i am a recent grad and i just started my first job. i need knowing what to do with money. how much do i save, invest? also i have student loans
Coke n hookers in first year only
Always pay off loans first
Try to spend only 40% of what you earn. Aggressively pay off student loans. Invest in S&P or Vanguard for the very long term.
Faq on r/personalfinance
The interest rate on your loans can cancel out any interest on a 401k so pay off the loans first
True of high interest credit cards, but otherwise bad advice. Your 401k is both tax advantaged and hopefully employer matched. Even if not, 8% long term stock returns will beat a ~3% car loan.
Generally only federal student loans are 4% interest, private loans can be around 10%
careynachenberg.weebly.com/finance-101.html ^^ UCLA prof that gets a lot of CS/EECS kids. The advice is great intro to not be dumb with money advice
Thanks. Great read!!!
Listen to Dave Ramsey. You can find him on YouTube.
Good for people in debt or with really poor judgement. I wouldn’t start there.
This op has student debt, is fresh out of school and is asking on blind what to do with money. Dave Ramsey is a perfect fit.
Ramit Sethi’s “I will teach you to be rich” book is a good intro and very accessible content for someone starting out.
pay off your highest interest rate loans first then save for your 401k and minimize all other expenses.