I have no idea how to manage money. What do?

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BigRob
Posts: 140
Joined: Tue May 07, 2013 8:30 pm

I have no idea how to manage money. What do?

Postby BigRob » Tue May 07, 2013 8:42 pm

First world problem: I'm starting as a SA in Manhattan later this month. My first paycheck will be $6200, less taxes, and it will be the first dime I've earned in my life. Should I invest (read:blow) it on clothes and a better located apartment, pay off my debt earlier than is necessary, or find some other way to invest it? Absent advice otherwise the bulk of my earnings from this summer will sit in my bank account earning .005% interest.

Should I contact an accountant/investment manager? And, can I expect my firm to offer me investment options/guidance?

badaboom61
Posts: 404
Joined: Mon Jun 11, 2012 5:36 pm

Re: I have no idea how to manage money. What do?

Postby badaboom61 » Tue May 07, 2013 8:58 pm

BigRob wrote:First world problem: I'm starting as a SA in Manhattan later this month. My first paycheck will be $6200, less taxes, and it will be the first dime I've earned in my life. Should I invest (read:blow) it on clothes and a better located apartment, pay off my debt earlier than is necessary, or find some other way to invest it? Absent advice otherwise the bulk of my earnings from this summer will sit in my bank account earning .005% interest.

Should I contact an accountant/investment manager? And, can I expect my firm to offer me investment options/guidance?


The best investment you can make will be not taking out additional loans next year, since the origination fees are brutal and you would still be paying interest on them. If you have money leftover, just keep as cash, since you'll probably have lots of expenses in the near future and you'll want it to be liquid. Find a better savings account, though; you should be able to get close to 1%, which is not much but better than nothing.

kxz
Posts: 70
Joined: Tue Dec 23, 2008 4:18 pm

Re: I have no idea how to manage money. What do?

Postby kxz » Wed May 08, 2013 1:23 pm

Pay off the highest interest rates first, such as credit cards or car loans. Check with your employer if they have some kind of IRA or 401K program with matching.




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