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What is currently salary trend in Risk management domain ( model development/ validation) in banks or big 4 or consulting firm in india . . Please mention your YOE and salary ( fixed + bonus) Citi Accenture Tata Consultancy Deloitte EY PwC KPMG Deutsche Bank Credit Suisse Morgan Stanley JPMorgan Chase UBS ANZ Wells Fargo HSBC
I am leaving JP Morgan next month and have resigned before completing of my 1 year with the firm but technically my year will be completed next month before notice period. The laptop allowance and the relocation allowances will it be recovered from me during my exit??
Please let me know if anyone is aware of this scenario.. Leaving JP Morgan is completely personal JPMorgan Chase
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Guess work must wait.
What are your favorite recipes with ground beef?
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White collar folks - how busy are you guys now?
Subject Expert
Who knew biglaw partners were all such big Ye fans?
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Enthusiast
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I'm a third year in SF. I max out my 401k, contribute an extra 3k/month to after tax bucket (automatic Roth rollover) of 401k, max out HSA, and have been saving about $7k/month post tax for a down payment.
Enthusiast
Try a meal plan service, it’ll save you on eating out and you’ll probably eat more healthy that way too.
Your rent is way too high! I’m a senior associate living on the UWS in a two bedroom — very nice building — and it’s only 4K a month. When I was junior I had an adorable studio on the uws for 2,400 (which was going for less than that last year when I saw it on StreetEasy again). No reason you need a luxury apartment at this stage. Imo you should be in a studio or have roommates.
Are you actually locked in for that long? Or can you sublet and/or break your lease and pay a (maybe worthwhile?) penalty to live somewhere cheaper?
Subject Expert
5k a month for rent is actually wild, even in NYC
5K isn’t that crazy for a really nice 1BR in NYC, but it’s a big expense to take on as a first year (without someone sharing the expenses)
Try saving/investing $4k per month (including your 401k contributions).
Supporting my partner through grad school so not able to save as much as I’d like but stashing away about 1/3 of post tax income
That’s great!
Subject Expert
All in (retirement accounts and liquid), I have saved at least 100k each year. In NYC with 2 kids, student loans and no other income.
Subject Expert
You mean credit card debt? If so, no card debt. Always pay off every month or every week. No exceptions.
Coach
I didn’t start until my late 30’s, we can die tomorrow, and I’m at $500K, I’m 41 now. It can wait. So glad I had fun in my 20’s and 30’s in NYC.
Mentor
I pay $2300/month for a decent place.
Rising fourth year, Chicago. Got a tiny $1.5k studio and saved about $5k/month and all bonuses for my first three years. Just moved in with my fiance, and pay $500/month for half of a $1k three-bedroom in a dicey neighborhood (and no laundry machines, no A/C, etc). Since she cooks, aiming for saving $8k/month, but it does come with sacrifices. Still, I paid off all $150k in student loans and have a net worth of $200k and growing now. It feels good.
Agree on the rent point. My fiance was already established in this working class neighborhood, so just making do for a year or two until we buy a house. Enjoying the savings, but wouldn't have chosen to be this thrifty in rent.
Subject Expert
What market are you in? Are you being paid market rate? I save 50% of my post-tax take home pay (not including 401k payments which I max)
NYC and yes, I am being paid market rate.
Subject Expert
Max out my 401k and nothing else
Subject Expert
Hell yeah
Coach
As much as I can! Know this career is a stepping stone and won’t hold it forever, so am maxing wife and is 401ks and stashing every penny I can while we have low overhead and no kids. I setup auto invests for $1000/week into VTI and VOO and the remainder in cash for now (terrible but we’re saving up $250k for a kitchen renovation).
That said, we spent every penny of my initial paychecks (god it sucked when the bar fees and stipend reduced some paychecks) until we got better about cooking at home (instacart helps a ton). Took about a year to get in control of that credit card debt, but by my 2nd year bonus I felt ahead. That said, still have a fair amount of debt to pay down when it gets unfrozen…
I save 4-6k a month.
Mentor
Also a first year in the same cycle. I’m looking forward to a hefty tax return to finally break the chain. Starting with a large credit card balance sucked because i constantly feel like I’m $4k behind
Mentor
Yup.. it’ll be good though. That monthly credit card payment will turn into savings for me once I get squared away. I max out 401k so I’m probably saving $3800 /month when it’s all said and done. (Plus $2k-$3k / month on student loans).
Enthusiast
That’s a massive amount in rent. I’m class of 2021. Live in SF in a 1 bd w my partner and my net worth has increased 72k (so 6k/month) in the last year. This includes 401k. I have one expensive hobby but otherwise live pretty frugally
I’m a 2nd year in NYC so my base is $225k. I max out my 401k and HSA (about $2k total pre-tax) and an additional $3k post-tax so $5k/month total.
After paying $4k/month in rent, I’m left with $3k to live off (which is PLENTY even living alone in an expensive city). I could probably save another $1k/month but life is short!
The key is to set up monthly auto-withdrawal into separate savings accounts (like a HYSA or a brokerage account) so you don’t see that money and the temptation isn’t there.
If you’re serious I would advise tracking your spending for a month so that you can see where most of your spending comes from and where you can trim the fat. Also consider getting a good credit card where you can earn points or cash back so there is at least some benefit to your spending.
1st year in Bay Area. Maxing out 401k, roth IRA (backdooring after stub), and HSA (firm contributes ~$650/yr). Saving ~$5k/mo. $3k rent for 2b/2ba which I split with my SO who makes ~$120k, and another ~$250/mo in utilities which I pay. I got very lucky with housing.
Mid level foreign qualified attorney in HCOL city paying ~$4000 p/month in rent. Save maybe 50%ish at least of post tax income each month after rent and expenses etc... I mention foreign bc my law school debt burden is nominal compared to what you US folks pay.
Mentor
Omg same (except rent bc holy fuck what is that). I downloaded the app Rocket Money and seeing how much I actually spend has helped me in cutting back. I think if you can afford to save 30-50% of your income, that’s what I’m aiming for. Start meal prepping (or get a meal prep service still cheaper than eating out), and set limits on shopping so you can save in that range
I’d recommend at least maxing out 401k and doing a backdoor Roth IRA (6k/yr). If you need to pull out of the Roth IRA later (for down pmt, etc.) you should be able pull principal out tax free as long as you leave the growth in. I’ve found biglawinvestor.com to be a really helpful resource.