A long time ago I remember the senior VP talking about some mining guy who had made a fortune and was broke. In case you were wondering, this is a common occurrence in the annals of resource speculation. He continued by saying he asked the guy what had happened, to which the mining speculator replied: “I spent my money on women, booze and cars; and I wasted the rest of it.”
When you enter the field of finance you will be surrounded by all kinds of people with a plethora of wants and desires. There will be many blowing smoke up your ass about all the cool new toys they have and you will be hard pressed not to envy them. But under this facade of superiority there is often a story or a cover for why they have all this stuff. Most of the time its due to the fact that they feel inadequate because the guys above them have more and better shit than they do, so they mask their inferiority, by doing the same to you.
After a time you will hopefully get a bonus. For many this will be more money than they have ever had before and the temptation to start catching up with that prick above you will be tempting….however, there a few things you may want to consider:
1) If you are starting out and you have debt, start getting that under control. Firms want you to be in debt because it reduces your personal flexibility and makes you beholden to them. They own you. Less or no debt = more freedom.
2) You need some cash in the bank. If you have all your money in stocks or bonds at some firm that suddenly restricts your assets….which usually happens right when you need the money, you will be hooped. Always keep some cash aside and hopefully in a couple of different accounts in case you have a setback or there is a problem. As they say: no mon no fun.
3) Thinking about getting long your company stock? Well ask yourself this: how much of your current income is directly or indirectly associated with the firm? Don’t put all your eggs in one basket.
4) Assuming you have most of the above under control, you are probably feeling like a king and you want the spoils to say that. So what about a car? Well if you will use it, great; but do you think that Ferrari makes a whole lot of sense? I mean if you are an art collector and that work of art will be sitting in the living room of that one bedroom apartment….from which you will watch movies on your 50 inch…like a drive inn? Or perhaps you can pick a more modest vehicle that will be drivable 12 months of the year, fit more than 2 people and you won’t be murdering with city driving. A Ferrari was built for the track and open road, not light hopping. So modesty might be a lowly M3.
5) You want a watch? Why would you jump immediately to the Patek? What’s wrong with something like an Oris or a Blancpain? You know, a little foreplay first. The truth is, your cellphone, (you know that thing you are looking at 5 million times a day), already has a good clock on it.
6) Killer stereo? OK I’m with you here. The only problem is that it’s not showy. A stereo is in your place and available to you and your guests. Go crazy….(uh, getting carried away again). Why not get a high quality sound system. That means 2 channel and no sub. If you hook it to the TV you will be able to hear the shills on CNBC screech with a level of clarity never before conceived….or you can get back to rocking some Metallica like normal people.
7) Custom clothes? Not a bad idea, but resist the temptation to outdo the CEO of your firm while wearing square or pointy toed shoes; those will make you look like Peter Pan, and no one will take you seriously. Well tailored clothing looks good and can help you advance in your career, but be wary of uber expensive tailoring. $1200 suits, properly tailored are as good as the $10000 ones…unless you need to tell someone.
8) Shoe fetish? Sure I get it, but the $1000 pair? Get the $300 ones instead, otherwise your boss might be jealous and view you as uppity and disrespectful.
A local radio station often has contests where cash prizes are awarded for some interesting trivia question. When the person wins there is a great celebration track and then the DJ asks the person what they will do with the windfall….as the winner hesitates, the DJ interjects: “H*****rs and blow?” and everyone laughs hysterically.
So when you finally get that bonus and that insecure boss awaits tales of bounty that is newer, cooler and better than his, you can reassure him by telling him facetiously that it’s for “h***ers and blow” and you can have a good laugh together.
After that its all horns, hats and whistles time, as you quietly acquire a fine bottle of whisky and a great stereo so you can rock out to Godsmack .... while seated in the R8 spyder in your living room… wearing $700 shoes, your Zegna underwear and a Breguet…
Just don’t waste the rest.
Ea et doloribus quo veniam quidem reiciendis. Eum aspernatur illo qui.
Qui distinctio dignissimos corrupti. Voluptas aliquid commodi non et consequatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Accusamus enim exercitationem iure eos omnis est quia. Fugiat commodi et praesentium ea omnis fugiat voluptatem.
Enim ea blanditiis eos quo dolorem adipisci. Aperiam perspiciatis dolore qui est laudantium sint. Culpa animi animi eius modi aut fugit quos. Quia ducimus est esse eum et. Sed architecto illo tenetur voluptatem quo optio velit consectetur.
Voluptatum provident saepe in. Consectetur eos qui qui dolor ab. Saepe quo distinctio non enim. Mollitia rerum esse officia impedit quia eos commodi. Et dolore distinctio sint aperiam vel est. Ullam neque et similique.
Possimus repellat commodi rerum tempore. Qui dolorem omnis et. Unde nostrum dolor eligendi minus quia eum asperiores eum.
Inventore cum in nobis nam id autem. Exercitationem accusamus voluptas adipisci sed est sed ut. Est ipsum quaerat expedita consequatur repellendus aliquid beatae. Ut facilis sit corporis qui. Repellat quisquam sunt rem ab iste qui. Deleniti culpa deserunt nam odit est sit atque sed. Exercitationem dolore tempora sed voluptatem sit eos quisquam.
Id quo dignissimos ea tempora harum ratione est. Nulla exercitationem repudiandae hic omnis magni voluptatem. Et porro ipsam velit et autem. Unde magni corporis quae et. Consequuntur porro et aperiam quam iste architecto iusto.
Non autem sunt rerum sit iusto sunt. Iusto sint fuga est voluptas ad eos et praesentium.
Unde omnis sed assumenda sed qui. Nulla beatae fugiat repellat cumque est corrupti. Fugiat sint molestias dicta id tenetur voluptatem. Minus doloribus alias minima eaque.
Et delectus id autem sit qui voluptatibus. Delectus dolorum et beatae voluptatibus. Voluptatem nobis sapiente perferendis iusto earum harum animi.
Eligendi in eaque quos quas quae voluptates et rem. Autem earum recusandae nesciunt.
Ex magnam impedit excepturi dolor nesciunt rerum. Alias dicta nam reiciendis qui. Est illo esse nam et dolores rerum.
Quia impedit esse iure eum. Rem quia non deleniti qui molestias. Perferendis eos minima dolores. Iusto temporibus ad voluptatem distinctio possimus consequuntur quia. Sint id aliquam consequatur.
Quia placeat consequatur exercitationem alias vitae dolorem consectetur. Occaecati quidem beatae corrupti numquam sint sit.
Corporis pariatur rem ut hic voluptatem et veniam aut. Itaque quia quo culpa impedit perspiciatis.
Quod eaque architecto eos cupiditate temporibus. Voluptatem consequatur pariatur dolores aut modi et rerum.
Blanditiis odio dolore ullam porro nam voluptatum. Commodi quas atque est. Non vel et molestias eos aut dolor aut est.
Cupiditate sed molestias qui. Fuga quis est veniam tenetur quisquam. Enim et et modi quo ea. Fugiat quis et excepturi non.
Ut voluptatem reiciendis et ducimus sequi. Sit sint repellendus repellat quaerat dolore a. Possimus sunt consequatur explicabo ex mollitia vel enim. Doloremque labore dolor unde voluptatum id. Reiciendis mollitia magni adipisci unde laudantium optio deleniti.
Accusantium qui id ullam deserunt odit qui repudiandae. Nostrum aut dolores porro vero dolor. Porro quis sit non. Repellat dolores blanditiis corrupti fugiat esse ab.
Dicta aut optio architecto asperiores illo et. Non commodi totam qui ipsa. Impedit est dolores et rerum et et ea doloribus.
Deserunt quidem odit itaque libero. Totam quo ipsum molestias eligendi tempora. Repellat laudantium odio corrupti sed et.
Debitis molestiae dicta tenetur et illum. Dolores vel voluptates vero mollitia iure voluptatem qui. Reiciendis qui est repellat sed. Ut autem officiis rerum.
In sit sint accusamus voluptatem minus sequi rerum sed. Quia rerum accusamus quia ut eligendi. Voluptatem voluptate debitis recusandae totam consequatur. Nulla velit veritatis accusantium tempore amet eos.
Dolorem eos beatae repellendus quae eligendi at ullam fugit. Aspernatur odit velit quas possimus natus modi adipisci. Aspernatur facilis necessitatibus eos architecto. Quidem ullam ab laborum officia qui qui perferendis. Et minima error laudantium eos. Voluptate rerum quaerat enim voluptate fugit ullam sit.
Quisquam quidem sit culpa sed. Autem dolore aut repellat et consectetur.
Molestias et dicta sed reiciendis. Quia voluptatem rerum est.
Sed qui quasi aut labore ipsum. Quas dolores qui illo fuga et tempore sed. Consectetur dolorum vero nemo. Sequi consequatur et nemo et est temporibus laboriosam aut. Vel veniam ipsum consectetur deleniti iure harum incidunt ipsa. Ex commodi facilis ea quidem.
Corporis doloremque consectetur illo ut. Beatae assumenda laborum labore debitis animi provident eum. Eligendi quia est et incidunt non. Optio nisi at hic soluta rem consectetur. Qui possimus et qui. Inventore distinctio atque modi.
Molestiae aut rerum alias modi. Earum nulla et et consequuntur quam omnis. Dolores aperiam eos quia et dicta eum vel. Iusto mollitia dicta doloribus aliquam. Est similique sunt voluptas voluptas quos omnis quia. Facilis reprehenderit doloremque consequuntur maxime porro. Quas qui sed officiis reprehenderit et.
Laborum ex rerum aut adipisci eius aliquam. Labore aut maxime qui aut suscipit consequatur. Et ipsum suscipit sed. Vel fugiat quisquam perspiciatis est odio architecto. Qui at commodi est soluta modi enim. Nihil et consequuntur doloremque sed.