Having a saving dilemma- how much is in your savings per how much you make. I'm 23 and worried. 😅

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

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.

like

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.

like
Recent IconRecent

Can confirm. Am 70 have 20million in savings. Have never had a sit down dinner. No property

like

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.

like

Back in 2006 I was making 60k and saving 2k a month. 2017 making 170k and still saving only 2k

like

@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!

like

I’m 23 and net worth is almost 100k thanks to lucky investments in crypto

like

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.

like

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..

like

Real talk: spend it like you print it #dgaf

like

@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.

like

I'm 21 and have about 41k saved. Started investing in 8th grade

like

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

like

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!

like

9"

like

Haha, just start saving. Most people in our line of work are still negative meet worth at that point because of education loans

like

Op, I'm 22.5 and I have 50k saved

like

22 1.3mil - I dumped my entire savings into bitcoin when I was in high school during the offering

like

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.

like

Holy shit - you’re 23 - relax - when you’re 60 and have no savings that’s the time to panic

like

Related Posts

What are good areas of civil law for prosecutors to transition to?

like

Repotted my monstera last night and it went from pretty upright with a nice arch, to looking like it’s going to fall over. I know some people give their monstera a pole to climb, but that’s not what we are looking to do with ours and I know they can look nice & be healthy without a pole

Post Photo
like

Hey Fishes, Can I rejoin Infosys again. I left Infosys in dec 2020. If yes, please refer me for React Js. YOE - 5.5Infosys

Hey all, I’m thinking of hosting a live talk for this bowl to go over some of the more frequently asked questions about the brand side. Would anyone be interested in joining? If so, are there any topics you’d like to hear more about or discuss?

like

I have got an addendum letter from Wipro today stating that my date of Joining has been extended by 45 days. My joining was in mid August. I have 2 options to Accept or Reject the addendum.
Can i reject the addendum, how will it impact if I reject it ?

like

Anyone from @Tide UK? I’m interviewing for a role and I’d need some help with the prep.

like

Hello Fishes, did you receive market correction of salary in October 2022 ? If so, what is the % correction ?

like

Amy recommendations for an ivf doctor in Mumbai? Low AMH and poor response to IVF round 1
Thanks

like

Is this a bad time to quit and start looking for a new job? I hate my current job/workplace and really want to quit, however, I am concerned that finding a new job might be difficult right now. Should I stay in my current role until the economy improves?

like

Hello guyz, howz the job security at wipro?
Im joining at B3 level next month!!

like

Has anyone had any super pushy salespeople at Smartsheets? Is something going on at the company causing this behavior? Is it just arrogance from the sales side or are they under financial pressure?

like

The first one - finally found it in Bogota AD of all places - they still have steel sports down here!

Post Photo
like

I am getting 20 lpa fixed and around 20 % variable and designation of senior consultant at pwc
Total yoe 7.5 , current ctc 13 fixed
Los:- payment strategy

My question is , I am already having senior manager offer from hdfc bank Am I payed fairly?
Is the designation as senior consultant ok as per my yoe?

like

Take my money...

Post Photo
likefunny

I have an offer with 19.5 LPA fixed from Accenture and 21 LPA as fixed from NTT Data. Which one should I choose?

How do you recommend getting into software sales having sales experience but not software?

like

I am sick of being a realtor! I've been trying for 5 years and have only sold 3 houses. Where I'm from (small Southern town) nobody is buying. Most people's families already own homes and it's just a bummer to see all these nice houses deteriorating over time.

like

Looking for a comms planner to join the team and work on QSR, Casino and Financial Services accounts. Other backgrounds looking for a transition into comms will also be considered. DM for details!

likesmart

I have an offer from Capgemini and I have my H1-B transfer approved. After I resigned and told my manager about it, asked me if I wanted to stay back. Initially I said no, but agreed to stay if they match. today told me they ready to match the hike with what I'm getting there over 30%. I'm just in a mix. Capgemini has spent money on me filling transfer petition and premium and I'll be feeling guilty to ditch them. At the same time my manager in current company has done everything. Wat shud I do @

like

Anyone in the DMV area and interested in joining a young RE investors club?

like

Additional Posts in Consulting

What are Director and VP positions at BAH? Talking to their recruiter, not familiar with their ladder. Thanks for any info!

like

Went on three dates in last three weeks. Two of them backed out when they came to know that I travel everyweek. The one left was unhappy this morning when I got up at 4 to catch my flight. FML !

like

Has anyone ever went the Brand name Firm -> Boutique route? Any regrets or insights?

like

Saw this on Reddit, Sample size: 4000 consultants

Post Photo
likesmarthelpful

Kearney what are your fastest growing practices?

like

The rental shuttle line at SMF 🤦‍♂️

Post Photo
like

What are the discounts codes for hotels at Deloitte? I am starting next week but would like to book for an upcoming trip in October before rates go up.

funny

What do you guys think of Netflix adding ads in exchange for a cheaper monthly price?

like

Me to United: I'm going to miss my connection because my flights delayed 2 hours. United to me: well you can hope that flight is delayed too.

like

I heard Accenture pays more than McKinsey

funnylikehelpful

I heard great things about Prestige Worldwide. Anyone working there that can give insight into the day to day?

likefunny

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?

likefunny

Hi All - I am in the last stage of interviewing for Booz Allen. I’m an aspiring consultant transitioning from industry (healthcare). BAH told me the position itself is full time but it is “attached to a contract.” Should I be worried that I would lose the job if and when the contract ends? Would love insight from current or former BAH folks

like

No more FAANG, it’s now MAAMA! wild
(Meta, Amazon, alphabet, Microsoft, apple)

likefunnysmart

I am irrationally bothered by the fact that people overlay text boxes on shapes in ppt. There are textboxes embedded into the shapes!!

likefunnyuplifting

When leadership brings you around just because ur skilled at showing clients a good time :)

like

cloud ☁️ fish 🐟: i am interested in learning more about the cloud space although i haven’t worked on any cloud projects. would getting newbie certs like AWS Cloud Practitioner or Azure Fundamentals be a good starting point? does anyone even care about these certs? thanks!!

like

Consultants - have you found it difficult to maintain existing friendships? Or make new ones because of the hours worked? How do you deal with this?

like

Any 🐠 at #HRTechConf?

like

Any suggestions on best restaurants for a Rostov evening with wife on/near time square?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal