I legit have zero savings after working on IB for 3 months, feeling scared

New York / SF is pretty hard to maintain a great savings % especially your early years, so we usually save 100% of the bonuses but minimal base.

Btw you should keep a healthy boundary in terms of your finances. Don't burn yourself to keep other people warm. Take care of yourself first and then if you have some money left around, help the closest to you.

You need to set boundaries and stop sending money to your family immediately. You are an independent individual and you have complete discretion over how to spend your own money. If your family has problems with you not financially supporting them anymore, it’s time to go no contact or low contact.

Sorry, but there is no reason to live paycheck to paycheck on a 6 figure salary. You have a cashflow issue.

If you support your siblings now, they will never have a reason to become independent. Stop sending them money and focus on building a stable financial foundation for your own life. Once you give people handouts they will always have their hands out. Don’t set yourself up for a lifetime of being asked for money.

Stop doing so much coke my god

Time to be a big boy and cut the support payments out. No reason for anyone to not be working especially if they’re grown adults (in this case grown adult is 18 but can work at 16 too). You have to put yourself first as you’ve put in the hard work to get where you’re at and escaped being poor. I understand you probably feel an obligation to support your family but now it’s their turn. Nobody is bailing you out now and nobody is going to bail you out god forbid you get laid off etc…

It's pretty common.  In your case it's siblings you support, in others' case it will be something else.  Bonus is key.  Just hang til then, you'll be fine.

I definitely relate to you.

Out of my first 4 years of working, i prolly only saved around 2% of my total net income during those 4 years. There's a point where i already amassed 1 year worth of income as my emergency funds. But that got wiped out during 2021 when i needed to support the whole extended family with their hospital bills. You might see this as necessary, but the law of unintended consequences always reigns supreme.

"No good deed shall go unpunished" they said, and they are true. Now that I clearly established within the family as a major earner, I am expected to fund not only my parents retirement (they don't have any money), but my older sister's daily expenditures (transportation and sometimes venmo) because she made almost half of my income and also another family's unexpected needs (eg. loaning money when their business had lower profits, paying for some brother of another mother through college, etc etc.).

All of that happening in record high inflations, massive lay-offs within the industry, and bone dry dealflow.

All i can say to you is be tough on others, no matter the relationship. We earned the privilege of earning 6 figures--unless you got accepted through nepotism--and nobody has the right to tell you that "your income is our money".

If your siblings are adults and capable of working, then you’re doing them a massive disservice by enabling them to live off your hard work while they sit around. You’re on a path to success, and I’m assuming you worked hard to get there. To not expect the same level of drive from your family, and actually enable the opposite, is a disservice.

Those who resemble doormats may find themselves being walked on from time to time. Stop wasting your money, push your family to improve their situations.

Saving during the first couple of years in NY can be very challenging. be sure to keep your priorities in check because the city doesn't operate like other places, it'll suck all your cash v quickly. you need to stay afloat no matter how high you perceive your salary to be. I used to be in the same boat and used to send money to a sibling who turned out to be completely unappreciative and even ungrateful about it, because people who do not live in high-stress high-demand environment only see the glitz and glamor from the outside. They rarely understand the grind and sacrifice that come with it. Don't stretch yourself. My relationship seems to be permanently strained even though it all stemmed from the best of intentions…

Them "gobbling all of it up" is straight up a lack of respect for you. Good on you for not doing that anymore. Save your bonus, or at least don't do what you've been doing without it.

"...but my siblings and a few old friends slowly gobbled up the rest and now I've stopped supporting them because living paycheck to paycheck is horrible"

This sentence is the problem - glad you've realized you need to set some boundaries, ridiculous that they expected that.

Why anyone would financially support a perfectly able bodied 20 something yr old is nuts. Sick, old parents I get but thats it

3 months? Literally no one cares. 

You are being completely used man. Stop that shit right now. I understand in certain cultures it’s expected, but it’s fine to think about yourself. At the end of the day, you’re the one that’s busting your ass to make the money. No way in hell should you be paycheck to paycheck 

You said you give money to family AND friends? Sounds like you’re gonna be one of those guys that’s perpetually broke due to your low self esteem. It’s ok man, many people have no confidence and give others money so they have people in their life to talk to.

You need to reduce the amount you send home to family and completely eliminate any form of monetary assistance to your friends.

It's one thing to send money back home to support family. It's entirely unnecessary to give money away to your friends unless you're in a position to be giving monetary gifts, which you clearly are not. Stop doing that.

I'm paycheck to paycheck in IB only because I have a SERIOUS gambling problem. please halp. 

First don't beat yourself up too much. You're very young and figuring things out. Spending a bunch of money on helping relatives is ultimately a much better waste of money then buying endless bottle service or expensive watches. 

Second, as others have said, you need to put up boundaries and look out for yourself first and foremost, because nobody else will. On planes they tell you to put on your oxygen mask before you help others. Focus on building up 3-6 months worth of living expenses before you even think of sending money back home.

stop sending money to your family as harsh as that sounds.