I was trying to get my personal finances together, so I am trying to get a sense for what is "normal" for folks that have done about 4 years in finance (2 years banking + 2 years buyside). In particular, I am trying to get a sense for whether my spending is too high or too low. How much do you spend on rent and other expenses each year? How much do you save each year? How much have you saved to date? In your answer it would be helpful to get a sense for how many years out of school you are.
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Many friends of mine have done the 2 + 2 path. Typically $800k total comp so 200k/yr avg of the 4 years. Roughly $250k to taxes. That leaves $550k. I noticed $40k/yr of expenses typically. $150k total for 4 years roughly. Therefore $400k in cash saved up after 4 years from what I've seen.
$40k a year of expenses in what city? If you are fairly normal among my peers you spend $2.5k per month on rent which alone is $30K.
Yeah good luck finding me an asset manager in Ohio who's saved 400k at age 26.
~20 data points from my school and firm.
First year IB - 3-6.5k monthly 2nd year PE - 5-9k monthly
Outliers on both sides but this is the middle 80%.