Hi everyone, before I start I just wanted to thank you all for taking the time to read this.
I'm 23 years old and going to graduate this May and have been offered my first "real job" at a Fortune 10 company, after interning there for the past year. This is all very new to me and my parents aren't very good with money, so I figured I'd run my current situation and plan by you guys and see if I'm setting myself up for success.
Location: Kansas City
Starting BASE salary: 70k/year. My facility is a 3 shift operation and depending on the shift I work there is a pay differential (1st shift gets normal base pay, 2nd shift base pay + 5% of base, and 3rd shift base pay + 10% of base)
Salary gets paid overtime after 45 hours a week and double time if a Sunday is required. The average amount of OT compensation a month for someone at my level is ~16 hours a month
Profit sharing and bonuses: We get yearly bonuses with an average bonus for my level being ~$14,000.
MISC: 8% 401k company match, company HSA contribution, unlimited sick days, 16 paid holidays, and I start with 3 weeks paid vacation (can work my way up to 6)
Overall, my peers who are the same lvl of management I am going to be are telling me to expect to make ~$100,000 overall adding in overtime and bonuses.
The bad: Upon graduation I will have $27,000 in student loan debt to pay off. I currently have ~$4,000 in credit card debt that I am trying to pay back. I had a major car breakdown and had to put it on my card, but the car is paid off in full.
My plan: I plan on moving in with my parents for 8 months after graduation, they live in the suburbs outside of KC (about a 30 minute drive to work) and start attacking debt, as well as save for an emergency fund. While doing this I plan on also putting 8% into the 401k and putting 5,000 into an IRA after the debts are paid.
Questions: Is that all I need to do? I would like to move out of my parents after getting everything squared away and move to Kansas City itself. I have been looking at apartment complexes in the city and rent for a NICE place, which matters a lot to me, is ~$1200 a month and is an 8 minute commute to work.
When this is all said and done is it feasible for someone on my salary to pay ~$1200 on rent, if not does the commute make up for it? Is there anything else I’m overlooking?
Thanks again for all of the help!
EDIT FOR GRAMMAR
Submitted February 25, 2017 at 12:42PM by boobtv http://ift.tt/2kX44EB
