Domain: tiger-web1.srvr.media3.us 22 y/o Seeking MT Advice | Page 2 | Money Talk
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re: 22 y/o Seeking MT Advice

Posted on 12/15/22 at 5:00 pm to
Posted by armsdealer
Member since Feb 2016
12287 posts
Posted on 12/15/22 at 5:00 pm to
Marry a nerd in med school.

The rest will work itself out.
Posted by NewIberiaHaircut
Lafayette
Member since May 2013
12377 posts
Posted on 12/15/22 at 5:32 pm to
First thing you need to do is move out of your parents house and learn to survive on your own.
Posted by tigerbrauf
Member since May 2021
621 posts
Posted on 12/15/22 at 5:46 pm to
Currently working on the road, living on my own
Posted by TorchtheFlyingTiger
1st coast
Member since Jan 2008
2996 posts
Posted on 12/15/22 at 6:03 pm to
Too much can change to anchor yourself with a house especially a build. Either rent or buy a rental you can live in and house hack with roommates/tenants. If you buy it may limit career mobility options and youre likely to meet someone and end up selling anyway.

Max your retirement accounts early. Roth IRA is ttpically best in your early career low earning years.
Posted by turkish
Member since Aug 2016
2319 posts
Posted on 12/15/22 at 6:11 pm to
Other than what’s been stated, make an account with Mint or Personal Capital that will allow you real-time visibility of your net worth. You will be able to see the impacts of good and bad habits more clearly.
Posted by jlsufan
Baton Rouge
Member since May 2021
395 posts
Posted on 12/15/22 at 7:29 pm to
Good: expenditures < income

Better: income - expenditures = savings

Best: income - savings = expenditures

Posted by nugget
Abrego Garcia Fan
Member since Dec 2009
15696 posts
Posted on 12/15/22 at 8:55 pm to
Now is your chance to do something with investments. I was living with my girlfriend (now wife) when I got my first big boy job. Our combined income was around 150k and we were living off about $700 per month in a shitty 1 bedroom apartment. We had both recently just got our first jobs that were like $12 an hour but we continued to live like that for a couple years.

I took that time to start a business and invest in real estate. Best decision ever. Not saying it needs to be real estate, but now is a good time to set yourself up investing. I work with a bunch of guys that want to try other stuff, but their lifestyle now matches their income and they don’t have the money to take chances like you do now. A few right decisions now and you could be set for life.
Posted by Turf Taint
New Orleans
Member since Jun 2021
6010 posts
Posted on 12/15/22 at 9:08 pm to
quote:

Best: income - savings = expenditures


This!!
Posted by LSUSLU106
Member since Mar 2015
715 posts
Posted on 12/15/22 at 10:36 pm to
Save up and build you 2-4 duplexes. Live in one and rent the others out. Let them pay for your living expense all while making money to save up for either more rentals or down payment for a house eventually in the future.
Posted by Pelican fan99
Lafayette, Louisiana
Member since Jun 2013
39145 posts
Posted on 12/16/22 at 1:48 am to
Building a house at 22 sounds completely insane to me. No need to rush into that just rent for a bit and see where life takes you
Posted by tigerbrauf
Member since May 2021
621 posts
Posted on 12/16/22 at 6:21 am to
As much as I don't want to live with my parents, I really don't want to spend $1,400+/month on rent. I am not by any means being pressed to move out I just feel like it needs to happen in the next year or so.

I have near an acre of family land and have listened to horror stories from friends on getting trailers moved and ultimately would like to avoid this route. Any advice?
Posted by questionable
FL
Member since Apr 2008
1243 posts
Posted on 12/16/22 at 6:31 am to
Rent a place with some friends, don’t fall in love, and enjoy yourself for the next 10 years. Life’s a bitch once you get married, have kids, a mortgage, etc.
Posted by tigerbrauf
Member since May 2021
621 posts
Posted on 12/16/22 at 6:34 am to
I might have already dropped the ball with that one. Been with my ole lady since high school.
Posted by Grinder
Member since Nov 2007
2629 posts
Posted on 12/16/22 at 9:02 am to
Save money like your life depends on it. Like it will keep you out of prison.

If you get in the right mindset at an early age, the habits will be set, and your future self will thank you.
Posted by BallsEleven
Member since Mar 2019
6163 posts
Posted on 12/16/22 at 11:18 am to
Hold off on the building. - Probably not what you want to hear but it's great advice. What I thought I wanted in a house changed so much from 22 to 25 just because my taste changed. My preference changed even more after a year or 2 of living in my first house and again after being in my 2nd house for a couple of years. Get an older home in a good neighborhood, fix it up while you live there. You will start to notice things you like and dislike. When you are ready to move, sell it or rent it.

Start saving for retirement now, future you will appreciate it - I don't know what kind of plan you have with your company but if you aren't putting money in to some kind of retirement account, take this as your sign. You start now and you will be way ahead of your peers that are playing catch-up later.
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