learnt will help us plan and achieve our goal efficiently.

like

Help me decide:
If you could double your salary with a new job offer, would you leave a job paying half as much but with a pension and post retirement insurance?

like

Household income is 350k in jersey city.
Traveling to India can we afford business class return flight is around 3.5k per person its me and my wife .
Economy is around 800

likefunny

Currently contributing to traditional 401k and planning on taking a 1-year leave of absence in a couple years.

Is it a good move to do a Roth conversion during the leave of absence? Also how exactly would the conversion be taxed? TIA!

like

EY folks, my regular 401k only goes into the target retirement stock from vanguard. Can I change my allocations to go to another stock instead? If so how?

like

Has anyone used the Warton Group to purchase 401k leads? How was your experience?

Why bother with 529 plan if you can use an IRA for kids tuition expenses (give the assumption that I'm not currently maxing my 401k, nor doing backdoor 401k)? Wouldn't it be more tax efficient to use the 401k / rollover IRA?

like

Newer to the game compared to many of you, trying to decide if splitting 401k contribution between traditional and Roth is worth it.
Let’s assume I am not in a higher income tax bracket at retirement (current base is 100). Is it still worth it to split contributions between Roth or traditional (6% trad to get match, rest would be Roth)? Some different proportion split? TIA.

like

How do you get out of a credit card debt trap?

like

Who here has successfully built a side hustle or startup? Who here is successfully creating additional income? Does anyone have resources [books, podcasts, anything] that have helped them?

likeuplifting

Just got to know VISA doesn't give lease breakage/First month rent/first month rent its kind of they give either relocation of stuff or one of those things (Only 1 option) which is weird to me.. I thought they are big FINTECH company..also they economy class ticket ..which is super low.

like

I’m almost done with my MBA but I’ll have to take out a loan to pay the last bit of it. I’ve paid about $30k out of pocket and I’ll have $18k that I’ll have to take a loan out for. I have a brokerage account that has $10k in it. Would it make sense to pull that money out to pay for the majority of what I have left or to just get a loan? I’m meeting with my FA in the summer but am just curious for other opinions. Keep in mind I make $53k and I have a 401k, Roth IRA, and traditional IRA as well.

like

Can anyone help me calculate the monthly salary, it's my first switch and the HR mentioned that you can opt out from employer contribution and just divide it by 12.

Also need some advice on how to save taxes. Coming under tax scheme for the first time. PwC

Post Photo
like

Are there options trading coaches or mentors? I’ve done well in stocks trading, have basic knowledge of derivatives from the BComm in Finance and various books/online resources.
But I feel like I’m really lost in the actual practical aspect of options trading and would love to learn directly from someone who’s experienced and successful in it. Preferably someone who’s smart about risk-minimizing strategies.

like

This has probably been asked many times in this bowl - what’s the best hotel rewards program? I have the Chase Sapphire Preferred card and I’m a Southwest RR member. I travel maybe 25-30% of the time

If I've maxed out my TFSA, should I continue investing through an RRSP or a personal investment account?

For context, I also have a good pension. My main concern is that while the RRSP will be nice to lower my taxable income now, I'm worried when I retire I'll have to withdraw too much from both the RRSP and pension. Thoughts?

Hi all- I’m new to real estate investing. What are some books/ reading materials you would recommend to learn about selecting the right investment property, things to look out for, laws etc.?

like

More Posts

Looking at a condo that was first listed in mid-August for $735k and has had two price decreases bringing it to $699k currently. How can I estimate just how low I can offer without them just ignoring me?

likehelpful

Hi Folks,

What would be possible career path for business analyst ?

like

My current package is 22LPA, designation Senior Engineer, experience 5.5 years , joined Nagarro exactly 1 year back. How much increment can I expect in my appraisal which will be in this month?Nagarro

like

Does anyone know how to register nps from Infosys portal? Or any investment in Infosys from compensation? #infosys

like

My tendons in knees and ankle keep popping. The dr says I don’t need to worry if there is no pain associated but it is still annoying. I don’t know how to fix it. Been about an year.

like

Please help me get 11 likes, thank you 🙏

likefunny

Thinking of spending on a nice messenger bag <$500 or so. Any suggestions?

like

Hello Folks,

Looking for your advice on company selection

Offers in Hand -
1. Emerson Tech Center 24.5 LPA + 10% VB
2. ACCENTURE 20 LPA + 27% VB
3. HCL 20 LPA + 15% VB
4. PWC 20 LPA + 25% VB
5. EY 20 LPA + 10% VB

Tech - Power BI, SQL & Azure
Experience- 7.5 Yrs

Please suggest -
- Is this offers as per market standard for 7.5 years of experience? ( Or any better offer will get from any of these company)
- Which company is good for long term.

Thanks in advance 😇

like

HR just got back to me about my application which I applied to 2 difference positions.
I'm curious to know how much do each positions get pay. Is it wrong to ask which one get pay more?

like

Any suggestions on the best gym in or around the City (Cannon street) or Aldgate. Preferably one with a good mix of classes and schedule

like

I’m leaving ibm soon for somewhere else. My BPM during my time here has been horrible (does not respond to calls, oftentimes misses meetings, does not give good feedback). Am thinking about ...

like

Checking if this bowl still alive 😂

likefunny

I'm an engineer and I love building things but based on what I've seen about Gen Z, I think I'm going to raise my kids in a less modern style. No TV, no internet, at least until a certain age.

like

Would you say it’s hard to become a manager at Big4? Is it more of a tenure thing or do you need to have a business case?

like

Your response to recruiter/HR usual concerns around H1 transfer? Quite tired of "will you be able to join in 2 weeks"? No, since H1 transfer needs to processed first!

Pun for the day:

If a short psychic broke out of jail, you'd have a small medium at large.

funnylike

Guys ,
I'm asking this query for 3rd time in this forum... kindly share the salary range for Consultant postion in SAP SDC and the rounds of interview .

like

I have a major surgery the end of this month. No idea if I'll work remote within a few weeks or need more (8 weeks is rec'd). Any advice for social strategy not just one month but well into the next? Social media is the hardest to plan ahead for me. You can't schedule reels so they're in drafts. I'm marketing a restaurant and mgmnt doesn't love making tons of food at once that won't get sold, so I take most pics as we go. I do have some evergreen ideas/know some events but welcome advice!

like

Anyone from NYC. 34M here

ISO a lawyer who can help me with a civil matter in CO. Thanks!

like

Additional Posts in Personal Investment Chatter

Crypto newbie. Would you buy dogecoin with it being so low right now?

funny

I feel like I have no idea what I am doing when investing in stocks/real estate. Any recommended books/videos? Thank you

like

I’m 25. Been focusing on working hard, saving & investing for the past 3 years, and didn’t know how much I’ve truly accumulated and grown. Just finally linked my retirement account & stocks account in today (hence the sharp increase) and am shook 😱. This doesn’t include another $50K I put in real estate. Wow I didn’t expect my networth to be crossing 200K already. I feel so lucky and grateful! 🥳

Post Photo
likeupliftingsmart

Too late to buy MSFT?

like

24, a decent amount of savings in the bank. I’m sort of interested in buying a property in the next few years.
Is this a good or bad idea? I live in Ny area, so obviously the city would probably be too expensive to buy any property. Would probably have to buy further out in westchester, Long Island, maybe connecticut or NJ. If I buy, should I be living there? Or should I rent it out until I’m ready to live there (assuming it’s a bit further from the city). Very early stages of just thinking

like

Drawbacks of using blockfi to put 5-10k? Other then it’s crypto (volatile and non disc)

like

Need help. I have $13k saved for my kids age 6, 9, 10 in just a high interest savings account which actually decreased to only .50APY. Looking to move it or do something with it to help it grow more than a few bucks a year. What are my options? Not sure if they'll go college route or where life leads them. I'll be adding approximately $300/month this year to the savings.

like

Roboadvisor recommendations for personal investing/any experience with SoFi’s robo advisor?

I had 60 day late payment of 35 bucks in Jan. It was new Amex Hilton card I opened for stupid points. It was reported and my credit score had been consistently dropping from last 6 months. It was 780 and now is 735. I realized this 3 months and been paying my credit card bills immediately. Infact I have overpaid each card to have negative balance so my credit utilization is almost zero. What else I can do to repair the damage. I am applying for homeloan and this is big issue to get best rate

like

Real talk, does this mean that gas stations will pay me to fill my gas tank? 😂

like
like

I think I might have over-contributed to my Roth IRA this year. I didn’t think I would reach the income limits to phase out but it looks like I might be close or just slightly over. I already contributed the full $6k. What do I do?

like

Does anyone feel resentment that their parents don’t have a proper retirement plan? My parents were immigrants so it took them a long time to get good jobs and save money. I’m grateful they provided a lot for me but also feel an incredible amount of burden. Does anyone have tips or advice?

like

At wut point did you start using a financial planner?

like

What trading platform (not RobinHood or Webull) can one set up automatic investments in ETFs and/or stocks?

Fidelity, Vanguard can do this but only with mutual funds, I am looking to set up a bi-weekly direct deposit + automatically investing in different ETFs/stocks. Any suggestions?

like