Author Topic: Career Advice?  (Read 3003 times)

rvg

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Career Advice?
« on: March 24, 2016, 02:00:31 PM »
I guess you could say this is a case study, I'm debating searching for a job somewhere else?

22 years old with a B.A. in Computers & Information Systems
Income: $42,000 annual before taxes
+ ~$1600 a year gifts and other income, untaxed

Expenses:

Catastrophic medical insurance - $90/mo - $6250 deductible
Dental and optical insurance - $10/mo -$25 deductibles
Student loans at 5% - $305/mo, 12 year term
Rent - $625/mo - no roommate yet because my s/o has a year left of college
Utilities - $220 / mo (gas (heat & hot water), water, electric, basic internet, stove is electric)
Cell phone - $45/ mo (non-contract)
Vehicle insurance - $95 / mo (just liability)
Groceries - $160/mo
Dining out (yeah, I know, but its particularly inexpensive here) - $120 / mo
Gas - $80 /mo (snow belt so I have an older AWD that averages 17 MPG)
Gym membership - $21 / mo
Pet expenses - $15 / mo
Personal care/hygiene - $10/mo
Entertainment - $50 /mo
Copays- dental/optical, haircuts -  $40/mo

Assets:
2004 Subaru Outback sedan 103k mi ~$4500 (owned)
Cash - $4500 (keeping this in case of a move/emergency)

Excluding auto maintenance and other unexpected expenses, I'm saving ~$700 / month (which will all be funneled into student loans), or 26% of my income and I'm not sure what I can cut next. Can't cut the car because of the climate and lack of public transportation (northeast PA.) I like my job but am not meeting my financial goals. Any advice?

ooeei

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Re: Career Advice?
« Reply #1 on: March 24, 2016, 02:10:42 PM »
Nothing looks all that crazy.  The only thing I'd suggest looking at again is the need for AWD.  http://www.mrmoneymustache.com/2014/12/01/all-wheel-drive-does-not-make-you-safer/

Once your SO moves back in (or you get a roommate) your rent will be cut a bit, but I'd say focus on increasing your income.  Do well at work, and try to gain skills that employers will pay for. 

formerlydivorcedmom

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Re: Career Advice?
« Reply #2 on: March 24, 2016, 02:36:03 PM »
Does your job offer a 401k? 

I'm guessing that you have been out of college for a year or less.  In that case, I'd recommend staying where you are getting some experience.  If you haven't gotten a promotion and nice raise after 2 years of working there, then it is time to move on.  At that point, you'll have enough experience to seek our a more senior-level role at another company.

DebtFreeBy25

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Re: Career Advice?
« Reply #3 on: March 24, 2016, 02:58:39 PM »
Welcome to the forum, rvg! Your budget looks pretty reasonable. I agree that you have more of an income problem than a spending problem.

A couple questions about your job situation:
- How long have you been with your current employer?
- What's the potential for raises and promotions with your current employer?
- Do you have any specialized skills that could earn you more with another employer?
- Do you have the skills, time and interest to freelance in addition to your current job? (If you have the time and interest, you almost certainly have some earning potential.)
- Assuming that you search for another job, is there any real risk in getting caught applying elsewhere?


AZDude

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Re: Career Advice?
« Reply #4 on: March 24, 2016, 03:02:36 PM »
Your budget looks fine, but $42,000 is low for someone in your field. Look for other jobs once you have been with your current employer for a year or so.

rvg

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Re: Career Advice?
« Reply #5 on: March 24, 2016, 03:08:00 PM »
Does your job offer a 401k? 

I'm guessing that you have been out of college for a year or less.  In that case, I'd recommend staying where you are getting some experience.  If you haven't gotten a promotion and nice raise after 2 years of working there, then it is time to move on.  At that point, you'll have enough experience to seek our a more senior-level role at another company.

Job offers a 401k but no match or contribution.
Been there 10 months, have good grounds for raises but not promotions. Freelancing is an option but not ideal since visits with s/o, exercise and leisure hobbies eat up most of my personal time. Thanks all for the tips.

SirManatee

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Re: Career Advice?
« Reply #6 on: March 24, 2016, 03:11:27 PM »
I like my job but am not meeting my financial goals. Any advice?

What are your financial goals? Is it a specific savings rate? Net worth? Debt crushed in a certain time frame? Without those numbers, it's tough to know how much more you need to cut back or raise your income.

rvg

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Re: Career Advice?
« Reply #7 on: March 24, 2016, 03:35:43 PM »
 
I like my job but am not meeting my financial goals. Any advice?

What are your financial goals? Is it a specific savings rate? Net worth? Debt crushed in a certain time frame? Without those numbers, it's tough to know how much more you need to cut back or raise your income.

Mainly paying down loans in a 5 year term.