assuming you start out as an associate, how much of your salary (percenteage-wise) do you spend on other things ("other things" not including rent, living costs)? how long would it take to save up enough money for a decent house ("decent" = about $2-3 million)?
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It is totally dependent upon firm, performance, spending habits, rent, everything. There is no good answer to the question.
couldn't resist. lol
well good luck anyways. I guess i'm too down to earth.
Decent house where? What state and area are you interested in eventually getting a house?
"Decent" = 2-3 million???? Holy shit.
new york city
I think the best way to figure out exactly what you can afford is to look at the mortgage payment on a "decent" $2-3 million house and decide how much you'd have to make (with your personal spending habits) in order to be able to afford those mortgage payments. Once you hit that salary level, then you can afford that house. I believe a $2-3 million house will cost you in the range of $7,500 - $12,000 range, but i can't be 100% sure.
yup, 1.8mm mortage costs about $11,300 a month @6.50%
get an hp and the calculator can do it for you....
build a model
Koolkat didn't say anything about mortgages. It could be that he was planning to buy the house with $2-3 mln. up front payment, in order to aviod mortgage interest payments
but Koolkat should know that's silly. A mortgage is a good thing as long as you are active in keeping up on your finances.
Save up money? I hope you mean saving up for a down payment that would require you to pay 0 mortgage insurance. If you mean saving up for the whole house you probably should be studying up on the magic of leveraging yourself before interviewing with I-banks.
I want to work now! No, really. I want those 100+ hours/week.And also paying upfront for a house is even more ridiculous than paying cash for your car; so I sincerely hope for you that you ment saving for a down payment.
I want to work now! No, really. I want those 100+ hours/week.Disjoint, why do you say that buying a car in cash is stupid???
^^^ I think it depends on the interest rate/credit score you will be paying. If you have a high credit score, you don't need a loan to help boost it, I would pay cash. If you need to boost your score because it is under 700, I would consider losing money on the investment and carry a car loan.
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