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Saw this on Reddit, Sample size: 4000 consultants
The rental shuttle line at SMF 🤦♂️
I heard Accenture pays more than McKinsey
McKinsey & Company McKinsey & Company been working here one year and received pretty positive feedback. Given the expectation for people of my tenure to transition to EM in a year or so, I can’t see myself staying due to the WLB as an EM. I’m 35 and have 2 young kids. Can it even be realistically done? Would love to stay but I don’t see a balance which would keep my family happy. What options do I have from there?
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I'm 37, a principal at BCG making a bit over 300k, and I have saved... a negative number. Student loans, a divorce, never ending lawyer bills and child support will do that to you. I still manage to live ok so if you can do better than that you should be good.
Meh. It's only money and I will make a lot more. Yeah, sometimes I get a little down when my ex clips me for another $10k in lawyer bills or whatever but pretty soon my older kids are going to turn 18 and the money tap will turn off. My income is high enough that I can still finance a decent lifestyle and pretty soon I'll be able to start saving.
I have a great family (happily remarried) and wonderful kids who give me tremendous joy, and a career that I enjoy and that pays better than I could have dreamed 15 years ago. Life ain't so bad.
Can confirm. Am 70 have 20million in savings. Have never had a sit down dinner. No property
Save 90% of your salary, live in Texas, and don't own property. Also, NEVER, EVER go out to eat. This strategy should work until you're 75.
Back in 2006 I was making 60k and saving 2k a month. 2017 making 170k and still saving only 2k
@C1. Same. I'm 75. Been an associate at a consulting firm all my life. Worth 15M. They don't want you to know how easy it is to make millions. Credit card companies hate us!
I’m 23 and net worth is almost 100k thanks to lucky investments in crypto
No need to worry, you're 23 and getting paid well. You may not always want to work as much as you're working now, so you'll need a war chest saved up. Cash flow goal: save 25% of your income based on detailed budgeting of transportation, residence, food, fun, and other necessities. Net worth goal: increase your net worth by 1% month over month for as.many months consecutively as you can.
BCG1- thank you for sharing so honestly! I see some of these posts once a week with people in their 20s with double my savings and feel completely inadequate and wonder what I m doing wrong... it's good to have a reminder every once in a while that not everyone is supposed to be at the same spot in their lives at a certain time..
Real talk: spend it like you print it #dgaf
@P2 that is true, it keeps me up at night sometimes. I'm basically the only one that makes any money (my ex didn't work for years, and my wife is an academic, she has a good career but academic salaries are not impressive). Can be rough knowing so many people depend on me to put a roof over their heads. But I'm at the point where if BCG fired me I could get a job making the same (would miss out on the partner upside but could certainly maintain my current comp). So we would get by. Lots of families figure out how to do it with less.
Have to admit my college savings plan for my older kids is "make partner" though. Not sure what I'll do if that doesn't work out.
I'm 21 and have about 41k saved. Started investing in 8th grade
Start with 401k - at least as much as your company matches. Then try to set aside a fixed number/percentage of your paycheck - i’d aim for 15-20%. But honestly as long as you’re saving for retirement and have a reasonable emergency fund, i’d have fun and live while you’re still young
You're at the right point to plan for this so stop worrying. You should worry if you don't get serious about it soon. So what to do? Put together a budget that includes a modest amount for entertainment (you are young and you should not postpone enjoying life) and also put aside a little to slowly build up an emergency fund to get to six months of expenses. Now see what's left over and save/invest (use diversified index funds and take advantage of a Roth IRA outside of your 401K) all of it!
If what's left over for savings is less than half of your salary then revisit the items in your budget. You need to be realistic though as one may expect rent and food to be a good share of your income. You should ensure that credit cards, and store cards in particular, are not a substantial proportion of your budget. When I was in my 20's my mentor told me that I should decide how much of my monthly income I want to hand over to Mr/Mrs. Store Owner. He also said that I can significantly cut my eating out bill if I don't order alcohol (for some this is unrealistic so just limit yourself to one drink).
Two final point that you must remember... You MUST max out your 401K because you take advantage of all the free money your firm will match and continue to contribute beyond the max if your firm will keep matching beyond your pre-tax contribution limit. Look into this as some firms don't advertise this important point. Beyond the free money you also get the obvious tax benefit that stretches you earnings. Finally, get yourself a good bank credit card and run most of your expenses through it so that you build a solid credit history. Manage it very well so that you pay it off every two or three months to signal that you can manage revolving debt. This helps to boost your credit score. It's probably better to get a credit card from your main bank so that you can safely link it to your checking account and set up automatic minimum monthly payments. This single view helps you to better manage your overall cost and savings position.
Good luck!
9"
Haha, just start saving. Most people in our line of work are still negative meet worth at that point because of education loans
Op, I'm 22.5 and I have 50k saved
22 1.3mil - I dumped my entire savings into bitcoin when I was in high school during the offering
At one point I had 90k saved, then I went to graduate school. Now I'm down to 5k. At least I can console myself with the fact that I don't have any debt and can now start saving again in earnest.
Holy shit - you’re 23 - relax - when you’re 60 and have no savings that’s the time to panic