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I’m sure a lot do but in NYC with a family low 7 figures isn’t as glamorous as you’d think
I don’t know why people keep saying that, I’m guessing it has to do with your definition of “glamorous” (and I guess how many kids you have). But I find that too many people early in their careers say this, and as someone in that income bracket (with more upside on a great year, but still 7 figures) it is pretty confusing.
At that income life is extremely comfortable, again maybe if you have 3 kids at $50k private school, $100k cars and a ridiculous apt, or maybe a ton of debt from before you “made it”, maybe life is tough but I would call that pretty glamorous (except for having a ton of debt)
Anyway, in terms of lifestyle, I mostly get to do things I want in life, including very nice vacations, nice apt, car, etc.
As for getting there, it took some time (10yrs or so) and I’m in the HF space and in general I’m happy.
But it's less glamorous than people make it out to be because the government takes a lot of tax, right? So after accounting for that and the quality of life that someone making 6-figures would want to have (I assume making that much comes with some sacrifices), it's less than you would think.
7 figures in banking isn’t that crazy, but most people in that position have better things to do than frequent a forum primarily for 18-25 year olds
Having a comfortable life has to do much more with spending/saving habits that it has to do with income.
This is to say that you can live extremely comfortable in NYC with a 7 figure salary. Obviously, we all have our own definitions of comfortable. But to say otherwise is just misguided.
I can't speak for people with kids but as a single banker (A2A) clipping close to 7 figures, life is extremely comfortable.
Honestly, as long you don't have absurd spending habits, most things within reason are at your fingertips.
My focus is on making as much money as possible while I can in this industry before I get blown out or fed up. Would like to be done with banking by 40.
Mind if I ask a couple of questions?
1) Are you at a BB/EB? Close to 7 figures as a VP sounds great lol
2) Do you ever regret not going to PE? I am seriously considering staying in IBD because I don't want to drop ~200k for a MBA
3) For an A2A, at what age do people generally get to MD (if they make it)? I have noticed that A2As are valued in IBD vs PE in which its more saturated with very smart people
1) EB; MD soon
2) No regrets whatsoever. I thought about it as one does as an analyst but ultimately didn't pull the trigger. I also had no interest in assuming the opportunity cost of an MBA. I understand the face value appeal of PE but there are tradeoffs in all professions. The upside is no client focus which makes for less variability and the carry potential. The downside is being spit out of PE once you're done with your Pre-MBA program and not making it back in post-business school or getting stuck at that VP / Principal level and never actually realizing any of your carry.
The reality is I know miserable and happy people in both PE and IB, but this idea that PE is this promised land where you make a ton of money and deal with less stressors is funny to me. You're not going to get paid absurds amount of money in finance without giving some pound of flesh somehow
3) Depends really on getting out of that Director level but anywhere from 33-36
For me, I'm trying to get out of this rat race as soon as possible. Quite frankly, I'm exhausted but this job has afforded me tremendous financial security / disposable income to make money in other avenues. It helps to be single with no kids. I want to be out of the game by 40...I really don't see the appeal in living this lifestyle beyond that point. But you never know with golden handcuffs haha
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