Comments (110)

May 8, 2020

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.

Debt is like the wind...always by my side.

May 8, 2020

Now imagine if NYC rent wasn't a thing...

May 8, 2020

Or the taxes...

Debt is like the wind...always by my side.

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May 8, 2020
Yasuo the Unadjusted EBITDA:

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.

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.

Always go to other people's funerals, otherwise they won't come to yours.

May 8, 2020

Of course :)

Debt is like the wind...always by my side.

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May 8, 2020

I'll adjust your EBITDA uwu ;)

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  • Intern in IB-M&A
May 9, 2020

-$1,000
borrowed against my SA lol

May 8, 2020

21 Yrs old, almost starting my 2nd year analyst, saved 40k but also just bought a car for 25k

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May 9, 2020

Did you graduate as a 19 year old?

Array

May 11, 2020

Graduated at 20

  • Prospect in IB-M&A
May 8, 2020

what's the savings for someone who works in Houston?

May 8, 2020

90%

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  • Prospect in IB-M&A
May 9, 2020

Bump

  • Analyst 2 in IB - Gen
May 8, 2020

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

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May 9, 2020

congrats on knocking out the debt, hoping i'm there soon

May 8, 2020

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

  • Analyst 1 in IB - Ind
May 8, 2020

Do you guys have some sort of budget/plan on excel you dont mind sharing?

May 8, 2020

If u PM me I can send a template that I made

May 9, 2020

mind sharing with me as well if I pm?

May 10, 2020

May you also share it with me please? Thank you

Array

May 18, 2020

can you pls share w me too

Array

Jun 17, 2020

Please share with me as well, throwaway email: [email protected]

  • Analyst 1 in IB-M&A
May 8, 2020

23, finishing up my first year, and sitting at ~$60,000. Did not have to take out student loans fortunately.

  • Incoming Analyst in IB - Gen
May 8, 2020

How did you save this much ?

    • 1
May 8, 2020

140k income
100k after tax
40k expense
60k save
Very simple

  • Analyst 1 in IB - Ind
May 8, 2020

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%?

May 10, 2020

same salary, I get 2500 a paycheck biweekly and save 900

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May 8, 2020

400K....our lives are literally working for capital and then become the capital for which new kids work

  • Prospect in IB-M&A
May 8, 2020

What's your position?

May 9, 2020

biotech Er asso... definitely not through salary/bonus...I would say I saved 50k on my own income...the rest from college days when I use my parents money to play biotech stocks during "the good time"

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Funniest
  • Analyst 1 in IB - Gen
May 9, 2020

24, 2nd year analyst -- $0 (made $150k last year)

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  • Analyst 1 in IB-M&A
May 9, 2020

What did you spend it all on?

May 9, 2020

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

  • Prospect in IB-M&A
May 9, 2020

This guy slays. He's probably a brony. I'd personally spend that kind of money on copious amounts of Pokemon cards, for the lols.

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  • Analyst 1 in IB - Gen
May 9, 2020

hmm...

  • Taxes: 50k
  • Rent/Apartment Fees: 35k
  • Travel: 10k
  • Toys (carbon road bike, new skis, used car): 10k
  • Furniture: 10k
  • Drinks/Dinners/Girls: ~ $20k?
  • Student Debt: 15k (paid off completely now)

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.

  • Intern in IB - Gen
May 9, 2020

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

  • Analyst 1 in IB - Gen
May 9, 2020

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).

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May 9, 2020

What kind of car did you get?

Array

  • Analyst 1 in IB - Gen
May 10, 2020

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.

May 10, 2020

"Drinks/Dinners/Girls: ~ $20k?"

I really hope you are joking

Si vis pacem, para bellum

Most Helpful
  • Analyst 1 in IB - Gen
May 10, 2020

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.

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May 19, 2020

gotta be simping at those levels

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  • Analyst 1 in IB - Ind
Jun 17, 2020

Congrats on paying off your debt!

  • Analyst 1 in IB - Ind
May 9, 2020

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.

  • Prospect in IB-M&A
May 9, 2020

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.

May 9, 2020

25, second year analyst

~$30k, had to aggressively pay off student loans.

  • Analyst 1 in IB-M&A
May 9, 2020

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

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May 9, 2020

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.

  • Incoming Analyst in IB - Gen
May 9, 2020

Do you mind sharing more of your tax and financial plan for incoming analyst to think about?

May 18, 2020

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!

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May 9, 2020

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

May 9, 2020

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.

Array

  • Analyst 2 in IB-M&A
May 9, 2020

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.

May 9, 2020

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?

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May 9, 2020

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.

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  • Analyst 1 in IB-M&A
May 10, 2020

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

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  • Associate 2 in HF - Other
May 9, 2020

27 - $750k - 6 years work exp. in IBD & Hedge Funds

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  • Prospect in Other
May 10, 2020

may i ask how much you made at said hedge funds?

  • Associate 2 in HF - Other
May 10, 2020

HF comp about $500k if you average all the years. No debt from school or anything besides mortgage.

  • Intern in IB-M&A
May 9, 2020

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?

May 9, 2020

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.

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  • Intern in IB-M&A
May 9, 2020

Do you have to get ETFs cleared as well?

May 10, 2020

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.

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  • Intern in IB-M&A
May 10, 2020

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?

May 10, 2020

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

  • Analyst 1 in IB-M&A
May 11, 2020

Black sub?

May 10, 2020

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)

May 10, 2020

26

~110k NW. I live at home though and save most of my salary.

May 10, 2020

26, ~400k total. ~100 home equity, ~250 invested + 401k, ~50 in cash. 575k mortgage though.

May 10, 2020

~5 BTC
~140 ETH
~76 XMR

Si vis pacem, para bellum

May 10, 2020

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.

May 18, 2020

Ill send you my venmo

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May 10, 2020

$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?

Will update my computer soon and leave Incognito so I will disappear forever. How did I achieve Neanderthal by trolling? Some people are after me so need to close account for safety.

May 10, 2020

30 years old. As of right now, approx. $630k including RSU's.

  • Investment Manager in HF - Macro
May 10, 2020

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.

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May 11, 2020

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.

Greed is Good!

  • Analyst 1 in IB-M&A
May 18, 2020

How'd you end up at your HF and big of a place is it?

  • Investment Manager in HF - Macro
May 18, 2020

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.

May 18, 2020

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.

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  • Investment Manager in HF - Macro
May 18, 2020

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).

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May 11, 2020

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!

May 11, 2020

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.

May 18, 2020

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.

May 19, 2020

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).

  • PM in HF - Macro
May 19, 2020

.

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  • VP in HF - Macro
May 19, 2020

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?

  • PM in HF - Macro
May 19, 2020

.

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  • Prospect in IB-M&A
May 19, 2020

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

  • Associate 3 in IB - Gen
May 19, 2020
Comment
    • 1
Jun 21, 2020
Jun 21, 2020
Comment

Array

  • Analyst 1 in IB-M&A
  •  Jun 21, 2020