{ "media_type": "text", "post_content": "I’m 22, fresh out of college at my first job making $45k, I’m saving to move out but have a lot of spare income b/c of no commute, less eating out etc. with WFH and the pandemic, any tips on where I should start investing my money? any advice helps, not really sure where to start, but the earlier the better right?", "post_id": "5ec9bf19f1022f00286e0e58", "reply_count": 7, "vote_count": 3, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

I’m 22, fresh out of college at my first job making $45k, I’m saving to move out but have a lot of spare income b/c of no commute, less eating out etc. with WFH and the pandemic, any tips on where I should start investing my money? any advice helps, not really sure where to start, but the earlier the better right?

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I don’t mean to be brash, but depending on your location you may have far less spare income than you think. I would advise you to save, save, save into an emergency fund of what you’ll need when you live on your own, not what you need now. Once you have that safety net, then worry about investing

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That’s very fair. I graduated relatively recently and moved out and was making around 70k... the costs of moving in and furnishing a place sneak up FAST! You want to keep that money on hand for when you need it. Figure out what it costs you to live your new life, then invest.

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If you’re saving up to get your own place, you should be conservative and put your savings in a high yield savings account, where there’s zero risk. In addition to being an emergency account, you might want some liquid savings for security deposit, TV, furniture, and other “stuff” you’ll need when you move out. If you’re putting money into your 401k, that’s a good first step for investing.

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Don’t mean to sound rude here but I’d focus my time on finding a higher paying role in addition to saving/investing. If you can, throw 50% of your post-tax income into a stock (ETF) called VOO. The rest of your money can be used to learn some higher income skills that could propel you to a higher paying job. Happy to help if you have any questions on my logic here 👍

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I’m wondering what skills you’d suggest as being a good value for propelling myself to a higher paying position, as PwC 1 mentioned, the job market is crazy competitive and I preferred not to go outside of my desired field solely for money, 45 was the higher end of the range offered by the company i’m at now and I had turned down an offer for less prior to accepting this role — Ive also only been employed since March (graduated a semester early in December) so I didn’t have plans to jump ship so soon

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