Mature posters: I'm 25, where should I be spending my money?

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Joined Oct 24, 2003
I know I should probably seek more professional advice, but I figured I'd try and get my feet wet here before jumping into the pool in real life.

Anyhow, for those who live reasonably (i.e living within you means instead of "stuntin" to impress your peers), I'm completely new to having asizable income. I'm 25, single, and take home around 6-7k a month after taxes. I've been doing some reading and I know that at this age I SHOULD beputting money into retirement, but I'm not sure how much I should be stashing away. Some places I have read that I should put 10% of my income into somesort of interest bearing account, while other places tell me I need to stash something like 22%. After my loans and living expenses I'm thinking I'mgoing to have maybe 4k to spend/save, so I'm asking where would you spend that money? Should I be aggressive in the stock market? Someone once told me thatbecause I'm still young, it would be smarter to be aggressive now as opposed to when I'm 45.

At this age should I be buying dental insurance? I know medical is a must have, but is any of that other stuff worth it? I can see having dental important if Ihad a kid, but right now it just seems like a luxury that I probably won't use. What about life insurance?

And also should I be trying to gobble up property while it's on the cheap? I mean I know it's a scary market right now, but everything is pointing tome buying a place of my own ASAP.

Anyone have any links to some good information where I can begin researching? Is there a forum like this for personal finances?

Thanks ahead of time! Like I said I'm new to all this. Transitioning from a carefree college student to a responsible adult is something I would like to doright the first time if possible.
 
873
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Joined Feb 25, 2008
put it in an IRA if you dont have options where your employer will match. you are young so you can assume more risk than others. Just talk to a broker and tellthem to get you some mutual funds and be sure to diversify your investments. After you make a little more money and gain more knowledge, you can work with youradviser on picking the stock you want because after all it is your money and you will feel a lot better putting it in places that interest you.
 
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Joined Jun 27, 2005
Max out your IRA each month. And look to invest in severely under performing markets and recession resilient markets i.e. real estate, oil, fast foodcompanies, cigarette companies and renewable energy.
 
2,861
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Joined Oct 31, 2008
Originally Posted by GrandaddyPurp415

put it in an IRA if you dont have options where your employer will match. you are young so you can assume more risk than others. Just talk to a broker and tell them to get you some mutual funds and be sure to diversify your investments. After you make a little more money and gain more knowledge, you can work with your adviser on picking the stock you want because after all it is your money and you will feel a lot better putting it in places that interest you.
co-sign

Originally Posted by LAzianBoi

YNS

 
10,723
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Joined Feb 12, 2008
1. if you have an employer that will match what you put away, do as much as possible!!

2. i would STRONGLY encourage you buying a home now.
 
10,795
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Joined Sep 17, 2005
Originally Posted by GrandaddyPurp415

put it in an IRA if you dont have options where your employer will match. you are young so you can assume more risk than others. Just talk to a broker and tell them to get you some mutual funds and be sure to diversify your investments. After you make a little more money and gain more knowledge, you can work with your adviser on picking the stock you want because after all it is your money and you will feel a lot better putting it in places that interest you.
Everything this man said is true. Once you hit 30 you may want to rethink your risks. Anyone over 25 should be putting away for retirement and also putting $$$into savings. To not do it is only doing a disservice to yourself.
 
98
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Joined Oct 24, 2003
Originally Posted by AirAsianJordan

Originally Posted by IdealApotheosis

Originally Posted by CuriousGeorg3

6-7k? what do you do for a living? just curious
Pharmacist
thats what i wanted to be. how much schooling did you do?
6 years through an accelerated program with no summers off and working. Normally it's 8 years and you need to be accepted as a graduate with a degree.

And Rsdplaya, I'm working at an independent, so no benefits, but my pay is high enough to compensate. If there was some sort of retirement plan there Iwould be maxing it out, but since I have to do it on my own I'm looking to get started while I'm young. At least this way if I'm dedicating acertain percentage of my income to savings/investing I won't be tempted to be dumb and buy a car I can't afford.
 
1,218
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Joined Jun 28, 2003
Good +#*, you get paid to be an expensive pill counter/cashier. I bet you're gonna be paying off school for a while
 
98
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Joined Oct 24, 2003
Originally Posted by syxth element

Good +#*, you get paid to be an expensive pill counter/cashier. I bet you're gonna be paying off school for a while
That's what a pharmacy tech does. If you are going to try and talk down my profession, at least know what I do before you submit a reply. Yesmy loans are in the 150k+ range, but education is a lifelong investment and I know that it opens a lot of doors that are closed without a PharmD.
 
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Joined Jan 28, 2004
to OP, what school did you go to?
i'm in a 6-year pharmD program right now, and the way the program is structured,
i don't have to go to any classes int he summer. just curious.
 
98
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Joined Oct 24, 2003
Originally Posted by WStrik3

to OP, what school did you go to?
i'm in a 6-year pharmD program right now, and the way the program is structured,
i don't have to go to any classes int he summer. just curious.
University of the Pacific
 
1,218
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Joined Jun 28, 2003
Originally Posted by IdealApotheosis

Originally Posted by syxth element

Good +#*, you get paid to be an expensive pill counter/cashier. I bet you're gonna be paying off school for a while
That's what a pharmacy tech does. If you are going to try and talk down my profession, at least know what I do before you submit a reply. Yes my loans are in the 150k+ range, but education is a lifelong investment and I know that it opens a lot of doors that are closed without a PharmD.
yo doggie it was no disrespect.. if you read the first part I wrote "good *%+".. i'm familiar with the pharmaceutical industry.. iwork as an RA at a biotech company out here in South San Francisco. only reason i said you were an expensive cashier and so forth is cuz not everyone isfamiliar with scientific terminology.. I was speaking in lay terms, not everyone knows about formulations and all other science mumbo jumbo
 

frijolero

Banned
253
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Joined Apr 30, 2009
Originally Posted by IdealApotheosis

Originally Posted by WStrik3

to OP, what school did you go to?
i'm in a 6-year pharmD program right now, and the way the program is structured,
i don't have to go to any classes int he summer. just curious.
University of the Pacific
No f'n way I just heard about this program on the News late last year - dudes coming out making 100k+ in 6 years.

Were you accepted out of High School or how did you manage to get your foot in the door?

recommendations for a non-asian to get in?
 
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