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Does anyone still have a pension? How much?
If you are starting as an Audit Associate some time from now with Deloitte or any of the big 4, do they expect you to have passed/completed all 4 parts by the time you start? Received the Becker Reimbursement email from the recruiter not too long ago but have yet to start. I’ve seen plenty of people get to Senior at a big 4 firm without the CPA so I am a bit confused in that aspect. Any helpful feedback will be very much appreciated.
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Deloitte question. I have always gotten a raise each year, the only question I ask is how much of a raise do I get. But I’m hearing from former Deloitte folks, it is naive to expect annual raises each year however small/big they are? And how does this play in Deloitte consulting vs advisory? Do one tend to withhold annual raises in base salary over the other, or is this just a deloitte culture thing? Looking at exit opportunities all over. So lmk! I’d Rather get a small raise than none at all.
Are we allowed to fly now?
Controversial: Work-Life Balance Is Overrated.
More like 14 hours a day in a prison on wheels.
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Compound growth
I recommend getting in contact with a financial advisor or friends who are finance savvy for a thorough conversation as you seem very naive about the topic. A lot of us started in the same place, there is just a lot to learn.
Recommend joining the personal investment chatter bowl. They’ll have a ton of good advice on this topic.
You need time to build your retirement up to a realistic number to live off of (around $3,500/mo minimum). Financial experts stress the 4% rule which means you can comfortably draw 4% of your retirement money without out living the money and draining it to $0. To generate $3,500/mo and only pull 4% you need about $1,000,000.00. It will take a long time to get there which is why you need to put 10-20% of your paycheck into a 401k for 30years and not wait until you get closer to retirement to start contributing.
Go here: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Run 2 simulations. One starting today with $1000 initial investment and $500 monthly contribution. 30 years as length of time. Estimated interest rate at 6% with variance of 2%. Compound monthly.
Now run it again and change the length to 10 years, keeping everything else the same.
Which is better? $508k or $83k?
The only reason to put only up to company match now is most likely taxes will be higher down the road. But that means you invest in an post tax retirement account
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