6 months into IB and trying to get a sense of where people are savings-wise.
I’m at a lower-paying BB and sitting at ~$32k saved total, half of which from the first 6 months (brokerage + retirement + 401k). From a lower-income background so I’m trying to build a cushion early, does this seem roughly on pace?
Would appreciate:
Thanks, trying to benchmark and improve.
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was at a low paying MM bank my first year. saved about ~80k (401k + match, HSA contributions, brokerage, roth) not including gains. definitely doable to save especially when you’re not in your apartment most of the time lol. Lateraled to an EB that pays significantly more as an A2 and in the 5 months i’ve been here i’ve saved about 40k. When in an HCOL city, possible to save if u don’t blow thousands of dollars on tables, shopping and expensive restaurants (though yu should treat yourself just don’t make it the norm). the lifestyle creep is hard to i’m trying to learn ways to avoid it haha. you’re on the right track tho keep it up
Thanks super helpful! How much are you saving a month, and how are you thinking about putting money into retirement vs. buliding a nest-egg for liquidity when starting out? I maxed out the Roth, but didn't max the 401k because wanted to bulid some cushion, at what point should I think about maxing the 401k?
Honestly i’m aiming to put in 2k a month into QQQ/SPY and most of my bonus when I get that. my whole reasoning behind maxxing the 401k was because my company had a great contribution policy and they funded my HSA in full. i keep ~20k in a HYSA for liquidity needs but most of my investments are in robinhood so if I do need liquidity it’s not bad. my rent isn’t too bad and keeping expenses low makes it easy to invest monthly
How'd you get to 2k a month into QQQ/SPY when alos including the retirement stuff. I feel like post-rent + retirement stuff you have like $2200-ish left (I have like $~2500 in rent + utilites + bills like internet).
average base for A2 is 125 ~7k / month- rent is 2k for me (have a roommate) other expenses probably 1.5k then invest 2k. retirement contributions come primarily from my bonus
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