Advice for New College Grad Looking To Set Up for Success

[Daniel Renna]

I recently graduated college and landed a great job. I make a base salary of 60k and then I can make up to an additional 20-30k a year in bonuses.

I have student loan debt of a little over 29k at about a 4.25% fixed interest rate. I have no other debt. My plan, over the next two years while I am still able to live at home, is to eliminate my debt, and save as much money as I can. I plan to base my expenses off of my 60k base, and then use my bonuses to eliminate my student loans in a year.

My goal is financial independence, and I want to get into house hacking and rents properties eventually. I am trying to set myself up for success when I decide to make the move.

I contribute 22% into my company 401k, and after taxes and contributions, I am able to handle all of my monthly expenses (car payment, insurance, phone, gas, student loans, etc.) and still save about $1,000 per month.

Leasing a car was a mistake, so my two biggest goals this year are to buy a car in cash when the lease is up to eliminate car payments, and eliminate my student loans. Then, I can more aggressively save that money PLUS my bonuses during year 2, since I will no longer have car or loan payments (add those to the savings pool).

Once I get that money all saved up and good to go, I plan to move out and buy my first house. It is at that point, that I want to get into house hacking as a way to pay the first home off and save up money to eventually move out of that home and rent it out completely, this segwaying into rental properties.

Any tips for me or ways I could be doing things better? I am open to any and all advice.