Hi, I am a single 22yo recent college grad trying to set myself up to RE. After graduating in December with an economics degree from a state school I found it hard to find a good job and ended up taking a job as an insurance agent at one of the bigger P&C insurance companies.
here are some current stats 6 months after graduation:
Salary ~45k w/commission
Student loans- $32,000 (@4.2%)
Taxable savings- $9,200
401k- $4,000
Roth IRA- $2,200
I currently have a fortunate setup living in my parents basement, as it is rent free and they cover most of my expenses. I of course don't want to live in their basement forever but at the moment I am able to save 93% of my salary until I have to start paying off student loans soon.
I currently put 25% of my salary in my 401k and then max out a Roth IRA after tax, leaving the rest of my paycheck in a savings account until I have a 25% downpayment for a duplex which I plan to rent out the other half. I have most of my investments in index funds mimicking the S&P 500 and plan to keep an aggressive approach through my 20's and 30's.
My main concerns aren't about saving or investing as I love to manage and watch my accounts grow, and im not the type to try to keep up with my peers buying boats and etc. What worries me is that I have a job that I don't like and don't see a lot of potential to develop a successful career. I find the insurance industry incredibly interesting and am currently finishing up studying for the first actuary exam because I believe I would enjoy something more analytical and mentally challenging, but from what I hear it's nearly impossible to get an entry level actuary job right now with how saturated the market is. If the actuary thing doesn't pan out I don't have a clue what direction to take and am struggling finding what I want to be doing for the next 20-40yrs (hopefully 20). I just really want to get started down a career that will eventually give me the financial independence that I am looking for.
If anyone here has had a successful career in insurance outside of sales I would really appreciate any guidance on different rewarding career paths I could take.
Also if there are any actuaries on this board or people with knowledge of the career I also have a couple other questions:
-does it hurt my chances getting an actuarial job starting in sales?
-is it really that hard to get an entry level actuarial job in this market?
-what would you look for in a resume for a competitive entry level actuary candidate?
Of course advice regarding any of my information or plans outside of just the career questions are greatly appreciated.
Thank you all for taking the time to read this
here are some current stats 6 months after graduation:
Salary ~45k w/commission
Student loans- $32,000 (@4.2%)
Taxable savings- $9,200
401k- $4,000
Roth IRA- $2,200
I currently have a fortunate setup living in my parents basement, as it is rent free and they cover most of my expenses. I of course don't want to live in their basement forever but at the moment I am able to save 93% of my salary until I have to start paying off student loans soon.
I currently put 25% of my salary in my 401k and then max out a Roth IRA after tax, leaving the rest of my paycheck in a savings account until I have a 25% downpayment for a duplex which I plan to rent out the other half. I have most of my investments in index funds mimicking the S&P 500 and plan to keep an aggressive approach through my 20's and 30's.
My main concerns aren't about saving or investing as I love to manage and watch my accounts grow, and im not the type to try to keep up with my peers buying boats and etc. What worries me is that I have a job that I don't like and don't see a lot of potential to develop a successful career. I find the insurance industry incredibly interesting and am currently finishing up studying for the first actuary exam because I believe I would enjoy something more analytical and mentally challenging, but from what I hear it's nearly impossible to get an entry level actuary job right now with how saturated the market is. If the actuary thing doesn't pan out I don't have a clue what direction to take and am struggling finding what I want to be doing for the next 20-40yrs (hopefully 20). I just really want to get started down a career that will eventually give me the financial independence that I am looking for.
If anyone here has had a successful career in insurance outside of sales I would really appreciate any guidance on different rewarding career paths I could take.
Also if there are any actuaries on this board or people with knowledge of the career I also have a couple other questions:
-does it hurt my chances getting an actuarial job starting in sales?
-is it really that hard to get an entry level actuarial job in this market?
-what would you look for in a resume for a competitive entry level actuary candidate?
Of course advice regarding any of my information or plans outside of just the career questions are greatly appreciated.
Thank you all for taking the time to read this