Starting My First Career Job. 80k Package With 0 Debt. What Should I Do?
Little Background: I (24M) graduated my undergrad last may, and FINALLY landed a job that uses my degree in Finance and Business. I am going to be an underwriter for a top 10 insurance company in the United States. I feel like i hit the jackpot after 200 plus applications and landing a company that seems to really promote from within and even if it doesn’t work out, the job title is extremely transferable to any of the companies. (I live in connecticut where hartford has every major Insurance company headquartered there)
My Pay Package is hourly 34 an hour so roughly 70k a year not including any overtime, but they said there is a lot of oppurtunity for overtime during Q4 as that’s their busy season. They offered 7k signing bonus and a 3% yearly bonus if the company hits their goals.
My finicial situation is pretty well i think. I start the job in Janurary and by the time i start i should have about 5k in savings, with no debt. (Savings used be a lot higher but i was unemployed for 11 months which drained my savings.) I have a 2024 car i bought myself and fully paid it off the same year, so no car payment, and it’s a hybrid so it’s great on gas.
Bills:
$180 Car insurance a month
$160 Meal prep a month (this is my lunch that i make to keep me from eating out all the time)
$120 a month
I Currently live at home, and my plan is to live here for another year, and hopefully save most of my money. I think an ambitious goal would be to save 50k of my salary over the next year and move out by the end of the year into a cheap apartment.
Is there anything you may do different? Should i invest that money or try and go for a house? Is there anything I am miscalculating or overlooking? Anything will help thank you!
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