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Old 12-11-2010, 08:31 PM
 
Location: Staten Island, New York
3,280 posts, read 3,437,594 times
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I've noticed that you haven't stated your salary. Do you have a job yet?
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Old 12-12-2010, 06:08 PM
 
769 posts, read 1,170,306 times
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What kind of job are you assuming you will get that allows you to spend $4,000+ a month after taxes? I know people that went to NYU, Columbia, Cornell, etc which are the heavily recruited schools around here for top entry level jobs and even they only come out making $80-90k. A single person making $90k a year brings home around $4,000 a month after taxes, not including health insurance, retirement plan contributions, etc. And that's assuming you land a job at the high end of the pay scale for entry level jobs, probably in engineering, investment banking, or computer programming for that kind of pay.

Many people assume that jobs here automatically pay well but even for NYC $90k a year is high for a college grad. Just want to make sure you understand that.
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Old 12-12-2010, 06:40 PM
 
215 posts, read 311,382 times
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Quote:
Originally Posted by newyorker24 View Post
Your food budget is way too high. We spend (married couple) around $100 a week on groceries, mainly from Fresh Direct. We eat breakfast at home every day and usually bring lunch from home as well. So maybe we each buy lunch once a week. We buy dinner out 2-3 times a week, usually cheap takeout meals from the pizza place or subs because we worked late, but occasionally we'll go somewhere and spend $50-60. So in an average month we spend around $700 on food for both of us. And we buy good stuff for groceries- steaks, lean ground beef, name brand items, lots of drinks (juices, milk, soda, beer, etc).
$450 a month for two people seems low to me. Maybe it depends on what and how much you eat. It comes out around $600-$700 for us. We buy from FreshDirect and Amish Market mainly. With eating out and beer and wine it is more like $1000-$1200 a month.

Also, another thing about budgeting is that it will almost always be more than your estimates. Maybe it is a psychological thing.
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Old 12-12-2010, 07:45 PM
 
769 posts, read 1,170,306 times
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Quote:
Originally Posted by BearMM View Post
$450 a month for two people seems low to me. Maybe it depends on what and how much you eat. It comes out around $600-$700 for us. We buy from FreshDirect and Amish Market mainly. With eating out and beer and wine it is more like $1000-$1200 a month.

Also, another thing about budgeting is that it will almost always be more than your estimates. Maybe it is a psychological thing.
We eat 3 meals a day but don't really snack much. Breakfast is usually light- cereal, bagel, or frozen waffles. Lunch is salad, leftovers, or maybe a frozen meal. Dinner is a big meal for us on days we get home in time to cook...lol. We do not buy things from them like toiletries, napkins, paper towels, bathroom tissue, etc. We make a trip once a month to Walmart for things like that.
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Old 12-12-2010, 09:41 PM
 
6 posts, read 22,783 times
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Appreciate all of the responses. I'd rather not disclose a salary if I don't have to, but my friends who are currently in the industry have all started off in the low six-figure range which ends up to be ~$85k after taxes, estimated with online calculators. Coincidentally, a few of those friends are from Cornell and Columbia.

Saving $30k therefore seems plausible, but my friends are always saying how little they have saved up. Really must be a psychological thing. I guess recent grads are just bad at managing money, which is why I'm trying to stick to a budget
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Old 12-12-2010, 10:05 PM
 
215 posts, read 311,382 times
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Quote:
Originally Posted by underground. View Post
Appreciate all of the responses. I'd rather not disclose a salary if I don't have to, but my friends who are currently in the industry have all started off in the low six-figure range which ends up to be ~$85k after taxes, estimated with online calculators. Coincidentally, a few of those friends are from Cornell and Columbia.

Saving $30k therefore seems plausible, but my friends are always saying how little they have saved up. Really must be a psychological thing. I guess recent grads are just bad at managing money, which is why I'm trying to stick to a budget
So you are saying these guys started at 130-140k salaries out of college?
Or is it salary + bonus?
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Old 12-12-2010, 10:08 PM
 
6 posts, read 22,783 times
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Mostly salary, but small bonus too. Different from finance pay structure, I'd say
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Old 12-12-2010, 10:17 PM
 
215 posts, read 311,382 times
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I don't know any field except finance where new graduates earn this kind of money. Even in investment banking it is not so common. What am I missing?
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Old 12-12-2010, 10:31 PM
 
8,352 posts, read 11,409,318 times
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Quote:
Originally Posted by BearMM View Post
I don't know any field except finance where new graduates earn this kind of money. Even in investment banking it is not so common. What am I missing?
Tax-paying high end drug dealers

No kidding! I-banking starts in the $50k's with generous bonus ($25-50k). Consulting starts higher $60k's but much much lower bonus scale. Engineers can start in the $60-70k's but rarely a bonus. Some sales jobs could yield $130k's with commission, buy you'd have to be a rock star to do that in your first year.
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Old 12-12-2010, 10:53 PM
 
769 posts, read 1,170,306 times
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Quote:
Originally Posted by underground. View Post
Appreciate all of the responses. I'd rather not disclose a salary if I don't have to, but my friends who are currently in the industry have all started off in the low six-figure range which ends up to be ~$85k after taxes, estimated with online calculators. Coincidentally, a few of those friends are from Cornell and Columbia.

Saving $30k therefore seems plausible, but my friends are always saying how little they have saved up. Really must be a psychological thing. I guess recent grads are just bad at managing money, which is why I'm trying to stick to a budget
I wish you the best but think you need a reality check. And keep in mind that you are not at Cornell or Columbia, so you will more than likely not get the amount of money they got.
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