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I just graduated this past semester and landed a job making 60k a year. I take home 3k a month after taxes, health insurance, 4% 401k contribution, etc. The only debt that I have is 15k in student loans which I don't need to start paying back for 5 more months.
I'm fortunate in the sense that I can stay with family at the moment while I save money. I don't want to overstay my welcome with them so ideally I would like to move out between 6-12 months.
I would love to purchase my first home as soon as possible, but I want to make sure that I have enough to make a very large down payment and enough saved that I have roughly 6 months worth of expenses covered. Unless I hit the lottery or extend my stay with family I probably will not have enough saved to purchase in 6-12 months so I will try to rent out a cheap basement/apartment while I continue to save.
I'm not really looking for an exact answer here as much as I am some advice. I would love to hear what would if you were in my situation.
Financial/life advice. One thing that does concern me is that I don't know if I am trying to rush into home ownership too early. If there is anything you wish you knew at age 22 that you know now, I would love to hear it.
Originally Posted by doopstr
Nice, what did you major in and what kind of job?
Would you consider roommates or you want your own place? Got a significant other?
I have a BBA in marketing and work in the financial services sector.
I have no problem living below my means, but if there is one thing I would like to avoid its a roommate. I've just always preferred living by myself whenever I can. If I rent a apartment style basement it will cost as much as living in a apartment and having a roommate in some cases.
No significant other as of yet. I really don't have much of a desire to get married at this point in my life. I'm enjoying having no long-term commitments.
1) pay off your debts.
2) put money in a 401K at least up to the company match (if applicable). the time to save is now when you are young. compounding interest, time is on your side, make the best of it. check with your company on the details, and depends how long you are going to be with this company. if you leave before 2 years you won't get the matching money.
3) put money in a ROTH IRA; Roth IRA vs 401k? You May Not Have to Choose - The Simple Dollar
4) save up 8 months of expenses as an emergency fund; Your 2015 Financial Road Map
5) then you can consider moving out. do some math on renting vs owning. there is a break even period, depends on your area. average is 5-7 years if you are staying in the same place, consider buying. If you feel you are going to move away before that time, renting is better for the near future. http://www.nytimes.com/interactive/2...ator.html?_r=0
just my opinion. if you google any of suze orman's articles she gives pretty much the same advice.
also if moving out is really important to you, work towards that goal instead of funding your Roth IRA. You have to decide if you want to save for retirement or save for a house/rent. If your parents would let you, and you can stand living at home, I'd stay home until you saved up enough to do what you want to do (rent/own). You save a minimum of $500-$1500 a month by not paying rent.
Housing costs are ridiculous in your area. There is some sound advice posted from others here. There are downsides to homeownership and you have to be financially prepared to make repairs and care for the maintenance of the property.
I say there isn't a rush to become a homeowner. Establish yourself in your career, save up money (retirement and savings), and see where you are in a few years. You're 22. Your priorities will change at some point. You may relocate for better opportunities (could happen), or the economy could tank again and layoffs occur. Obviously we cannot control certain things, but you need to weight out all of the pros and cons and what your financial goals are. On your salary in your area.... that's not a lot to live on. Considering the average income of the region.
You're only 22, I wouldn't rush into buying a house. I bought my first house when I was 26 and that was still kind of young. Like others said, start paying debts, and saving some money. 60K is a good start for a kid your age, but you don't know where you'll be in a few years careerwise and lifewise. I wouldn't just into home ownership right off the bat. Best thing you can do is save some money and pay down your debt or you're going to get slammed with it later.
Check out this step guide, which was similar to a poster said above:
First step is ALWAYS 3-6mo emergency fund (6-12mo if you want even better cushion). You do NOT want to be stuck in a hole if you lose your job.
Then pay off high interest debt (aka pay off the student loans asap or any other cc loans, certain loans that are lower interest like car/home may have differing opinions on how aggressive to pay them off, with that small student loans I would get rid of them quick to give you mental boost)
Then max your your 401k up to match, then max out IRA (I prefer Roth for both IRA and 401k), then max out 401k total, and then finally invest even more in taxable accounts if you have money left over.
I prefer Roth accounts as a younger person myself because it means you pay taxes on your investment contributions today to guanratee a tax-free withdrawal at retirement age. Especially if you think your current income will be low and will earn higher income later in your career.
And personally, we are in an environment historically of actually very low tax rates (marginal rates were as high as over 90%...now its 39.4) and with the federal debt and the insolvent medicare/medicaid/SS crisis, I think our taxes will likely go up then down in the future. This is my own thinking so I prefer to lock in tax savings today than wait for some unknown fututure tax rate if I just do a traditional/regular IRA/401k
At this point I would NOT look into buying a house just yet. Look at your city/life, and you are single, so you may want to move to diff area in a few years. A house is at least a 15/30 yr commitment. Also housing market is fairly hot right now and personally I feel like it is bubbling over real soon. Just don't live in San Francisco or Denver.....
All good advice here. You mentioned your don't have to start paying off your student loan for 5 months. Assuming there is no interest payable until then, I would agree there is no need to start paying back the lender BUT that doesn't mean you shouldn't start putting aside money towards the loan now and then once the interest starts accruing on the loan, you'll be that much closer to paying it off. Getting out from under debit is important.
One point on the rent vs. buying decision is whether you would be staying with your employer or if your industry typically pays moving expenses when they hire someone with experience. If either of these are the case for you (and of course, you have no idea yet if this new job will be something you will be staying on with for a long time), you can do well by buying if when you move/transfer, your moving expenses, including housing costs to sell & buy, are going to be paid for you. I understand long term employment within the same company isn't as common today as it was when I started my career but I did well by buying a house when I was young and with each of my 5 transfers, i didn't have to spend my money for each new home.
20% of $200,000 (judging TLtrigirls post, probably cant find a house in this range) is $40,000.
just saying'
Justn, you can't even find a condo in that range unless you live in the hood.
There is no such thing as a single family home in the 200's in DMV metro. You would need to live 2-3 hours outside the immediate area (to get a townhouse or condo).
in the same situation as me, then.
i'm over here saving tons of money, but it doesnt make sense for me to drop $40k on a house.
Ive been working my grown up job for 5 years now
car paid off in that 3rd year of the 5 and now, i'm just stacking and contributing to 401k and Roth IRA.
i'll tell you what tho; after i did all of that hard work, i dont want to drop my $40k on a house.
p.s. i think OP is rushing just a bit. cant do it all right out of college. needs time to build wealth
Last edited by justnspace; 06-26-2015 at 06:18 AM.
OP has the right mindset, but is looking to do too much too soon. Key is to start slow, but absolutely start. Get comfortable with your new job/salary and what you monthly income and expenses are. You don't want to take on any incremental debt (mortgage, etc) until you know you monthly cash flow. See how much $$ you can put aside between now and when you first student loan payment is due. Again the right mindset, but potentially wrong execution.
OP Akplaya: You're doing well, and are wise to ask for advice now.
Originally Posted by 97BlackAckCL
You're only 22, I wouldn't rush into buying a house...
Like others said, start paying debts, and saving some money. 60K is a good start for a kid your age, but you don't know where you'll be in a few years careerwise and lifewise. I wouldn't just into home ownership right off the bat. Best thing you can do is save some money and pay down your debt or you're going to get slammed with it later.
Originally Posted by RenoTL
You mentioned your don't have to start paying off your student loan for 5 months. Assuming there is no interest payable until then, I would agree there is no need to start paying back the lender BUT that doesn't mean you shouldn't start putting aside money towards the loan now and then once the interest starts accruing on the loan, you'll be that much closer to paying it off.
Get an emergency account built up, then put money into savings (in a higher-interest money market or other liquid account) and budget some of the savings for a big payment towards principal on the student loans (assuming no prepayment penalty on loans from any private lenders).
26 seems to be the age most folks on here have purchased their homes, me included. Save as much as you can and pay down your debts. Personally, even though I knew I was throwing money away on rent, I didn't consider buying until I had a kid.
Everyone is different but I envy my friends who were able to like at home until 28 and stack 6 figures up.
One advice: Stay at home as long as you possible can. I know you want independence and your own space and all but trust me stay home and use that time to pay off your debts as advised. Even if you don't save much but debt free when moving out its worth it.
Discipline yourself to pay debt/save as much as you would be paying for rent/mortgage as when you move out.
I bought at 24 at the bottom of the recession. I don't know about the housing market in the area of the OP, but home values are at record highs in my area. Unless the trend continues (depends on the area), it would be unwise to jump in.
I think overstaying your welcome is very subjective. If the space is large enough that you aren't really interfering, then I would suggest pitching in for monthly bills and helping out around the house. If you don't have a SO and aren't looking for one, then I wouldn't worry about living with family. Also, you can be frank and ask them their honest opinions on it. It could be something they enjoy, and it could help you a TON.
For the rent vs. owning debate, it all boils down to the rent. The ROI on a rental is -100% no matter how you slice it. When it comes to owning a house, you lose out when you sell. If the home value doesn't change, you can assume 6% closing costs, mortgage interest, and maintenance are the main set backs. Assuming a $300k house @ 4%, you're looking at ~$80k loss after 5 years. Your rent would have to be $1350+ for 5 years to justify a house, and that assumes the value doesn't depreciate. Someday you will likely get into a house, and all of that rent goes *poof*, but if you can swing cheap rent, I would stick with that for a while.
Justn, you can't even find a condo in that range unless you live in the hood.
There is no such thing as a single family home in the 200's in DMV metro. You would need to live 2-3 hours outside the immediate area (to get a townhouse or condo).
Most recommendations are to spend no more than 3X gross annual salary on a house. 3X60,000 = 180,000. I don't know much about the market there, but if 200,000 won't get you into a decent place, you should probably consider renting.
A couple other things about home ownership you may want to consider:
1. Commute distance might not bother you now, but it might in 10 years. Really give some thought to your commute.
2. If you get a significant other (or even a roommate), do not co-mingle house funds, it makes things a nightmare if things do not work out.
3. Do not buy really small assuming you will be able to upgrade, keep in mind that may never happen. Especially if you are buying a condo.
4. Do not buy a "fixer-upper" unless you are really handy and have a lot of extra time.
I have friends that have had issues with these four things, and I do not envy them.
I am still living with family and saving/paying off student loans. I have been living a very frugal lifestyle the past eight months, but I know it will be worth it in the end. I even picked up a weekend gig that allows me to take home an extra $400-$600 a month.
Yesterday we got our annual raises and I got an insane raise that I was not expecting. My manager told me it was one of the highest ones (percentage wise) that he had ever seen. I'm extremely thankful for that, but the day only got better... I got a call from an internal recruiter half way through the day to schedule an interview with the hiring manager of a position I applied to roughly 5 weeks ago. If I do get this new position, I would not only move one step up in the hierarchy, but I would also be reporting directly to a director. I work at a fortune 50, so reporting to a director at my age is rare to say the least.
I have never interviewed internally, and really don't know what to expect. I'm not even sure if I should wear a full on suit or just wear the normal business casual gear that everyone wears daily at the company. I have met the hiring manager in person once which was five weeks ago when my current manager introduced me and told her that I was interested in the position. He also told me that in private he told her I was the best employee he had ever hired. Basically, hyped me up really hard to her. This is most likely what secured an interview for me.
For those of you who have interviewed internally, do you mind sharing some advise or giving some pointers?
I wanted to also thank everyone for their awesome advise in this thread. Let me just say that I came back to this thread many, many times over the past eight months to help me stay on track.
I am still living with family and saving/paying off student loans. I have been living a very frugal lifestyle the past eight months, but I know it will be worth it in the end. I even picked up a weekend gig that allows me to take home an extra $400-$600 a month.
Yesterday we got our annual raises and I got an insane raise that I was not expecting. My manager told me it was one of the highest ones (percentage wise) that he had ever seen. I'm extremely thankful for that, but the day only got better... I got a call from an internal recruiter half way through the day to schedule an interview with the hiring manager of a position I applied to roughly 5 weeks ago. If I do get this new position, I would not only move one step up in the hierarchy, but I would also be reporting directly to a director. I work at a fortune 50, so reporting to a director at my age is rare to say the least.
I have never interviewed internally, and really don't know what to expect. I'm not even sure if I should wear a full on suit or just wear the normal business casual gear that everyone wears daily at the company. I have met the hiring manager in person once which was five weeks ago when my current manager introduced me and told her that I was interested in the position. He also told me that in private he told her I was the best employee he had ever hired. Basically, hyped me up really hard to her. This is most likely what secured an interview for me.
For those of you who have interviewed internally, do you mind sharing some advise or giving some pointers?
1. Wear a full suit. Better to overdress than underdress. Your employer might think you won't care.
2. Have a 6 month, 1 year, 3 year and 10 year plan of what you would like to do for the company. You might not be there in 6 months, but your employer wants to know that you're committed.
3. Explain how the skills you've earned working there can help you with getting your goals accomplished for the company in #2 above. If you lack those skills, explain how you want to increase your training or get additional education to address your shortfalls.
7. Bottom line, and this goes along with #3, but whatever you do when you answer a question, explain how the skills you currently have or explain projects you've accomplished that are relevant to the question that will allow you to do that job better. Give ideas on how to make the job better. Use numbers if possible that contribute to the company's bottom line.
1. Wear a full suit. Better to overdress than underdress. Your employer might think you won't care.
2. Have a 6 month, 1 year, 3 year and 10 year plan of what you would like to do for the company. You might not be there in 6 months, but your employer wants to know that you're committed.
3. Explain how the skills you've earned working there can help you with getting your goals accomplished for the company in #2 above. If you lack those skills, explain how you want to increase your training or get additional education to address your shortfalls.
7. Bottom line, and this goes along with #3, but whatever you do when you answer a question, explain how the skills you currently have or explain projects you've accomplished that are relevant to the question that will allow you to do that job better. Give ideas on how to make the job better. Use numbers if possible that contribute to the company's bottom line.
Originally Posted by gatrhumpy
Oh, and ask thoughtful, detailed questions about the company or its future, and ask how your skill set can help with the job in question.
Originally Posted by gatrhumpy
If you get the job and a pay raise, give Gatrhumpy 0.5% of your new pay for one month.
Gatr has a lot of good points here... if i could add a few things i have learned in the business world...
1.) dress to impress... dress for the job you want, not the job you have... invest in one good suit and have it properly tailored... it doesn't have to be an expensive suit, just make sure it fits well... a cheap suit tailored properly wins over an Armani that looks like crap... on a day to day practice, even if your company has a business casual dress code, try to put on a tie every day... it shows that you care with your appearance (you are a reflection of the company) and aren't just sticking to the norm, you are willing to go above and beyond... people notice these things... and if colleagues give you slack about it, just laugh and say yea i got an interview later... that will shut them up really fast, especially if you are a good worker...
2.) ask yourself, when you come in everyday, did you earn your paycheck today??? or should your company be billing you for using their HVAC and charging you rent to put your butt in a seat for the day... everyone is here to do a job... when you do your job, you are compensated... if you do your job well and exceed expectations, you should be recognized and rewarded... it looks like you are doing a good job with the merit increase you got and people are recognizing you... that is a good thing and it looks like you already have that part covered... keep up the good work...
3.) what makes you different??? this to me is the most important... a lot of people can do more than a good job with the right training... it is what sets you apart from those people that will get you the job... is it your creative thinking??? the standard answer of being motivated is boring... i can motivate anyone with the right $$$... but take it on the inception level... go 3 levels down... know your worth and know how to communicate your elevator pitch (if you were on an elevator and the CEO steps in with you and asks you what you do at the company, could you accurately tell him in 30 secs so that he doesn't think you are a waste of space)... this is helpful at the start of every interview because usually the interviewer will open with 'so tell me about yourself' i can hire anyone off the street and train them to do a job and do it well... it is what you bring to the table that will 'sell' me to hire you... can you get up to speed faster so i don't have to spend more time training you??? yes??? ok tell me about a time that you were able to do it...
4.) align goals... whenever i interview a candidate or go on interviews myself, i always want to understand whether the goals of the person aligns with the goals of the role/company... it is always a two way street... by taking this role, you should add value to the role (what is the value you add to the role? (back to #3)) and you should also learn from the role to be able to develop your career... have an answer for that... does this role help you gain management experience of staff which will help you make director one day? what is it? if you are prepared for this, you can answer the where do you see yourself in 1/3/5/10 years from now?
5.) ask good questions... be smart about your questions and less rehearsed... this comes with practice but if you can nail this one, it tells me a lot by the questions you ask... it tells me how you think based on the information i just gave you... stay away from the standard questions (i hate it when candidates ask me 'Is there anything in my experience that needs further clarification so I can ensure that I am perfect for this role?') stay away from things that you read in textbooks... yes use it as a guide but you need to be able to read the interviewer... your questions should be unique and catered to the person talking to you... a good general question is 'what keeps you up at night?' i hire people to help me problem solve... otherwise, why would i need your help??? again refer to #3...
finally be prepared with some good solid examples and don't worry too much about whether or not you are qualified for the job... if you are under qualified but they are meeting with you because they think you have the potential to grow into the role, then they will ask their questions accordingly... remember, your CV/Resume'/Experience is what gets you in the door...the reason i spend time interviewing people is to make sure 1.) you aren't a babbling idiot 2.) your personality fits the culture and i could see myself working with you... if you didn't have most of the skills to do the job, i wouldn't waste my time sitting across from you... you will meet some bad interviewers (people who waste your time) in your life... if that is the case and you don't get the job, don't worry, you don't want to work for that company or that person... if they can't gauge your fit before bringing you in to talk, that is a bad manager...
^^^^ He's got very good points, especially about what sets you apart from anyone else.
always think of it like this... if you were a business pitching your product/service to a company... how do you run better and run different than the next guy that walks through the door??? if you are all the same, then naturally i'd just pay for the cheapest one... if you can up sell me on your value, that aspect is what sets you apart from your competition... you are your best marketer... do you think some one else will know YOU better than you??? if you can't describe to me what makes you right for the job, then maybe you aren't right for the job... sometimes you have to finesse this if the role is a stretch, but it takes practice...
think about how retailers market their products to you as a consumer... now take this scenario and apply the product (you) to the consumer (interviewer)... if you know what the consumer wants, it's an easy sell...
I wear flip flops and shorts regularly, and I have never recieved a less than good performance review or less than average raise. I can't say I have ever seen an employee wear a tie. I'm not saying it will hurt at all, but it isn't necessary.
You definitely want to dress one step above the rest for an interview. That could just be slacks and a button up. It could be a tie with no coat or a blazer with no tie. Depends on the company or industry. If you have no idea what the company is like, no one will knock you for wearing a suit. But if you're interviewing within your company, you should know what will fly and what won't.
What does the directory you could be reporting to wear? Do they dress up for customer or investor visits? Wear that to show you can be one of them.
1. Wear a full suit. Better to overdress than underdress. Your employer might think you won't care.
2. Have a 6 month, 1 year, 3 year and 10 year plan of what you would like to do for the company. You might not be there in 6 months, but your employer wants to know that you're committed.
3. Explain how the skills you've earned working there can help you with getting your goals accomplished for the company in #2 above. If you lack those skills, explain how you want to increase your training or get additional education to address your shortfalls.
7. Bottom line, and this goes along with #3, but whatever you do when you answer a question, explain how the skills you currently have or explain projects you've accomplished that are relevant to the question that will allow you to do that job better. Give ideas on how to make the job better. Use numbers if possible that contribute to the company's bottom line.
I went to brooks brothers today and got a pretty nice suit. Whether I get the job or not, I needed to have a nice suit that I could use on short notice going forward and now I have just that.
I agree with everything you have listed. I do have some projects/assignments that I have worked on in the past eight months that I plan to highlight and correlate to the new position.
Originally Posted by gatrhumpy
Oh, and ask thoughtful, detailed questions about the company or its future, and ask how your skill set can help with the job in question.
Got a couple I wrote down and plan on going in there with them tomorrow.
Originally Posted by gatrhumpy
If you get the job and a pay raise, give Gatrhumpy 0.5% of your new pay for one month.
I cannot promise you that, but for always giving thoughtful responds I will definitely send you a small present if I get the job.
Originally Posted by KaMLuNg
pass
Originally Posted by KaMLuNg
Gatr has a lot of good points here... if i could add a few things i have learned in the business world...
1.) dress to impress... dress for the job you want, not the job you have... invest in one good suit and have it properly tailored... it doesn't have to be an expensive suit, just make sure it fits well... a cheap suit tailored properly wins over an Armani that looks like crap... on a day to day practice, even if your company has a business casual dress code, try to put on a tie every day... it shows that you care with your appearance (you are a reflection of the company) and aren't just sticking to the norm, you are willing to go above and beyond... people notice these things... and if colleagues give you slack about it, just laugh and say yea i got an interview later... that will shut them up really fast, especially if you are a good worker...
2.) ask yourself, when you come in everyday, did you earn your paycheck today??? or should your company be billing you for using their HVAC and charging you rent to put your butt in a seat for the day... everyone is here to do a job... when you do your job, you are compensated... if you do your job well and exceed expectations, you should be recognized and rewarded... it looks like you are doing a good job with the merit increase you got and people are recognizing you... that is a good thing and it looks like you already have that part covered... keep up the good work...
3.) what makes you different??? this to me is the most important... a lot of people can do more than a good job with the right training... it is what sets you apart from those people that will get you the job... is it your creative thinking??? the standard answer of being motivated is boring... i can motivate anyone with the right $$$... but take it on the inception level... go 3 levels down... know your worth and know how to communicate your elevator pitch (if you were on an elevator and the CEO steps in with you and asks you what you do at the company, could you accurately tell him in 30 secs so that he doesn't think you are a waste of space)... this is helpful at the start of every interview because usually the interviewer will open with 'so tell me about yourself' i can hire anyone off the street and train them to do a job and do it well... it is what you bring to the table that will 'sell' me to hire you... can you get up to speed faster so i don't have to spend more time training you??? yes??? ok tell me about a time that you were able to do it...
4.) align goals... whenever i interview a candidate or go on interviews myself, i always want to understand whether the goals of the person aligns with the goals of the role/company... it is always a two way street... by taking this role, you should add value to the role (what is the value you add to the role? (back to #3)) and you should also learn from the role to be able to develop your career... have an answer for that... does this role help you gain management experience of staff which will help you make director one day? what is it? if you are prepared for this, you can answer the where do you see yourself in 1/3/5/10 years from now?
5.) ask good questions... be smart about your questions and less rehearsed... this comes with practice but if you can nail this one, it tells me a lot by the questions you ask... it tells me how you think based on the information i just gave you... stay away from the standard questions (i hate it when candidates ask me 'Is there anything in my experience that needs further clarification so I can ensure that I am perfect for this role?') stay away from things that you read in textbooks... yes use it as a guide but you need to be able to read the interviewer... your questions should be unique and catered to the person talking to you... a good general question is 'what keeps you up at night?' i hire people to help me problem solve... otherwise, why would i need your help??? again refer to #3...
finally be prepared with some good solid examples and don't worry too much about whether or not you are qualified for the job... if you are under qualified but they are meeting with you because they think you have the potential to grow into the role, then they will ask their questions accordingly... remember, your CV/Resume'/Experience is what gets you in the door...the reason i spend time interviewing people is to make sure 1.) you aren't a babbling idiot 2.) your personality fits the culture and i could see myself working with you... if you didn't have most of the skills to do the job, i wouldn't waste my time sitting across from you... you will meet some bad interviewers (people who waste your time) in your life... if that is the case and you don't get the job, don't worry, you don't want to work for that company or that person... if they can't gauge your fit before bringing you in to talk, that is a bad manager...
good luck and keep us posted!!!
Thanks for breaking all of that down!! I will keep all of that in mind and try to nail my elevator pitch in particular. Because you're right, that is almost always the first question that comes up.
Definitely will keep you guys posted! It may take a while for me to get a response though. Our HR department is extremely slow. When I first got hired it took me two months before I finally started from the date of my final interview.
Originally Posted by gatrhumpy
^^^^ He's got very good points, especially about what sets you apart from anyone else.
Absolutely!
Originally Posted by KaMLuNg
always think of it like this... if you were a business pitching your product/service to a company... how do you run better and run different than the next guy that walks through the door??? if you are all the same, then naturally i'd just pay for the cheapest one... if you can up sell me on your value, that aspect is what sets you apart from your competition... you are your best marketer... do you think some one else will know YOU better than you??? if you can't describe to me what makes you right for the job, then maybe you aren't right for the job... sometimes you have to finesse this if the role is a stretch, but it takes practice...
think about how retailers market their products to you as a consumer... now take this scenario and apply the product (you) to the consumer (interviewer)... if you know what the consumer wants, it's an easy sell...
Yep, yep! I believe I can nail this and sell myself pretty good based on the very unique skill set I bring to the table.
Originally Posted by svtmike
Just make sure neckties aren't against safety policy.
Originally Posted by KaMLuNg
you hiring Christian Grey?
Originally Posted by oo7spy
I wear flip flops and shorts regularly, and I have never recieved a less than good performance review or less than average raise. I can't say I have ever seen an employee wear a tie. I'm not saying it will hurt at all, but it isn't necessary.
You definitely want to dress one step above the rest for an interview. That could just be slacks and a button up. It could be a tie with no coat or a blazer with no tie. Depends on the company or industry. If you have no idea what the company is like, no one will knock you for wearing a suit. But if you're interviewing within your company, you should know what will fly and what won't.
What does the directory you could be reporting to wear? Do they dress up for customer or investor visits? Wear that to show you can be one of them.
That is a very good question, but I do not have the answer to it. I do not see her like that often being that the company is so big. I would like to say that she wears the normal business casual for the day-to-day stuff. I'll be rocking a full on suit tomorrow, so I think I should be good there!
Good luck in the interview. My best advice is to come into the interview relaxed and if a tough question is asked of you, pause 5-10 seconds to collect your thoughts before answering it. If you don't know the answer, do not BS and simply say you don't know the answer but can get back to him/her that day with an answer (and do it).
I did want to give some advice on buying a house though. I bought my first house when I was 25 and it sounds like I had a similar first job experience with fat raises early on. I wound up working a deal with my parents in which we bought a house together- I was a 75% owner and they were a 25% owner. Over the course of 5 years we had that arrangement and I had one roommate that helped my expenses via rent. After 5 years of pay raises, home appreciation, I was able to REFI the home and pay my parents back their costs + a decent profit.
My parents partnership helped me buy a nicer house than I otherwise could afford. I would have bought a house one way or the other, but was glad to do it that way. I'll probably do something similar with my kids when they come of age as well.
Good luck on interview and future housing. Most people don't buy their first place before 30 so you'll be well ahead of the game if you get a place even in two years.
06-24-2015, 08:11 PM
Get an emergency account built up, then put money into savings (in a higher-interest money market or other liquid account) and budget some of the savings for a big payment towards principal on the student loans (assuming no prepayment penalty on loans from any private lenders).
