Hi there, looking for some advice on my financial status. I am 23 years old fresh out of college and making 70k a year in NJ. When I graduated in May, I had about 16k in student loans but have it down to 9k and right now my short term goal is getting it down to zero by March 2019 (paying about 1500-2000 a month). I have a 401k where my company matches the first 5% and have been taking advantage of that since day 1. My take home pay is about 4200 per month and for now I am living with my parents, giving them $400 per month to help with food and the bills. Aside from a couple splurges here and there, I have been pretty good about my spending. As soon as my check hits the bank I transfer $1000 to my long term savings account (.55% APR) and $250 into a short term reserve savings. Once I have my debt out the way I do want to start looking into a stock portfolio for long term investing, such as index funds. My question is am I on the right track? Can I be doing something different/better. My friends and family tell me that I am on the right track. My mid-long term goal is to eventually buy a house and live comfortably. I am hoping to make more money later down the line, but I know that the more I save now the more I will have in the future. Any advice would be much appreciated!
TLDR; 70k a year, 401k match first 5%, 9k left in student debt (paid off by March 2019)… how much should I be saving for the future?
Submitted October 16, 2018 at 10:13AM by vinnythepoo18 https://ift.tt/2RRHnOZ
