How to get comfortable spending money as a young professional
About to start FT, making good comp while living at home, but I feel apprehensive about spending on things. Im emotionally attached to saving as much as possible.
For example, I wanted to get a new pair of $70 shoes but the gift card that I had didn't cover the cost so I decided to forgo the shoes.
According to my projections I should be able to save about 85% of my comp after tax this year, so technically I could buy the shoes, but I don't feel emotionally okay with doing so.
Has anyone else experienced this? Any advice?
if you dont work at one of the top bbs (gs/ms/rbc), you're basically living below the poverty line. keep saving bud
Im actually going to be a tax associate at pwc which feels close enough to that. Agree?
I wouldn't be worried about saving, you're wound so tight you'll be picking diamonds out of the toilet.
I can't play psychologist but maybe give some thought as to why you're doing what you're doing? You're about to spend most of your waking hours doing a job to earn money. If you aren't using some of that money to enjoy your life than I think you're severely missing out. There is a ton of room between using your first bonus to buy a jetski and paying an incremental $20 on what I'd classify as an incredibly cheap pair of shoes... Never mind that what you make early in your career is peanuts compared to what you'll be making in 5- 10- 15- years.
It's good to have a saving mindset. I've also found it cathartic to spend money, that I've worked extremely hard to earn, on things that give me a little juice. This is a perspective, not a prescription, everyone cares about different things and there are no wrong answers. Just figure out what works for you.
Im just anxious about the future honestly, greatest fear is not achieving my fullest potential which is somewhat linked to accumulating money
I hear ya! Just don't worry to the degree it becomes debilitating. With your mindset, you aren't going to fail, trust that. I just don't want you missing out on the positive aspects of working as hard as I think you will. I'm also speaking with the benefit of hindsight and being further along in my career. I burned so much energy worrying about shit when I was younger... It will take time but you're on the right path.
saving 85% of your comp is some serial killer shit, buy the tennis shoes man.
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Figure it out like everyone else. Fuck off
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