Alright listen up bros, I'm starting my first *real* job and I need some...

SniperWish
SniperWish

Alright listen up bros, I'm starting my first *real* job and I need some financial advice. Numbers:
Gross income: $105,000
After tax: $71,000

Monthly:
Student loans: $1,500
Roth IRA: $458.33
401k (15%): $898

That leaves me with $3060 for rent and living.

What's the max rent I should be spending? Obviously I want to start putting money away in an accessible rainy day fund, not tied up in long term savings. So I need help figuring out:
Rent max? If I spend $1500 on rent, I'm basically rolling with $1500/month for spending and rainy day fund.
Short term savings max?

Fuzzy_Logic
Fuzzy_Logic

@SniperWish
401k (15%): $898
Do you have a job with a fucking 15% match?

Ignoramus
Ignoramus

@Fuzzy_Logic

71k / 12 mos = 5916.67

5916.67 *.15 = $887.5

Using rounded numbers messed it up a bit but it's generally correct.

Boy_vs_Girl
Boy_vs_Girl

@Fuzzy_Logic
@Ignoramus

Sorry you must mean out of gross. Yeah, I was calculating out of net. Gross it's obviously less.

girlDog
girlDog

morning bump

Inmate
Inmate

@Fuzzy_Logic
My gross is 70k and i put 26% in
Match stops at 10%

Deadlyinx
Deadlyinx

@Inmate
You should put the 18k max in.

Firespawn
Firespawn

@Deadlyinx

Well yeah but there are other considerations too. You need money on hand for...life.

TurtleCat
TurtleCat

@Firespawn
With a 105k income you will have more than enough even after putting the max in your 401k.

eGremlin
eGremlin

@TurtleCat

105k gross
71k net
-18k 401k
= 53k
- 17500 loan payments
= $35,500 take home

That's not a lot of take home. If rent is $1200, that leaves $21,100 for food, necessities, short term savings, etc.

Stark_Naked
Stark_Naked

@eGremlin
Get a cheaper place and live like a monk until your loans are paid off. Then you will live like a king

Crazy_Nice
Crazy_Nice

@Stark_Naked

I'm working on a cheaper place, but it's a very expensive area.

King_Martha
King_Martha

@Crazy_Nice
Rent from private landlords, not huge complexes. If it has a pool, it's probably overpriced. If it has indoor hallways to get to your unit, it's probably overpriced. If it has a gym, it's probably overpriced. Don't be picky about lots of space. If you're living alone, 400 sq ft should be more than enough. Try to find something within walking distance to work. Look on Craigslist for the best deals.

SomethingNew
SomethingNew

@King_Martha

I am man. I've been room hunting like crazy. The problem is I'm living 900 miles away right now. I can't view them in person, so it's tough to find a landlord willing to work with me.

I'm under a time crunch. I have a $1200 lease for a 2BR/2BA room right now very close to my office. But for $1200, I'd like to live alone. So I'm desperately searching for a cheaper shared place, or a 1BR place around $1200. But my time is running out b/c this lease offer I have is only open for 5 more days (and even then it's not a firm offer, so he could rent it to someone else in the meantime).

I could just roll up to the area with no place to live and try to find something quickly, but that seems like a bad idea. I move there July 28, and I need to start working sometime during the week of Aug 1.

Techpill
Techpill

@Deadlyinx

You should put the 18k max in.

Only if you've already maxed out your IRA, HSA, etc.

StrangeWizard
StrangeWizard

@SniperWish
be wageslave
10 years later
similar job, earn maybe 20% more
still a slave, still no future, no escape, no hopes
still praying that layoffs don't happen
at the mercy of Mr. Goldbergstein CEO

Boy_vs_Girl
Boy_vs_Girl

@StrangeWizard
10 years later with a 105k income you will be retired.

King_Martha
King_Martha

@SniperWish

$1,500 a month for student loans

Jeez. What did you get a degree in?

viagrandad
viagrandad

@King_Martha

Law famalam. And I'm trying to pay it off as soon as possible. I could get lower payments but screw that.

kizzmybutt
kizzmybutt

@viagrandad

Ah okay.

Good luck nig.

Live as cheap as possible!!!!! Till you pay off that loan. Then you can live large. The interest on that loan is fucking you right now.

Techpill
Techpill

@kizzmybutt

Yep famalam I know.

WebTool
WebTool

Yeah OP, long-distance apartment hunting sucks. Maybe find a month-to-month (these are generally rooms in a house) and wait for something better to come up?

Spamalot
Spamalot

@WebTool

Not a bad idea. Not many are month-to-month options though, at least that I've found.

Booteefool
Booteefool

If I see one more great rental listing that says "females only" at the end I'm gonna flip my shit.

New_Cliche
New_Cliche

@SniperWish

Im not your "bro"

Booteefool
Booteefool

Make sure you get a place real close to your office, I worked big law for a year now and it's such a help to live close to work

Carnalpleasure
Carnalpleasure

@Booteefool

Yeah for sure. But I am leaning towards moving to the city with no place to live, and then trying to find a place in the 6 days I have before I start work.

I think I'd rather do that than rent sight-unseen.

Thoughts?

TalkBomber
TalkBomber

@Deadlyinx
he likes corporate 401k fees eating up his retirement money
Only put in to get the company match.

ZeroReborn
ZeroReborn

@Boy_vs_Girl
LOL
ORLY? is that right?
pls go on brohoho

Emberfire
Emberfire

@Carnalpleasure
I usually give myself 2 weeks. Last time it took me 6 days, including over the weekend, to find a place. If you have a good history and set up appointments with multiple places beforehand, the turnaround time will be quick.

@TalkBomber
he works for a shit company with a shit 401k plan
My 401k is managed by Vanguard. I get institutional shares, the step above admiral shares, and full access to all their mutual fund offerings.

Firespawn
Firespawn

@Emberfire

Shit. Now I'm leaning towards renting prior to moving. I already got a Skype walkthrough of the place and it looks good. I just can't deal with the stress of moving without a place to live.

TechHater
TechHater

@SomethingNew
Hmm, ever thought about renting a really cheap AirBnB close to work in the short term, and rent out a PO Box or UPS box for a little bit while you look for a better place.

But you probably have a lot of stuff to move, so AirBnB may not be an option.

AwesomeTucker
AwesomeTucker

@TechHater

Yeah AirBnB won't work. I thought about subleasing a room for August and then looking for a place to rent for Sept 1, but that's a lot of hassle and the sublet might be really crappy.

The lease I have in front of me now is pretty good - great location, the condo seems to be in good shape, the roommate seems normal, and it's right by my office. It's a little pricey for having a roommate, but considering the location it's pretty fair.

This is such a tough call. The hardest part is that I'm studying for the bar exam right now, and I really don't need to be worrying about this. The last thing I want while taking the exam is to be stressing over my housing situation. Which is why I think I'll sign the lease now.

BlogWobbles
BlogWobbles

@Deadlyinx
what is 26% of 70k
@TalkBomber
ive never seen a good 401k: the post

lostmypassword
lostmypassword

i live in a place that I can rent a 5 bedroom house, near downtown for $1600 a month. find a place like that and get one roomate and you will live like a king.

Methshot
Methshot

@lostmypassword

I'm not living somewhere that doesn't give me my own private bathroom, sorry.

TechHater
TechHater

@Boy_vs_Girl
That's only $1mil. You couldn't really retire young after earning that much, especially once you count the wasted money.

Ignoramus
Ignoramus

Does it make more sense to pay off student loan debt first, or start contributing to a 401k? Or 401k up to match, the rest to debt?

Fried_Sushi
Fried_Sushi

@Ignoramus
definitely student loan first., then roth ira, then 401k.
I don't get matching so I just don't have a 401k, only a plain brokerage account.

w8t4u
w8t4u

@Fried_Sushi

I don't agree. At least go up to matching with 401k before putting extra towards loans.

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