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April 30, 2024
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Short answer yes.
Typically hit 1 million NW early 30s
It depends on where you live
Also interested - assuming you start working in BB IB (NYC) as an analyst out of university at age of 22, stay and get promoted on track, what is NW expected to look around 30? 35?
If you start as an analyst and don't hit $1mm NW in your early 30s, you either have a drug problem or have had a divorce - both of those would be due to your poor life choices, so it is what it is....
Let's be real though, $1mm is quite shit isn't it?
You're 30 and have 1m? You've just started making real deal money and now your investments are making ~100k a year. You seem a smidge out of touch with reality
Welcome to banking. If you're making $500k as a first year BB VP, you're taking home <$300k. You're easily spending $60k in rent in NYC and let's say another $60k on food/entertainment. You're still saving less than $200k a year. Your analyst years are largely a write-off in terms of savings, you'll probably start saving as an associate. So you can see how being a multi-millionaire by 35 is tough unless you are an outlier; maybe you join PE and fund does really well, you're one of the few who make principal and cash out of your carry or hit some kind of home run investment.
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