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$5m in liquid cash? You’re not goin to reach that until a few yrs as MD prob.
I’m 29 come from a non target / low income family. I’m at $1.2M in liquid net worth and have been working in IB for 5 years. I think part of it is that I went to a no name boutique where the base is low but the upside is super high on deals you bring in.
Two years in consulting as well.
(Approx figures)
Yr 1: 80k
Yr 2: 125k
Yr 3: 186k
Yr 4: 250k
Yr 5: 350k
Yr 6: 610k
Yr 7: 575k
Yr 8 this year will probably make: $600k
Based on pipeline I will probably make another $500-600k in 2026 as well.
I had some decent cap gains from investments (bottoms up value investing) too and live below my means.
Only pay 1.2k in rent now (live with 1 friend) and moved from NYC to a LCOL area at a boutique where I get high upside on deals I bring. Bought a used vehicle. Spend maybe 3k in personal expenses a month with sometimes it fluctuating as high as 5 or 6k if I go on vacation or happen to buy clothes like once or twice a year. Never bought a nice watch. Only ever spent $500-700 or so each on my suits. Have like 9 pairs of shoes total. Live in a furnished place. Make most of my meals at home. I also don’t drink alcohol (if I do rarely) and my biggest expenses are honestly taking girls on dates but now that I have a gf it’s cheaper.