Net worth/savings of analysts and associates?
With the high cost of living in nyc and annoying taxes, it seems that most analysts after a 2 year stint end up with about 10k - 30k in savings. I'd imagine that associates and up would save much more assuming they don't spend beyond their means.
I thought it would be interesting to get some data points from current 2nd year analysts/associates et al. on how much you are actually able to save from your ibanking years.
P.S. for analysts who end up going to business school, would schools like HBS, Wharton offer financial aid since 15k in the bank is definitely not enough to cover 100k in tuition?
By my calculations, I should save about 40-50k a year. I have non refundable tax credits to offset my first year taxes with, for my 2nd year I'll pay my siblings to transfer their credits to me and so wont pay taxes again. I'll be in Toronto so I should get by easy with 2300 a month (1000 rent, 300 bills, 1000 for rest). Thats about 27600. that gives me about 22k to spend on suits, watches, gifts for my parents etc. leaves me with 50k initially which leaves me with 10k for unanticipated expenses..
This prick is a FRESHMAN (1st year uni). He's been going around giving advice to people with actual jobs, and now he's posting about how much money he'll save as a banker ROFL..
He changed his username from Tradex after he got called out on the previous thread...what a loser.
Lol..you seriously have no brains. Knowledge is not measured by status. Your claim automatically carries with it a subordinate claim, that claim holds that every one who is in high school, in their first year of university, and working in physically demanding jobs are all stupid and cannot use RESEARCH skills to surf the web, interview professionals in multiple areas, and learn beyond the constraints of their curriculum.
You represent the word dumb royally. You come off as immature, and frankly irrelevant. I've been living on my own for 3 years now and know just how much things cost thank you.
P.S, I only pass advice to others when I have researched the subject and know what I'm talking about. You're an angry little man, sexually frustrated I'm going to assume from you're demeanor. Just because you were an absolute idiot as a Freshman don't assume that's the norm boy, I have a 3.8 GPA.
Misspost
Being frugal and living within your means are all well good but I feel these threads turn into an orgy of "I'm the cheapest son of a bitch on the Street" and then IlliniProgramer comes in lays down his ultimate tales of thrift to be +1'd.
Things like vacations, girls, nice gifts for family members, etc are all expensive. That doesn't mean they are always a negative. There are two kinds of people who live in shithole apartments the size of a closet, eat the same food every day, work 100 hours a week, and are miserable: Foxconn employees and junior bankers trying to squeeze every nickel out of their salary.
When I sit down at the end of the year I'm not going to say to myself "Could have bought 15 extra shares of GOOG with the money I spent on vacations and golf" or "Gee shucks I'd have an extra 100 shares of GIS if I didn't take my girlfriend out to nice restaurants"
Go out and try to enjoy life a bit - I knew a very talented equity analyst with a sick job at a HF that got diagnosed with cancer at 27 and was dead within a year.