Just started as an analyst (assistant trader), have +150k debt from my 4 years of college education, and other sources remained to be disclosed here.
I decided to pay down all of it within the next 3 years for several reasons. It's a lot of pressure and even though I understand that the first few years in investment banking are really about learning and getting it right so that hopefully I can make a few millions later in my career, I will barely save any money, work late hours and go home by walk or subway. (cab fees are not expensed) Will also have to cut my budget on drinks and weekend hangout with buds, etc. In general, the prospect of life for the next 2-3 years looks pretty grey. The bright side is that I really enjoy my work and that it is the main part of life.
I know there have been other threads on WSO about the ways to live a humble life in NYC, save over 50k, etc. How do other 1st and 2nd year analysts cope with psychological ups and downs, near breakdowns related to non-work issues? For me, tuitioin and family are two big issues but everyone has his/his own issues e.g. relationships. I can drink it away, talk with close people or depend on pills (prescribed). But hope to hear more ways or advice.
Grow a pair, this is LIFE. You have a great job and have a great career to look forward to. Man up and do what you gotta do.
Yeah, that's kind of life you signed up for when you entered S&T/IBD. Just keep a positive mindset and realize you're one of the very few people in the world who are able to have a career like this. Focus on paying your debts back early (less interest paid) and whenever you get down think of how you're gonna be rich as f$#k in a few years
Always helps to talk it out and hang out with friends I think. As far as the problems themselves it's definitely tough finding a sympathetic ear especially in a city as apathetic as new york. I'm not from here and started work a while ago and it's a dog eat dog world, but there are plenty of folks out here (myself included) who believe keeping an eye out for their fellow man is more important than the quick buck.
I'm trying to save as much money as possible / stay in shape so no weekday drinking for me and mostly cooking at home (which I prefer anyway) so PM me if you want to hang on the cheap. Also, a good discussion about markets, politics, sports, etc. usually makes me feel better for whatever reason so gimme a buzz. In the mean time, keep your head up.
Edit: Also, not sure if you're interested but I've got some extra space in my place so if you're trying to save money on rent (asking around $1300) let me know. It's a pretty bitchin place if I may say so.
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