Looking back, what would you wish you had done with your big law money? Advice for a first year associate making their first large sum of money and trying to avoid money mistakes (sadly in NYC, with high cost of living).

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Maxed out 401k and IRA from year one

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This. For me I think I was intimidated by the process of setting it up or selecting investments, or maybe some other excuse. Just do it. Today.

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Read biglawinvestor.com

likesmarthelpful

Set the goal of setting at least half of your after tax income away for paying off loans + saving, and stay away from large purchases until you have saved enough to pay for them upfront. Until then, don't get a very expensive dwelling or car, just get something reasonably comfy. It will help you tremendously.

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I say set the goal because half of after tax income may not be doable in year one, but if you think of it as this is where I need to be in a few years, that's more than enough to set you on the right path.

Keep it simple. Maximize tax advantaged accounts (401k, Roth, HSA (if offered)). Invest all of those accounts in target date index funds. Don’t time the market, just pump it in there and let it sit. After that, brokerage account into same index funds. After that (or simultaneously), rental properties, crypto, other investment types. I’m on the rental property route right now and the cash flow—aside from the other benefits—is paying for my living expenses. Epic!

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A1–if you are interested in real estate, practice real estate law (me), and already hit your tax advantaged/brokerage accounts in index funds, real estate is a great play. Sure, it’s not simple. But it’s not rocket science.

Just buy VTI

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QQQ and VGT should be a good chunk

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