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Hello I am... starting young!
Old 02-26-2009, 09:57 AM   #1
Confused about dryer sheets
Join Date: Feb 2009
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Hello I am... starting young!

Hello forum members,

I am 22, live in Illinois, have a great job working in corporate finance, and still live with my parents!

Currently my only debts are student loans... $56,000 to be exact. $40 of this is wrapped up in variable interest private student loans which currently avg 6.5%. The remaining $16,000 are Federal Stafford loans which have a fixed interest of 5.15%.

I am fortunate enough to work 20 minutes from my home. My parents have graciously agreed to let me continue living with them until my younger brother completes high school which will be mid-year in 2010. My only real costs of living is gas for my father's extra vehicle (which I use for commuting), entertainment expenses (I am a very frugal 22 year old), and personal purchases. I am also helping my family with groceries and car insurance with approximately $250/month.

I joined this forum because my finance background has opened my eyes to the time value of money and early investing. My current financial priorities are as follows:

(1) Fund Roth 401-k up to the company match limit
(2) Fund Roth IRA to the max each year -- I started in 2008
(3) Fund my Health Savings Account to the max each year -- I started in 2009 (currently looking for a decent HSA custodian + stock broker)
(4) Help family with groceries + car insurance
(5) Pay off student loans with whatever is left -- always more than the 'minimum' payment due each month!

My goal is to be DEBT FREE in 2.5 - 3 years!

I am very finance-focused. I put together budgets and financial models for my parents and soon my girlfriend. It feels good knowing that you have helped loved ones get their finances in order and create a strategy for debts/investments/retirement. My goal someday is to become a fee-based personal financial planner at point in the future after this corporate gig.

That's really everything in a nut shell....


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Old 02-26-2009, 10:33 AM   #2
Give me a museum and I'll fill it. (Picasso)
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Welcome to the forum Nick! IMO, there are three components regarding financial freedom. Start early, monitor your expenses and save as much as you can.

You've learned very early......congratulations!

There's no need to complicate, our time is short..
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Old 02-26-2009, 10:47 AM   #3
Recycles dryer sheets
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Join Date: Jan 2009
Posts: 210
Welcome Nick. I have a nineteen year old son and hope he becomes as astutue about finances as you. You've got a plan and a direction and that will take you far. I also live in Illinois, got a house in Chicago and another in NW IL. almost Iowa. I started saving at 23 and have done alright not really knowing what I was doing, just lots of luck and a desire to save. I'm fifty now and hope to retire either this summer or early next year. You will do better. Enjoy these years a little, don't sacrifice life for the sake of total savings, the years go by in a blink.
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Old 02-26-2009, 10:50 AM   #4
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Everything you said looks good to me. Make sure you have an emergency fund of at least 3 months living expenses when you move out of your parents house(6 would be better). Make sure to keep your expenses in check even as your income rises and you should be doin' quite well.
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