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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?
I just want to say this, “Hakuna Matata”
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God I’m poor
Everyone has to start somewhere. Just make a budget.
220k
401k = 18k
Roth IRA = 6k
Brokerage = 84k
Cash savings = 10k
Pre tax saving rate: ~60%
Tier 1 city (NYC or SF equivalent). Shared apt. No car. Eat out twice a month. No debt.
EYP
As an associate living at home (72):
-7 401k
-3.5 HSA
-6.5 Roth
-10 to emergency
140k:
-19.5 401k
-3.5 HSA
-6.5 Roth
-12 to emergency
Maxing out Roth 401k until I’m in a higher tax bracket. Saving 50% after tax until 35. At roughly 100k.
I make 87.5
Each year 6% to 401, about 432 each month
10% to espp each pay period, 647 there about each month
2700 to HSA each year
And 2600 per month to savings account
I live at home
Make 122k, save 6% into 401k, and 2k/month after tax
$120k:
- $12k to 401k (+ EY contribution)
- $6k to roth IRA
- $6k to personal brokerage
- $20k+ to savings/checking
$117k save about $3k each month after maxing 401K and IRA.
100k
Per month - 500 in Roth (not including match), 800 in ESPP, 700 in actual savings
~25% of pre tax, ~40% after tax
Maxxx it
Mid 20s
95k salary
Current 401k balance: 30,300
Current yearly contributions: 19,000
Previous contribution rates and my salary at the time:
5% - 70k (first job, no match yet)
10% - 70k
10% + 5% match - 70k
10% + 5% match - 72k (yearly raise)
15% + 5% match - 72k
22% + 5% match - 72k
25% + 5% match - 72k
20% + 0% match - 95k (new job)
I bumped up my contributions as I got more comfortable with it. Wish I would’ve maxed out my 401k sooner.
122k. Maxing our 401k, Roth IRA, HSA, and ESPP, then an additional $500/m to a traditional brokerage, and $250/m to a savings account.
Make $145 total comp. Save about $75k of that.