NYC investment banker budget
What does an investment bankers budget look like on a monthly basis. As I have looked into other forums on this topic I see that there isn't much left after each month and they didn't account any student loans into their budget. What would a budget for someone with 50k in student loans? Is it possible? Any response will help.
Let me share my analysis.Hopefully this will get some more responses. BB IBD base is 85k, which is ~3,500$ on a semi monthly basis (pre-tax), approximately 2450$ post taxes (at ~30% tax rate). Which leaves us with 1225$ per week. 450 (rent) 30 (utilities) 30 (MTA Pass, but you'll probably get an employee discount)
70 (groceries) 200 (student loan-- could pay of 11,000$ a year) 15 (gym, unless you're a stickler for the Eucalyptus Oil scented towels at Equinox :P) 60 (lunch x6 days) 40 (misc. clothes,whey protein, toiletries etc.) 80 (eating out, partying etc.) Total weekly expenses - 925$ Weekly savings - 1225-975 =~150$ That's about 9,000$ a year. Conclusion: This is probably what we'd call a Bear Case scenario. You'd probably be able to pay off your loans in 6-7 years only with your base pay savings. Don't forge the year end bonus and the hefty pay check when we move to PE.
Anyone else wants to share their views ?
That seems pretty reasonable. You forgot bonus though, which OP could use to easily pay down any debt.
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