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What should a fresh college grad making 70k a year do with all that money?

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Depending on what kind of person you are, I'd enjoy myself a bit first. A vacation, a nice TV...definitely a car, the house is probably your most sound and reasonable (and relatively reliable) investment.

Regardless, pics and congrats 🙂
 
Originally posted by: gopunk
Originally posted by: KingNothing
Originally posted by: Dacalo
If you are planning to go to school full time, why not save some money for tuition and living expense?
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When I go to school it will be paid for through a TA position or something of that sort. I won't go until my job forces me to go or I get someone else to pay for it, whichever comes first.
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first off congrats... what field are you in? sounds about right for compsci...

secondly, i would put it in investments... i don't know how much risk you can tolerate. if not much, i would put them in cd's. otherwise, index funds perhaps. sounds like you can easily max out an ira

thirdly, most schools don't give masters students (at least in compsci) teaching fellowships... unless you plan on entering the phd program and dropping out (in which case they'll give you a masters usually).
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Yep, I'm in computer science. I'm pretty confident I'll get it paid for some way or another based on what my teachers have told me, but if not...I want to be in a really solid financial position when I go. So that means figuring out how to effectively build my income.

Buying a house and then renting it out after I leave is an option. Dunno if I want the stress of that while I'm at grad school, but maybe. I have no idea how the housing market in Albuquerque is, but I'll definitely be finding out.
 
I'd recommend you get your Masters part-time while you're working. I wished I did that. It'll be tough, but anything worth getting is a challenge!
 
Originally posted by: EvilYoda
Depending on what kind of person you are, I'd enjoy myself a bit first. A vacation, a nice TV...definitely a car, the house is probably your most sound and reasonable (and relatively reliable) investment.

Regardless, pics and congrats 🙂
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Pics of what?

 
regarding buying the house I would suggest not to..

you have to think about the maintenance, and have to deal with tenants, etc.. it will be a hassle (unless you are up for it)

save the money in investments, then buy a really nice house when you are ready to settle down

I would guess renting in your state to be rather cheap, so even though it seems like a waste of money its not a bad idea to rent

oh and stay off the hot deal sites 😀😀

 
Originally posted by: CanOWorms
I'd recommend you get your Masters part-time while you're working. I wished I did that. It'll be tough, but anything worth getting is a challenge!
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No can do, if I get my masters in computer security (current plan) it'll be at UC Davis, which is a bit of a commute from Albuquerque. 😉
 
Two things:
Roth IRA and 401K, max out your controbution that you company will match. Thats free money!
 
Another idea is to buy a nice-sized house with a suite, rent out the suite and the rent can go towards the greater part or all of the mortgage payments.
 
if you can't think of anything, in the very least put it in a CD and get high interest on it.
 
Originally posted by: ed21x
if you can't think of anything, in the very least put it in a CD and get high interest on it.
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Eh, short term CDs are paying about the same as a savings account at ING. Might as well keep the money liquid if I'm going to do that. I think I ought to be able to do better though, now that I have enough money to throw at something.
 
Originally posted by: z0mb13
regarding buying the house I would suggest not to..

you have to think about the maintenance, and have to deal with tenants, etc.. it will be a hassle (unless you are up for it)

save the money in investments, then buy a really nice house when you are ready to settle down

I would guess renting in your state to be rather cheap, so even though it seems like a waste of money its not a bad idea to rent

oh and stay off the hot deal sites 😀😀
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The hassle is exactly what I'm worried about. But...maybe it's worth it? I dunno.
 
Originally posted by: z0mb13
regarding buying the house I would suggest not to..

you have to think about the maintenance, and have to deal with tenants, etc.. it will be a hassle (unless you are up for it)

save the money in investments, then buy a really nice house when you are ready to settle down

I would guess renting in your state to be rather cheap, so even though it seems like a waste of money its not a bad idea to rent

oh and stay off the hot deal sites 😀😀
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Sound advice there.
 
If you might only live there for one year, or three tops, you might be better off renting. Yes real estate is the best investment, but unless you own it for a good few years, it may not pay off. You can start a investment plan for your self too.
 
Originally posted by: KingNothing
Originally posted by: z0mb13
regarding buying the house I would suggest not to..

you have to think about the maintenance, and have to deal with tenants, etc.. it will be a hassle (unless you are up for it)

save the money in investments, then buy a really nice house when you are ready to settle down

I would guess renting in your state to be rather cheap, so even though it seems like a waste of money its not a bad idea to rent

oh and stay off the hot deal sites 😀😀
Click to expand...

The hassle is exactly what I'm worried about. But...maybe it's worth it? I dunno.
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houses aren't necessarily a good investment in all states. My aunt can't sell hers in ohio despite it being listed at maybe 10% higher than what she paid for it 20 years ago.

 
Originally posted by: KingNothing
Originally posted by: z0mb13
regarding buying the house I would suggest not to..

you have to think about the maintenance, and have to deal with tenants, etc.. it will be a hassle (unless you are up for it)

save the money in investments, then buy a really nice house when you are ready to settle down

I would guess renting in your state to be rather cheap, so even though it seems like a waste of money its not a bad idea to rent

oh and stay off the hot deal sites 😀😀
Click to expand...

The hassle is exactly what I'm worried about. But...maybe it's worth it? I dunno.
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If you're worried about the hassle don't do it.

Here's my experience...I closed on my house almost a year ago and it has gone up 45k since I bought it (about 18 months). I also rent it out to 2 of my college buddies which makes my mortgage payment less than what I'd pay for rent for a 1 bedroom condo. Also, all your bills are split.

In my opinion, if you pick a good location, you can't go wrong buying a house. Even if there is a housing bubble, you're young enough where your houes will eventually appreciate.
 
Originally posted by: bootymac
Whoa, what's your job and education background?
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Computer Science major from University of Nebraska at Omaha, job will be computer security/systems development related.
 
Interesting. My girlfriend and I combined don't make 70k, although we're in Austin, TX, so salaries are lower here than Albuquerque, I think.

I'd say since you're young, invest in a very aggressive mutual fund; I guarantee results in 5+ years. That's how I was able to get an unrealized gain of 2k in the past few years, although I won't be touching any of that money until I retire... or get deathly ill.

Another option would be to get botox. 🙂

...or save up for heart surgery after you spend it on the drugs and alcohol others have mentioned earlier.

 
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