Seeking Financial Advice for Young Graduate Engineer

Ti94 on 02/04/2017 - 14:41

Hi guys,

I am a young Engineering graduate, in my early 20s, just started working full time in a construction firm. My salary atm is at the basic entry level of a Civil Engineer graduate. I have started thinking about how to save up money and to be financial secured (as all young people should), and would really appreciate if someone can share some tips/advices:

  1. I have a plan to be married at the end of next year, and also hopefully can purchase a property (house or apartment), but my saving at the moment is basically up from the scratch (all my savings before went to university tuition fee as I am an oversea student). Has anyone else gone through this hard period and if so how did you save up? How long it takes you to be financial secure/ achieving your goals?

  2. I am considering to look for a casual job over the weekend. It would help me earn some extra money to save, but at the same time there is a fair chance I can get exhausted and also not be at my best at my full time job Mon-Fri. Second option is I take weekends off for rest and also to study about investment (I am learning by myself about investing / trading stocks) at the moment. Also I can spend some time on the weekend to improve my knowledge in Civil Engineering, and hopefully can land a promotion in the near future. Again if anyone has had similar experience before, please share some tips/advice on how did you manage it and how could you improve your saving/financial situation?

Your advice would be really appreciated. Many thanks!

Financial

Comments

  • supnigs super skids on 02/04/2017 - 15:27

    Marry boyfriend, buy house. Winner u arr

  • polol on 02/04/2017 - 15:29
    +1
    • 2nd job gets taxed heavily until you lodge your tax return.
    • Don't pick stocks. You won't beat the market. If you do people recommend passive investments like ETFs tracking an index. (https://www.moneysmart.gov.au/investing/invest-smarter/smart…)
    • Where do you live? Where do you want to live? Where do you want to buy? Is your partner on a similar income, will they help with the deposit and repayments?

    Both my partner and I live at home with our parents and we just bought a unit in Sydney after working for 4 years out of uni. It helped to start viewing properties before we had the deposit saved to get a real sense of the areas we were looking at and quality of the places that we could to really understand what price point we were going to be happy with. We originally considered around 500-550k but that quickly jumped to the 650-700k mark and the suburbs changed as well.

    My advice re work is that always offer to help out and learn new things. If you are not learning you should find another job at another company. Ask for experience, ask for tasks. I was surprised at how much I could do if I just asked my managers.

    Also real financial advice should be given by a financial adviser/counsellor, not bums on ozbargain.

    • Ti94 on 02/04/2017 - 22:16

      Thanks. We live in Wollongong and would like to buy a property here. I will checkout your advice abt passive income. And probably just focus on my engineering major atm without worrying abt getting a weekend job. After hearing ppl opinion it seems not worth the time.

      Appreciate your advice. Many thanks.

    • Ti94 on 03/04/2017 - 13:27

      My salary is around 50k annually and similar is my partner. We will both contribute to the purchasing of our first property

  • plmko on 02/04/2017 - 15:32

    I am considering to look for a casual job over the weekend. It would help me earn some extra money to save

    No idea how much an 'entry level' engineer makes, $70K? But If you worked any more your tax is 32.5c in every dollar you make, a random Coles job getting you $20, you would take home about $13.5 an hour. Is that valuing your time?

    Just a concept to think about.

    • Ti94 on 02/04/2017 - 22:17

      Its arond 50k. But with good progress it can escalate quickly to that 70k mark. I think I will just focus on my major now instead of working more on the weekend

  • mskeggs on 02/04/2017 - 15:37
    +4

    The biggest opportunity for you to improve financially is to develop your biggest earning potential, engineering.
    I don't know how that career works, but if there is post grad qualifications or specialisations, consider doing whatever you can to accelerate your progress up the career ladder.
    Once you earn a good income, all the other things really take care of themselves in the fullness of time.

    • Ti94 on 02/04/2017 - 22:17

      Thanks for the tip :)

  • whooah1979 on 02/04/2017 - 22:24
    +1

    I have a plan to be married at the end of next year

    getting married is a big expense that should be avoided at all cost if you plan on saving.

    I am an oversea student).

    however, it's a great way to get a pr. if that is what you intend to do.

    • ronnknee on 03/04/2017 - 12:12
      +1

      Wow, you saw right through OP's agenda.

    • Ti94 on 03/04/2017 - 13:26

      Haha yeah but I and my partner are both oversea students. We are applying pr ourselves though.

  • samiah21 on 03/04/2017 - 19:33

    As an engineer the best way to get ahead is to work on site i.e. remote area like in mining or oil and gas projects/sites.

    You will work longer hours and make money but you will sacrifice your time and being away from home. If you do this for 5 years you will be ahead.

    Good luck.

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