Hello everyone, I just graduated school and am currently waiting to sit for my certifying exam. I have been reading finance blogs for well over a year now, I am just wanting to lay out my plan and see if there are any suggestions/Improvements that can be made.
I was unable to secure employment prior to my certification, so I do not believe I will be employed until August/September. The going rate for new grads in my area is around 60k/year before any overtime/extra shifts. Most hospitals around my area require 6 months service prior to gaining access to a 401k. Because I will only have 3-4 months of employment this year I expect my income to be around 15-20k, this is the last year my parents will claim me as a dependent. The goal is to hit FI asap, and consider RE or possibly grad school when I get there.
Plan of attack-
Minimize taxes- max 401k when I am able, max R-ira this year, likely will switch to a t-Ira next year.
Minimize rent- Roomate (will likely cost me 500$/month with a roommate)
Minimize food- will avoid eating out often, once a week will be my maximum
Transportation- will depend on where I get a job/where I live, for the time being I own a 3000$ car that shows no sign of breaking down anytime soon. I do not intend to own a new car at any point in my life unless I become freakishly wealthy. For now I am assuming I will have a car, car insurance, and fuel/maintenance costs associated.
With these 4 big expenses under control I think I should be in pretty good shape. As long as I don't go out and buy a ton of crap I can see saving >50% of my income.
Investing will all be done with as low cost of index funds as I can get. Maybe at some point a rental if I feel I am up for it.
My only debt is about 2k to a family member who loaned it to me so I could make tuition. This will be paid immediately. As for my current situation, I am living at home until I find a job and my only expense is a 27$/month gym membership that I use 2-4x/ week. I have roughly 1k in savings and am in my early 20's. I am hoping for insight/opinions.