{ "media_type": "text", "post_content": "Why does it seem like every 26 year old on this app has almost 500k+ saved already!? Even if I didn’t pay taxes or rent or food I wouldn’t have that much :(", "post_id": "608c812ea39a5b002f1e45e3", "reply_count": 183, "vote_count": 67, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Why does it seem like every 26 year old on this app has almost 500k+ saved already!? Even if I didn’t pay taxes or rent or food I wouldn’t have that much :(

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

While 500k by 26 may be hyperbole, I don't think it should be that hard to accumulate a significant amount of wealth in your twenties for folks starting in consulting Key factors that build up on top of each other: 1) Amount of starting debt i.e. college (did your parents help pay this off?) 2) Accelerated income progression hitting 200-300k / yr by 30. High performers should be able to hit this in either consulting (MBB / T2) or pivoting into competitive industries i.e. Tech. 3) High savings rate: regardless of your income level you need to be saving a high percentage of your have to take out pay and minimize expenses. 4) Aggressive investments: With a long investment horizon as someone in your 20s, you need to dump almost everything into the stock market and other investment vehicles. Index funds at a minimum. While everyone has a different starting point and life situations, significant wealth accumulation requires focus attention and energy on personal finance.

funnylikehelpful

C9 assuming you're talking about income, you may need to bounce around.

28, MPA $95K base as of this year (started at $72K in 2018) ~($50K) undergrad, ~($60K) grad OP a lot of people here are not being honest, others are embarrassed, and still more work in different stratospheres. I do not, nor would I ever, want to work MBB. Does a undergrad there make close to 1.5x my income if not more? Yes. Are they doing the work I want to do? No. I also went to grad school - between studying for exams and working part time, actually going to school and working part time, then job hunting after while working part time, was like 3 years of potential full time work experience and salary gains that *theoretically* would have landed me about the same income without the extra debt. But in reality, probably wouldn't have this job or income without my masters. Every time you see some crazy money story, remember that it would be like comparing your income to that of your software engineer friends - they are doing something completely different that you clearly don't want to do. Just compare where you are to where you were and how far along that is to where you *originally* wanted to be. I say that because we will *always* move our own goalpost. My heuristic is just "success = income higher than outstanding debt." This has kept me sane because my debt now finally goes down; meaning I can continue working towards and hit that success point even if my salary stagnates for a year or two.

likesmart

Thanks for sharing! Everyone runs there own race and should optimize for the goals that make them the most happy. Props for keeping it real and noting that everyone has a different starting point.

like
Recent IconRecent

I had a solid -$50k at 26. Broke even at 28, which was like two weeks ago lol.

likeupliftinghelpful

Thanks all!

Daddy helped.

likehelpful

If Mommy helped, these 26 years olds would have $5M hidden away 🙃

like

I had -$150k net worth because I came from a poor family and a good education was my only ticket out of poverty. There's more of us than you'd think on this app but it's less glamorous to brag about poverty past or present then about large sums of money.

likeupliftingsmart

KPMG2, thank you for sharing an alternate perspective.

By selling propane and propane accessories

likefunnyuplifting

Nothin like Hank Hill

People with exceptional financial circumstances are more likely to share creating distorted view of what the typical financial situation is.

like

That’s true with anything, not just finances

like

Because they’re either lying or because only the people who are extremely well off feel the need to brag/post about it on social media.

like

If there are 100 26 year old consultants with 500k and 25 of them posted on here daily, it would feel like everybody but you has it. The beauty of social media is it makes it possible for you to be envious of somebody thousands of miles away rather than just your neighbor.

likesmart

I have $2.2m at 32. No inheritance, family financial support or college fund I got there with extreme frugality + early investments in TSLA & BTC. I don't know many other people that did that so I'm clearly an outlier, but I post on those threads every time because damnit I'm happy with myself ☺️

likefunnyupliftingsmart

If any bcg people are seeing this and thinking "man, that McKinsey guy is super smart". I put in an application so I might be joining y'all soon. ☺️

Hi! Currently 23. Have a net worth of -$5000 (student loans). Don’t save money especially well, live in an apartment slightly more expensive than I should, but I have great friends & family. But quality of friends & family is a lot harder to brag about in an anonymous forum! We’re all running our own race.

like

Sounds like me GH1...unfortunately I stuck around cause I was doing my masters and they didn’t hesitate to say how important I was but wouldn’t showcase that through salary. I got a $96 a year raise the one year.

Easy to do when your parents pay for your college tuition and your condo's down payment

like

A lot of people had either mom/ dad pay for college and/ or they lived at home while making six-figures so they could save like crazy

like

A3 I know someone that had her parents even doing her laundry and she drove a car on their insurance all she had to cover was gas (they used to give her gas gift cards bc they felt bad). She still talks about making it all on her own bc her parents never directly gave her money and I'm like come on lets be self aware. They only covered her college bills and a 9k interest free loan for her first apartment which she paid back- what really happens if you can't pay your parents back tho 🙄 From experience growing up the scholarship kid with rich friends I have a hard time believing ppl that say they made it all on their own at 25/26 bc usually leaving out A LOT of parental assistance (not all are but I'm still highly skeptical)

like

27. 120k 401k increased contributions yearly by 1% from 6-10 after 2 yrs. 130k cash/securities 80k home equity - recently purchased 400k home 15k equity in car Salary progression 85k -150k in 6 yrs. started with 60k in debt. Free rent for a yr at home. Of the cash, maybe 80k of the 220k I had before home purchase were capital gains. Conscious, but not aggressive savings. No additional help.

likesmart

hi hello yes, police? 1 welfare check for MD1 please

like

I have a -120k net worth 🥲

like

My MAN!

If you're right then I'm about to somehow save $400k next year

likefunny

I am 26 & DEF not at 500k net worth, but I do have a good bit saved away. Things that helped - 1) I graduated with only $20k college debt due to scholarships + $$ from parents 2) lived at home all of this year and didn’t pay rent Honestly, I’d rather have had the independence of my own place & less money - even if someone has a ton of $ saved up doesn’t mean they’re living a more fulfilling/exciting/happy life than you.

like

My network is 7k and I’m 28.

like

I don’t think ppl lie about it like some people are saying here lol. But I do think sometimes ppl leave out important details related to their situation. A lot of people start their careers with zero student loan debt, zero car loan debt, zero credit card debt, etc. This definitely gives you a head start in life over others. Specifically minorities who don’t have a built in infrastructure and have to start from scratch.

like

Yeah you should get off that high horse A2. Income is so relative to COL. Was I homeless, no. Were we privileged, not by any definition of the word. Whether your parents prioritized it or not, you had the ability to get financial aid and go to college. I believe everyone has that option, if they find the resources available to them. Your good school, unless it was due to choosing to pay for housing in the right district, is a matter of chance. Your ability to earned 84k a year is not a privilege. You literally earned it.

Post Photo
funny

Daddy is a nice guy

likesmart

D6 I studied engineering at Carnegie Mellon. Not an ivy but worth the similar price tag based on the faces people make when i say I went there

Idk why everyone is acting like student debt is a given if you don’t have family support. I was able to graduate from my state school with no debt, a car paid off, and no credit card debt while paying for my living the whole time too. There are plenty of ways to make good money (get your RE license, get a commission sales job) if you grind a bit. Not saying everyone can do this because I know sometimes other factors like family responsibilities add complexity. But come on, student debt is a choice. Most are not a victim of it IMO

like

White male here. Went to school for free on merit scholarship.

I'm a bit surprised that there's so much hate against folks whose parents paid for college. First, paying for public vs private is a huge difference. Second, context matter between the parents who were loaded vs sacrificed and prioritized their kids education.

like

M3 it’s not hate for people with parents that pay for things. In fact, the few times someone does mention they had help in their “how I got to x by 26” post, they are usually applauded for being honest about it. The issue most people have with “how I made x by this age” is that the poster is not honest or forthcoming about the amount of help they had received to achieve that number. There is no shame is having had help, none at all. It’s an amazing thing to have family that can support you and take some of the financial burden off of launching your adult life. But people do take issue when someone makes it seem like they did it 100% by themselves without acknowledging the help they had received. Hope this helps to clear it up. As a parent that will be paying for my son’s college and am currently establishing a trust for him, I certainly hope he never goes around bragging that he “made x by 25 all on his own.” It would simply be an omission and misrepresentation of facts.

like

Related Posts

Does anyone know the bonus range for a OT&T consultant 3 rating?

like

I know I should be grateful for my job but I am really sick of constantly feeling like shit and inadequate. What else can I do in the city to make about the same salary? (3rd yr associate in Jan)

like

Senior Producer salary ranges in Boston?

like

All my Deloitte fish. What’s the salary range for a Senior Analyst or Manager – US Anti-Corruption Compliance in ATL make? Is Deloitte a good place to work? What’s the work life balance like?

What's the ideal salary for an 'expert' at HPE with 6 YOE. Skills: react, nodejs

like

I got an offer of 26.5 lpa fixed from Capgemini. My yoe is 5 years and 4 months and tech stack is SAP SD functional consultant. How much can I expect as my in hand salary.

Post Photo
like

Any details on PWC director salary range, bonus range, signon/ relocation bonus and benefit details? Appreciate it!

like
like

Just curious, what percentage of your billable rate do you take home? Calculation would be ((Salary and Bonus/Yearly Billable Hours)/Billable Rate). For me it's about 18% as a Senior 1 in M&A Tax (note this doesn't include other benefits).

like

Hi, can someone tell about C4 band in TCS. The designation is Engagement Manager. How is the role, usually after how much experience people reach this band and what are promotion levels above C4. What’s the typical salary for this band. Thanks.

like

Looking for some advice on making a career switch. Currently in FP&A for a fintech company making $80k a year with a 10% bonus and options that are exercisable when the company goes public. I have been with this company a little under a year. I just received an offer to join a boutique consulting firm that would draw on my current financial and technical experience. Compensation is $100k a year with a 20% bonus. I love my current company, but is this a no brainer? Should I ask for a counter?

like

How to justify your salary expectations?

like

Any thoughts on working at GM? Starting discussions with them and the comp package looks good based on what I'm seeing online. Not sure on the environment. Internal consulting org.

like

Do you know the IBM band 8 salary range for GBS?

like

Interviewing for a manager role at Deloitte consulting human capital team. What’s the typical salary at this level?

like

Evaluating two offers in tech. I live in Atlanta and was offered 155k salary and 122k RSU $10k sign on No annual bonus. Another tech company offered $170k and 165k RSU WITH 10% annual bonus but it’s based in California. What are y’all’s thoughts, I hadn’t planned on relocations but could if it’d worth it

like

What is the average salary for a workers comp defense attorney? I know it’s on the lower end but I just lateraled because I wanted a better work life balance. Took a pay cut but don’t mind it right now because I am a mom. Just curious what average salary is and what potential salary is for a partner or senior associate.

like

Anybody in Canada? Would love to see how much the rate is going on now. Please share your role, company, compensation, benefits and years of experience. Thank you!

like

Hi, I am interviewing for a role with PwC's Deal Analytics team, and was wondering if anyone had further insight on the type of work they do, hours worked and also salary expectations? This is for a role in the APAC region if it matters. Thanks

like

% salary saved (incl. retirement), age, location? 42% / 24 / NYC

like

Additional Posts

Within Salesforce, @Quip, Slack, Tableau Software how often are there leadership changes at the VP or above level? Is this an annual thing? X years after acquisition?

like

For those planning to quit work before starting school, what types of medical insurance options do you have? Do schools offer insurance to admits before starting?

like

A friend of mine got out of UX Bootcamp not long ago. He spent a lot of his adult life training to become an illustrator wanting to work for games. Since he finished bootcamp, he can't find a job.. not even an internship. Any tips to help him get there?

like

@H1B consultants - how painful is H1B amendment process these days for starting a new engagement? Have you noticed any repercussions for amendment denials or RFE?

Does anyone know the bonus range for a OT&T consultant 3 rating?

like

Hey everyone! My goal for 2021 is to start a podcast where I interview early to mid career professionals about their educational and career journeys thus far. Would love to have a few representatives from this app get interviewed! Please comment if you’d be interested 🙌🏽

like

What’s big law like in San Francisco? Anyone have any insights to firm cultures or billable targets?

like

Is the career progression and exit opp better in credit rating at the big 3 credit rating agencies (S&P, Moody’s, and Fitch) or in big 4 consulting / financial advisory practice? - I’m asking broadly for entry level roles

like

I know I should be grateful for my job but I am really sick of constantly feeling like shit and inadequate. What else can I do in the city to make about the same salary? (3rd yr associate in Jan)

like

Big 4 “strategy” consulting be like

Post Photo
likefunny

Senior Producer salary ranges in Boston?

like

Started at Latham this week (West Coast in corporate) but orientation has been postponed to a few weeks later. If you’re at Latham, could you share the ins and outs, and give me a few pointers and tips, tricks of the trade at Latham? One helpful post I found was that after 6pm, skype turns yellow. Any other similar type of tips would be helpful! Also is food free? :D

like

All my Deloitte fish. What’s the salary range for a Senior Analyst or Manager – US Anti-Corruption Compliance in ATL make? Is Deloitte a good place to work? What’s the work life balance like?

What's the ideal salary for an 'expert' at HPE with 6 YOE. Skills: react, nodejs

like

Hypothetically, if BBB was delayed and brought to the Senate floor next year (let's say February 2022) and passed, and the January 1st date for ending Roth conversions is left unchanged, what would happen to Americans who performed After-Tax 401k to Roth conversions in January? Would 401k custodians have to reverse the transactions and somehow factor in gains earned in users' Roth accounts since the conversion? Could there be penalties?

like

Has anyone had experience/any luck negotiating their new level at MBB? Making the switch from Tier 2 to BCG and trying to keep my same level.

like

Hey fishes, I need your help to decide my next journey. So, I have a 2.4 YOE in Health and welfare domain here I'm doing configuration and manual testing but now I'm thinking to learn and switch in the world of automation testing. Basically, I just want to know that during the interviews I have to speak about my this experience or I have to write some stories ? I'm confused, please help me out to understand as this is my first job and I don't have an experience of interviews. Thanks!!

like

Pros and cons of having a summer analyst on your project?

like

I got an offer of 26.5 lpa fixed from Capgemini. My yoe is 5 years and 4 months and tech stack is SAP SD functional consultant. How much can I expect as my in hand salary.

Post Photo
like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
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

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal