I am a 23 year old recent engineering grad. I recently got hired by a pretty fantastic company in Nevada (currently from MI). The salary they have offered me is 75k, which is fantastic, there could be performance bonus eligibility after a year of employment, but for the most part 75k is what I get. Currently I live with my mom, who also pays for my car insurance. She wanted me to get a little more settled financially before she shifted the burden onto me, however the move is going to change this.
Here are my outstanding debts:
29,000 in student loans (all government loans, highest rate is 4.77%). Also most are not accruing interest yet.
700 CC debt (credit score is like 760 I have about 15k in available credit0
Predicted Costs of Living:
Rent/Utilities: $1000-1100 ($800-900 rent and I believe utilities and internet will not exceed $200. Also I will have to pay extra for a washer/dryer in unit, but this is a must have for me)
Car Insirance: 1500/6 months? (not really sure tbh)
Groceries/Gas: 200-300 a month
Netflix/Amazon Prime/Spotify: $25 a month (basically all the entertainment I need)
Income:
75,000 before taxes, I intend to contribute 12,000 before taxes to a 401k. Taxable should be 63,000. Nevada also doesn't have state income taxes. Using a tax calculator I'm looking at about 13,500 in taxes/FICA etc. I can also contribute 15% of my after tax money to an account that allows me to buy company stock at a 15% discount. I plan to take full advantage of this.
So if my take home is at about 49,500 I plan to contribute 15% to the stock option which leaves me at about 42,000.
With my predicted cost of living, if I'm more conservative at 1300 a month, that's about 15,600. leaving me around 26,500. 3000 for car insurance leaves me at 23,500. I plan to max my roth IRA for this year, and have 3400 left to contribute, which puts me at 20,000, I can contribute 7500 towards loans and have an emergency fund of about 10,000 leaving me 2500 other stuff. I also have a 2000 moving stipend i can use on any moving related issues the first year, this will include rent, but I would prefer to use it on furniture (pots/pans dishes couch etc).
Does this seem reasonable? Or am I being unrealistic.
Submitted June 25, 2017 at 01:22PM by Hum_diddly_dick_kiss http://ift.tt/2u3Ee1F
