Advice for recent grad living on 60k/year in DTC

[2bindenver]

Two things:

C470 will be under construction for years. Expect delays.

Two try downtown Littleton for a better commute and/or vibe

[eatsDEN]

Downtown Littleton, proper, is nice.

[mettler]

When I graduated from college that last thing I wanted to do was move back with my parents. I am WAY against doing that. I lived with my parents for a month, got a job and moved out. I was embarrassed to be there a month. There is no need to get the student loan paid off. The interest rate "should" be super low, consolidate them into one loan if you haven't done so, the interest is tax deductible for a while. Get a roommate, find a place with a reasonable commute, stay within your means financially, do save, be responsible, have some fun.

[Timmyy]

Originally Posted by 02_lb7_Stroker

Hi all,


Next month I graduate from CSU with my Bachelor's in Business Administration. I already have a job earning a little over 60k per year with an aerospace company in Littleton. With this being said, what is some advice you would give to a 22 year old wanting to live in the DTC area? I will most likely move home with the parents for a few months in Parker while I apartment search (and save $$), but come fall/winter, I would like to move in with a buddy of mine in the DTC area.


I would only like to rent for 1-2 years while I get my career off the ground and figure out my place at work. How much can I expect to pay for a decent sized/furnished apartment in the DTC? So far, I think I would cap my rent at $1,000 each for a double room apartment.


I do not have a car payment or any debt, only a small student loan payment (~$300). How much should I be saving? I've heard of the 50/20/30 rule but want some personal advice from people in the area. Any and all insight is welcome.


Thanks!

All I have to say is congratulations on landing a $60K a year job out of college! That is awesome. That is really good money for a 22 year old.

[02_lb7_Stroker]

Originally Posted by 2bindenver

Two things:

C470 will be under construction for years. Expect delays.

Two try downtown Littleton for a better commute and/or vibe

I haven't spent a ton of time in downtown Littleton. Do you think the vibe is good for someone in their early 20's?

[02_lb7_Stroker]

Originally Posted by mettler

When I graduated from college that last thing I wanted to do was move back with my parents. I am WAY against doing that. I lived with my parents for a month, got a job and moved out. I was embarrassed to be there a month. There is no need to get the student loan paid off. The interest rate "should" be super low, consolidate them into one loan if you haven't done so, the interest is tax deductible for a while. Get a roommate, find a place with a reasonable commute, stay within your means financially, do save, be responsible, have some fun.

This is more what I expected to see. I do not mind moving home for a few months.. even as bad as I wanna move out but my friend who I am moving in with is insistent on moving home and saving for a few months, so it is what it is. But thank you, this is what I want to see. I don't mind making a $300/month payment for a few years in the grand scheme of things. The loan will also be consolidated as soon as I graduate.

[02_lb7_Stroker]

Originally Posted by Timmyy

All I have to say is congratulations on landing a $60K a year job out of college! That is awesome. That is really good money for a 22 year old.

Thank you very much! I feel so lucky to be where I am and I'm excited to get going!

[mettler]

good for you.. I am assuming you did not live at your parents house while in school. I will say that moving back in is a very extreme adjustment. When I got my undergrad and appeared at my parents house my mom said, "Here is your car insurance bill, health insurance bill and you have one month or you will be paying rent." I was sort of surprised at first, but I was very grateful that that is how it unfolded. It put a fire under me to get my life going.

[Phil P]

I did this 1 year ago. Same salary but working downtown. I paid $1000 a month for rent, and had no other debt or routine payments besides internet and things like that. I haven't skimped or splurged during this time, and have managed to put away about $12000, which is more than I thought I would have.

My advice would be

1: Make sure you have a couple grand (about 4K) saved up ASAP. You'll need that for security deposits, renters insurance, alternator breaks in your car, flights out to see a friends wedding... whatever. You just don't want to run out of cash, and this will give you enough cushion where you don't have to worry about money. This may mean living with mom and dad for 2-3 months.

2. I wouldn't worry about student loans as much seeing as interest is so low on them, but would rather ROTH 401k contributions at about 12-15% between you and company contribution. You'll get more financial gain this way with not that much more risk exposure.

3. Don't get car payments.

4. Live close to work. That was my biggest regret of living where I did. It took me 55 minutes today to get to work. It's TOTALLY worth the extra $250 I'll be paying in rent on my new apartment (moving in on Saturday!) to have a 20-25 minute commute vs a 55 minute one. But, it's Denver, so your not going to get anything remotely luxury at $60K a year. I'd put a cap for rent at about $1250 for you. I put mine at $1400 (ended up paying about $1250), but I didn't have student loans.

[bluescreen73]

Originally Posted by 02_lb7_Stroker

I don't exactly want to buy a house right away. My company is huge and I could see myself moving to Texas or Washington within the next 2-3 years pretty easily so I do not want to sink myself in a house, especially with how difficult the market is in Denver right now. I also don't want to live with the parents for 2-3 years until then.. lol.

When it comes to Texas I've been there, done that. If you've never lived there and you end up in Fort Worth or Houston and you're an outdoorsy type who likes all Colorado has to offer odds are very high you will absolutely hate it there.