Financial advice for a young rep

I am single 27 years old no kids. I have 40k cash, 20k in 401k and 37k in private student loans no other debt. what do i do? continue to rent and save then pay off student loan in 1 check or buy a house.

 

A few thoughts: Being young and in this industry, the first question I'd ask myself if I were you is where am I going to be in 5 years? Do I want to keep myself open to relocation in the event an opportunity for promotion or a better overall opportunity comes up requiring me to move? If that is any possibility at all and you don't see yourself staying in your current location and even potentially in the same job for more than 5 years, I'd stay put, keep renting, and yes, pay off the student loans. I know it's probably cheap interest (if it's federal), but it gives you some mental freedom, and you'll never have to worry about these the rest of your life. Most student loans with a balance of 37K are likely on 15-20 year terms. Even at low interest rates, it adds up over 15-20 years. You'll build up your savings again.

 

Good advice.

Pay off loans ... owing nothing sure helps when you find yourself out of a job because some dipwad DM doesn't like you and gets you to quit or fires you.

Live below your means. Sure, enjoy things as you can within reason, but build cash/investments.

 

I am a new NYC pharma rep (almost 24 y/o) and just want to see what you guys think of my package/plan.

I got the job in May 2016 but didn't hit the field by myself until August. My package (compared to data found online) seems small at only 44k yearly with 600 monthly for car and phone. Do you think this package is ok? I graduated from a private university with a major in Bio and minors in Chem and Business.

Also, I left with 53k in student loans counting living expenses, etc. for the 4 years. I already paid 14k off. Should I continue living well below my means, renting with friends until I can completely pay off my loans or should I create a different plan? Maybe change to a company that has tuition reimbursement?

I have a long time girlfriend who is in pharmacy school and we love the Greater NY area and eventually want to purchase a home together. Is it possible to stay in an area in this career?

 

You are on the low end for your geographic area. For now, however, just focus on getting experience. Put in a few years before you jump to a higher paying job.

On the finance side, try to live as cheap as possible and pay down the debt. Go to the library and pick up a book by Dave Ramsey (Total Money Makeover). Follow the 7 baby steps and you should be good.