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BNY Mellon technology specific questions -
#0 How much max salary for grade K ?
#1 How long does it take to promote in bny from grade K to L ?
#2 Any specific criteria for promotion? Expr , certification etc...?
#3 How much % hike to expect post promotion ?
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Chief
That's a bit high
Chief
It is what it is then. Might be rough for a couple years but raises help. Go find a bf/gf and split rent
If you live somewhere pricy, then this is pretty normal. My first year I spent at least one paycheck a month on rent, and I wasn’t splurging by any means
It is going to be very difficult to build wealth but it's doable. It is especially manageable if you don't have a car, car insurance, parking, or expensive transportation. But shoot for 25% of your monthly take-home pay and you have a lot more flexibility
Ya it’s high but as someone who started in the same place I get it. I was also paying about 50% in rent. All the financial gurus gonna tell you that’s ridiculous. But Living in a safe and mentally stabilizing environment for you is worth it. Keep pushing you’ll work out of it. I did.
It’s high but you’re a first year. The great thing about public accounting is you can depend on decent annual raises every year, and promotions every 2-3 years. COVID has obviously changed that a bit in the near term. But my point is you may be spending a lot on rent now, but it’s a virtual guarantee that in a few years that rent-to-income ratio will come down to an acceptable level, and should stay there for the rest of your career.
Raises were so high this year I bought a rolex
Wow! That’s a lot
It's normal. I spent 50% of my monthly paycheck for rent as a first year staff. Not fun but you would be able to save more later
I'm in SF and I'm in the exact same boat
The general rule is 1/3 of your net. Looks like you’re at 1/4 so you should be good. Once you get a few paychecks under you it’ll be much easier to manage.
Pro
If they get paid twice a month and one whole check was rent, that would be half of net. But, the amount they are paying is only 50% of the paycheck as the other half is 401k, hence only 25%.
However, if OP pays half of every paycheck to rent and the other half to 401k (in the 50% model) well, I assume they are going to be pretty damn hungry next week and wishes their 401k contribution was actually a Costco run.
It should be 35% max according to Forbes
I agree with the 25% mentioned above. Like someone else said, it is what is is. Sounds like you have specific circumstances that make that difficult. 50% makes it hard to do more with your pay, so try to lower it in the future.
Yes 25-35% should be where you keep it, look up the 50, 30, 20 rule, good easy guidance to follow when you're starting out and trying to see what you can afford.
I’m in the bay and this is normal for first years who don’t live with family. Are you in a lease? You don’t have to live somewhere so expensive right now
That’s really high. What about utilities and other expenses?
You should only be spending 25% of your income or you will have to work for your entire life. If you do 50% you will end up having to take out loans just to live and it will all go download. Buckle down and live in your means. Make consider house hacking or people like sub leasing the living room to get someone to help with the payment