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the title was accurate.
You're the go-to guy on all things Wealth Management, I feel like you would know this.
if OP understood the concepts of compound interest and took 2 seconds to search the forums for salaries at these places, he could figure it out himself.
reality is unless you live like IP, you won't hit $1mm before 40 even if you're making 1-300k/yr if your lifestyle goes up with your salary. if you get big bonuses that are at least 1x your salary and you save 100% of those, you could hit it early, but lezzbehonest, how many people actually do that?
unless you're Floyd Money Mayweather, I would hope you don't keep $1mm in a single account
false
http://dealbreaker.com/2011/06/blind-item-which-east-hampton-resident-l…
Why would Mayweather keep anything over $250k in a single account? I'm sure he has to have someone managing his money.
because he makes 100 mil in like 45 minutes
Considering that you could earn 10mm in a year, and still not have 1mm in your bank account due to spending habits, this is a very open ended question. It's a good thing you wanted Monkey Shit.
Is this one of those new common core math questions?
28
If you don't have 7 figures in your checking account by the time you're out of high you're just a piker. It's not prestigious, but start small. Knock over a bubblegum delivery truck and start selling it in the third grade at a discount to CVS. If you can get into the life early, you should be able to become the pot dealer to everyone by 7th and run guns by your junior year. Once you're there it's all cream.
"literally open you internet bank" lol. Wtf?
Fire the torpedos (monkey shit)! (Dr. Evil voice)
Gentlemen, it has come to my attention that a breakaway Russian Republic called Kreplachistan will be transferring a nuclear warhead to the United Nations in a few days. Here's the plan. We get the warhead and we hold the world ransom for... ONE MILLION DOLLARS!
(Awkward silence) Okay, we will hold the world ransom for one hundred...BILLION DOLLARS!
You infuriate me
-1- Why would you be sitting on $1MM cash in an internet bank? It should be invested in more useful things than a 1% savings account or a CD if you're young.
-2- Before you're 30 if you're not blowing it all on models and bottles, although Uncle Sam will be taking a good bit of your "top analyst" pay + bonus too!...and don't let it sit in an internet bank's savings account where it won't grow.
If you started today, you would have it tomorrow in your internet bank. GL out there
I'm in trading which is very different than banking so here's my take from an outsider's perspective. Out of undergrad, you've got loans, live in NYC and then the tax man cometh. Following that you've got grad school, target school MBAs aren't cheap. Then it's back to high COL, high debt, tax man cometh and I remember reading that GS has banned trading for their bankers so that's a lot of cash to save. Eventually you'll want a house, so there goes a chunk (if not all) of your savings on a down payment... Families aren't cheap if you go that route... Assuming no divorces, no alimony, no long periods of unemployment, no financial fuck-ups (investments, credit cards etc) by you and your family and no private school. Probably 45-50, if you're lucky, unless you're very good at investing, which the majority of people in finance or otherwise are not.
Funny you should ask this. I don't necessarily think this is douchey from a personal savings standpoint; your douchiness derives from the GS/KKR crap.
Anyways, I've often run the numbers on savings because I want enough capital to eventually start my own gig someday with a mentor of mine who offered once I have a solid skill set. I calc'd I could reach $1m in savings by the time I was 31 in an average case, 29 in a best case, and 33 in a most likely case.
If you want to know how, learn what interest is and find the average pay in whatever career path you're taking.
I think your mentor wants you to work on your math... :-)
holy shit this went viral ok having read all this what I see: 70% comments 'why would you store that amount of money in bank account' 20% comments 'this is retarded' - expected more of this 5% comments - random shit - Winning Since 1776 sorry for the typo my man 5% comments - actually useful
what strikes me - 70% of people picked up on something that has 0 meaning. I could have written same amount of money in stocks or bonds or banana stocks the point was to say your net worth, and not your incoming salary
same goes for GS and KKR. If you are a BAML banker and got offended by this please accept my most sincere apologies
I will post the reason for this question in a bit
Wow, I am a ball of anxiety here waiting for the shocking conclusion to this cliff hanger!
lol
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