I will be making all in 170-200K all in at a BB in IBD division. $25 daily meal allowance. No student debt/loans at all. I am a firm believer in splurging more on rent for my mental health lol so would it be crazy to spend $3k on rent? Or should I try to keep it at like $2.1-$2.5k? Any thoughts.
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I just signed a studio for a little under $2,600 and have no savings. It is in a nice area on UWS. Totally worth it imo. I make less than you btw and barely met the 40x. It is def worth it.
What’s base? Would be careful with spending on rent off bonus. Not only is that coming 6-12 months into your start, it’s kind of demoralizing to watch your actually monthly paycheck get wiped on rent.
If 110 base, I’d do max of like 2500. Each paycheck on $110 base comes out to around $2500 after taxes/401k/etc, so then one paycheck each month goes to rent and other pays for the rest of your life. Save bonus and you’re in a good spot
how many checks you get a month? its crazy if its only 2.5k after taxes a month
Yeah that’s not right
I'd assume pay is biweekly, but even then, that's coming out to $5000 after tax a month. Annually that's $60000 a year. That's almost a 50% effective tax rate on your base. Either this guy is wrong or you get a decent sum back when you do taxes. Last possibility is NYC is just a shit hole and the confiscatory tax rates are even worse than I thought lol
Do you have any wealth/savings? Or are you living using only your future earnings
I paid $3.2k in rent as a first year analyst because having a nice place to come home to was a priority. I still went out, did fun things and saved $30k. It’s all a matter of priorities and living within your budget.
Did u work for a bb?
Yes, work for a BB. I think my parents co-signed for the first year but I had no issue with cash flows or savings.
How do they allow that with the 40x rule? Did you work at CVP or something
He said his parents co-signed so they acted as guarantor. You can get around 40X if you have a guarantor.
Yeah honestly I understand people want to save but I am never going to be one of those making $200k and living in a basement. I think if you spend max 1/3 of your after tax income on rent that's totally fine.
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