Here is my current situation:
>graduated less than two weeks ago
>have job lined up beginning august 1st, offer is for 85k
>will likely be living alone in a place that has rent between 1600-2000 (am hoping for 1700 but the market is competitive)
>will have to sign a year lease and will be working at my place of employment for at least 6 months
>will not own a car
>am a male in my early twenties with no spouse
>after 6 months my pay will jump to between 90-100k (exiting the training program and being placed in a permanent position, pay depends on how much I impress them and who wants me)
Honestly I have not had to handle personal finance before and am entirely unsure where to get started. My expenses are relatively few due to my work handling all my medical and not owning a car. Besides rent I have basic stuff, but beyond that I will have a lot of money sitting around.
Investment strategies? Strategies for saving? I really just don't know where to start.
noob here also curious
>>1260472
What I really want to ask are what are some good resources to read? I would like to try in 3-4 to leave my position and start a business myself.
>>1260595
>I would like to try in 3-4 to leave my position and start a business myself
That has nithing to do with your first post. What us your actual question?
Read some Suzy Orman or something t9 get started.
1700 a month rent is a lot. Get a roommate.
>>1260603
Unfortunately in my part of the world 1700 is relatively cheap. San Fransisco is one of the most expensive cities to live in in the world.
Well, assuming that you've never made a lot of money before, it may be tempting to buy whatever shit you've always wanted. Depending on your tastes, this may be sustainable or unsustainable. Basically, you need to run the numbers.
One thing people do is get direct deposit into two different bank accounts, and just live out of one.
>>1260472
-Get 3-6 months of expenses saved, easily accessible. Emergency fund.
-Pay yourself first. Every paycheck, put away 10% minimum. Then start paying expenses. Pay in order of importance: Food, Shelter, Utilities, Transportation.
-Invest 15% of your total income towards retirement. Use your company's 401k match up to the maximum, then put the rest in a Roth IRA. I recommend Vanguard.
-Live WELL below your means. Don't get caught up in the metropolitan hype.
-Enjoy being wealthy
t. 28 year old San Franciscan who was in your same shoes not too long ago. Thank me later.
>>1260605
I was just about to say, you're either an idiot, or live in Australia or San Fran
>>1261198
>new York
>>1261208
>all of new york is manhattan
>>1260472
Calculate your monthly expenses. Put 6-12 months' worth of expenses in a savings account. Once that's done, dump as much of your income into a 401(k), utilizing any employer matching you have available to you and maxing out your allowed contributions. From there, open a Roth IRA and max out your allowed contributions. If you're being hardcore about your savings, you can then open up an account with Vanguard or Schwab (I'm a huge Vanguard shill; I can't recommend them enough) and focus on dumping your cash into low-cost index funds.
If you're willing to live a somewhat modest life, and have the discipline to maintain an aggressive savings rate, a six-figure salary can put you in retirement by 45, easily. Now you probably don't like the idea of socking away more than 25% of your income, but kicking off your wealth accumulation stage with such a high pay rate means that you can be financially independent by the time your midlife crisis rolls around.
