Hey everyone, I graduate college with a degree in Finance this May. I landed a job that i start in July. Starting salary is $45,500. The main reason i am starting this thread is for any suggestions/hints/things you wish you had done/things you shouldnt have done when you were my age. I am 22, have 0 debt. The first year i will be living at home so will get to pocket most of my salary. I have 10k saved and plan to use that as a down payment on a used Nissan 350Z. Any suggestions on things not to waste money on, where to invest? how much should i invest so early? etc...any life tips help!! thanks guys!

financially: don't buy a 350z?

its good to be young and have fun, so if thats what you want and will keep it for a while, thats a car that will probably be "in" for a long time.

Never buy a car that you can't afford to pay cash for.

Pregame at home before going to the bar.

Savings: $20 a night

Oh for it to be 1998 again, after moving back home from college (not graduated) to take a $35k/yr job.

What would I tell myself?

1. Don't buy a new car (within a month of moving back)
2. Don't buy a stereo system for said car (that was stolen a few months later)
3. Don't buy a stereo for the girlfriend's car (luckily she's still around as my wife -- car and stereo are long gone)
4. Don't just pay the minimums on your credit cards
5. DO move out of my parents house ASAP. After a few years of not living at home those 4 months were hell.
6. Pay off all the debt (had cc and loans from college which is why I had to quit)
7. Change my lifestyle to be a lot cheaper (still working on it 10 years later).

Now, the things I did right?
1. I learned a BUNCH at that job. It was at a small company and I had the opportunity to learn a lot of different things (from customer service, to tech support, to business development, to software development). If I'd gone to work for a big company there is no way I would have gotten that experience.
2. I made some very good contacts and friends that continue to help me, just by talking to people and keeping my ear to the grapevine.

Zan86 said:IRA i can only put away 4k a year my first year. Since im living at home i estimated i should have around $30k to blow that firs year after tax.Since you're in a relatively low tax bracket, it makes sense to max out your Roth IRA. The limit for 2008 is $5K.

If I were you, I would prepare a budget as if you were not living at home. After you max the Roth IRA, save at least 3 months worth of expenses (including however much rent would be) in a savings account before you do anything else, this is your emergency fund. Then split the rest of your money between savings and the Z fund. Once you have enough to buy the Z with cash, do it.

When you start building your portfolio, make sure it's well diversified among asset classes.

Zan86 said:I had more money, but just took 5K to travel. I am going to London for a week, then i have a 16 day Contiki tour where i visit 8 countries in europe, than im going to South Africa (where i was born) for a month. So travelling i will get about 6 weeks in before i start and there is no way in hell im buying a prius. My school is in Boulder, Co where every other car is a damn priusIf you already know how you mean to throw your money around, why are you asking what to do?

Zan86 said:I had more money, but just took 5K to travel. I am going to London for a week, then i have a 16 day Contiki tour where i visit 8 countries in europe, than im going to South Africa (where i was born) for a month. So travelling i will get about 6 weeks in before i start and there is no way in hell im buying a prius. My school is in Boulder, Co where every other car is a damn prius

That is good that you are travelling, although IMO you would benefit more (personal development, added wisdom) if you went it alone instead of going with a tour. Save the tour for your honeymoon.

I understand that you would probably not change your mind from a 350Z to a Prius... I wasn't necessarily suggesting that. If I were to offer a suggestion, rather than just sharing what I wish I would have done, I would suggest that you get out a pencil and paper and write down all of the reasons, the real reasons, that you want to buy that 350Z. Then, whenever you see someone about to get into his 350Z, ask him if he leases, makes payments or owns it outright, and then ask him if he is in debt up to his eyeballs and does the car make him forget about that when his head hits the pillow each night. Then read "The Millionaire Next Door" if you haven't already.

Zan86 said:since i will be getting a place with my friends next summer.

Don't get a place with your friends.

After four years of living in a sausage party I can't take it anymore... getting married soon though so it won't be an issue.

Also, don't be looking for things to throw your money at. Buy a cheap used car, keep the 10k minus car as an emergency / got-to-move-out-from-parents fund. Put money into retirement, buy mutual funds (as they are on sale), general investment stuff.

Freno911 said:Zan86 said:since i will be getting a place with my friends next summer.

Don't get a place with your friends.

After four years of living in a sausage party I can't take it anymore... getting married soon though so it won't be an issue.

Also, don't be looking for things to throw your money at. Buy a cheap used car, keep the 10k minus car as an emergency / got-to-move-out-from-parents fund. Put money into retirement, buy mutual funds (as they are on sale), general investment stuff.

So your going from one mistake to a even bigger one (getting married)