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« Are You Ready to Move to Get a Raise? | Main | Jewish Thoughts on Wealth »

September 18, 2010


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i did #3 and there has not been a better move looking back in retrospect. just a tremendous boost going forward in more ways than one. those who have been there done that know what I am talking about . . .

Great article. 10 percent isn't even very much to ask for. The more you can get in the habit of putting away money for investments and retirement the better off you will be. Many people are taking money out of their retirement to survive right now, and that is unfortunate, but where would they be if they weren't even saving for retirement?

Look into your investment options and make the best decisions you can. There are some very good investment tools that people don't even know about.

Regarding student debt, one temptation is to ask for a hardship deferral. This is where you ask to stop making payments for a period of time because your income is below a certain threshold. However, the catch is that, depending on the circumstances, interest still accrues on the loan, so that you end up with a bigger loan than you started out with. The bottom line is that you should make good on the loan ASAP.

The other thing I would add is to limit credit card debt right from the start of your career.

I graduated in 08' so it was refreshing to see something for my age group.

1. Save at least 10% of your income.
Done. I have a good paying job and I am going to fully fund both my 401k and Roth IRA this year.

2. Student debt? Try to pay it off as soon as possible, and pay more than minimum.
Did the 'have college funded by scholarships and work-study jobs' route so I have none here.

3. Consider moving back in with your parents temporarily.
I am actually doing this now but it isn't what you think. My parents are overseas so the house was going to be unoccupied or rented out. Now, not only I don't have to pay rent but work is only 15 mins away and I don't go insane with road rage.

4. Look at novice investment options.
I'm grateful that I found FMF and Money Tips Network or else I would be clueless on what to do.

I need a good paying job first. I graduated in 08 and still haven't found one.

This is a good list - all the options are fairly easy to do. The hardest part is doing a little bit more than the bare minimum. Instead of saving 10%, try 20%. I also recommend if you don't find a job right away, to explore options like continuing education, especially one that is online like ICDC College so you have the freedom to work part time or look for a full time position. Mary - you're not the only one out there. Keep your head up.

I temporarily moved back in with my parents. That was one of the best decisions. It helped me land a decent job which propelled me into a career.

Graduated '07.
Career started 2011.
4 years in the making.

Hard work. Well worth it

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