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Updated about 8 years ago on . Most recent reply
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Where should I start?
I am coming up on my last semester of college, but am interning (paid) with a Big 4 accounting firm for this semester and will not really be taking classes. I will make a nice chunk of change (for a 20yr old) during this internship because I am paid the salary of a first-year associate, but broken down into an hourly rate
- 5X, XXX / 52 / 40 = My Hourly Rate
I am also paid time and a half for anything over 40 hours. My soon to be supervisor has told me that because of this, interns make the most money during the busy season since everyone works quite a bit, but they are all on salary.
After this internship, I am headed to graduate school through my Big 4 firm, where they are covering all the costs plus paying me an $18,000 stipend for living expenses, books, food, etc. Included in my one-year graduate program is a second internship, structured just like the first one but pays more. Upon completion, I have already accepted a full-time job with them in the 6X, XXX range.
I want to make wise decisions with my money and make it work for me. I would love some guidance on what I should do. I don't mind taking risks and would love to start investing in real estate. TIA for all reply's!
Just a little background:
- No debt, I get paid to go to college (scholarships)
- Good Credit (high 700's)
- Have begun reading books and listening to multiple BP Podcasts daily.
- Interested in flips, and multifamily properties (especially a duplex to start out)
- Brian Hatcher
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@Brian Hatcher the very first thing I would tell you to do is to be thankful. You are in a great position sir! Secondly, make a small savings goal of 3-6 months of bills. Nearly every financial expert states that this is singularly the most important step to anyone's financial independence. Having 3-6 months of bills saved up means if something unexpected occurs then you have the plan to handle it. What you don't want to have happen if something upset the direction you are going in because it sounds like you have a great future. So plan on the unexpected and you'll have the expected covered. Third, please take advantage of any matching program that your future employer may offer you. Meaning if they match your retirement investments then dedicate whatever level they will match. That way you are already leveraging your $$$ to the best of your ability. If you can do those 3 steps then you can handle buying a home or two no problem. Continue to march on and I look forward to seeing you in the Top 30 under 30!