10/30/10

Some fresh kicks, a few suits and a trip to AC - obviously can't ball out hardbody, but still kinda exciting.

How did/are you going to blow your signing bonus?

Comments (18)

10/30/10

Well I'm not in IB or on Wall St, so I haven't gotten a big bonus yet in my career, but I can say that after I got my first year-end bonus, I blew it in similar fashion.

Traveled to visit my friends from college on the weekends in a few weekends: 3 trips, about $600 airfare total, about $100 spending cash total (Since I visited my friends usually payed for the tab)

Significantly upgraded my wardrobe: A couple suits for $600 total, about $300 at Banana Republic, and about $300 at J Crew, Couple pairs of shoes from Jos A Bank for $200

Xbox360 and games: $500 total

My bonus was about 2k after tax, so I went a little bit over that, but since I'm young and have some savings, I could afford it.

The WSO Advantage - Land Your Dream Job

Financial Modeling Training

IB Templates, M&A, LBO, Valuation.

Wall St. Interview Secrets Revealed

30,000+ sold & REAL questions.

Resume Help from Finance Pros

Land More Interviews.

Find Your Mentor

Realistic Mock Interviews.

10/30/10

hmm i thought your signing bonus is part of your first pay check, aka you don't get it until you're already working?

10/30/10

Store a small portion of it if you don't have any savings built up. If you do -- hop on some planes and travel. Buy a nice gift for your girlfriend (you're about to fall off the face of the earth for two years). If you don't have one, purchase a nice big TV for your apt. Use the rest to improve your general lifestyle - nicer dinners, take taxi's instead of public transportation, few nicer clothes, etc.

I wouldn't recommend blowing it on a single large purchase. I know a guy who purchased a new BMW months in advance of receiving his bonus. When bonus time came, he regretted having to give it all back to the car dealership while the rest of us were able to blow the cash.

CompBanker

In reply to cartman
10/30/10

noway:
hmm i thought your signing bonus is part of your first pay check, aka you don't get it until you're already working?

It depends and usually the contract says when you'll get your signing bonus

In reply to cartman
10/30/10

noway:
hmm i thought your signing bonus is part of your first pay check, aka you don't get it until you're already working?
Depends on the shop. My MM sent it in February / March and said to use it to cover moving expenses etc. Some places include it in your first paycheck.

CompBanker

In reply to yellowpunch
10/30/10

yellowpunch:
noway:
hmm i thought your signing bonus is part of your first pay check, aka you don't get it until you're already working?

It depends and usually the contract says when you'll get your signing bonus


ah icic thanks
10/30/10

"fresh kicks" "trips to ac". "ball out hardbody"? Do they give bonuses at Rutgers now?

Be sure to help "ya moms" and invest in things that can't fail, like restaurants, night clubs, and record labels.

In reply to cartman
10/30/10

noway:
hmm i thought your signing bonus is part of your first pay check, aka you don't get it until you're already working?

You're right. I actually completely overlooked the "signing" part and thought he was speaking of first bonus in general. My year-end was part guaranteed for me signing, but I guess not officially a signing bonus.

10/30/10

+1 on everything compbanker said: save at least some if you don't have much saved yet, then spread most of it out so your overall quality of life is better. you'll get the biggest return on it if you improve multiple aspects of your lifestyle.

of course, the signing bonus in one of my offers was split 50-50 between when you sign and your first paycheck, so you might not even have the option of blowing it all at once.

One of those lights, slightly brighter than the rest, will be my wingtip passing over.

10/30/10

Plans:

Spend some to travel
Small wardrobe upgrade.

Store most for rent/food etc.

10/30/10

How about a 401k plan?

10/30/10

Pay off the ludicrous amount of debt accrued to this point?

Still not sure if I want to spend the next 30+ years grinding away in corporate finance and the WSO dream chase or look to have enough passive income to live simply and work minimally.

In reply to cartman
10/30/10

noway:
hmm i thought your signing bonus is part of your first pay check, aka you don't get it until you're already working?

My bank (BB) is paying them out next spring. Its going to be taxed about 50% so there isn't much to blow/save

10/30/10

came with first paycheck for me, wish they had told me that beforehand though...offer letter said 'prior to your start date', and i asked a couple of times in between and was told 'soon' or 'at least two weeks before you start', etc...

10/30/10

Mine will be used to pay for the first months rent, deposit, furniture, suits, etc. I really wish they would give it to us before we started.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

10/31/10

No debt at this point :D. Yeahhhhh, it's like that.

Mine comes 90 days after signing, and relocation comes with the first paycheck.

Gotta buy the gf some rocks, and payback the cakeflow I owe the fam, but aside from that, this money is to be blown.

In reply to Anonymous1
10/31/10

Anonymous1:
. Gotta buy the gf some rocks, and payback the cakeflow I owe the fam, but aside from that, this money is to be blown.

is this real life.

10/31/10

To unlock this content for free, please login / register below.

  • Facebook
  • Google Plus
  • LinkeIn
  • Twitter
Connecting helps us build a vibrant community. We'll never share your info without your permission. Sign up with email or if you are already a member, login here Bonus: Also get 6 free financial modeling lessons for free ($200+ value) when you register!

Let n be a fixed positive integer greater than 1...

What's Your Opinion? Comment below:

Login or register to get credit (collect bananas).
All anonymous comments are unpublished until reviewed. No links or promotional material will be allowed. Most comments are published within 24 hours.
WallStreet Prep Master Financial Modeling