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22 Year Old Living in New York City
Old 08-09-2012, 06:04 AM   #1
Dryer sheet wannabe
Join Date: Aug 2012
Location: New York
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22 Year Old Living in New York City

Hello all,

I am happy to have found this site today. It looks like there is a very nice community here and I have a lot of browsing and learning to do.

I am 22 years old college graduate now working in Finance I.T. for over 1.5 years. I want to make sound financial decisions and avoid debt at all cost. Even though I am young, I want to make sure I make proper investments towards retirement before it's too late. With compounding and interest rate returns, every penny can make a difference.

Currently I am stuck paying off my loans amounting to "only" 24k. I have tried paying off as much as possible already, getting rid of my unsubsidized loans. I am making contributions to my 401k at 6% which is the max match at my workplace. My net worth according to Mint is still negative at -4k and my goal is to be positive by end of year if everything goes well.


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Old 08-09-2012, 06:24 AM   #2
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Coffeemoney, welcome to the forum. Sounds like you have your priorities straight. Good luck achieving your goal.

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Old 08-09-2012, 07:04 AM   #3
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Originally Posted by CoffeeMoney View Post
Currently I am stuck paying off my loans
Welcome aboard!
My first thought is that prioritizing your loan repayments should be #1 on your list. Higher interest rate loans need to get paid off first.
I thought growing old would take longer.
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Old 08-09-2012, 10:18 AM   #4
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Welcome Coffee. You are going to be SO happy that you started thinking about this at 22 rather than the rather advanced age I did. Congratulations!
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Old 08-09-2012, 10:22 AM   #5
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Hey CoffeeMoney, welcome to the board.

Sounds like you are on the right track. Keep up the good work!
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Old 08-09-2012, 01:24 PM   #6
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Hi CoffeeMoney - welcome. I applaud your long term planning. I started planning for retirement at you age. I'm now approaching 50 and should be good to go in a year (or two or three - depending upon how brave I am !). Without that long term view I'm sure I wouldn't be where I am today. Keep up the good work !
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
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ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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Old 08-09-2012, 01:27 PM   #7
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Welcome CoffeeMoney. I wish I had been fortunate to have your wisdom at age 22! It's wonderful you are already planning for your future!
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Old 08-09-2012, 01:43 PM   #8
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CoffeeMoney, welcome aboard. I retired last year at age 47, but if I have one regret it's that I didn't begin accumulating and investing sooner. I only got serious about it in my mid 30s. Be creative, keep focused on the goal, and you will get there in no time.
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Old 08-09-2012, 01:55 PM   #9
Dryer sheet wannabe
Join Date: Aug 2012
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Many thanks all for your support. I really appreciate it and I know I came to the right place!

Just created a new topic. Can't wait to keep learning and EARNING.

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