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How am i doing and what should i do differently..

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Money Talk > Personal Finance

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SUP3RSTAN
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How am i doing and what should i do differently..  Reply with quote  

Ok here s my situation. I m 24 years old. My parents have taught me how to manage money pretty well and i m pretty responsible with it for the most part...

I ve got about $30,000 in my checking account.
Probably around $25,000 of stock in my retirement account This is company contributions in stock...(100% percent givin to me based to success of the company;sweet huh).
I put back 5% of my check each month; company matches 3% of that. So im putting back 8% of my income into a 401k account.(2nd retirement account)
Income is about 2500 to 3000 a month (commission based).

Here are my Expenses for a month
550 housing and utilities
350 auto loan (maybe should pay off, owe around 13,000 for about 4 more years)
350 for gas
350 for food

Here's my worries; i made my folks mad a few years back and got kicked out of college. They said they weren't gonna pay for college anymore... I said i m not gonna start my life off oweing someone else money. so i chose not to go back to college and decided to get a job. right now life has been a breeze cause for the most part i ve been saving about 700 to 900 a month. I came here because well i dont really feel like talking money with my friends most of which dont have jobs and may have 1000 bucks to there name on there best month of the year. My biggest worries are i dont have degree and that my whole world will come crashing down if i lose my job.. cause i m not gonna be able to get another one like it as i am underqualified now.. what should i be doing differently
Post Fri Mar 11, 2011 4:22 am
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coaster
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Financially and professionally you're doing VERY well for your age. I think your worries are overblown, but worth considering, and I think the solution is to start working on a college degree by going to school part time. You'd be surprised how many "older" people you find at community colleges these days. If you don't have access to a community college, perhaps there's some on-line education you can get.
Post Fri Mar 11, 2011 6:07 am
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khosta
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Wow!! You are in an awesome spot right now! I actually had the same situation with college and my parents... I got kicked out of the University for a year. I actually went to a community college for that year and brought my GPA back up and then was readmited to my University. All the while mom and dad stopped paying for my college and I had to figure it out... I took out student loans - which I'm kicking myself over for now! I'm glad I finished and that I have a degree but the loans are NOT worth the head ache now. I advise not taking out any loans!! Coaster has a good suggestion about going to a community college - they're cheaper and maybe you can just pay yourself. It seems like your job is pretty solid. Just keep getting as much experience as you can so you can build your resume!!
Good luck!!
Post Fri Mar 11, 2011 3:23 pm
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NolaP
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You are doing awesome! A lot better than a lot of people I know that are older than you too, by the way. I totally agree - start taking classes part time at a community college part time or online and keep your job. Jobs are hard to come by these days for a lot of people so definitely don't take it for granted! Good luck!
Post Fri Mar 11, 2011 4:02 pm
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RichS
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What is it that you "really" want to do? Do you "really" like your current job or is it the money that is keeping you there? If you go back to college what type of degree do you want to get? What will this degree do for you that you can't already do for yourself?

Do some looking at yourself. You are only 24 and you have a long way to go. Yes, financially you are doing okay but that can disappear with the first major health issue you might have. Whatever you do decide to do, don't just waste your time with a job...look for a career doing what you "really" want to do.
Post Fri Mar 11, 2011 7:57 pm
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littleroc02us
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If there was a trade that you wished to get involved in you could by paying for it yourself and going to a Technical or Community college. I went to a Tech school and paid around 7k for 3.5 years and am doing quite well in the field of IT. As for the car debt, retire it! It's just a thorn in your side and there's not reason to keep it around. Do what you want now because you can, not because of your parents expectations.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Thu Mar 17, 2011 3:56 pm
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SUP3RSTAN
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well right now i just sale cell phones.. yes most people think those guys make like 12 bucks an hour....thats what i thought before i got my first paycheck anyway.. i like it..I just work every weekend it sucks something aweful.. i m pretty tech savy and had considered something IT based.. my problem now is i ve got addicted to the drug of money..and there no way to go to school for something like that without quitting.. and jobs are to hard to come by right now to quit..I could just keep doing like i m doing now and retire at 45 lol.. nah thats just a pipe dream.
Post Sat Mar 19, 2011 4:30 am
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Bubblez
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You're doing so amazing for your age. I think you are ahead of most people right now!
Post Sun Mar 20, 2011 12:42 am
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stepbystep2
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You are doing great and you are definitely asking the right questions. To comeback that sense of insecurity , which is fair to have you need to find additional means of income. It sounds to me that you have the ambition and the drive to make things happen. When you work for an employer there is really no true sense of security, especially in today's time. When you have multiple streams of income you have security. You heard of the expression, "follow your passion and you will never work a day in your life," at least that's how I think it goes, find something you can get excited about that you like and make money doing it. Have a business idea, great. Want to buy real estate, that's great too. Never become complacent, success is a foregoing journey it is not a destination. You are definitely doing great. Keep up the good work.

Chris
Post Tue Mar 22, 2011 1:15 am
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SUP3RSTAN
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Yeah i like this train of thought to.. I ve always heard a degree just makes sure your qualified enough to make someone else money. My biggest hurdle is gonna be making the initial jump into being self employed..I m gonna keep putting back money..thats never a bad idea... and dwell a little more on what my passions are.
Post Tue Mar 22, 2011 2:54 am
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Lively Jason
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Do not get unduly worried over your situation. You are in an excellent position to take your financials to the next level.

True, it is good to have a degree and a job. But both are not required if you go into business for yourself.
Post Tue Mar 22, 2011 10:52 am
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