How much money do you save money?
1) Age?
2) Position?
3) Comp?
4) Amount saved on a monthly/weekly or annual basis?
5) What portion is invested or put away?
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Career Resources
1
105k is 5,860ish after taxes per month…how are u saving 5k a month??
2
1) 19
2) IB SA/Student
3) Average ($15k)
4) $10k annually
5) Restricted from investing, $25k+ saved
Who
Delete :)
An2,
~55k a year saved
Obviously includes your bonus right?
I would say this is actually pretty good and then Imagine if you can do 1 or 2 years of associate pay living as a analyst.
Associate 2
Income: ~$185K (work at a boutique with super light hours)
Savings: Negative $5,000 because I'm addicted to drugs.
Based
Analyst at a top MM - base ($110k) is basically no savings other than maxing 401k, between rent / taxes / basic expenses / social budget there’s not much left, but I could probably be saving ~$1k a month if I rolled back lifestyle a bit (though with this job having fun when you can is essential).
The plan is to save the vast majority of my bonus, so should be coming out with ~$100k savings on the year after bonus hits
I think you’re forgetting about a little thing called taxes. I got bad news for you but you ain’t saving $100k as an analyst if you’re spending your entire base
He already said he's pumping the 401k which could easily be 25k with match, etc.
Uh even if you do get a 100k bonus this year, you’re getting 50k cash max
Bonuses last year were $150k for An1 but probably not happening this year. Think reasonable is ~$120k which should be ~75k post tax and that bring me to $100 total after 401k
110k salary, 30% of paychecks go directly into retirement/investment accts. (~2700/mo) then toss additional 700-800/mo into cash savings. Then will bank entire bonus other than splurging with like 5k of it, should save close to 100k+ this year. IB in Texas is a fucking cheat code.
That’s amazing, congrats! I’ve heard the hours in Houston are worse though, but i wanted to hear your thoughts. Do A1/A2 generally average 80 hours at your firm/ any other anecdotes that you have?
75-80 is a solid average, some weeks slower ~60, and some 100+. Still rarely work a Saturday but have been in the office past midnight on Friday's more than a handful of times. I'm at a MM and can't speak for the top dogs in Houston (EVR, Jeff, Citi etc. - but would be safe to say those guys are more consistently 80+ due to the heavy concentration of O&G deal flow they get) Overall cannot complain, WLB gets much better as an A2 once you get quicker and build up social capital. But FWIW (I'm working rn on the 4th of july lol)
Will start working in IB in Texas. What’s the monthly taxes that are withheld for you?
right around $1,700/month in taxes, on my taxable wages it comes out to like a 23% tax rate (will go up once I hit the 20.5k max retirement contribution tho)
cash savings: 30k
401k: 32k (maxed out 19.5 in first 6 months + contributions from this year)
Savings from signing and year end bonus: 76k
total saved by end of an1: 138k
In the same boat. ~26 Roth IRA, 15 in 401, 10 in fidelity, ~65 in cash and hope to save 20k of my bonus and spend the rest. Sitting on a bunch of cash because I’ve already lost so much in the market.
Oh great another one of these threads to make me feel like shit
Had figures similar to being posted here last year after a year of slaving away and penny pinching and then was crushed by the markets (not index funds which will recover easy). Now I just live in the moment. Don’t give a shit any more about savings or retirement. Stopped all my 401k bullshit as well.
Boomer and gen x will come on here and wag their finger after being given a generational opportunity the last 12 years in the markets as they dump their bags on us. This generation may be screwed at this point. Fuck the savings and all this bullshit just live. Rant over
Wow. Get a life man
Shut up
Maybe you’d have a different outlook on life and saving if you hadn’t invested stupidly…
What are you going to do when you are old and can't work?
IB SA 6k ish a month pay,
Saving: none of it. Trying to enjoy my summer in nyc
I don’t think anyone was asking about intern savings
how do you spend that much lol
With the 3k rent and taxes probably not much left
3000 in rent? you live in one of those corporate furnished short term apartments?
What do you spend 3k a month on when dinner is free and ubers back from the office are as well? Youve been spending 700 every weekend on drinks and daytrips?
105k base, 10k guaranteed bonus, 30-40% variable bonus expected this coming year. Variable bonus has been paid out each year minimum 30% for those eligible since firm’s inception but I budget off base only.
Rent + utilities ($28k), car insurance ($4k), food ($5k), random shit ($10k). $47k total expenses on a take home of around $86k leaves me with around $39k of savings.
Hybrid so in-office 2x/week where lunch is provided. Always enough to take home, so my food budget could be significantly lower.
Random shit includes gas, new tires, and general debauchery (just spent $800 on a standing desk).
I’ve been fortunate to perform absurdly well in the stock market since I started working - I have 3x’d+ my annual income each year since I started working except for the last 14 months, where I’ve been sitting all cash. Made around $90k on tech puts over the past 6 months which is a nice little boost, but I haven’t traded at all the past 2 months. I do not withdraw from any of my investment accounts - if I want to spend money, it has to be out of my job money.
My COL is lower than say NYC, but it’s not super cheap. I’m happy with my financial trajectory, and although I’m hoping to do an MBA which would have an all-in opportunity cost of around $600k, I’m confident it’ll be worth it. I live a pretty frugal lifestyle and have a solid emergency fund. Can’t complain
Age: 24
Position: Associate in Corporate Finance
Comp: $115k minimum guaranteed
Save: around 32% gross
I am guessing your hours are pretty chill. seeing numbers like this make me want to quit banking sometimes.
.
delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete
what internship?
1) 23
2) Just got A3
3) I'll pull in $225k as of 12/31/2022 ($115k salary)
4) Max 401k ($1,625 per month), max traditional IRA ($500 per month), max HSA (still on parent's plan; $305 per month), $500 per month to brokerage- total of $2,930
5) Current savings of $10k emergency fund, $10k brokerage, $30k 401k, $15k IRAs, $10k savings towards house. Just bought a nice BMW all cash and $8k in student debt
I'm sure others have more saved out there but I feel comfortable for being 23 y/o, having a comfortable lifestyle, and not penny pinching. Plan to stay in IB for a while, so I'm not stressed on saving every dollar possible since you make so much more as an associate / VP and I'm very aware of lifestyle creep and won't let it get the best of me.
so you have completed 2 years as an analyst in banking?
Yes, just finished up 2nd year in May- our firm does 3 year analysts before associate promotion. I have no plans to leave until maybe I have kids
Nice - I’m a year older and don’t make as much. I can tell we have different risk profiles as my emergency fund is 3x yours and my car is probably half what yours cost. Also paid for it in cash.
Any reason for such a large emergency fund? Is this strictly set aside for emergencies or does it include general savings (house/condo, car, etc.)? I just hate sitting on all that cash outside of saving for house/condo
Wow you drive which area are you in?
msp
.
Damn, Do you mind sharing what your total savings looks like?
What does your spend look like
1) 32
2) vp3
3) £425k guaranteed, £375k last year , much lower the 2 yes before
4-5) £550k saving, 350, invested in house/real estate, 70k in fitech, rest on ISA (although disinvested and sitting on cash). Planning to invest in pe next. Usually I save all my bonus and spend my income on travel, restaurants, couple things
24
IB Analyst 2
$180k+ comp between 7/2021 - 7/2022
$50k savings
About half invested and half in checking
I have a nice apartment and car, otherwise I’d save more.
Did you just finish your first year or are you finishing your second here?
1) 29
2) As0
3) 175k base + bonus + passive investment income
4) 68% annual savings rate, living only off base pay
5) 80% invested / 20% cash
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