I Have A Full-Time Job!

Been meaning to make this thread, but 2 weeks ago I started my first full-time job in an Accounting (tax) firm. I haven't graduated from uni yet, but just finished my last ever semester (as long as I pass). That is why I have been less active than usual. A bit like how I was in February.

That work experience I did at a different place helped a lot. There's still a lot of new things to learn, but it's gone ok so far. The guys in my work team are entertaining to say the least.

When I joined the forums, I wasn't even in high school. Now I have unofficially finished my degree, and have a full-time job. Crazy.

Time doesnt wait for anyone. . .

Congrats, Chosen One!

« Last edited by Warrior13 on Jul 5th 2021 »

Congrats man. Always a great feeling to get that first fulltime paycheck.

That's wonderful news Matt, well done. I'm happy for you.

Thank you all

And by all, you mean all. XD XD XD

Sad but true.

Could change. ;)

What did you spend your first paycheck on Matt? Did you treat yourself in any way. Great feeling getting your first psycheck, mine was 70 pounds back in 1988 when I was 18. I did a 4 year indentured apprenticeship in the print as a graphic designer. Had to go to college in central London one day a week. Feels like an eternity ago now. My first tasks were to paint the toilet, make the tea and go to the cafe and order the sandwiches for everyone, it was called 'the grub run.

« Last edited by Sanzano on Jul 14th 2021 »

I haven't spent it yet. Not sure what I will use the money for, but still a nice feeling seeing it come. Soon I'll be back over the $10,000 mark like I was a few years ago. My salary is $52,250 AUD a year.

Luckily at my work they don't give the new person those kinds of jobs. Either the admin team handle that, or the directors do it themselves. At the place I did work experience in March, I had to do some of those kind of things (clean coffee machine, fill it, tidy meeting rooms, empty bins once a week, etc).

Dang! You banking it!

Not sure what the typical Australian salary is like but that seems damn good for your first "real" job. A ton of kids here in the US would kill for that kind of salary just out of school, especially if they didn't have any student loans (as I'm assuming you don't).

I was lucky enough to pay my 25k in student loans off within 2 years after graduating, but a ton of kids I graduated with had more substantial loans and/or went to grad school and took on more debt and now owe 100k+ that they can barely make the minimum payment on. Good on you for not falling into the trap.

Some advice that I'm sure you know already - invest, invest, invest. As much as you can as soon as you can. I'm an idiot and didn't open an IRA (personal retirement account) until last year and a brokerage account until this year, I was sitting on 50k in cash in the bank and losing out on thousands. I'm slowly investing as much as I can afford into ETFs and index funds, but if I had started when I was 21 instead of 25 I'd be doing much better. I'm not sure how investing in Aus works but I'm sure it's similarly easy. Just don't let all that money rot away in your checking and savings accounts literally losing value with inflation.

Some great words of wisdom, I wish I had wise friends when I was younger that pointed me in the right direction. The only thing I was interested in was doing up my MKI Golf GTI. Instead of wasting money on flash alloy wheels and Recaro seats I should of put the it away in a pension fund and wached it grow so I could retire early.

You're making a decent amount of money Matt, I'm happy for you.

Ha, well there is definitely value in spending some of your money on things you enjoy. Otherwise what's the point of it all. I'm just lucky to have fiscally responsible parents that taught me the value of money and how to be smart with it. And most of my hobbies are very cheap or free. Just by investing any money at all you're doing better than the vast majority of your peers, at least here in the US. Most young people here have < $500 in savings and investing is a pipe dream. Plus the average person with student loan debt owes almost $40,000. Home ownership is impossible for most young people even though a mortgage in many places is cheaper than renting. People just can't get approved or muster up the capital for a down payment on a house.

But I'm veering a bit. Matt seems on a great path.

« Last edited by steelersrock01 on Jul 14th 2021 »

Without a doubt, if Matt starts up a private pension plan now and puts a small amount each month into it he will be able retire comfortably when he is older. It sounds silly thinking about pension plans when you first start going to work but believe me time absolutely flies when you leave school for some reason. Last thing he wants happening is getting to fifty and realizing what the government is going to give him is not enough.

For sure. Relying on social security (the public pension plan here) is not enough for the majority of people. You can start taking it at age 62, but you get penalized heavily (up to 35%) and you don't get the full benefit until age 70. Most people start taking it around age 65-67. So if you retire after 35 years of work at age 60 without any personal investments you pretty much have to have enough in savings or have a company sponsored pension (rare nowadays) or a 401k that can hold you over until Social Security kicks in. This is where having that personal pension plan really helps out, because if you make the max contribution ($6000 per year here) you'll have about a million dollars in it and can start withdrawing at age 59 and a half, tax free.

Investing is very boring and it is almost painful to put money away that you aren't going to touch for 40+ years but it's so worth it. Plus you can always withdraw your contributions with no penalty at any time if you need capital to make a big purchase like a house.

Completely agree. I always try to invest when I can, even in precious metals. Probably gonna do some paper bonds soon. Old Michael will need it with inflation what it is.

After Superannuation, I earn $47,250 a year. The average salary in Australia is $63,000. However I'll be on this salary until I become a Chartered Accountant (course takes roughly 2 years to complete).

Everyone - I did a Personal Finance unit, and a Superannuation (pension) & Retirement Planning unit at uni. So I've seen in practice what good it can do to invest, and through other Finance units I have learned a fair bit about investing and the stock market.

I haven't invested yet, but it's definitely on my radar. Once work settled down a bit and I get more used to the work-weekend cycle, I'll have to sit down and sort it out.

Regarding the early retirement, it's especially important these days. I expect that by the time I am approaching retirement, the age pension age will be around 75 years old. In Australia it keeps going up. So basically, if you don't have enough money in Superannuation (personal pension), you'll be working all your life, literally.

Sounds like you're doing great then. Average retirement age keeps getting moved up here, as well. It's currently 67 for people born 1960 or after but I'm expecting it to be around 70 as millennials start getting towards retirement age.

Mike: And that is only if SSI is still present when we get that old. Makes retirement savings way important.

Matt: So beers on you when we all meet up?