22 y.o, have a graduate job and saved up $10K. What should I be doing with my money?

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      bumheadboi on 19/06/2017 - 00:59

      i rented an apartment in siem reap for $60 a month for a while.

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  foolsgold on 15/06/2017 - 11:53

  +2

  I'm 27, was in a similar situation to you, except i did a longer degree which meant i didn't graduate till i was 24-25 years old, so was roughly earning between 12-18k a year and saving 10 k a year from 18-25.

  I didn't travel at the time I was at uni because i was always in the mindset of "saving" for a big ticket item, like a nice car or home. I ended up buying a home after working full time for 12 months with my partner, and only then did I start to travel.

  In hindsight i would have travelled a lot earlier. Even now I have more of a financial means to travel, its not easy as it was before and its a completely different experience, i.e. I may get time off but partner can't, or friends disinterested to travel.

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  itstuan on 15/06/2017 - 16:45

  Buy everything on Ozbargain with 50% off, that way, you'll save another $10K

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  aurotaro on 15/06/2017 - 17:06

  +2

  I was in your position not too long ago. Lived with parents, saved up well at 22 ($30k+) and had a well paid job. I would work for another 2 odd years and bring that total to about $30-40k or if you can work 2 jobs even better which in the mean time will also give you 2-3+ years experience in your industry of work.

  I'd take then take at least 6 months off and go on a budget travel to whatever countries/continents please you. You'll find that the journey of travelling for that long gives you life skills that's hard to find or experience elsewhere. It's always about the journey to the destination. I'd keep a budget of about $15-25k for this travel. It's possible. Hostels, couchsurfing, walking and eating smart while travelling will help you stay within that budget. You'll make a few friends along the way as well and when you visit their country, hopefully they'll offer you a place to stay. It happened with my partner and I in plenty of cities we travelled around in Europe.

  Hopefully after 6-8 months, you can return to your old job, or you might have found an interest in something else and you still have $15-20k to get you going once you return.

  Spending the $10k at this stage I wouldn't advise. At all times, I'd keep at least 6 months of pay as savings for worst case scenario situations (medical, unfortunate events etc.)

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  My story is I stayed with parents until 26, and at 28 after saving a lot more quit my line of work and travelled with my wife for 7 months across Asia and Europe. If I had to do it again, I would definitely travel while I was younger (& single).

  The world is your oyster at the moment. Use your situation to your advantage.

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  Justin Powell on 15/06/2017 - 17:21

  +1

  22 just finished uni? Honestly mate, yeah its smart financially to save or invest that money. But lets be real, you have your entire life to make money. Travelling should be your number #1 priority while it can be. Life is for living and it only gets harder and harder to get away, especially for big trips. The world is a big place and you'll cherish the memories and horizons youve crossed.

  Some would argue investing now will allow you to do stuff you want todo later. But it just not work like that, commitments financially and personally will stop you from seeing and doing the things you want todo just for you. Start ticking things off your bucketlist before youre locked down for 25 years with a mortgage, family and the necessary job to sustain those two things.

  Plan a big 2-3 month trip as cheaply as possible after your first year or contract is up at your new job. Figure out the saving plan for that, and the financial investments you will make after. If your budgeting allows you to do some basic short term investment then do it, but investing in a fulfilling life is better than any return on money (unless you turn 10k into 10mil :P)

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    Black Brown Blue on 15/06/2017 - 21:40

    +1

    Nice one. Best inspiring passage I have read on the internet for a while. Cannot agree more. I am in the same situation as the OP.

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      Xizor on 19/06/2017 - 12:58

      I think this largely depends on if you plan on getting married/kids early in life… which i know, can be hard to plan. Things happen. That said im in my mid 30s now i have to say most enjoyable travel i have done has been the past few years, definitely not the stuff i did in my early 20s which whilst a lot more sociable overall was for the most part lost on me, age, maturity etc. Biggest regret back then though is not getting into property… now in my 30s and it's wildly more challenging.

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  wisebettor on 17/06/2017 - 05:14

  Follow the free picks posted http://facebook.com/bettingresource and bet 3% of bankroll using their compounding strategy explained in their money management article on each pick and you will see nice return each month.

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  ggkfc on 19/06/2017 - 09:57

  Should have put savings into ETH/BTC months ago, you missed out on all the gains!

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