First Big Purchase With First Paycheck
Hi everyone. I'm stuck in down time at work right now and I searched on Google what people were spending their first paychecks on out of boredom. I came across a lot of lame answers such as CDs, DVDs, savings, (not really lame, but expected?), etc.
So I thought, what would the monkeys on WSO spend their first paychecks on? We're heading pretty deep into summer now, so a lot of summer interns are about to get paid for the first time. What are you going to spend your first paycheck on? Or if you already received your paycheck, what did you do with it?
spent mine on better clothes for work
One of the two (both?):
Food and housing. I did splurge a little and bought a $10 steak at the grocery store though.
i inadvertently spent a chunk of my first one at a strip club...haha
Well two points.
1) My first EVER job was working at a local grocery store. I actually saved up ALL the money for weeks and bought an ipod. As superficial as it sounds, that is what I really wanted (thought I needed) at the time. It was an awesome purchase and had that ipod for about 6 years. This was when 4 gb ipods cost $250.
2) The first check I got from my first internship was spent on food/housing costs because I had to. I tried to spend as little as possible. I funded my college expenses (full tuition scholarship but paid for off-campus apartment) and all my living expenses. My relatives did not cover me for anything.
After some saving, I had to spend it on clothes because I had some ill-fitting clothes.
Upgrade the wardrobe, no doubt. Then move onto the expensive dinners and drinks for chicks.
bought some good stocks.
Savings.
You dropped 3 GS on a watch as an SA?
Nope the watch came from my sign on. I got the Allen Edmonds for my first pay check. Both well worth the investment and I got a compliment on my watch from one of our senior analysts and that guy rocks an antique Patek.
For those who say "Savings" and "Bought some good stocks" thats not spending, thats savings/investment...he's referring to consumption.
Anyways, I'd spend it on a night out at some club...bottle service and everything
50% to charity 50% on booking a trip.
I went to Lollapalooza 2011 with my first paycheck.
good topic. When I first started working I was a huge cheap-ass and wouldn't spend a dime on myself.
First thing I did was buy a massive amount of bulk protein.
Nearly all of it went towards student loans paying off 8.5% interest. After I paid enough where I was prepaid for the next 2 years I got an IWC Mark XV, and 2 Brooks Brothers Suits.
Nothing. (yeah right)
Try to splurge as little as possible. My biggest mistake when I started getting paid was underestimating incidental expenses and overconsuming.
Best advice I've seen here is to buy some decent clothes (doesn't have to be expensive, DOES have to fit right). Allen Edmonds will last for 3 years at least if you do some basic maintenance from time to time. Don't buy a 3k watch, you will look like a douche to everybody who knows what it is, and to everybody who doesn't, it's indistinguishable from a $500 watch.
Pay off credit cards and cancel all but the lowest interest/highest limit card, which you should keep around for emergencies or responsible use.
Before you go out drinking, withdraw as much money as you want to spend, and leave the cards at home.
(note that I followed none of this advice and I'm sure you won't either)
This is the key.
I bought a picture frame with a black background and went to my bank. I asked for fresh 1 $US notes and framed one of them and put it up on my wall.
I still have it.
(update: the first "big" purchase was another car, I believe that was 6 months after I started)
Paid rent, bought a new watch (stylish, nothing too lavish) and saved for a world trip post-college that gave the best ROI ever: Started NYE in Berlin, lots of cities in Germany, Stockholm, Vienna, Prague, Budapest, lots of South Africa, Dubai and pretty much all India.
I would buy something meaningful for my parents.
I'd buy something entirely for me, to congratulate myself on 'getting there'. Sadly my paychecks went entirely on rent and taxes :( Buying an amazing holiday is definitely one of the best suggestions, other ideas would be iPad, new set of sports equipment, nice suit. Just make sure not to keep splurging every paycheck :)
Pay for my past big purchases by getting my credit card debt gone lol.
+1 half of my first paycheck went to my credit card, had to get that out of the way.
I also got my parents something, in my family whenever we start a new job, the first paycheck is always use to get our parents something. My older brother instilled that in me ever since i got my first job at 14, I always bought or gave my parents a nice amount to thank them.
I...
I told myself I'd do this the moment I got FT...
...and yes, yes I did.
I bought myself "The One Ring" from the Skymall Lord of the Rings collection. Oh hell yah.
This will be in a few weeks for me so here is my list...
New driver (R11s) New wedges
make sure you hit the driver on a scope and a range before you buy it..dont make the same mistake i did by only hitting the scope
I was actually looking at those along with the TM ones. The vokeys in black look so slick it hurts
Went to Six Flags
Planning on getting a cool car for my folks back home to use during the summer. I am thinking about a used BMW Z4.
I saved it. That's why I'm debt free and ended my first year with over $100k in the bank.
Damn good for you. That's sick.
As in you saved 100k in one year or you had money before? If you live in NYC and managed to save that much then you must be some kind of god of frugality.
A sumo burger at Big Nick's
.
i went to the gucci store and bought swag. oh wait u cant buy swag u born with it and it aint 4 sail.
During my high school days, I worked in a restaurant for the summer. Saved up for months to buy a really nice wallet... I still have the wallet, but regret buying it !
Sorry for double post
Go big or go home. Lamborgotti Fasterossa
first paycheck as an SA, took my parents out to a nice dinner.
originally I promised myself a wardrobe upgrade, burberry trench or something when I got my FT offer. then I realized that was impractical and I'm also really cheap, so that went out the window.
most of my signing bonus went to a trip throughout Asia: Japan, Singapore, Bali, Thailand, Taiwan.
my current promise to myself is when my comp reaches some certain arbitrary point I'll get a Zegna suit.
Taking my parents out for a nice dinner with my first paycheck as a SA would make me feel so awkward. Flowers for Mother's day and a gift $100 for Father's day would suffice. Hell, you're only (at the time) 20/21
After a couple of months of just paying rent and cards... I bought myself a nice espresso machine which I still enjoy every day.
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