March 06, 2008

Coming out of college budgeting/investing advice?

I am a senior and will be graduating in may with a business/economics degree. I wanted to ask what kinds of things should I be looking into in order to secure my financial future. What type of budgeting or investing should I be doing? I am trying to learn as much as I can in order to make good decisions early. Thanks.

Comments

bahellman: What school out of curiosity?
inthemoney: Sorry! this comment should go here. You should automatically try to save 20% of your income. Most people have a tendency to spend first, then save whatever they have left. When that happens, it's not much left to save. You should do the opposite or the RIGHT way. By forcing yourself to save first then spend whatever is left, you are on your way to becoming wealthy.

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March 07, 2008

Posted by itsjoe67

5 stars ( 1 rating )

live on 80% of your salary. Assuming common factors, you will be able to retire around 40 with an annual income equal to your salary at that time. And for every year past 40, you be able to give yourself a 1% raise (43 = 3% raise each year)

Comments

rmklotz4: what should I be doing with the 20% I'm saving? High interest savings account? CD?
bahellman: At your age, you need to take on more risk than what a saving account offers IMO.

March 07, 2008

Posted by bahellman

5 stars ( 1 rating )

Depending on your personality you should either be playing it safe or taking some risks. If you are wiling to take on some risks and have an entrepreneurial spirit, now is the time to be investing your money and time into starting a business. Likely your salary out of school is not that impressive, so why not take the next few years and try to create a business that pays and looks after you and is in a field you enjoy.

Not everyone is entrepreneurial, and there is certainly nothing wrong with that. If that happens to be you, start by maxing out your companies 401k, especially if they offer matching. Next fully fund an IRA then move excess cash into an aggressive growth mutual fund.

Comments

rmklotz4: I appreciate all the advice. And...i would say I am very interested in taking risks, seems to be my personality. I have dreamed my whole life about owning my own business. If anyone has any experience with starting their own business, how do you suggest going about this? Is there any literature out there? I would love to get the ball rolling and thinking like an aggressive entrepreneur.

March 11, 2008

Posted by inthemoney

4 stars ( 1 rating )

You should automatically try to save 20% of your income. Most people have a tendency to spend first, then save whatever they have left. When that happens, it's not much left to save.

You should do the opposite or the RIGHT way. By forcing yourself to save first then spend whatever is left, you are on your way to becoming wealthy.

March 09, 2008

Posted by invsense

0 stars ( 0 ratings )

Don't rush into anything. Get a job, use that time to find what you love doing. While you have a job, spend as much time while being paid by an employer to set yourself up with what you love doing. Again, do this while you have a job on your employer's dime.

Comments

inthemoney: You should automatically try to save 20% of your income. Most people have a tendency to spend first, then save whatever they have left. When that happens, it's not much left to save.

You should do the opposite or the RIGHT way. By forcing yourself to save first then spend whatever is left, you are on your way to becoming wealthy.

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Coming out of college budgeting/investing advice?

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