Surprised how I have so much money as a 1st year senior. My car is paid off, college debt is paid off, and I'm ready to purchase my first home in Los Angeles. Life's easy!

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

I am genuinely interested as this is inspiring story if it is indeed true.

like

How can so many people on an accounting fishbowl be this bad at taxes? For OP to only take home 36k a year vs. 86k gross, taxes and deductions would have to be over 50%.... Good on the OP. More could be shared about how it's done though instead of just saying it can be done

like
Recent IconRecent

Totally possible without a mortgage and other necessities paid off. Easy to save 3k a month without a mortgage.

like

^ want to be my financial advisor. Only stipulation is that you don't put a limit on green fees per month :)

like

Can I get a breakdown of that 58-65%. 8% SS and Medicare, 10% healthcare?, 10% 401k?, 30-37% income taxes? I just don't see it

like

^not trying to be confrontational, I'm just trying to understand.

like

EY1 - fed 14.3, SS 5.9, Medicare 1.4 leaves 78.4% of gross before deductions. Then 3.23% health care incl vision, dental and HSA, 1.8% parking, 15% 401k, and 0.9% legal, ADD, LTD and donations. I have 57% net payout

like

OP must be from SMU #richdaddy

like

$1,100! Where do you find rent that cheap? Are you living at the PwC office ?

like

You can save $1332 per year just by giving up the daily Starbucks latte.

like

I save tons of money utilizing all the PwC perks that I can. They pay for my phone and pay off $1200/year in student debt. I'm also planning on having them pay 100% of my MBA. OP is right, do the right things at Big 4 and you will prosper.

like

At sieg 1. The 401k, Ira, and HSA should be maxed out before the house in my opinion

like

Roommates? That's awesome especially in a higher COL

like

OP how much you making ? 🤔

like

As single taxpayer you should figure about 58-65% net pay depending on 401k and other pre- & post-tax deductions.

like

@ey1, they might be including 401k contributions there, which is still your $ do don't worry :)

like

Gotcha, thanks for that. Theoretically, that 15% still counts towards the 3k savings goal

like

Technically, yes. But it is tied up until you are 59 1/2 or buy a house or have some hardship

like

This is possible if rent is under $1000 a month.

like

After taxes 50.700 is about the amount probably giving a few thousand. OP probably spends about 225 eating out all together in the month, saves 3000 and is left with about $1000.

like

Therefore... Rent is under $1000. Correct me if I'm wrong, OP. Please!?

like

Related Posts

Planning on buying my 1st home. I'm looking at homes using a RedFin realtor. They recommended I get an Underwritten Preapproval. I don't trust the lenders they recommend. Any suggestions for lenders?

like

Those who moved nyc to nj- assm min change in rent, how much did you save on an avg cause of taxes etc.?

like

How much should I expect to save in taxes when moving from Manhattan to Hoboken?

like

Pretty new to stocks and investing I would like to invest $200-$300 a month in an ETF index fund which do you guys recommend? Also would like to invest some money monthly in a more risky stock which do you guys recommend?

like

Buying a house for ~900K in one of the Boston suburbs - my household income is ~230K. Am I stretching too far?

like

Quick poll time. How old are you and how much debt do you have? Credit cards, student loans, vehicle loans, mortgage loans, etc., etc.?

I'm 31
$8k in debt (All credit card. No mortgage currently, but looking to buy. Car and student loans are paid off.)

like

Does anyone want a 2 tone Sky Dweller on Jubilee, black face? I got an allocation from my AD and don’t want to upset them by saying no. Deal would be at msrp + tax.

Post Photo
like

Hey beautiful people,
I’m 27Y and work in tech. Unfortunately my carpal tunnel is getting worst slowly. I’m worry that I still have like 45 years more to be retired and can’t stop working because I have a f* mortgage to pay 😭 I have a super ergonomic workstation, but I know my hand needs a long rest, and I can’t do it… Does anyone relate? What do you recommend?

like

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

Marcus HYSA rate cut down to 2.0% :(

like

what upgrades are worth buying on townhouse or SF home. planning to live there for 4-5 yrs and later move into bigger house. will rent or sale this property at that time. house is in MD.

If I have a six year old and 150k in a 529, can I say I’m done?

like

House flip question

Hey all newbie here. My husband and I are living that Double Income No Kid life wanting to (Financial Independence) Retire Early.

Both in tech in the Bay Area. I’m in Arizona visiting family and am thinking of an investment property. Does anyone have a book/course/video that they personally have used and recommend for flipping houses? I want to do some research there’s a lot of content out there.
Thanks a bunch!

like

Hi EY people…who is the 401k provider for you? Vanguard?

like

How long of a commute would you consider to be too long? First year associate trying to balance convenience with living more frugally to save up some more money.

like

Does EY let you keep Amex rewards points?

like

I’m leaving my job soon but I’m wondering if I should be truthful when I hand in my letter of resignation. There’s a ton of reasons but it boils down to: I’m worth more than they can pay me and I need to pay off these student loans. What should I say?

like

Any recommendations on credit cards with lounge access? Currently have the Chase Sapphire Reserve which has Priority Pass, but have been turned away from lounges not accepting PP at peak times

If JetBlue moves my departure time by 3 hours can I get a credit card refund or only travel bank?

likehelpful

More Posts

Guys i have joined cts on 20th september 2022,my home manager informed me that i was awarded with the rating,will i be eligible for the appraisal in the month of april 2023?

like
like

Made an appointment with my therapist to talk through the issues in my relationship. Coronavirus has been rough on us

like

Are there FP&A roles in PE firms?

like

Best consulting firms to target for Supply Chain & Operations Strategy apart from MBB after graduating from MIT SCM

like

Anyone else obsessed with the Westin white tea line? 😅

like

Currently making 100k. Just got an EY PAS offer for 130k for SC2. Over 4 years of experience in HCOL. Is that fair? Any reason not to take it?

like

I can do my job better than 87 percent of the people who have my job title. Maybe 88 percent. Still unemployed

like

Autocorrect and predictive text keep thinking they’re better writers than me and I don’t know why it bothers me so much.

like

Almost 4 weeks in and my status is still wrong. It was correct for the first ~1 day and then bumped down a level. Shouldn’t be hard as all my nights last year were SPG. This is ridiculous.

Anyone in Deloitte Germany who can explain the basics of Empire Time and ESS to me in English? Thanks!

like

Bain & Company Contemplating a move from Accenture Strategy to Strategy&, or Monitor Deloitte. Part of my consideration is the assumption that WLB is likely to be better than at McKinsey & Company, Boston Consulting Group, or Bain & Company. Could any of you fellow European fishies shed some light on the validity of this assumption? Sharing experiences would be highly appreciated.

like

Has anyone else told their religious parents that they were moving in with an SO before marriage? I did, it didn’t go super well- they disapprove of it (cont)

like

Have you walked away from somebody you loved? And why?

like

Does anyone know the starting salary for Jackson Lewis in the firm's Connecticut office, as well as the billable hours requirement?

like

Alston & Bird LLP Does anyone have any insight into associate pay, bonuses, min billable hours, and general work/life balance at Alston & Bird LLP? (DC Office)

like

Would you buy SQ here for long term hold?

like

Hi,
Can you please provide me suggestion which company should choose, I have offer from following companies
BARCLAYS 20 lpa fix
TIAA 25 lpa fix
TSYS 24 lpa fix

I have 7 year of experience, I am looking for wlb and job security tech stack are java, angular, micro services,Aws

like
like

Additional Posts in Accounting

What is everyone's at home work setup? Extra monitor? Etc?

And I know many will say don't work at home but there are times I can work from home instead of the office so it's to my benefit

like

I hear that to be made partner, senior managers are measured on their book of business. I'm curious what kind of numbers we are talking about?

like

If I'm forced to use my vacation, floater, etc. towards my study leave for CFE but I have vacation booked for right after CFE, will PwC still let me take that vacation as a "leave of absence"?

like

Got my news today that I'll be Senior as of July 1, awesome!!!!!!

like

I wonder if we’ll still have minimum billable hours if WWIII breaks out

likefunny

If I move to industry, how much vacation, sick days, and parental leave as a father should I expect as a senior auditor?

like

Got an interview for a SOX revenue analyst position at a public company any tips?

like

To those who did not obtain CPA eligibility in UG and did not do a Masters, how did you reach the requirement?

like

Everyone talks about career suicide if you leave big 4 too soon, but shouldn’t overall life satisfaction be more important?

like

How do you guys handle working with a staff accountant who just completely ignores you when you delegate work down to them, and who gives you an attitude all the time? If I send an email, I also have to follow up with her on teams multiple times, and hope after a few hours she actually does what she says she will do. I moved from public to industry recently, and I’ve always had great staff that wanted to do well and have never experienced working with someone who just doesn’t want to do the job.

like

There's a ton of self help and leadership books out there to help people in their careers. If there was one that was written front the lense of a public accounting, would you read it?

likehelpful

If you asked to be considered for early promotion and didn’t get it (despite being highly rated, exceeding billable goal, etc) would you look elsewhere? Is it right to be angry about it? I don’t want to spin myself up unnecessarily if it’s unjustified

like

I spoke with a partner recently and they asked what they can do to help me. What can I say? I’m about to transfer offices so not sure of how in-depth to go in my convos about career goals

like

Best late night audit room jams to keep the team going?

Which offer should I accept? Currently staff 2 at big 4 in Tax with CPA license. I want to leave tax ASAP. Both are public companies +1B in revenue and same salary. Offer 1 - staff revenue accountant so reading contracts, speaking with the sales team and legal team, a lot of work at the end of the months to close books and reconcile transactions to make sure we are ASC 606 compliant. This track usually leads to director of revenue. Offer 2 - internal audit staff so SOX and compliance projects.

likefunny

Deloitte tax senior/manager peeps. I’m currently unhappy with the direction EY has gone in the last year plus fed up with the awful admin tech that ends up wasting time. There is a opening at Deloitte that interest me. Yes, I know generally all B4s are the same and a lot depends on your group/location but have a few questions: 1) are you generally happy with the tax leadership? 2) are you overall happy with the Deloitte’s leadership 3) is the admin tech, ie timesheet, scheduling tools, effic

like

Does anyone work at Protiviti? What is it like working there? How is the IA department?

like

Cover letter = Beg for this job.
I’m not doing it

likeupliftingfunny

Anybody have any insights into Ryan LLC?

like

Is anyone in the Boston area hiring? (non-public, but I have 3 years of public experience in Internal Audit).

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal