Currently saving ~6k a month after-tax from my base salary of $175k and plan on banking the entire bonus. Do you all save a lot from your base salary or just bank the bonus? Thinking about upping my standard of living.
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Do you not pay rent? That eats up a significant amount of take home, not sure what your other large monthly expense are but that's a steep savings rate
He lives in his grandmas basement.
what about not banking the bonus? How is this not even a possibility lol?
Bank full bonus, spend pretty much full base. Analyst repe in Midwest city.
Doesn't sound like you live in NYC.
Live in NYC. Monthly income after tax, other deductions (insurance, etc) of ~$10k. Save $6k in direct deposit, spend $2k on rent and spend the remaining $2k on various other expenses (food, eating out, uber, dry cleaning, cell phone/Wi-Fi, etc.)
Where do you live with this type of rent? How many bedrooms?
Just out of curiosity, are you contributing anything towards 401K? Taking home $5000 per paycheck in NYC seems pretty difficult to achieve on $175k gross, if you're filing taxes as a single person.
Huh? What deductions do you have, and do you not contribute to your 401k? I’m at 185k base and don’t reach 10k every month post-tax and other deductions.
Saving $6k post tax/month is crazy, but I guess you’re on an associate salary so that makes sense.
I am currently maxing my 401k but save very little of my base salary besides that (rent eats up half my monthly check, then I spend a bit on food/going out/Ubers/etc.). I did save essentially all of my annual bonus, so ended up saving about $50k (the bonus portion is also post-tax) on a $150k salary in NYC, which is decent.
I figured that I’ll be saving a LOT more at my next job and I already saved a bunch of money in highschool/college so I’m not super worried about being a stickler like some of my friends.
Fellow associate in SF, saving almost as much as you do every month. (Share a 2BR/2BA in East Bay. Take the subway, eat on company card, etc.) Saved all my bonus. What makes you want to up your SoL? I've been doing just fine so far. Not like we have much time to go out and spend. Idk how much longer I'll be able to sustain IB lifestyle so I'm saving and investing as much as I can while I'm making this much
Mainly just been thinking it’s time for me to get my own place. Turning 28 soon and think it may be better for my quality of life, relationship, etc. Issue is that rents are like $4-5k for a decent 1BR. Could just save 2k-3k less than what I’m saving and wondering if the incremental 24k-36k in savings per year is worth the sacrifice as I’ll get a 6 figure bonus in the next 4 months or so…
Is the roommate situation severely impacting your personal life/relationships? My roommate and I are both very quiet, clean and respectful about space and noise when bringing someone over so it hasn't been a real problem for my relationships. You can always get your own place once you and your partner start talking about moving in together, and even then you can split the rent. $30k over 2-3 years (excluding any compounded interest/gains) could easily be a down payment in places like NJ
I saved like half my base and all of my bonus and then the market went to shit right as I bought. All that frugality and time spent was a waste. Just spend it on experiences this is all a scam imo
imagine what people who don't work in finance must be thinking if he's an analyst in IB
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Elaborate
Honestly can only save around 1500 per month and that’s automatically funneled into investment accounts. My rent is expensive af but I really wanted a 1BR so I’m hoping the bonus is decent this year.
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