Meet Leia
Age: 24
Salary: $40,000
Leia’s main concerns, in her own words:
I’m trying to make a decision between getting a higher paying job or changing my lifestyle to cut down on monthly costs. I love my job right now; it’s a great company, I’ve been there for 1 year now, I don’t want to leave. However, I can’t afford my life right now and it freaks me out especially because I’m not saving. I’m typically an over-achiever type (like Claire from the podcast I listened to) and this is one area I can’t get a handle on. I make $40k annually, spend $900/mo. on rent, recently picked up my student loan, and have a 1.5 years left on my car loan. I’ve wiped through $5k of my savings in 6 months and have just my emergency fund left. I contribute 8.25% to my 401k (no match). Do I need to sell my car? Should I contribute less? Do I need to find a new job? I think a lot of 24 year-olds can relate to my story. Please help me!
What we cover:
- To sell or not to sell a car
- Starting out as a new graduate
- 401(k) contribution levels
- The benefits of second job
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.