Just curious if this job made you realize that money doesn’t mean to you as much as you think it did before you joined the job.
For me, before banking (currently AS2), I thought all I wanted was the money banking offered and I’d live a good life.
Once I started saving up, I realized that I actually don’t need / want a lot of money to be happy. If anything, I’d take less money to gain back some control over my life.
Did you experience something similar? Would love to hear thoughts
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Of course - had this realization around the same time I hit my $ invested target and "secured" my retirement. Left the industry as an Associate for a cushy remote gig working 30 hours a week.
I've always lived a pretty simple life. Whether I retire with $8M or $15M, it really doesn't make a difference to me and I rather not trade an additional 5-10+ years of my time/grinding to hit that arbitrary $15M+. No ragrats.
Thanks for sharing, just curious, did you quit finance completely?
Working at a portco doing "strategic finance"
May I ask:
1) what was the amount invested / you were able to save after leaving as a (what I assume) senior Aso?
2) do you live in a HCOL city today?
All depends on family/NYC lifestyle or not
Think you need $10mm saved OR near $1mm gross hh income in 30s to have a reasonable lifestyle in NY if you want 2-3 kids
Otherwise a few mm saved you can do well outside big metros
I realize most are too young for this but how you think of money also depends how much you want to leave your kids. I want our kids to have the lifestyle we broadly have today without a) having to marry for money and b) without having pressure on choosing a career for financial reasons, which I did. It’s not that I don’t enjoy or find satisfaction in finance which I do, but if money wasn’t a consideration my career could have taken different paths.
Money means a tremendous amount when you don't have it. Welcome to the diminishing utility of capital.
Up to a certain amount, when you have no money, it's very meaningful. After that, things like free time, quality of life, and intellectual stimulation might be more meaningful.
But anyone who's had a basic economics course already knows this, right?
Easier said than done unfortunately, but definitely agreed
Lol you must be based outside of NY I guess. Banking gets you barebones lifestyle here and your potential savings get taken away in taxes lol. Literally could be working half the hours and saving more money living at a LCOL city
Yeah that’s why I’m doing IB in Texas. Same pay less and lower cost of living. More savings.
bump
bump
Yes, I’ve discovered money and stuff doesn’t make me happy / bring me joy. I feel infinitely more fulfilled volunteering on the weekends than babysitting clients around midtown in my Gucci loafers working on whatever “landmark transaction” I’m staffed on and then tweaking the model for the 500th time (the deal is never going to close)
That said, I love the lifestyle the job has provided. I say yes to any plans, travel internationally, lived alone in the west village etc. I’ve been fortunate to make literally so much money from aligning logos (and the bull market) that I could quit today and leave the city and not work for 10 years. Knowing that, it’s provided me the ability to firmly (but politely) set boundaries (within reason) that matter to me. I don’t tolerate being yelled at. I push back on unreasonable work. I don’t cancel plans for work. If don’t feel well, I wfh or take the day off or go to the doctor or whatever I need. I will be going on my 20 minute run etc. Then I got an offer to move internally to a different office and my group head told me I was throwing away my career when I took it. Despite the slight pay cut and poor deal flow, I am so much happier. If I didn’t have the financial stability, I would have never taken it even though it was my childhood dream to live here.
I think if anything, growing up poor and now spending so much time in an industry all about money has resulted in a pretty unhealthy attitude towards it
No amount ever seems like enough and the bar keeps getting raised - and I’m golden handcuffed in a way to this 400k+ comp lifestyle - not that I even spend beyond my means (no difference vs if I was on 150k), but I am obsessed with hoarding money and escaping my fear of NEVER being poor again
I think the issue is made worse given I started working post-COVID - everything is so expensive and I feel like if I’m not working my ass off and making as much money as possible I’m going to fall so far behind... im basically a poorer version of that 4m NW PE guy
I used to think 100k would be fine now I’m obsessed with getting to 1m+ NW - I’m sure by that point 5m is the next goal
Or to put in other words, IB has changed my values - I got into it because I once found it interesting and energising - but these days I’m here more because the pay is so compelling
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