Some financial advice for a graduating college student who has saved up for a new Tacoma :D

Thanks for your feedback.

 

Spoiled

 

Because I paid for school out of pocket?
Because I worked 40 hours, and 70 in the summer while obtaining a degree in engineering?
Because I can save money?

Please do enlighten me.

 

Ah I think I can relate to ya a little bit. I too am an engineer in the Virginia area.

Not sure what your long term goals, but guys have been telling me since I graduated to buy a home. The thing is, I don’t like va enough to honestly invest here and get stuck with a home although yea you can do the whole buy and sell thing. I think you have a decent plan going forward with looking into a second gen.

If it were me, I would put down a decent down payment, but save half of your cash. I don’t know your discipline and I assume you will do just fine in the job market, but I would wait until after a year out in the real world before committing to a house or anything assuming you have an interest in that. I work in the northern va/dc area and man that place is expensive as shit. If you are down in the Hampton roads area, then housing can be much more attainable.

Not sure of your upbringing either, but I’m a west coast guy and I hope to make the transition back soon so for me renting has worked out fine. As I’m sure you are aware, many engineers look to hit the ground running with all these investments cause they are so worried about being efficient in life from the get go. I know they get things paid off quicker, but I have a few friends who still live their college budget because financial wise they are just way over extended. Some prefer the lean lifestyle, but I enjoy knowing I got some coin to enjoy life with instead of waiting till I’m in my 40s to have fun.

Considering you saved up 18k in college takes a lot of discipline and patience especially during the engineering curriculum. I’m sure you will do fine, just be sensible to what you want and give yourself a buffer atleast at first.

 

I only scanned the entire thread.

Here is a a thought. Obviously you know how to use the internet, obviously you have a desire to work on your own vehicle or else you wouldn't be on this site.

Have you considered putting together a late model wreck? My wife and I have bought wrecks for the last 25 years. We rebuild them then drive them. Salvage title means nothing if u own the truck for 200,000 miles. They sell used for the same price as a clear title.

Oddly enough, we just did the math on how much our car payments were for the last 20 plus years.

After buying the wrecks, fixing them and buying the needed parts, we calculated that our car payments averaged $55 per month since 2001.

The money we saved is now in our retirement accounts. It's not a phone number, but it's close.

We just hit 50 years old.

 

Not a bad tactic, but could be a little early in the game depending if his lodging could support a wrecked vehicle for a certain interim.

Since OP is a new grad, I would assume there might be other items he may want to focus on before just picking up an investment project when his job should likely to presidence first.

Hope to not offend as this is very insightful info for someone like me.

 

No worries. I should have put more emphasis on the importence of getting a large chunk of money making interest as soon as possible.