I am wondering if there is anyone that can impart some advise on how best to spend my income from my summer internship this summer. I will be working in investment banking at a bulge bracket firm.
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Save most of it, buy one splurge item at the end of the summer, use the rest of it to ball out when you go back to school
Assuming it's online again and you get paid the full prorated amount for 10 weeks, just save it. You're going to be staying home probably and will save a massive amount on rent, living expenses, food, etc... Maybe buy some personal stuff here and there but you might as well just wait until school starts to spend it or just save it. Looking at this year, a huge portion of interns got shafted and had their internships canceled and they got no money at all. Those working at banks got thousands even up the low 10k range. Imagine starting work and going to NYC with an extra 10k plus a stable job plus low rents in 2021 assuming they can start work in July or August. That's a huge benefit that will lead to an even greater benefit down the road when most people's situations will be the complete opposite - no extra income and possibly no job.
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