What did you do with your first paycheck?

So was talking to a few ppl and some of them gave their first paychecks to their moms or parents. Kinda made me feel guilty as I kept it mostly to myself..

.Id already blown off a huge chunk of the signing bonus in spring break of senior year and the rest was wasted in broker fees, apartment, clothes and all other stuff. So by the time the first pay came along I was kind of in a crunch and had to spend it on imp stuff again.

though to be fair my parents are in another country and im yet to meet them since I started working. prolly will go this summer back home for a few weeks and give them some gifts
.

anyways what did you guys do with your first paychecks?

 

After tax, rent and other expenses, your first pay check will likely not go very far.

At grad/analyst level, your first bonus check likely won't do much for you either.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

My base is like 75k. My first biweekly paycheck was around 2800. I think around 35% went to the government.... rest of it went to utility, alcohol, and buying furniture.

Pennies from JcPenny
 

The body of the rx7 is incredible though! They just tend to have problems after awhile with the rotary engines. Did you own an ap 1 or ap 2 model? and from what I can see I like the pic!!

 
adapt or die:
Bonuses is when you buy yourself something to temporarily numb the pain

Alternatively, it's when a materialistic girlfriend starts demanding you spend the bonus on her to compensate her for putting up with you working long hours.

When I got my first bonus, my then girlfriend had this view. I disagreed and had @adapt or die's view. Relationship ended shortly after.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

Depends on what you meant by "first real paycheck". The paycheck for $400 that I got my first pay period working retail as a 16-year-old still felt pretty damn good!

But if you mean by first full-time paycheck.... it was something like $5,000 deposited to my bank account (signing bonus included). I was... severely underwhelmed. I was living in an apartment that cost $2200/mo (was roommate searching at the time, sobsob). So I was like... "Yay, I can pay rent without struggling for once!"

Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 

Jeeeesus Illini, we get it - you drive a rusty Honda. (JK, I love it.)

Lived at home during my first internship, so all that cash went swiftly to the booze fund instead of rent.

"So who lost the hundy?"
 

Looking back, the paychecks felt like monopoly money. Outside my office, a huge sign would flash the time followed by the dow jones average. Fun to look at while sipping coffee, the time would dissolve or spin around back to the dow. The day the music stopped, a day when this dow bank sign comically read 7,000, a change loomed over my desk like a dark storm cloud. I had decided to start my own company rather than go back to school or wait and see how the firm would react to the worst market news in decades.

The first six months were agonizing at best, trying to develop a professional services product from scratch. Three were in development at once but nothing seemed to take off because the market was at its worst. The process was intuitive and quick: find a problem, grab a book and figure out at fast as possible how to spin into making money.

One April day the workflow was manageable, a type of feeling where instead of falling behind traffic, you're cruising at the speed limit matching the other cars. And while minding my own business, a client gave me a $500 installment check.

A light bulb turned on that day. A single mid-tier suit sells for more than this check. This was a Las Vegas incidental expense line item. But staring down at that check, my brain was convinced the number was worth more than the amount shown. And that changed my line of thought because if this situation was happening, then there must be other checks worth less than the amount shown. An understanding moment of a pure accolade.

About a year later another company purchased the contracts and I joined the acquiring company. Overall, the first business failed rather easily and folded at the sniff of competition. But that first check burned a hunger for bigger and better ones, that's a guarantee.

 

Looking back, the paychecks felt like monopoly money. Outside my office, a huge sign would flash the time followed by the dow jones average. Fun to look at while sipping coffee, the time would dissolve or spin around back to the dow. The day the music stopped, a day when this dow bank sign comically read 7,000, a change loomed over my desk like a dark storm cloud. I had decided to start my own company rather than go back to school or wait and see how the firm would react to the worst market news in decades.

The first six months were agonizing at best, trying to develop a professional services product from scratch. Three were in development at once but nothing seemed to take off because the market was at its worst. The process was intuitive and quick: find a problem, grab a book and figure out at fast as possible how to spin into making money.

One April day the workflow was manageable, a type of feeling where instead of falling behind traffic, you're cruising at the speed limit matching the other cars. And while minding my own business, a client gave me a $500 installment check.

A light bulb turned on that day. A single mid-tier suit sells for more than this check. This was a Las Vegas incidental expense line item. But staring down at that check, my brain was convinced the number was worth more than the amount shown. And that changed my line of thought because if this situation was happening, then there must be other checks worth less than the amount shown. An understanding moment of a pure accolade.

About a year later another company purchased the contracts and I joined the acquiring company. Overall, the first business failed rather easily and folded at the sniff of competition. But that first check burned a hunger for bigger and better ones, that's a guarantee.

 

regarding the tax thing, does anyone have any tips for the withholdings/allowances? Is there a way to set so the perfect amount of tax is deducted and there is no refund or owe when taxes are due? Not too keen on giving the government free financing.

 
Emous:

regarding the tax thing, does anyone have any tips for the withholdings/allowances? Is there a way to set so the perfect amount of tax is deducted and there is no refund or owe when taxes are due? Not too keen on giving the government free financing.

IIRC each exemption claimed = ~ $4,000 off of your income.

If you worked 6 months (half the year), figure out how uch to take off of your tax liability such that:

6/12(Tax(Your annual Salary- exemptions$4000))= Amount you will actually owe from workin 6 months.

The exemptions are a deduction IIRC. You have to take a look at the IRS's instructions to employers to figure out exactly what the amount is. Also don't claim more than 9 exemptions.

 

First paycheck as a construction worker in high school: Wow, this sucks, time to get a better job

First time I made $500 in one night as a bartender: I could take the rest of the week off, but I won't

First paycheck in NYC: Ah yes, that's nice

First bonus: Yes, yes that's definitely nice, now I can seriously start funding what I REALLY want in life...

Get busy living
 

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"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. " -GG

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