How to budget 110+ bonus
Bout to be an analyst in NYC did not intern, what do I need to do how can i be optimal have fun save and invest im being serious.
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To budget effectively as a new analyst in NYC while balancing fun, saving, and investing, here’s what you need to know based on the most helpful WSO content:
1. Treat Your Bonus as a Windfall, Not Guaranteed Income
2. Live Below Your Means
3. Maximize Savings and Investments
4. Be Strategic About Fun
5. Avoid Common Pitfalls
By following these principles, you’ll set yourself up for financial success while still enjoying your time in NYC.
Sources: Can someone help me with budgeting? 170k as a 22 year old is absurd to me., Managing Your Money - Building a Personal Financial Model, Millionaire by 30
Learn to use commas and periods. They're important for handling money
You’re right how do I do that don’t know how I got this far
Get roommates, you'll hardly be at home. You'll qualify for up to $2,750 max off $110k (they don't consider bonus unless it's guaranteed or you have several years of it as proof) but I'd try to stay under $2.5k, that should give you plenty of options on areas with a roommate or two
Max your 401k off your base salary and then build your brokerage account off of the bonus. You'll figure out the budgeting as you go but the analyst years are very busy so figure out what things you need to spend $ on to make your life easier (a housecleaner every 2 weeks is a very good use of $150, for example)
Prioritize sleep as much as you can, sometimes that'll mean taking a weekend off of going out
Thank you very helpful, any area specifically recommended want to live with alot of analysts but reasonable price
Know alot of analysts live in Hells Kitchen / Murray Hill depending on where the office is. Would recommend being in 15 or less walking distance.
Where's your office? What subways are close?
I personally hate living near work or having to walk to work, but a 2-4 stop subway ride is perfect. Really any direct subway line without long walks on either end (and no transfers) will be okay
Rent $2.5k
Other expenses $2k
Try to save $1.5-2k / max ROTH
This is the way. FYI, most people my year (starting 2024) spent somewhere from 2300-3000 in rent, even with roommates. Would heavily prioritize being within 30 minutes of the office over saving a few hundred in rent. The people saying max your 401k first year do not understand 2024/2025 analysts' life in NYC; you only work the last 6 months of the first years, so to get to maxing your 401k, you will have to put ~40% which makes it nearly impossible to do anything in the city. I think putting 10-12% of your paycheck and then maxing out with the bonus is much more reasonable. You don't have to penny pinch, you'll save ~1.5k on average from your base just naturally if you can keep rent under 3k unless you go out a ton.
yeah but you can easily max with bonus
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