How much have you saved?
I feel like I don’t save enough money. How much money have you saved from IB? Please include your age too.
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23 years old in NY, 2nd year analyst - ~$75k, excluding unrealized stock gains of ~$15k. I was fortunate enough to have parents that paid for my college though.
Now imagine if NYC rent wasn't a thing...
Or the taxes...
If you don't mind, can I PM you? I've seen a lot of your posts around here the past few days and I'd like to chat directly.
Of course :)
I'll adjust your EBITDA uwu ;)
-$1,000 borrowed against my SA lol
21 Yrs old, almost starting my 2nd year analyst, saved 40k but also just bought a car for 25k
Did you graduate as a 19 year old?
Graduated at 20
what’s the savings for someone who works in Houston?
90%
Bump
Have friends that work in a Midwest city and he saves about 50% from what he has told me. He also makes MM money so he is doing very well but he still lives like he is in college with some luxuries (AKA he ball out on going out and hobbies but has roommates and an old car)
Two friends in Houston / Dallas saved ~$100k by the end of their second year in IB, but those same friends haven't received meaningful bonuses in energy PE both last year and this year (think ~<$10k). Their WBL is much better than mine, but the compensation has really diverged especially this year.
Bump
Personally know friends who save 40-50% of base and roughly 70% of all in comp. Most of these guys are at the highest paying shops in houston so maybe not the best datapoint but know 2-3 people who have saved 250k+ after their 2 year analyst stint
24, wrapping up year 2 in IB. Have ~$45k saved up total, but also paid off ~$70k of student debt over the past 2 years - amazing feeling to be debt free. Not planning on any large purchases soon, but maybe a nice trip in summer 2021 once COVID is a lesser issue
congrats on knocking out the debt, hoping i'm there soon
We counting 401k contributions or just brokerage for the above posts?
I'm 24, 2nd year analyst (18 months in) - about 30k brokerage and another 20k 401k
Do you guys have some sort of budget/plan on excel you dont mind sharing?
If u PM me I can send a template that I made
mind sharing with me as well if I pm?
May you also share it with me please? Thank you
can you pls share w me too
Would love it as well!
Any Chance you can share it w me as well? @[email protected]
Would you also mind sharing this with me?
Please share with me as well, throwaway email: [email protected]
23, finishing up my first year, and sitting at ~$60,000. Did not have to take out student loans fortunately.
How did you save this much ?
140k income 100k after tax 40k expense 60k save Very simple
My base is 75k + bonus (Non NYC) and I am trying to save around 50% of my income. What should be a goal to work towards or how should I try to save 50%?
same salary, I get 2500 a paycheck biweekly and save 900
It depends on how you define "save". On your salary, I think it would be tough to save 50% post tax and still keep a standard of living that wont make you feel bad (physically and mentally). But if you aim to max out your 401k ($19.5k) that will move you much closer to your 50% goal and you can do that with pre-tax dollars.
our lives are literally working for capital and then become the capital for which new kids work
What's your position?
Xxxxxxxxxxxxxx
24, 2nd year analyst -- $0 (made $150k last year)
Edit: I'm now 25... and a 1st YR PE associate.. I've saved 95k (75k cash / 20k in a 401k if you count that..)
COVID externalities.. lol
What did you spend it all on?
yeah I’d actually be really curious. I go overboard to save and not overspend when going out, etc. because I feel like being in finance and getting carry or Co invest means that TMV is real and I’m just hurting myself if I don’t take advantage. not opposed to spending stuff but wondering if there are things I could do to enjoy more. I try hard not to hurt QOL by underspending and be miserable but I’ve just started work and have like 10-15k saved at 22 living in t1 city (high tax) as a PE analyst
This guy slays. He’s probably a brony. I’d personally spend that kind of money on copious amounts of Pokémon cards, for the lols.
hmm...
To be honest, I'm not proud of this, but planning to cut down expenses and save my entire 2nd year bonus.. plus my base is bumping to 150k in a month or two in PE which will be nice.
Hey you a cyclist in new york? Do you typically ride around the city on the streets? I'm also a cyclist curious about how to continue cycling when I move to the city
Central Park is a good quick lap, prospect park as well depending on where you live. You can definitely ride along the streets, but it's not really enjoyable. There's a nice ride up the west side hyway out to Tarrytown as well and then you can take the train back to the city (40miles one way, good Saturday ride).
What kind of car did you get?
I bought an older Toyota for a couple thousand bucks just to have the freedom of having a vehicle. Don't use it often in NYC, but thinking I may more as hours improve. Has also been very nice during COVID. Usually store it at my parents place.
"Drinks/Dinners/Girls: ~ $20k?"
I really hope you are joking
Honestly, I'd argue it's been worth it. This is ~$400 / weekend. If you include ubers, dinners, drinks, SoHo house dues, Apollo circle membership, balling out on vacation a few nights in Aspen and Ibiza etc. it's not that hard. I'm not going to be young and single forever and just because we work 90 hours / week doesn't mean we need to be miserable. I plan to start saving soon as my income will double next year, but lifestyle remain more or less the same with fewer large expenses.
gotta be simping at those levels
Congrats on paying off your debt!
First year analyst:
Technically only have saved $20k in checking/savings, but have paid down $50k of my $100k in student loans (parents couldn’t pay for college). Hoping to get to net worth of zero after bonus, but we will see.
Are you at a MM, BB, or EB? Based on what I'm seeing it would appear EB folks might get to save around $80K - $100K per year.
25, second year analyst
~$30k, had to aggressively pay off student loans.
LTM assuming no g
$6000 in Roth IRA ($500/month)
$17445 in Brokerage ($500/month, half post-tax signing bonus, half post-tax stub bonus)
$8500 in 401k (including match)
$6000 Rolex, which I argue, holds its value
Total: $37945
22 - Wrapping up Year 1 of IB. All of signing bonus went towards establishing my new apartment (down payment, furniture, app fees, etc). 21K saved off of base salary and about 3K saved in Roth account. 21K is invested in low-risk instruments (ex. high yield savings/money market/CDs). Came into the job with a pretty sizable stock portfolio of savings I continue to manage and add money to whenever I can. Waiting for end of year bonus to calculate full EOY savings.
Net worth of assets around 50k, all included. Do not receive any outside financial support, just created an aggressive financial / tax plan before starting the job and stick to it no matter what. No prior debt or loans due to academic scholarship.
Do you mind sharing more of your tax and financial plan for incoming analyst to think about?
For sure.
Personal Finance Budget:
I use an Excel template that is set up with two halves divided into annual expenses and annual sources of income. Annualize every single monthly expense you can think of and list those out under expenses, as detailed as possible. For example, you can break it your expenses into the following: rent-related, transportation-related, medical, grocery, personal care, etc. Do not include discretionary (not mandatory) spending. Under income, list your AFTER-TAX income (just easier this way). First half of year as an analyst (June-Dec), you will fall in the lowest taxable bracket (~12%) because only half a year of income. Going forward, you can just check your pay check for the correct full year, after-tax amount. To calculate net income, subtract the total annual expenses from your total annual income. Then, set a savings goal! For example, I set my goal (without bonus) to 20k. If you divide by 12, that is the average amount you have to save each month (ex. ~$1,650). Subtract that annual savings goal from your net income and the remaining balance is your annual "Discretionary Spending" total for going out, big purchases, etc. I took that total, divided by 12, and that was the amount I could freely spend each month.
Calculating my monthly expenses, saving goal, and spending held me so accountable and made it easy to know if I was on-track, or not. Also, you can easily update your projections as the year progresses to factor in unexpecteded expenses that eat into your spending allowance, or require you to update your savings goal.
Investing / Interest:
Each month, I immediately moved the set savings to a high-yield savings account (~2% interest) so that I could build up a comfortable reserve for emergencies or other large expenses (ex. medical, car damage, etc) that compounds interest monthly. Comparable safe investments include linking your savings to money markets or CDs. In addition, (conservative approach, yes) I put about 5% in my Roth account (matched / 100% equities). If you are debating how much to put in savings versus retirement account, I would consider how much outside financial support you have in the case of emergencies and your large short-term expenses.
Any "discretionary spending" money that I do not use, I add to my stock portfolio (blue chip, tech, infra). I take a long-term approach with my stock portfolio and do not attempt to day trade. (Personal stock portfolio v. Roth account?? Again, personal preference on cash liquidity).
PM me if you have questions or want me to help set you up with a financial planning model - it's a bit more detailed than outlined, but those are some high-level points!
Is it worth putting money in a Roth IRA? is there anything wrong with having cash sit in my bank account? Only have 50k saved and I feel like that’s not enough to generate any substantial return
Nothing wrong with having cash sit in your bank account but you need to determine how much of that cash you'll need in the short-run and how much you can put into retirement. Any kind of IRA is only tax-efficient if you hold you money in there until you're 60.
Additionally, most people working in IB aren't able to directly put money into a Roth IRA because most people in IB earn more than the contribution income limit which is about 140k. However, this can be bypassed through a roth ira 'backdoor' in which you put money into a normal ira which has no income cap and immediately convert it to a roth ira account which also doesn't have any income stipulations.
Does the backdoor create a lot of issues and extra paperwork? Also it seems like an obvious loophole - I don't get why they don't just let everyone contribute to a Roth IRA.
I am originally from China, my parents bought me $ 2 million worth of properties in China with no debt. I am 25 and I just started my career in big 4 audit in Australia. My salary is really low compared to you guys. I really want to get high salary like you guys but don't know how. Some people said I should try the Partner track or the CFO track, but it's takes a long time and they not very high-paying compare to IB and asset management. I am considering to transition to asset management roles but don't know how, can anyone share any insights with me about what I should do?
I am not showing off anything and would really appreciate for advices. I am 25 and I just started my career I don't have any full-time working experience prior to this big 4 audit because I spent too much time at uni. My bachelor's degree was in Environmental science obtained in one of a top university in China. I did my master's degree in Accounting at a non-prestigious Uni in Australia and now I am also doing my second master's degree in analytics (I am doing this part time and online, the program is provided by Georgia institute of technology in the US).
I am very hard-working and really want to get into a top-paying role. I'd really appreciate for advices.
Easiest way to make the jump to IB or AM would be to get your mba. But since you already have a masters in accounting, not sure more schooling makes sense... Might just rise in the ranks at audit firm and then lateral into industry. If family really dropped that much real estate on you, then probably worth considering getting involved with whatever they’re doing
27 - $750k - 6 years work exp. in IBD & Hedge Funds
may i ask how much you made at said hedge funds?
HF comp about $500k if you average all the years. No debt from school or anything besides mortgage.
To those of you in IB/PE, how easy is it to invest in equities given compliance regulations? Do you just put your money in ETFs/Cash or is the process to get cleared for a trade simple?
Will depend on firm (and strategy) but generally relatively simple to get cleared. You just have to make sure you abide by holding period rules (depending on your firm). I generally keep it simple thought and just use etfs.
Do you have to get ETFs cleared as well?
very challenging. My firm has a 30 day holding policy + pre clearing of stock/ ETFs and trading on the same day once it’s cleared. No options or shorting.
is it more difficult to get individual securities cleared compared to etfs. I spoke with one of my friends and he told me that everyone goes with ETFs at his bank. Do you find that to be the case for yourself and your colleagues as well?
27 - 4 years IB (3 year analyst program A2A)
401K/Inv. Accounts - $100k
High yield savings acct. - $50k (Does not get touched - rainy day fund of 8-10 months rent and living expenses)
Rolex - $9k argue it holds value
Black sub?
26 - 2nd year associate at a boutique asset manager
~$50k in cash ~$100k in investments (401k, HSA, Brokerage accounts) ~$100k in real estate (net of associated debt)
26
~110k NW. I live at home though and save most of my salary.
26, ~400k total. ~100 home equity, ~250 invested + 401k, ~50 in cash. 575k mortgage though.
~5 BTC ~140 ETH ~76 XMR
still holding?
The only right answer here. Gmi ser.
30 year old software engineer.
~700k cash and bonds. liquidated all of my RSUs / investments in Jan right before shit hit the fan. I was too afraid to invest at the bottom because I was pulling all nighters at work (also because of covid) and couldn’t really focus on markets. I have no idea what to do with the money right now.
Ill send you my venmo
$100K but it's just sitting there in a checking account. I don't know where to put it so I can at least make some money. I used to work at a BB where all of my accounts are but I'm scared if I invest my money through those accounts, then I will be restricted by what I can invest in. What if they think I am doing something illegal just because I bought some good stock and it went up and they think for some reason I knew that it would go up?
If you don't work at that bank anymore then you don't have anything to worry about regarding any conflict of interest/insider trading. However, if you're still worried then just invest in ETF's, index funds, and bonds. There's no way any company will care about those investments.
30 years old. As of right now, approx. $630k including RSU’s.
In the early days I had very little saved, I was trying to save 20% of my income (really just base), but it was hit or miss (mostly just into 401k). Larger expenses would come up every once in a while and I would end up wanting to take a vacation, etc. even with a budget it was hard to stick to it. I am surprised at how many people here can manage to save so much in high COL areas. I thought I was reasonable my first few years but not even close to what others have posted here.
Probably had about 40k after the first couple years.
Saving started accelerating in my mid/late 20’s, as did income. Started putting away 6 figures annually (and getting high 6/low 7 figure equity and bonuses) and being able to comfortably live off of salary and not touch bonus (except for special occasions...). Equity in firm also started building up.
Now (early 30’s) have enough saved to be happy, much more than I’d ever thought I’d have at this point in my life. Most in equity at firm.
Life is hard to predict and if you are successful (and the world doesn’t go crazy) you will all be fine. The first few years build good habits, but later years really start helping to build wealth.
Let’s be real here, there are lots of people on this site flexing a bit. When I was 25 making under $50K in a high COL area I could barely save. Car maintenance, food, rent (in the ghetto), gym, etc all adds up.
How'd you end up at your HF and big of a place is it?
Got into the fund through a recruiter, but it was a while ago. As for the fund it is a relatively well known fund (for people in HF space) and a reasonable size.
This seems like pretty bad advice. Yeah, everything is going to be fine for people that end up making high 6 / low 7 figure total compensation in their mid 20s, but for the 99.9% of the remaining population, probably not a good strategy.
Not sure if you are replying to me. I wasn’t giving advice. I was saying how much I had saved, it definitely wasn’t meant to be interpreted as advice. I probably should have saved more but it was tough earlier on (with student loans and high COL).
PE Analyst 2nd Yr / 3rd Yr Ish. Started during Undergrad - long story.
10k Brokerage, 10k Cash, 50k 401k = 70k total.
Paid off ~25k student loans + got married ~20k.
Hopefully will go up more this year!
most relatable one I have seen yet. I feel like some bankers and accountants are cheap as hell. I fall hard into the "spend it I'll make more next year anyway" camp. Got married so my expenses are actually going down from my analyst years but big hit with a ring, car, wedding expenses, etc. (BIG HIT to NW)
27 years old 1st year Assoc (3 year analyst program)
~$100k saved, probably would’ve been closer to 120-130 before Covid. Less than half of it in cash.
Christ people. Go out and enjoy your damn 20s or whatever fraction of it you get to enjoy. If in 20 years the incremental 100k you saved from age 21-27 means a goddamn thing to you, you’re doing something wrong and I would venture to guess the memories you’ll make enjoying that 100k at that age will be worth a lot more than the actual dollars.
I could not agree more... Spending it keeps me coming back for more. COVID has people at their parents nickel and diming it away, feel bad actually. Nothing like seeing a $700 bar tab and walking into that cash only sketchy limo outside of B Bar. The stories are worth it 100 out of 100 times kiddos.
hmm, when I think back to when I was 24 turning 25, I had 2 years of IB + nearly 1 year of PE under my belt, and had crossed US$200k in savings + unrealised investment gains. Fast forward a few years and I'm crossing US$600k with the paycheck at the end of this month. Things take off really quickly if you're not married, don't have huge debts, don't have an impulsive spending habit (my New York apartment was NOT fancy to say the least), nothing mooring you down, and a lot of luck on the way (read: family is comfortable, no huge medical bills).
.
Just curious: How come you put it all in property? No ETF or stocks? I assume this is not just the house you live in but you rent some units out?
.
I work in strat consulting (Not mbb) but want to leave and considering my options. My aim is to get the highest possible income which will allow me to save a lot:
Which industry/role do you guys recommend? do you think if I were to stay in consulting my salary will increase by a lot. I’m currently finishing my second year
As an Associate 1 I had ~300k in liquid net worth + 100k in 401k.
I discovered 2 years into my analyst stint that I did not have the "reinvest dividends" button clicked and I was very angry at myself...
22 years old. First year in IB at a no name boutique. 18k in savings, 40k in an 80/20 equity & fixed income portfolio. I spent a ton of money moving in and live pretty expensively. Rent, girlfriend, and nice food take a big bite out of my earnings but wouldn't have it any other way.
quick question. what is comp like at a small shop. regional/no name boutique
Spend all the money you can to convenience yourself and save time. Honestly, it's not worth saving when you are making
Unless you get fired or you decide to change career paths or you get sick and need a bunch of cash in hand. You never know what can happen.
Not enough.
30 - no debt coming out of college, 400k investments/401k, 100k cash, 200k home equity
Just wrapped up my 2nd year analyst, but still waiting to receive my bonus. As of now, about $25K in 401K and $75K in after-tax index funds, plus like $10-15K in cash
27, 90K. 2 years of back office post grad and 1.5 years FO banking after (only 1 full bonus cycle). NYC.
.
If you don’t mind me asking, what % of that is home equity?
I'm a second year analyst in Los Angeles, but I want to stay here for the long term. I was thinking if I got married in the next decade and stayed in LA, a two bedroom in a solid area is like a minimum 1.5 million dollars, which seems fucking crazy, but it is what it is I guess.
I'm 24 with 80k, so I feel like I'd be able to make a 30% down payment on something thats 1.5mil when I'm like 31-33, but I fear that would basically be all my money lol
~100k in home equity (but I have huge mortgages lol).
I'm renting in the city i currently work in as it's too expensive as well, but I progressively invested since my AS years in a few properties in my home town, where you can buy 1~2bdr apartments for 200-300k a piece, and repay the mortgages with the rents.
24yo with 80k. 100% in the SPY. I was able to do this since I got a full ride merit scholarship for undergrad, so my parents were kind enough to agree to pay my rent for a few years. I can probably get away with this deal for two or three more years.
Whomst IRS agent?
Early 20s: $580,000
Started an app at the age of 16. Sold it a couple of years ago.
i'm pretty sure this post scared away people who don't have savings or don't have an IB roles. 30k~ debt college
31 - $1.4M net worth (savings, investments, 401k, home equity)
What's your story?
That's combined with my wife admittingly. Just saved and invested aggressively. Live below my means.
I had around zero up until 5 years ago since I was paying down student debt and invested the rest in real estate (I lateralled over into as an experience associate in my early 30s). I'm now over $600k in my mid 30s which isn't great compared to what some people have who started IB in their early 20s but I have two properties, no debt and expect to cross the million mark within two years hopefully. That's assuming my properties recover in value to what they were pre-pandemic in that window.
How do you manage the properties in IB...
I don't, I have someone to do that. The going rate here is 1/2 of one month's rent per year for a property manager. I hope to add another property soon actually. I bought mine pre-construction which really helps the yield. I only had to put 5% down a year for 3 years and then 5% on completion. So even if the property appreciates a modest 10% over the 3 year period, your return is multiples of that. However to break even on cash flow for rental properties is pretty tough, it typically has to appreciate quite a bit over the construction period for the rents to cover the mortgage, fees, and tax.
24, 1st year analyst S&T and saved ~$25k post tax first year (pre-bonus). Still waiting for bonus numbers.
I think its a good amount. I plan to save all of my bonus but I did splurge a little during the year so plan on cutting back significantly. Don't want to work for someone else until my 60s if I can help it.
21 college senior about 55k savings/investments 10k student loans. A few jobs and internships through school and then some lucky options and other short term trading over the past year. Want to get to 100k and no loans after my first analyst year.
1.5 years worked in IBD and received one bonus so far
170k across all accounts (401k, brokerage, savings account) - saved pretty aggressively
Congrats! How did you manage to save so much? Do you live outside of NYC?
Not NYC but another high cost of living area. Been fortunate to be living home rent-free with the parents since COVID started.
130k incoming analyst, includes signing bonus. Thanks Elon
27 years old - been in IB since graduated undergrad. A2A promote.
$300K net worth. Paid off $30K of student loans couple yrs after school.
Single and no real expenses except rent. Hope to reach a million by 30 with comp trajectory I am seeing top bucket associate / VP 1, 2’s get. (Realize life happens though).
Not very creative with money. Have it all diversified into ETF’s with robo advisor.
Do you want to be a career banker?
$3M of savings (investments / cash) but 2/3 of that is inheritance. You would think it makes me feel rich, but it actually makes me feel quite inferior because it wasn't earned.
Anyone else have this issue?
shut up
Yeah. I guess I’m over it.
In 30 years hopefully it will compound to $20M
21y / ~$25-30k between Stocks Cash and Watches (got a good deal and appreciated)
That's your total across all 3??? You missing a zero in there somewhere???
Looks like he’s still in college.
Sadly not. I have only been in my role for about four months though haha!
.
24, MM PE after 2 years at a decent EB.
$80k co-invest, $80k retirement funds (mostly pre-tax), $50k brokerage, $50k cash (just had stub hit).
Combination of above-market pay and not a lot of free time at the EB, decent returns on stocks.
What does total comp look like at your MM PE firm?
Low-mid 200s, so probably a fair bit (50-75k) below what I would have made had I stayed for An3 and As1.
30, $800k, started with $0 out of university (and with HECS repayment..), so all from my time in banking. This excludes shares in the BB that I may never see vest / may be worthless... First half of career in an international office where I'm from, 2nd half in NYC. Comp day for FY20 will be in a few weeks, while i miss the days of 100% cash, will see what it bumps to...
May I ask which international office you transferred in from?
Sydney. Bonuses wayyy lower downunder (esp. ANL years...), taxes higher, base salary perhaps marginally higher there when factoring in FX. So I guess the above is a fair bit when considered in AUD.
600~800 net assets, mid level VP early thirties
Lower end is equity in RE / stock portfolio at cost, higher end is at market value today, so could hit 1m on higher end if its a good bonus season in few weeks :)
Prob on lower end for VPs but I lateraled from a lower paying gig to BB, so only fully paid back my BS loan ~3yrs ago. I try to avoid lifestyle creep but by no means am I frugal, I've spent money for good vacations around the world with my SO (think tens of Ks) but these are the best moments you get to keep.
Assets are spread between several rental properties in my hometown (lower cost), all cash flow neutral but levered to the tits so will have to sit on it for a while, large portfolio of ETFs and some 'play money' in stuff like gold, crypto & some friends startups
8mm, early 30s. Fortunate to make MD quite young in a weird specialty that has had massive growth. I made one good lateral move from bb to bb.
Was super cheap until more recently and saved about 80% of after tax, I have invested ok... but until 2020 was largely seeing market-like returns. This year was really good and I bought a lot of long-dated calls in March (a bit too early)
How do you guys typically invest your bonuses assuming you get it year-end? I always struggle with the idea of investing it as a lump sum in January, or setting up auto deployments where it invests in equal installments across the year per week or month to DCA in. Thoughts? My bonus hit on 12/31 and given the current market i’m going with the latter.
Vanguard says you're more often better off investing a lump sum all at once rather than dollar cost average, but dollar cost averaging might be your style if the psychological aspect of dumping it all at once is too much.
I have to wait until Jan 31 for my bonus but I then just auto-dump it into my 401k to give myself a boost in maxing out my contributions every year. The max bonus I can contribute is 50%, which stinks because I'd put it all in there if I could. Doing this has allowed me to be done with the max by Feb/March, which is great. I don't know what I'd do if my bonus was at the end of the year.
Don't you miss out on most of the match if you don't have contribute your match percentage the rest of the year after maxing it out in one go in the beginning?
I max my 401k the second the bonus hits on 1/15 or whatever. Extra half-year of yield vs. DCA until 12/31.
23 / 2nd Year Analyst
~$145k across cash, brokerage, 401k (~$20k)
have about 20k in student loans left
living at home during COVID was what helped
That's honestly a lot, well done
May be a stupid question but anyone mind telling me where is everyone finding these 2% cash savings vehicles? money market funds and cds are like 0.3%...
Early 30’s. VP. $950k. Got into banking ~4.5 years ago, from a non traditional path.
Pay yourself first. Live second.
20% cash, 15% real estate, the rest is in various mutual funds and etfs
22 years old / 1st Year Analyst at a MM (been on the desk since July)
~$40k across cash and 401k (~$3k). No student debt.
Is this a decent amount for my age?
Yeah man it seems great. How did you accumulate so much in only 3 months? Do you have still spend some money on fun activities? Would really try to do same than you
Thanks mate. Before starting FT, I had ~$10K left from my Summer Analyst gig and ~$7K post-tax signing bonus ($10K pre-tax). From that point on, all my money has come from working FT.
And yes, I do still go out at least once every weekend to go to restaurants / bars / clubs / other recreational activities.
Some things that help me save:
1. I signed my lease during covid when rent was still low. I also got 2 months of free rent.
2. During the week, I expense all my meals on the corporate card since I'm working past 7PM anyway. I order for both dinner and lunch the next day. Free coffee and snacks at work.
3. I'm not in a serious relationship (though I do go on the occasional tinder/bumble date).
It really looks like I’m far off… :
24 in few days
Started Analyst 1 this summer
Have maybe £4K of cash that is saved from my offcycle
What worries me is that I save £1k per month and struggle to save more (high rent, fun when I have opportunity to enjoy life, gf), so let’s say £12k a year.
Add to it pension, something like another £10k
So, all in all, I expect to save like £22k a year (bonus not included but I plan to mostly use if to buy gifts for my family) - seems nothing compared to the amounts above.
Ive tried not to worry too much by telling myself that too much effort now would not make a lot of sense given if would possibly earn significantly more in the coming years. Am I wrong?
When I see people here and even my fellow analysts with already £10k+ of cash (+ probably other investments) I really feel that I’m poor.
I cannot save more because I have high expenses, since I live with my gf and she doesn’t have real income. Really affects me even though I know it shouldn’t …
Bump. It’s been really helpful to see these datapoints
A lot lower now with the recent market correction...anyway else getting a a haircut here?
Just started saving. Roughly at $200. Adding another $100 end of this month to avoid the fee from the bank.
It's a start. I wish I had personal financial education when I was younger.
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