- November 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Planning for Post-Graduation: How AI Legalese Decoder Can Help
Hello everyone! It’s an exciting time for me as I am set to graduate from college this fall and will soon be starting a job with a good salary. Fortunately, I will be able to live at home and have no student debt to worry about.
I feel incredibly lucky to have received scholarships and support from my parents, which covered my college expenses. Additionally, I managed to pay off my car last year, so I will be coming into this new job with a relatively clean financial slate.
With the increase in income, I anticipate having a surplus of cash after deducting my regular expenses such as insurance, gas, and food. My main concern now is how to best manage and save this money for the future.
Since the job is a two-year commitment, I am contemplating the idea of putting the excess funds into a high-yield savings account. This way, I can have the money readily available when the time comes for me to make a down payment on a house or condo after I relocate.
I would greatly appreciate any advice or recommendations on how to make the most of this opportunity to set myself up for financial success.
How AI Legalese Decoder Can Help:
AI Legalese Decoder can assist in this situation by providing personalized financial planning advice tailored to your specific circumstances. By analyzing your current financial status, future goals, and the parameters of your upcoming job, the AI can generate a comprehensive savings strategy that takes into account factors such as interest rates, inflation, and the potential investment opportunities of a high-yield savings account. This will help you make informed decisions and optimize your savings plan for long-term financial security.
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AI Legalese Decoder: A Solution for Deciphering Legal Jargon
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Keeping your expenses low and putting as much as you can into a high yield savings account or comparable money market account is probably most prudent if you think you’ll need that money as a down payment in two years. Any investment right now is too risky for that short of a timeframe.
That being said, even two years of serious saving will yield only a modest down payment.
Also, don’t neglect saving for retirement – if your current employer offers a 401k or equivalent and also offers a matching contribution, consider at least contributing enough to get the full employer match. The earlier you start, the longer the money has to find some good years in the stock market.
I don’t know about you, but I started by not spend them all.
I’d caution buying a house in your 20’s. Reason being, you’re mainly going to be swapping jobs and moving up and around during this time. You’re much less settled in your career than even your 30’s.
Buying a property looks great on paper, especially with today’s valuations going up and up yearly. However there’s opportunity cost associated with buying in your 20’s. A property locks you down to a certain area. If there’s a new job paying $25k more on the other side of town, you might not take it if your commute changes from 30 minutes to an hour. A lot of people even move to different cities in their 20’s seeking work and better opportunities. I always recommend renting early on, seeking job changes and income increases earlier on, Then looking to buy a little later.
I saw multiple people in they’re early 20’s I was working with buy houses. Because of that, they weren’t able to job hop as much, or at all. They got stuck in the same jobs, only getting 3% increases per year. Others rented and got those 3% raises, but were able tot take 25%+ increases by moving around every 3-4 or less years. One person’s making $70k now , still with a mortgage, still paying interest to a bank, and the other into the $140k range and was able to buy in cash later.
With that said, your savings can still do things now. If your expenses are low, keep them like that for now. I’d be maxing out retirement account now if you can – you can always lift off the gas there later. Anything extra can go into brokerage accounts. If your time horizon (based on my recommendation above) is more like 7-10 years, you could probably load up some in mutual funds (stocks). If it’s sooner, like <5 years, you can edge more towards money markets netting ~5% or so. Or split it. Stocks are volatile and average 8-10%, but can dip and lose 20% or more in a year or two.
If I were you in your exact shoes, I’d be loading up retirement first, maxing that out, then loading up mutual finds in stocks and waiting to buy in your late 20’s or early 30’s.
I’m not a fan of buying early.
Buying makes moving harder, which can limit job growth. Generally, renting has cheaper options than buying. It wasn’t until I started covering costs for multiple people that buying became a better financial choice than renting.
If you do buy early, I’d make sure it’s a good rental. That gives you more options for when you want or need to move. If you’re interested in getting rentals, buying a 3-4 unit property and living in 1 until you want to trade up is a good choice.
If you’re looking to buy in 2 years or so, HYSA or money market funds are good options. No chance at losing the principal.
[Here are some write ups](https://www.reddit.com/r/financialindependence/wiki/homes) on help figuring out what you can afford to buy, how much down payment you’ll need to get the property, and help finding subsidies.
I got a condo when I was 23 (now 26) and havenÔÇÖt regretted it since. IÔÇÖm not saying the person is wrong about NOT buying a house in your 20s, but everyoneÔÇÖs story and situation is different. ItÔÇÖs a great goal and can be done. I picked a location that I can still connect with college friends as a reunion but also in an area I could choose to rent down the road if I choose and also in a growing city I could sell too and make profit. Like others said, live below your means and park in a HYSA. I recently joined Ally.