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

[nomadicsole21]

Wow mad props OP on graduating and earning that nice income.
Like others have said, investing would be your best option. Its better when your younger and have no risks.

 

[dalilboy]

buy a house??

 

[sundizzle]

1. Figure out what you are paying monthly in terms of bills etc and figure out exactly how much you have to save each month (4k?)
2. IRA is a popular choice for most people, but I think being young this is the time you can check out other ways to have your money work for you now, asopposed to when your 65. I would recommend waiting until 30, then doing the max amount you can put in each year.
3. Look into cd's where you get a good rate, if you invest 45k in a year, and get 4% return you'll get 1800 or so. May not seem like a lot, butit's a safe, easy thing to do in this type of economy (especially if you are unfamiliar with stocks/mutual funds etc).
4. Look at random stuff like lendingclub.com for riskier investments. You can get 15%+ return and if it's money your willing to lose (but not very likely)then that's a good "risky" option. I use lendingclub.com and borrowed money. I requested 12k, and so 25 different people took a small cut ofthat and so I got the loan. I am paying it back at 13% or something ridiculous and I know that I am good for the money. There are a lot of people like methat need the money and that is just the best/easiest option. Something to consider..depends on how you like to play with your scrills. If you put 10k a yearinto that, and 35k a year into CD's by the end of the year you should be getting 3k or so per year.
5. A house is always a good idea..especially with the incentive programs they have now. I think it is EASILY the best investment you can make if you do yourdue diligence in research. If you can afford a house, and can get a good deal on a loan (not that easy imo) then this is probably the way to go. I might waita year to do it and set aside a rainy day fund of 1.5k a month or so, that way if something happens your money is not all in untouchable places (cd's,etc).
6. It is all about your preferences. As for me, I really do not want to wait until 65 to see monies. I'll start saving for my retirement when I am 40. I figure the money is better spent investing in myself, trips, education, etc at this point and hopefully those experiences etc lead me to a high enough payingposition where i'm not that financially concerned about monies when I'm retired.

 

[general johnson]

Read "LEAP" by Robert Castiglione and thank me later.

 

[idealapotheosis]

Originally Posted by syxth element

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.. i work 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 is familiar with scientific terminology.. I was speaking in lay terms, not everyone knows about formulations and all other science mumbo jumbo

Yeah no problem, I kinda read that and was thinking it sounded a little condescending, but it is the internet so I guess I was wrong.

 

[idealapotheosis]

Originally Posted by Sundizzle

1. Figure out what you are paying monthly in terms of bills etc and figure out exactly how much you have to save each month (4k?)
2. IRA is a popular choice for most people, but I think being young this is the time you can check out other ways to have your money work for you now, as opposed to when your 65. I would recommend waiting until 30, then doing the max amount you can put in each year.
3. Look into cd's where you get a good rate, if you invest 45k in a year, and get 4% return you'll get 1800 or so. May not seem like a lot, but it's a safe, easy thing to do in this type of economy (especially if you are unfamiliar with stocks/mutual funds etc).
4. Look at random stuff like lendingclub.com for riskier investments. You can get 15%+ return and if it's money your willing to lose (but not very likely) then that's a good "risky" option. I use lendingclub.com and borrowed money. I requested 12k, and so 25 different people took a small cut of that and so I got the loan. I am paying it back at 13% or something ridiculous and I know that I am good for the money. There are a lot of people like me that need the money and that is just the best/easiest option. Something to consider..depends on how you like to play with your scrills. If you put 10k a year into that, and 35k a year into CD's by the end of the year you should be getting 3k or so per year.
5. A house is always a good idea..especially with the incentive programs they have now. I think it is EASILY the best investment you can make if you do your due diligence in research. If you can afford a house, and can get a good deal on a loan (not that easy imo) then this is probably the way to go. I might wait a year to do it and set aside a rainy day fund of 1.5k a month or so, that way if something happens your money is not all in untouchable places (cd's, etc).
6. It is all about your preferences. As for me, I really do not want to wait until 65 to see monies. I'll start saving for my retirement when I am 40. I figure the money is better spent investing in myself, trips, education, etc at this point and hopefully those experiences etc lead me to a high enough paying position where i'm not that financially concerned about monies when I'm retired.

Thanks, I'll look into some possible semi-risky options. Sounds like I'm gonna be saving for maybe a year or two and then grabbing a condoor house.

 

[timelessflight]

Wish I never changed majors

 

[syxth element]

Originally Posted by IdealApotheosis

Originally Posted by syxth element

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.. i work 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 is familiar with scientific terminology.. I was speaking in lay terms, not everyone knows about formulations and all other science mumbo jumbo

Yeah no problem, I kinda read that and was thinking it sounded a little condescending, but it is the internet so I guess I was wrong.

I can see where it can be taken outta context, my bad on that one. I got a couple of people with pharm degrees and tons with PHDs at my company.You are pretty much set for life. I wish I didn't slack off in my undergrad because my GPA was too low for my liking.

What city are you working in?

 

[th3ownly]

i would say a house but im only 20 so i have no idea

 

[derventa]

6-7k? If my 4-person family made that much in a month, we'd be more than comfortable withour life. AND youre single...we live paycheck to paycheck on about$2500-3000 in bills per month...imagine what we could do with that extra 3k-4k you're making. I tip my hat to you, you're living my american dream..

 

[idealapotheosis]

Originally Posted by derventa

6-7k? If my 4-person family made that much in a month, we'd be more than comfortable withour life. AND youre single...we live paycheck to paycheck on about $2500-3000 in bills per month...imagine what we could do with that extra 3k-4k you're making. I tip my hat to you, you're living my american dream..

Thank you, I know it's hard living out there on a limited income (growing up); I learned early the value of working hard and getting compensated. Now thatI have reached a point in my life where I can begin saving, I'd like to do so correctly instead of being one of those people who are 35 and have to savelike 35% of their paycheck in order to keep living comfortably into retirement.

 

[justhotkicks]

Originally Posted by Frijolero

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?

The 6-year programs (like the one in Pacific, St. Johns, Rutgers, etc) require acceptance right out of high-school. However, you must maintain a certain GPA,around 3.2-3.4, or you are dropped from the program (or haev a semester to pull your grades up). Most schools have regular 3-4 year post-graduate programs.

A strong application is:

- good GPA (3.4 and up, although I know some who've entered with a 3.2 GPA)
- great recommendation letters (from science professors and pharmacists)
- experience working in a Pharmacy
- a good PCAT score (90% and up) if the school requires it

There are online Pharmacy programs, in which all the classes are via webcam. Exams are taken in test centers in the area.

Now there are THREE known PharmDs on NT.

 

[ac4three]

Just a few points:

-I'd save as much as possible while still enjoying your youth
-It is true that it's better to be aggressive in the stock market when you're younger rather than older
-I don't think you need life insurance unless you have dependents (wife, kids, etc.)

 

[kanyewestjayz4life]

Whats the percentage of people pursuing a PharmD and successfully passing. I want to switch to that but afraid of all the terminology, your pretty much on parwith a doctor without all that extra mumbo.

 

[mf doomer]

Nice,

I'd say mutual funds, and stocks while your young.

Props.

 

[damnthosejs]

-I don't think you need life insurance unless you have dependents (wife, kids, etc.)
I don't know about you, but in case I pass away, I'd like for the people who raised,cloth and put a roof on top of my head to have some cash to spend on my burial. I don't wanna be a burden when I pass away.

I started my life insurance @ age 22. I got a 20-years to pay for a permanent life insurance which gives me also a cash surrender value@ 42, 62 and 82 (godwilling). At least when I'm married, I don't have to worry about starting a policy at a late age (well, I plan to get married at 26,27, so it isn'ttoo old).

Get some life insurance man. Start it now so you don't have to worry about it later on.

 

[belle155]

I KNEW when he said 6-7 K after taxes per month you were a pharmacist haha. So there are a few of us out there. I really dont know what im doing eitherthough.

I max out the IRA each year and have for a while. My company matches around 3:1 for the first 2.5% of my salary which is a little over 3,000$ and i alreadydid that for the year. Thats like 9 grand they give me for nothin. I put about $500 every other week into my 401K which is doing NOTHING now. i guess thatsnot too bad? i know friends who lost a ton in the market. i havent made much but i havent lost anything either.

I got lucky tho cause when I got my degree and walked across the stage, i didnt owe the school a penny. My first 4 years were paid with a full ridescholarship. My dad thankfully paid for my 5th year and I paid for my 6th year. Its def a good career. I havent even been out 2 years and I have well over 6figures in my main savings account not counting the stocks, bonds, 401K, IRA...etc.

 

[idealapotheosis]

Originally Posted by damnTHOSEjs

-I don't think you need life insurance unless you have dependents (wife, kids, etc.)

I don't know about you, but in case I pass away, I'd like for the people who raised, cloth and put a roof on top of my head to have some cash to spend on my burial. I don't wanna be a burden when I pass away.

I started my life insurance @ age 22. I got a 20-years to pay for a permanent life insurance which gives me also a cash surrender value@ 42, 62 and 82 (god willing). At least when I'm married, I don't have to worry about starting a policy at a late age (well, I plan to get married at 26,27, so it isn't too old).

Get some life insurance man. Start it now so you don't have to worry about it later on.


That sounds like good advice, I will prolly start looking into life insurance ASAP. You have any links on how much insurance I need?

 

[mattmcd4free]

Originally Posted by Sundizzle

6. It is all about your preferences. As for me, I really do not want to wait until 65 to see monies. I'll start saving for my retirement when I am 40. I figure the money is better spent investing in myself, trips, education, etc at this point and hopefully those experiences etc lead me to a high enough paying position where i'm not that financially concerned about monies when I'm retired.

He's right it is all about preferences so do whatever makes you happy. Time value of money is a powerful thing though so the earlier thebetter to start saving for retirement. If you start saving now you'll probably end up with millions more than if you start saving at 40.

As for investing options I would say look into the Roth IRA. It's good because you pay taxes on your income now (when your tax bracket is lowest) and notwhen you take the money out (during retirement).

 

[jthagreat]

Originally Posted by belle155


I got lucky tho cause when I got my degree and walked across the stage, i didnt owe the school a penny. My first 4 years were paid with a full ride scholarship. My dad thankfully paid for my 5th year and I paid for my 6th year. Its def a good career. I havent even been out 2 years and I have well over 6 figures in my main savings account not counting the stocks, bonds, 401K, IRA...etc.

I hope i can get to where you at.

 

[its stanley]

I'm still in high school and thinking of becoming a pharmacist. There's supposed to be a lot of job opportunities in the future because of the agingpopulation and they make great money. The only thing stopping me is the thought of being behind a counter all day and getting drugs for people. What makes thejob interesting/fun?

 

[qpitfighter]

Personally I believe u should be paying down some of those loans. $150,000 is a lot. I don't make nearly as much as u. I clear abt $4500 after taxes but Itry to put at least $1000 a month towards my college loans. I just feel like would good is having $10,000 saved when I owe $150,000.

 

[JayDean03]

Buy a house NOW!

 

[czur1127]

Originally Posted by rsdplaya


2. i would STRONGLY encourage you buying a home now.

 

[derventa]

Does being a pharmacist require a lot chemistry knowledge? Like do they have to put the right chemicals and elements together behind the counter?