22yo, recently laid off from first post-college job. What to do now?

[Mactastic4167]

He better not be

why not? an officer in the Air Force is

Not that easy in today's military with the severe drawdowns, espically for officers.

The money he could make on the outside with his resume ***** on officer pay.

 

[runyc]

@Runnyc - I could understand why you think we are getting away from the main point but **** just don't add up.

He said he was saving all through high school and college. Sounds to me like he made every right decision in his teenage years and then decided to get lost when he graduated college. It just doesn't make sense.

After years of being on this site you learn that the smallest of fibs can turn into some crazy **** getting exposed.

This may or may not be another instance.

I've been on this site long enough to know that, but as someone mentioned, it's an irrelevant point that people are harping on. 

Also, not to humble brag, but $50K is not entirely outrageous to have in savings, I had more than that saved up after my first year out of college. And to provide background since I'm sure someone will ask if I come from an affluent background, I did not. I graduated debt free since I went to a public college and had excess scholarship money, I went to a commuter school so I lived at home, I had a paid finance internship all four years of college, I sold a good chunk of my sneakers in college and I also made smart investing decisions with the money I did have saved up. Everyone on this forum comes from a different background, there's just always been this mentality of calling duck tales and ignoring the relevant reasons why this thread was created. 

 

[diego]

It definitely isn't an outrageous amount but let's not act like it's a normal thing for a person fresh out of college either.

My point is that if he was smart enough to save that kind of money by the time he was old enough to drink then I can't imagine he will have a hard time getting back on his feet.

 

[americangenius]

Side note, I would take the time out to start something of my own especially if you have some money to float you. I was in somewhat the same boat at your age and turned down a job at UBS(IB) to start a company. Best decision I ever made, couldn't envision doing investment banking when there was an opportunity to create something great.

Many of the people in finance are doing it strictly for the money and ignore their actual passion. I speak from first an second hand experience, before NT calls me a hater or dismisses it. Several people on this board are in finance and will tell you their primary reason is for the money, and that their job is actually uninteresting.

 

[omgitswes]

It definitely isn't an outrageous amount but let's not act like it's a normal thing for a person fresh out of college either.

My point is that if he was smart enough to save that kind of money by the time he was old enough to drink then I can't imagine he will have a hard time getting back on his feet.

My thoughts exactly.

OP seems really bright, I think you'll be fine homie. Just don't get too distraught if nothing comes along instantly

 

[superantigen]

I agree with Diego, OPs story just doesn't add up.

He's 22, so he's at least 1 year removed from college or 2 years removed--at best.

It's possible to save up 50K having worked for 2 years and having grossed 120K in that time period. Obviously, with taxes--likely NYC taxes--and other deductions factored in, OPs net decreases substantially. Still, if he's living at home with no loans/debts, it's possible to save up 50K. Of course, I say all of this assuming OP is two years removed from undergrad, which implies that he graduated from college in 3 years, and further implies that dude is focused and/or driven.

If OP is one year removed from college, which is understandable given his age, then I really cannot fathom how he was able to save up 50K on a salary of 60K, especially after you factor in taxes and other deductions. Taxes and deductions, especially in NYC, will add up to more than 10K of one's annual income, so how OP saves up 50K in one year when his net is likely well below 50K is really astounding. Someone who can make money appear out of thin air should have no problems finding finance jobs. Heck, if his secret got out, dude would likely be up for the chairmanship of every major financial firm in the world...

But...he says he's been saving all through high school and college. Fair enough, I suppose. In this scenario, I guess 50K saved up isn't beyond the realm of possible. However, a 22 year old who was both mature and diligent enough to save up 50K over the course of his h.s and undergrad years is a rare thing. It's hard to imagine someone like you (OP) needing advice on where to go next given all that you've accomplished--financially speaking; surely, now, you can see why folks (myself included) are skeptical of your claims?






...

 

[slighted]

Thank you to everyone who responded. I want to clear up as much as possible and to be honest, I didn't expect so many posts questioning my rainy day funds.

To give you some more background:

- Family had business in Chinatown NYC; I worked there and had to help out since I was 13

- I juggled multiple part-time jobs during high school and college (the latter was where I saved up most during my paid finance internships)

- These jobs helped pay bills + rainy day funds (I went to high school and college on full scholarship)

- I also sell clothes/shoes (e.g. streetwear/menswear) on the side

Hope that clears up the air. I definitely didn't want this to come off as a brag post and I apologize if it did. I made a ton of mistakes during my teenage years and had to learn the hard way.

It goes without saying that I wouldn't be where I am today without the help of friends, family, and NT brethren. I am beyond grateful and appreciative.

 

[rell826]

he also said no debt/student loans

safe to assume he is from money

he doing better than a lottttttt of ppl i know who are older than 22

He's doing better than a lot of adults as many don't even have sufficient retirement funds or had 401Ks wiped out due to people in his industry.

 

[joe quimby]

Op lets start a streetwear brand. Im creative as **** b. Lets get this paper

 

[johnnyredstorm]

If you like finance work somewhere cold calling just to make a paycheck in the meantime.

 

[keko jones]

Op lets start a streetwear brand. Im creative as **** b. Lets get this paper

why not come up with a business plans to include designs materials marketing scheme prices location etc and present it to a bank. If you have a solid plan .. You might be able to open a boutique.

 

[joe quimby]

why not come up with a business plans to include designs materials marketing scheme prices location etc and present it to a bank. If you have a solid plan .. You might be able to open a boutique.

Because I have zero collateral. Im legit poor. Banks aint takin chances like that in these hard times

 

[keko jones]

Because I have zero collateral. Im legit poor. Banks aint takin chances like that in these hard times

have you tried? I mean if you are ambitious consider yourself a creative person and believe you can make it ... Why are you accepting a no before even trying. Of course banks aren't going to lend money out if u asking for money .... They want to see a plan that can succeed and make them profit.

 

[Kaleo15]

$50,00 already? Shoot... I would retire already!


I don't even have $50 in my bank account.

SN to post ratio through the roof

Well I'll be damned, would you take a look at that.

 

[joe quimby]

Because im a realist

 

[keko jones]

Because im a realist

thanks for letting me know what you are about ... As an investor you are exactly the people that I stay away from. People that talk a big game but it comes down to it, you aren't willing to get dirty and put in the hard way. Nothing about being a realists ... It's about knowing what you want and going after it regardless if it's going to be a difficult challenge.

 

[joe quimby]

thanks for letting me know what you are about ... As an investor you are exactly the people that I stay away from. People that talk a big game but it comes down to it, you aren't willing to get dirty and put in the hard way. Nothing about being a realists ... It's about knowing what you want and going after it regardless if it's going to be a difficult challenge.

Dawg. You have to understand, I live an incredibly savage life. I'm typing this from a $40 virgin mobile phone that's never been activated that I bought from selling my foodstamps. I'm. Optimistic to a point where most people think I'm delusional. I fantasize about how I'm going to make it all day most other days. I've pawned all my stuff to buy bus cards just because I believed I was going to get a certain job. I'm starting to realize my mind is betraying me. I'm so relentless that I used to stay up all night making beats thinking that I would get my fair shot. 20+ hour sessions. Then I had a stroke. The world is not fair. I get smarter everyday but its usually thru my own trial and error. I stay dedicated to things way longer than I should. Toxic friendships and **** like that. I still have the same drive im just not impulsive as before because I've burned myself out too much. I'm not in a position to continue making mistakes

 

[paulprince3730]

 

I'm kinda going to call duck takes on having 50k saved up.

I mean how is that possible. Like your 22. Say you started working when you were 16. Thats an average of 8k a year or so saved. Like what kinda job did he have? Unless his family is wealthy to begin with and he was able to not spend any money.

some of my friends had 40k in hs (16/17)

im not trying to say op went the route of my friends, but its possible for them to have it by themselves

also , its old but

this kid knows the stock market and had 50k worth in stocks at 14

http://www.entrepreneurrookie.com/blog/damon-williams-14-young-millionaire-in-the-making/

 

[rell826]

some of my friends had 40k in hs (16/17)

im not trying to say op went the route of my friends, but its possible for them to have it by themselves

also , its old but

this kid knows the stock market and had 50k worth in stocks at 14

http://www.entrepreneurrookie.com/blog/damon-williams-14-young-millionaire-in-the-making/

He also doesn't come from the background that many that look like him do. His parents told him to save up for stock. They're likely more well off and educated than others to begin with.

 

[mackmittenzz]

Jesus I'm 24 with about 400 in my bank. And I just worked philly soul, Cher, and the science festival so that's like a rack in a couple weeks. Bt 22 and got 50k stacked already? All you need is guidance to flip that money, and ur set for life, some would say U already have it made with. 50 k in the bank and on. Ur way to getting a job somewhere eventually

 

[paulprince3730]

 

some of my friends had 40k in hs (16/17)

im not trying to say op went the route of my friends, but its possible for them to have it by themselves

also , its old but

this kid knows the stock market and had 50k worth in stocks at 14

http://www.entrepreneurrookie.com/blog/damon-williams-14-young-millionaire-in-the-making/

He also doesn't come from the background that many that look like him do. His parents told him to save up for stock. They're likely more well off and educated than others to begin with.

nah, raised by a single mom who was strugglin

he got into it because he wanted to buy some jordans, and his mom said nope, and she took his money and bought Nike stock, but i think she matched whatever he invested also whenever he bought shares

 

[paulprince3730]

Jesus I'm 24 with about 400 in my bank. And I just worked philly soul, Cher, and the science festival so that's like a rack in a couple weeks. Bt 22 and got 50k stacked already? All you need is guidance to flip that money, and ur set for life, some would say U already have it made with. 50 k in the bank and on. Ur way to getting a job somewhere eventually

50k is good capital for something small

that guy from chicago that posts in the WDYWT thread a lot said he and his people started their boutique with 10k altogether

not sayin op should open a boutique, but my point is he has enough capital to start his own venture

after he does heavy research and finds the niche he wants to get into

 

[villansfinest]

since you're asking for advice...

find an activity that challenges you physically and schedule time to do that every single day. in the future, if you have a more traditional job, you may not have the opportunity to spend this amount of time focusing on something that you are interested in. so go surfing, go hiking, go kayaking, go running, lift weights, dance, do whatever it is that you love, whenever it is that works for you. as soon as you have more commitments, this part of life becomes harder to keep up. staying physically active can help you keep your mood positive and helps you keep that feeling of achieving your goals. plus it's a fun way to meet people and do interesting things that you can talk about during interviews in the future.

sit down and financially plan out your WORST case scenario. what would that be? no job 18 months from now? whatever you think the worst thing that can happen is, make a plan for how you will get yourself to that point. it kind of helps with a countdown to build a sense of urgency or a way to feel comfortable with being where you're at. whenever you get down about your current situation, consult this scenario and remind yourself that you'll be able to last much longer.

meet people with jobs. people with jobs can help you get jobs. try not to spend time around people that don't have jobs. people who don't have jobs generally can't help you get a job. feeling sorry for yourself does not lead to productivity. stay positive, and try to do something every day to move forward and make progress in some area of your life.

from your post about achieving 50k in savings by working odd jobs, and selling things on the side,... well, honestly, if that resulted in you having 50k in savings over the course of 6 or so years... why not continue that? if you have a good answer to that question, that can help you determine your next step in life.

this advice is based on being unemployed for 5 months and having way way way less than 50k savings. i am curious about what advice you expect to get from NT as your situation is not a common situation to be in.

 

[dathbgboy]

$50k saved up? Move somewhere where it'll stretch further for u......nvm, you're in good shape. Start looking to get your licenses and certs if you don't have them already and strike out on your own as a consultant

 

[Deleted member 72674]

shoe boutiques......

hopefully one day they will all die out....