How much of your salary did you save as a first year in NYC? Curious to hear how others managed their finances/ trying to figure out my own strategy before I start in the fall.

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What I did --

At a minimum, you should easily have enough to max your 401(k), IRA, and HSA. After that, I'd throw a sizable chunk at loans and clear them within 3 years if you're aggressive. I cheaped out a bit on my apartment and other things just so I could get to net worth zero asap.

But, start with a budget and see where your money is going/being spent on and see what you can afford. But, even in NYC, you should be able to devote a sizable amount to savings + loans and still be pretty comfortable.

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If you don’t have loans, don’t save a dime as a jr. associate. Your limiting factor in biglaw is time, not money.

You’ll have another 35 years to make money (starting investing as a ~3rd year) - enjoy your life while young. Being “extremely aggressive” saving is pointless

You should try to get a mortgage as soon as you can, you will get massive tax deductions on the mortgage interest. Do not flush your money on 4500/month apt rents

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Part of me thinks A2 is being sarcastic—property tax, rising insurance costs, HOAs, etc disagree with getting the house. Focus on low rent, having a solid emergency fund, and participate broadly in financial markets. The compounding growth is a beautiful thing.

Also pertinent to have multiple accounts each with a different purpose (rent, nest egg, short term savings goals) and have them automatically funded from your paycheck so that you don’t see that money in your “main checking.”

Most importantly, you need a dedicated allowance account that you can spend on whatever you want. Part of budgeting is giving yourself permission to spend without stress.

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That’s why you need a budget and a plan. Otherwise you walk around thinking your “gross salary” is the actual amount of money you’re making. It’s not.

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Thank you so much everyone this has all been so helpful.

DC, not NYC. I saved around $80k. Saved $100-120k each of second and third years.

My firm offers a mega backdoor Roth so I have like $80k in tax-advantaged accounts to fill up every year.

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