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Hi,
Does Nagarro provides internet reimbursement?
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8/12 Thread (General):
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Completely depends on whether you have student loans or not. I didn’t have much saved as a second year because I’m not at a guaranteed bonus firm and juniors frequently don’t hit hours + high student loans, but that’s turned around quickly since being able to hit hours every year
I saved almost nothing as a junior beyond maxing my 401k and having a small-ish ($25k-ish) emergency fund) because of $200k in student loans. I saved about $30k for a house (JD mortgage with 0% down or something, just closing costs) as a third year or so. I really started saving money around my 6th year after I paid my student loans off. My net worth absolutely exploded as a mid/senior with the lack of debt and salary increases.
It very much depends on your long term goals.
As a reference point, I’m currently a 3rd year. The below is what my savings looks like right now. I’m single, no kids, in Chicago. I have a lot in cash at the moment largely because my school loans are in deferment because of the SAVE plan litigation (I’ve been putting cash into a high yield savings account to gain interest since my school loans are 0% interest at the moment - will make a lump sum payment when that ends). I’m also including debt payoff amounts so you can do the math however it’s helpful to you. I’m not really aggressively saving, but I’m a home body and just not a huge spender.
$35k debt paid off (undergrad loans)
$80k in my 401k
$40k emergency fund
$65k additional cash savings (to be allocated at some point between school loans and down payment for a condo)
So total amount of savings (including the debt paid off) is ~$220k. At end of 2nd year, I’d estimate the number was about $180k.
Thank you all! This is super helpful!