First thing I bought with my sign-on...
So I know there have been posts like this before, but what the heck...
I just decided on an offer, and signed the contract today... and went and spent half of my sign on on a Rolex.. I had my eye on the Milgauss, but in the end went for the GMT II...
I was just curious to see how others spent their sign-on or celebrated landing a job?
I know it seems foolish to spend so much cash before even starting, but the way i see it, buying a watch is a pretty good way of remembering a good moment and rewarding yourself after a gruesome job hunting process..
Thoughts?
Congratz on the offer, and a HAHA for wasting half your sign on for a watch.
Are you serious?
Terrible money management imo.
Your first thought are right... Spending so much on a Watch seems crazy.. But to answer your comment, i wouldnt exactly label it terrible money management:
The particular watch i bought is known for having The est resale value and is very sought after in the second hand market. Plus prices on these watches go up twice a year, so chances are in ten years you can often fetch the same price you paid for it.
Spending that much on frivolity is silly. And why are banks going to let you manage their money again? Yikes.
what an idiot.
Don't listen to others. Spend your money the way you see fit, but make sure you got enough for that rent! I don't know where you at but in NYC the rent is too damn high hehe
I guess his logic here is that spending one's signing bonus on watch is a much better and memorable way than just wasting it on parties, drinks and chicks. So I see you point, Smooth Nico, although I have never been a huge fan of watch and would not spend my bonus on a single item.
I'll probably spend at least 1/3 - 1/2 of my bonus on traveling different countries and climbing appalachian mountains. So to each, their own -
Dude....... Why a Rolex?
btw...I will be spending my bonus on new home theater system, some wardrobe additions, and some vacation travel...I hope it's enough. hehe
A nice watch is a good thing to buy as in Finance status matters and ppl actually care about the watches and shoes you wear...but this is when you are getting more senior of course.
You're the man now, dog
Nice watch, is that the one with the green hand and ceramic dial?
That's pretty tite bro!
Any MD/Associate/VP is also going to think your a douche for wearing that, along with cufflinks, contrast collar shirts, suspenders, and hermes ties.
What in the world are you talking about? These posts are all over WSO and I have yet to meet one MD/Associate/VP who thinks this way.
Although I do not think that spending half of your signing bonus on a watch is a great idea, I also have no idea about the rest of the finances of the OP. If you have money saved up for first months rent, security deposit, etc, etc and you feel comfortable with your financial position, then fine spend some money on a watch.
Personally, I love watches, and I spend some money on watches, but that is a choice. Everyone spends money differently; some people prefer nights out while other prefer clothing, some like watches, etc.
Your analysis is wrong and really depends on which kind of people you work with. I think dressing well and making sure to keep a good appearance is important to senior team members... I doubt I would have ever been brought to a client meeting had I not made an effort to dress well
Pretty bold statement. And one I couldn't disagree with more.
OP, good for you. If I had had a penny to my name when I got my analyst signing bonus, I would have bought a stainless steel submariner. It would have cost me about $600 at the time, even if I was dumb enough to pay MSRP from an AD (I was, so I would have). Run your inflation numbers on that, guess how old I am, and it would have worked out a lot better than the leather couch I bought for twice as much (and still sits in my family room).
I didn't, because I was poor as dirt and needed suits, some furniture (I slept in a sleeping bag on the floor for the first 2 months of my program), and a security deposit. If I could do it over again now, I would have bought the damn watch and slept on the floor for another couple of months.
It's not an investment though. You bought it because you liked it, and wanted it. That's enough. Like others said, you earned it. So anyone who thinks you're a douche for owning it can fuck off.
If we happen to run across each other in the hallway, I'll tell you: "nice GMT, kid." And I'll mean it.
HAHA thanks! Appreciate it!
That watch isnt bad...if it was like a giant Brietling or something that would draw some eye-rolling but that watch is pretty simple and classic and I doubt anyone would say anything.
Yep, got a couple of them too :)
Don't listen to these guys. It's your money and you busted ass for 4 years in college and years before that to get into a good college and now you've got a top level job - you got it - and now you can do what you like with your money. Making a quality investment in something like a rolex that will serve you well and mark the accomplishment of getting your first big job is not a waste of money at all. Had you decided to take three girls and your best friend out to the club and popped 3 bottles of goose + gone through a ball of powder and dropped like $3,000 on one easy to forget evening, then that would have been stupid (that'll be more appropriate when you land the associate position at Warburg Pincus in a few years). A Rolex will last... dare a say it: "A crown for every achievement"
Thanks- I appreciate your valued opinion!!
Totally agree with Pymp.
You worked your ass off and deserve it. A watch means something to a lot of people, including myself. I would love to have an awesome watch collection I can pass down to my son, his grandson, etc. Great investment, and you can sell it for the same amount you bought it for.
A grueling process? All you fucking did was get a job. Get a life. Its one thing to be stoked about it, but don't feel like you fuckin accomplished something great.
You have no idea what the process was like to get a job in M&A in London at the moment... Plus I did it by applying online with no contacts and coming from an up and coming business school, but not necessarily a target...3 rounds later I made it to the top firm for M&A- tough process buddy... Don't hate, congratulate!
Uhm everyone in London applies online, and no banks grad process is what you would consider tough if you are semi intelligent.
I would already put good money on the fact that you won't go far because honestly you sound like a bit of a pussy.
You're right I have no idea how hard it is to get a job in banking in London in 2010 considering I was on the recruiting circuit in the boom hiring days of 2007-2008. Dude, seriously get a life.
Not hating, buy whatever you want with your money. But you didn't just get inducted into the fuckin hall of fame. I'd do it more for the sentiment... i.e. 15 years from now, you'll still have that watch and it'll be iconic of the first thing you bought with your self-earned money (into your career).
Yea... i dont know, I think that buying a Rolex with your signing bonus is a bit much... maybe if you made top bucket and landed a 70k year end bonus... sure go out and buy yourself a watch for a couple grand, but blowing half your signing bonus on it, rather than buying a really nice wardrobe, paying some rent, etc. seems a bit much to me.
Why did you not buy a swatch? Poor choice imo.
lol i gave marcus a sb
moving into nyc can easily cost you >50% of your sign on + relocation fyi.....
i do believe in rewarding yourself a little though
congrats!
this is downright laughable. what is wrong with you man? save your money - all you did was get a fucking job. getting into bb ibd from a target is like moving from the starting lineup at UK to the NBA. if you dont - you fucked up!
rofl, I sure hope you aren't as dumb at work as you are with personal finance.
BTW, my phone cost $200.00 and can do 10000 more things than your watch AND it tells time.
watches are like ties, they arent purely functional but more to look good
90% of the time you can only see them with your sleeves rolled up. ~5k on a watch with your first job at ~22 is retarded.
Should've gotten that Milgauss dude. Better watch in MY opinion :) Congrats either way!
http://i53.tinypic.com/2je2po5.jpg
youre gona have issues later on in life
WFT man? how's buying the damn watch in anyway correlated with his life? I feel sorry for whatever the bank that picked you. Seriously.
I don't care about the watch purchase, but grueling process? I'm extrapolating that you applied to a bunch of banks via their online application system, got a phone call, and went through the standard three-round interview process EVERYONE goes through. Maybe targets only go through a two-round process, but if you aren't from a target, it's almost a lock you're going through three rounds and 15+ interviews. If you thought that was grueling, wait until you start banking!
Not opposed to the watch purchase.... but why a Rolex?
Haha, yeah your fucked if you think school / interviewing is tough. That is supposed to be like a vacation.
My comment was more to suggest that others have and will continue to pound pavement, network, send out resumes and cover letters to hundreds of banks through alumni/family connections, do informational interviews constantly, and finally, after all that work, end up going through 3-4 full interview processes and land a single offer. That's a grueling process, but nonetheless... it is not banking.
WHAT AN IDIOT.
you know your signing bonus gets taxed at close to 50%...you didnt spend half your sign on, you spent the whole damn thing.
Actually not true in the UK... UK tax is 50% for over GBP150k...my 10k sign on is part of a base salary well below that... but thanks for the concern
The hate in this thread is kind of lame. I would of went with a different watch, but a Rolli is still nice and a solid purchase. I bought my first Omega when I was 19 and if you compared my salary / watch ratio it would of been a pretty sizable purchase.
To each their own. Stop all the bitching people.
Agree with Anthony. Although if we see a post from Smooth_Nico in June asking how he's supposed to afford a security deposit, first and last month's rent, furniture and an appropriate wardrobe, I think we'll have to make sure we link to this post.
haha don't worry bro, like i said its half my sign on- plus ive worked in M&A before and have built up savings from previous bonus!
What's with all the haters here? If the kid wants to spend his money he can, it's not got anything to do with any of you.
Nice watch and congratulations on the job.
My wrists are too small to wear a nice watch. Carnie hands.
Spend your money however you want. Only thing to consider is that getting an apartment in a big city is rather expensive and requires significant upfront costs, which your signing bonus may have come in useful. That being said, it is your money so do as you please with it and congrats on landing the offer.
Man, bankers are some vain motherfuckers. Who gives a shit what watch you're wearing at 22? I can understand a downpayment on a car or something, but seriously. This sort of thing is way too common.
Not to beat a dead horse, but I did buy a car with about half my first year analyst bonus. You know how much that car is worth today? Zero. Do you know how much I need to own that car? Not much, given that I could have rented for less than the cost of ownership.
Anyone who has read my posts knows that I have something of a car addiction (in addition to my watch and suiting ones - it compensates for my lack of a drug habit). The amount of money I have squandered over the years on that would make you pale with horror.
Had I bought that Rolex sub with my signing bonus, I would have made out just fine over the years. And I would have had the watch I really wanted through some years I spend wading through the mud and the blood (literally).
So let's all just take a deep breath and give the OP a break. He's probably a lot wealthier than I was at his age.
Just a side note - I always found the notion that someone could have the balls to tell me how to spend the money I earned far more offensive than any foolishly guache way I could find to spend it. But that's just me.
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Woo hoo. Triple post. Well done, GK.
a rolex shows a lack of creativity. typical cliche high-end watch.
Well this is one way to keep pace...just buy a ton of stuff that forces you to make more money.
good for you. so much better than paying with plastic your parents have given you :)
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