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Based on the most helpful WSO content, here are some insights regarding net worth and savings for individuals under 30 in NYC:

  1. Savings Challenges in NYC:

    • Living in NYC can make it difficult to save due to high living costs, especially in your 20s.
    • Early career stages, such as an IB analyst stint, often come with high expenses and limited savings opportunities.
  2. Examples of Net Worth:

    • Early/Mid 30s: One individual reported having around $6 million, mostly in deferred compensation and equity, with a breakdown of $150k in checking, $1 million in home equity, $500k in investments, and $500k in retirement.
    • Approaching 30: Another individual aimed to have over $1 million saved up in investments and real estate by their mid-30s.
  3. Strategies for Building Wealth:

    • Living Below Means: Some successful individuals have managed to save significantly by living modestly, even while working in high-paying finance roles.
    • Marrying Young and Splitting Costs: One example includes an individual who saved over $10 million by marrying young, splitting rent/mortgage, and living modestly despite working in a high-paying role.
  4. General Advice:

    • Avoid Lifestyle Inflation: Resist the temptation to increase spending as income rises.
    • Invest Wisely: Focus on steady, reliable investments rather than seeking high-risk, high-return opportunities.
    • Plan for the Long Term: Set clear financial goals and work towards them consistently.

These insights highlight the importance of disciplined saving and strategic financial planning, especially in a high-cost city like NYC.

Sources: Millionaire by 30, Savings (Early 30s in NYC), Millionaire by 30, Can someone help me with budgeting? 170k as a 22 year old is absurd to me., How much have you saved?

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I'm a late bloomer. Busted out of the ass-end of PWM at 29 into an AM startup, and just rode it. $250k equity in my apartment and another half million in my 401k. 40, BTW.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
 
Whatever1984

I'm a late bloomer. Busted out of the ass-end of PWM at 29 into an AM startup, and just rode it. $250k equity in my apartment and another half million in my 401k. 40, BTW.

If you own your place, why don't you call it a condo?

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

Isaiah_53_5 💎🙌💎🙌💎

Whatever1984

I'm a late bloomer. Busted out of the ass-end of PWM at 29 into an AM startup, and just rode it. $250k equity in my apartment and another half million in my 401k. 40, BTW.

If you own your place, why don't you call it a condo?

It's a co-op, which is a weird NYC thing.  Technically I'm leasing from myself.

My college roommate/lawyer/Professor of Taxation at Rowan (with a 2.4 professor rating for being an asshole) has conniptions doing my taxes because of this.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
 

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