Here's the situation:
I'll be starting my FT position at a BB next month and I will be staying at home with my parents (so no rent or related expenses). So basically 100% of my income will be disposable. I have a pretty good idea of what I'm gonna do with the money, but I'd like some other ideas.
So, what would you do with your money if it was completely disposable?? I'm expecting some pretty unique ideas, so don't let me down.
burn it.
flush it down the toilet.
those are pretty unique ideas.
buy options close to expire date and hope to get lucky...then you can buy yourself a place
N/A
haha, good call yost
move the hell out. i can't believe you can still stand living with your parents. i love my folks but if i were in your position, i'd be gone immediately
otherwise, save it or put it in some funds
there's no reason why you have to spend it away, unless you have a particularly good reason
I don't know why you were under the impression that I was going to 'spend it away'. I said I have a good idea of what I'm gonna do with it... and that happens to be save every single penny I can. I'm gonna max out my 401K and put the rest in ETFs and MMMFs.
And I only plan on staying with my parents for 1-1.5 years. I'll be able to save a truckload of money I might even get lucky in the market and make a ton of money. I don't know how that's considered a stupid idea.... I'll be banking while other analysts will be scraping for pennies. I estimated that I'll be able to save about $60k my first year, assuming I get a $30k bonus.
Why has nobody asked the obvious question that this statement begs?
If you're planning on "saving every penny," why the fuck do you have a thread on WSO asking us what to do with your money!?
and original idea? 'put it on black' would be an original idea, but a pretty crap one.
that's all i gotta say ^
Dabble in the stock market. Get a nice ride such as a BMW or Mercedes. Your going to need something to entice the ladies once you tell them that you live with your parents.
This is surprising as you graduated from a top-10 MBA school. I'm sure you're making enough to move out, but it's your decision.
Anyway, max out your 401(k), preferably ROTH, max out your ROTH IRA, and start saving for a house or condo.
Nothing wrong with living with the parents, at least short term, to save some serious coin. The problem would only arise of you blew it and didn't save.
Live with your parents and don't get caught up in the "you should have this by this age" hype. Don't even get in the habit of spending a check before you've even seen the net pay deposited into your account. That bad habit is why some bankers have jacked up credit; their bonus is spent before it's even deposited. Get your 6-8 month savings net first. There is no telling what Alice in Wonderland (Obama) is going to do to Wall St and the last ones in are sometimes the first ones out. Then look for your place. I think women would be more impressed by a 25 year old who lived at home and saved up 15 grand than by him driving a BMW. Thanks to leasing, ANYONE can drive a Benz or Beemer so it's not the headturner it used to be.
Women care about:
Having your own place > your ride
They want alone time, snuggle time, all your time. They want to crash at your place and walk around in their underwear.
Drop hundos in the club purchase a nice car go on a nice trip
Save 60k in your first year? Are you forgetting about a little thing called taxes?
lol @ so many responses being based on what women will be impressed by
Anyway, don't you have any hobbies? Buy a really nice guitar, or build a recording studio, or take golf lessons... that kind of thing.
Take plenty of vacations - just keep your blackberry close.
Skiing works well as you can be on your blackberry while on the chairlift.
How in the world do you "take plenty of vacations" as an IBD analyst? Please explain.
Get an S5 with the money you're saving by not paying rent
Save save save save. Save pathologically. Take the money you would pay in rent (say $1,500/month) and put it away in savings (buy CD's or something so you can't touch it). Don't listen to the people telling you to move out. If your parents are okay with it, they understand you're an adult and need your privacy, and it's a reasonable commute to your job, why not? And besides, who cares what women think? And if they're so shallow as to be turned off by your living arrangement, they're not worth your time (or money).
I would love nothing more than to live at home while I save for my own place after law school, even if I made $160k/year plus bonus, but it's not possible because the nearest major legal market from my place is 1.5 hours each way and it's in shambles.
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