How much should I save?

[Harrisment]

Originally Posted by Deckard I'm glad that it didn't impact you, and agree that college grads have it far tougher now than they used to, although that's more about the economy, than anything else, IMO. The OP, however, is young, and he has government assistance that he earned and is available to him. I won't say he's crazy not to use it and go to school. Heck, he probably just wants to chill for a while after being in the military, and he's getting a good salary for someone his age, especially someone without a degree. And he has his experience in the military behind him, a big plus. So I understand him not being interested in going to college now. What I'll also say, though, is that he'll eventually regret not having done it. IMO, he'll reach a ceiling someday at his company for employees that aren't degreed. A good friend of mine, a guy who's middle aged, has grown kids, and vast experience as a computer engineer, moved to Austin a few years back with his wife, a school teacher. He thought it would be easy to get a good job here, what with the industries in Austin that use his skills. To his surprise, he couldn't get a job. His age was a factor, I'm sure (and it shouldn't be), but what he heard time and again was, "Sorry sir, but we require a college degree." It didn't matter what that degree was in, either. Sure, it would be better to have it related to the field he is in, but that wasn't the main requirement. Well over a year later, and surviving on his wife's salary and savings to stay in their new home by the lake, he finally got a position with Apple. In their call center. Making a fraction of what he made in Houston, where he was established with a large company. Sound familiar?

Oddly enough, I work in IT....in Austin...and for one of Apple's chief competitors .

I agree with you that since he has government assistance, he should probably eventually go back to school. I take a few classes every once in a while myself. Not because I really need a degree at this point (though I'd eventually like to get it), but more so because I find that I actually enjoy school/learning a lot more now that I'm in my 30's than I could when I was younger.

[DieHard Rocket]

Originally Posted by adeelsiddiqui Right, but when the stock is purchased every quarter, it will be purchased at the 10% discount. You can then sell it as soon as it is bought for a quick 10% profit.

What I was trying to say is that you can probably only make a transaction once per quarter. Basically, every quarter you decide to put money in and "buy", not put money in and sit still, or elect to sell at the end of the quarter.

In other words, if he chose to buy this quarter he could not also sell (ie turnaround and sell the shares he just bought for a 10% return), if that makes sense.

That's just a guess but something tells me they have ways of keeping employees from making a quick 10% like that. They want them actually invested in the company.

[adeelsiddiqui]

Originally Posted by DieHard Rocket What I was trying to say is that you can probably only make a transaction once per quarter. Basically, every quarter you decide to put money in and "buy", not put money in and sit still, or elect to sell at the end of the quarter. In other words, if he chose to buy this quarter he could not also sell (ie turnaround and sell the shares he just bought for a 10% return), if that makes sense. That's just a guess but something tells me they have ways of keeping employees from making a quick 10% like that. They want them actually invested in the company.

This is what we had at my first employer. It was a pretty sweet deal.
http://thefinancebuff.com/employee-s...n-espp-is.html

[Harrisment]

Originally Posted by adeelsiddiqui This is what we had at my first employer. It was a pretty sweet deal. http://thefinancebuff.com/employee-s...n-espp-is.html

Just looked up some info on mine. The stock is purchased at a 10% savings off of whatever the closing price is at the end of each period (quarter). I don't see anything in there about having to wait a certain amount of time before selling.

[JD88]

Eh, not really interested in school. In high school, I was the cool kid, played football and basketball, never went to class, I had like 30+ absences my senior year. Just never really enjoyed it.

Im not out to make 200k a year, I just wanna work, make 60-70k in a few years, and thatll be fine. If I was out to make the big money, I wouldnt need a college degree to do it anyway. First off, I wouldnt want to invest in the money to go back to school to get some doctorate. Secondly, I have the ability right now to go back to Afghanistan doing private contract work and make 130k to start (Marine MP's are a premium). That sounds more fun to me then being a doctor ayway. Also, if I ever get tired of this, I may go work on the rigs for a while, that seems kind of fun. Who knows?

Thanks for all the advice though. Ive got a pretty good idea of what my plan is as far as saving and investing goes. Pretty good feedback, seems like everyone has their opinion.

BTW, I will look into taking the advice that I only live once. I've been to every major city in the states, the Bahamas, and obviously, the Middle East (rather not go back), but I would really like to go check out Europe. I may do that.

[macalu]

Originally Posted by JD88 BTW, I will look into taking the advice that I only live once. I've been to every major city in the states, the Bahamas, and obviously, the Middle East (rather not go back), but I would really like to go check out Europe. I may do that.

yes, everyone lives only once. but some of those people live til they're 90. don't save all your money, but don't spend it all either.

[Dave_78]

Originally Posted by DonnyMost That's terrible advice. The dollars you save in your 20's produce exponentially more money than what you put away in your 30's.

Yeah, yeah and we've all seen the calculators and heard the stories from old guys how if you invest a penny a day you will be a millionaire when you retire thanks to the all powerful compounding interest.

You're only young once. Enjoy having some extra cash, being single, childless and having some freedom. You can start dwelling on how much money you will have in your 60s,70s and beyond in your thirties.

quality now vs. stability later and later isn't guaranteed

This is coming from a 34 year old who didn't start contributing to retrirement until the age of 28 and is very comfortable with the financial track he is on when he retires. If you get stuck in the game of stressing over every dime you spend because that dime might be $1000 in 35 years, you're (not meaning you in particular Donnymost) not doing it right.

[DieHard Rocket]

Originally Posted by Dave_78 Yeah, yeah and we've all seen the calculators and heard the stories from old guys how if you invest a penny a day you will be a millionaire when you retire thanks to the all powerful compounding interest. You're only young once. Enjoy having some extra cash, being single, childless and having some freedom. You can start dwelling on how much money you will have in your 60s,70s and beyond in your thirties. quality now vs. stability later and later isn't guaranteed This is coming from a 34 year old who didn't start contributing to retrirement until the age of 28 and is very comfortable with the financial track he is on when he retires. If you get stuck in the game of stressing over every dime you spend because that dime might be $1000 in 35 years, you're (not meaning you in particular Donnymost) not doing it right.

I'm with you on enjoying being young but...

He can invest a few thousand a year now and still have plenty of money to have fun (assuming he doesn't have loads of debt) while he doesn't have a family to support and a house note to pay, making him financially secure in the long-run in the event that financial disaster hits (loses his job when he was kids to take care of). There is a way to budget it so that he can still enjoy being young without stressing over spending.

Not to mention that he'll have as much, if not more than, the person who waits 10-15 years to start investing while actually contributing less than that person in the long-run to investments.

[Dave_78]

Originally Posted by DieHard Rocket I'm with you on enjoying being young but... He can invest a few thousand a year now and still have plenty of money to have fun (assuming he doesn't have loads of debt) while he doesn't have a family to support and a house note to pay, making him financially secure in the long-run in the event that financial disaster hits (loses his job when he was kids to take care of). There is a way to budget it so that he can still enjoy being young without stressing over spending. Not to mention that he'll have as much, if not more than, the person who waits 10-15 years to start investing while actually contributing less than that person in the long-run to investments.

I can't really disagree with you and Donny at the core. I definitely don't think it is a bad thing to invest at that age just as long as he isn't obsessing about money he has a good chance of not living to spend. Being responsible and avoiding unecessary debt is definitely priority #1. I came into my 30s with very little debt (other than my mortgage) and making twice what I made through most of my twenties so it is easy for me to gain some ground (I invest in my 401k equivalent to 18% salary with my company match) in addition to smaller outside investments so I feel comfortable with my path and don't worry about interest I lost out on by not invest earlier.

It just seems the younger folks are either so focused on retirement saving that they miss out of living today or they are totally oblivious as to handle money (more common). Some balance is always best IMO.