Just got my first “real” job

FereallyRed · 2019-07-29T01:05:27+00:00

You need an emergency fund.

You need to set up a tax advantaged retirement account.

Then a low risk investment account like a mutual fund.

You need to think of what you want to do as a side gig/passive income stream like real estate.

There are financial advice subs here that spell this all out for you.

VasiliyZaitzev · 2019-07-29T02:34:54+00:00

A. Save the first 10% that hits your hand. You won't miss it. Put enough into your 401k (if you are US) to get the company match.

B. Accrue an "emergency fund" - at least 6 months of expenses. Treat every raise as "savings" and add to your emergency fun until you hit a year. Add more to your 401k and your IRA.

C. Have a spreadsheet so you know WTF is going on with your $$$. If you are dropping $100s at bars n'shit you may not miss them until you're like "Where the fuck is my money at?" That's why you pay YOURSELF first.

D. Treat a car as a "box of miles". Don't worry about driving a Porsche like Uncle Vasya - his Porsche came once he could afford it, after a long time of not having his head up his ass on spending.

E. Read "CorporateLand" on the sidebar. It has lots of good information, both work and non-work related. I know that guy and he knows his shit.

GayLubeOil · 2019-07-29T05:03:06+00:00

Buy yourself a nice bed, sheets and matress. The faster you fall asleep the better in terms of your long term health.

fartt123 · 2019-07-29T01:25:17+00:00

Good topic.

AztecNorthSider · 2019-07-29T02:26:42+00:00

Save all you can. Act like you're broke and poor.

Lazyman_4hire · 2019-07-29T04:39:00+00:00

Set up several different (no fee) savings accounts and pay 10% of your net income into each -

One for emergency funds

One to save up for a house

One for a holidays fund

One for investing (Warren Buffet recommends buying into a good Index fund in Australia this could be AFI or ARG)

And the last one for splurging! Spend it however you please.

The rest of your money is yours to do as you please and pay bills, rent, and the essentials. This system (that I call "My 10 Percents") is my own take on the systems outlined in the books "Rich Dad Poor Dad" and "The Barefoot Investor", both of which I highly recommend reading as a an easy personal finance guide.

Congrats and enjoy your new job!

[deleted] · 2019-07-29T06:04:04+00:00

Fatfire/leanfire/fire subreddit

Goal should be to generate passive income properly through investments .

Read about index fund investing.

Goals. 5,000 nest egg in a CD in at least 2.75 percent for 1 year at a time.

Next max Roth IRA 6,000 into total market index fund like VTSAX for example.

Max 401k for match if u have option at your company.

Save money for a house to add to portfolio.

Study stocks and maket. mostly invest in index funds. Create a simple 3 index fund portfolio if you’re lazy.

hiddenpleasures123 · 2019-07-29T09:22:30+00:00

One financial mistake I made in the past, financing new and expensive cars. Don't fucking do it even if you have the the disposable income. Literally everytime you look at the window at it, is like flushing money down the toilet.

Kemuser · 2019-07-29T02:11:00+00:00

Go check sub like personalfinance or financialindependence.

Rrfei · 2019-07-29T06:44:57+00:00

I have some sales experience, am in the market for a job, what type of sales job offers $23 an hour starting?

If you don't mind sharing!

redpilllogin · 2019-07-29T05:23:02+00:00

Search: Dave Ramsey and his book Total Money Makeover. All you need to know about money can be learned from this guy.

HurricaneHugues · 2019-07-29T13:53:39+00:00

Read The Richest Man In Babylon as well as Rich Dad Poor Dad . So that you become financially literate and know proper money managing skills. Making a lot of money doesn't mean anything if you don't understand money. 60% of NFL and NBA players file for bankruptcy after they retire.

Money is one of the few man made things that doesn't come with an instruction manual on how to properly use it. Learn how to properly use money. You should always be living below your means, invest 15% of your income, save 15% of your income, live with 70% of your income. Every paycheck, follow that formula. 70-15-15.

RedPillAtNight · 2019-07-29T19:36:23+00:00

Find the Prime Directive on the personal finance subreddit. And then, do six month of reading. Good luck!

Irtotallynotrobot · 2019-07-29T22:29:25+00:00

Saving your money is important, but don't forget to use it too. There's a reason they say "spend wisely" not "save wisely". Once you hit your established goals for saving (retirement contributions, .5-3 years expenses, debt paid off), it's important to think about how you use it. Anything that improves your chances at making more is a good bet (education, certifications, business). Set aside money periodically to go on a trip or make a long term goal on a purchase. Always pay for a car in full, cash. Traveling is a covert priority, it gives you perspective and immediately increases your value in conversation, people measure eachother based on where they've been.

Basically, don't be the guy who has 2 million in retirement when he dies and lets it go to probate.

Greaterbird · 2019-07-29T05:08:03+00:00

Why are you asking TRP? This is a question for the personalfinance subreddit

IWantAllYourMoney · 2019-07-29T05:37:05+00:00

buy bitcoin in the next dip

Title	Just got my first “real” job
Author	woke_wizard
Upvotes	40
Comments	25
Date	July 29, 2019 12:59 AM UTC (7 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/cj44s9/just_got_my_first_real_job/
Archive Link	https://theredarchive.com/r/askTRP/just-got-my-first-real-job.247188 https://theredarchive.com/post/247188

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