My background...

Age: 27.

Income: 75k in greater Los Angeles area as a new software developer

Living situation: live at home, don't pay rent(moved back home after the Army)

Credit cards: 2

Debt: $0, Credit score: Roughly 770

Education: degree in mathematics

Car: paid off, have no payments

Total money in accounts: $17k

Family: Single, no kids

Any advice, tips, help would be greatly appreciated!

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nkyguy1988 t1_j1z7vw0 wrote on December 28, 2022 at 2:30 PM

You don't really have a special situation, so I don't see what you want besides the info in the wiki/sidebar. What kind of things are you wanting to know? Your information request is very generic and vague.

AutoModerator t1_j1z7vxr wrote on December 28, 2022 at 2:30 PM

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Triscuitmeniscus t1_j1zpum1 wrote on December 28, 2022 at 4:40 PM

I don't see anything particularly unique about your circumstances, so the standard advice you'll find on here for young people just starting their careers will fit the bill.

One thing that I think is good advice for everyone is to stay physically fit and take care of your health. Being healthy has innumerable positive effects on your financial situation, especially as you get older.

PetraLoseIt t1_j1zmhrk wrote on December 28, 2022 at 4:17 PM

Use birth control and protection at all times when engaging in sex
Consider becoming an independent contractor (with nice high hourly prices) - but work towards it first by becoming a good software developer and building up a potential client-base.

bulldg4life t1_j1z8gyk wrote on December 28, 2022 at 2:35 PM

If you work as a software developer and you were in the army, do you have a security clearance? If yes, the single best thing you could possibly do for retirement (that isn’t part of the wiki) is keep the clearance and make sure you get a job that requires it.

The prime directive is pretty much what you need.

The only other thing would be that sometimes you just gotta increase your income. 75k in LA is probably going to be financially limiting (I’m guessing) so I would focus on career development/advancement. Everything else can be from the flow chart.

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Humble_Signature_993 t1_j1zcqy7 wrote on December 28, 2022 at 3:08 PM

Looks like you’re setting yourself up very well already. Low expenses with a solid starter salary. Kudos to you!

Given you don’t have many expenses, I’d suggest maxing out your pre-tax 401k (match from company?) and a post-tax Roth IRA. If available, also max out a pre-tax HSA account. Total for 2023 is $22500+$6500+$3850 = $32850. At $75k, this won’t leave you with much money at the end of the year, but it should be enough given your current expenses. Should leave you with ~$2500/month (inclusive of above described pre/post-tax contributions, medical/dental contributions and income taxes). What are your current monthly expenses? With the remainder, you potentially could start building an emergency fund and/or savings/brokerage accounts.

Live with your parents for as long as possible, while also working on ways to increase your market value (additional education, learning a unique skill, networking). For a SWE, it seems like you should be able to get to $100k/year pretty quickly/easily.