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When your best is never good enough 🙏
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When your best is never good enough 🙏
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Year 3 - first meaningful distribution at EY (your first 2 years are essentially same cash flow as sm plus 5-10%) - I stopped balancing my checkbook.
Year 6 - I stopped budgeting for very very nice vacations and took my parents to Banyan Tree in first class. They nearly died.
Year 9 - bought vacation house and paid for my brothers wedding
Year 17 - I will retire early with my homes paid off, kid’s college fund fully funded, and will live very comfortably raising chickens in the middle of nowhere.
To give you some context:
Two of us grew up on $900 a month my parents made. We split a Happy Meal every two weeks as our treat. I worked through college and lived on crackers, canned tuna, and beans. My offer out of college was $46k - 4x what my parents made. I took them to Olive Garden to celebrate (it was the fanciest place I could think of) - my Mom cried because she has never been in an actual restaurant. Then she cried even more when she saw the bill.
We make silly money compared to most Americans. I will be forever grateful for this opportunity - my kid will never know the struggles I went through, my parents and brother will always be comfortable, I can help my community in a meaningful way. So yeah, it’s lucrative and worth it if you enjoy what you do and are good at it.
Awesome. Amazing work saving
Thank you partner 2!
I think US vs UK is very different. In the UK partner salary (across MBB/T2) starts around £500k ($700k) and by year 5 if you’re good you should be on £1m ($1.4m) and then it can really ramp up if you’re good to £3m+($4m+).
So I see quite a few partners with fancy houses, and a holiday home and 2 nice cars with kids in private school and not having to think at all about spending money.
Further they don’t have any of the tax/cash flow issues that’s normally mentioned in the US.
About year 4-5 cash flow was great