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When I had my first pay jump, I maxed out all retirement accounts and set up auto withdrawals into mutual funds and savings so that I only saw the fraction that I needed to live comfortably. Enables much faster wealth accumulation if you set good habits early
Second this. Set up your saving goals first then leave the rest as your available budget. That kind of money can be a lot or very little depending on how you decide to live in NY.
Congrats!
Don't let lifestyle creep hit you.
Above suggestions are great - max retirement, auto draft for stocks. Percent to rainy day fund. My first big pay bump meant I could save a lot more. It didn't change my lifestyle.
And grats on the job :)
Max out on 401k, HSA, and max out on 529. Reduce your tax liability. Invest in whole life insurance if you want (it’s not end of the world if you don’t). See if you can buy a property and save on rent but instead pay mortgage and build equity. I wish someone told all of this to me in my 20s. Again not that i had 200k TC, but still..
Why max out on 529? You can invest under your own name with an unlimited amount, so what does “max out” mean?
You can get a perfectly nice 1-bedroom for $2500 in NYC. Or a *really* nice one for $4500. So decide what your lifestyle is and max your retirement accounts and save as much as you can in a brokerage! Congrats!
You are goals, congrats on the new job! Please throw out any tips if you have any :)
Treat the job as a ticket to freedom.
Save 50-75% and invest in different things (to me the order is Real estate, stock, crypto). Is this entry level job? What field are you in?