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should be 5-6k after tax, but consider investing in a proper wardrobe for your position, that shouldnt use all of the funds, but its important to look the part. do what you want with the rest.
my $0.02
Anything specific you recommend other than the usual suit, shirts, ties, shoes, undershirts? Thanks for the advice.
Specifically - spend the bulk of that money on good shoes and/or outerwear. Good shoes make a huge difference both in looking professional and, generally, provide better long term value (especially ones you can get re-soled). You don't need to go crazy and get Allen Edmonds,(unless they are on sale) but something in the ~200-250 range generally can get you good quality and usability especially with a huge amount of new entrants to the space which are all over the internet.
Outerwear is my personal preference, i think that having quality, professional outerwear that will last awhile is worth a few extra bucks vs. cheaper, thinner made stuff that might hit on one thing (i.e. style) but doesn't keep you warm at all. It's not necessarily the most urgent thing on the list, but if you are trying to look the part and be professional - might as well round out the whole outfit.
My 401K
Signing Bonus - What you plan on doing with it? (Originally Posted: 01/06/2013)
So as signing bonuses for IBD start to roll in. What are some of you guys planning on doing with it?
Unless you're an associate, it will barely cover your security deposit + first month's rent on an apartment. Investing the money's too risky imo.
What exactly do you mean by "doing with it?"
^ Truth. Say your signing bonus is $10k pretax, after tax that's around $7500. If you're in NYC, you'll often be paying 2 months rent, security deposit, broker's fee, and moving expenses before you get your first paycheck. Even if you chose a cheap NYC apartment, that's still going to be a significant chunk of your signing bonus... so don't bank on using those funds to bankroll your pre-graduation globehopping adventures.
If you're in a region with better COL, then carry on.
when i started at GS/MS NYC my after tax signing bonus was more like 6K (10K pretax) - note that signing bonus is taxed like a bonus i.e. much higher than regular salary. you should use this for your first month's rent/deposit/fee, since you will need to pay all of those things before you have received your first real paycheck
im pretty sure this is correct. from my understanding my signing bonus (when i receive it) will be taxed the same as performance bonus, roughly ~40%
also for incoming first years, what bonus do you think we'll get? i was told based off of this years for 1st years i should expect 50k-60k from the head of my office
I'll be in Chicago. We got it last month and was taxed at 40% but expect that a lot of is coming back from tax returns as well.
I have received two signing bonuses and utilized them in different ways. First, bought work clothes then spent the rest having a good time. Second, again work clothes but this time invested in industry learning material, a good gym membership, and saved a big chunk.
Advice here would be to spend it on something that will make you perform better in your upcoming role. If that's a vacation, take the trip and enjoy it. Just don't squander it and not be better off in the end.
Just received Signing Bonus--What to do with it now? (Originally Posted: 04/03/2018)
Sup Monkies,
Had a quick question for you all regarding your signing bonus. I just received mine after signing with a BB for their Full-time analyst program. After taxes came out to a little over 6k. I'm going to have to move to the city later in July so I know I'm going to be spending the majority of it on my security deposit for housing, furniture, and a new wardrobe. I was wondering if any of you plan on throwing the 6k into the market for the meantime. I don't want to let this money just sit in a checking account and have no appreciation. Any suggestions?? Would love to hear what you guys plan on investing in.
Could you elaborate on "industry learning material"?
july is only 3 months away...not enough time to invest....just buy a 3 month TBill and get 1.7% yield
I spent mine on CFA level 1, a 5 day trip to the Caribbean, and local taxes :(
Furniture - one expense I underestimated when I got my first apartment.
Used my signing bonus to fund senior year in college
I'm using part of mine for a cool trip to South America and the other part I'm using to get my parents something. I know it seems cheesy, but they enabled me to do a masters at a European target school without having to rack up debt and this allowed me to find a good paying first job. It isn't that they couldn't really afford it and this was a HUGE financial sacrifice, but a sacrifice no less. Even if its something small like buying your mother flowers, your father a bottle of a spirit he loves or even taking them out to dinner. A gesture like this is the least one can do for them
If you plan on leasing an apartment, especially in NY or SF, your security deposit might be outrageous so save some of that signing for it. That's where a decent amount of mine went
Spent it on schweser for CFA, two months of rent and car lease payments, a new bed and couch, and the rest towards clothes.
I don't know if I agree with using it on an expensive vacation unless you already have a good amount of cash. But we all have different philosophies.
I'll be living at home for about a year so I don't have a portion of those expenses. How much would you say you spent on clothes?
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