Hi guys,
I need your opinion on something. I'm soon going to start working as an FT analyst in a boutique, and I am considering paying for a membership in a private members' club because I feel that I would derive a lot of utility from it given my circumstances (see next paragraph). Do you think that it could bother some senior people from my team that are hanging out there (e.g. could I be perceived like a spoiled kid who is out of place?) I'm a bit concerned that it might draw some unnecessary attention on me but maybe It's a stretch...
The point is, the club is located just next to my work (literally 1-minute walk), and offers a full range of facilities (gym, squash courts, pool, showers with free stuff to shave which can be quite handy for bankers, amazing place for drinks / food really cheap, etc.). I realize that I won't have much time since I will be working my ass off, but I was thinking of going in instances like early morning when I pull off an all-nighter to get back on track (shower, shave, maybe quick 10-15 mins. exercise). Moreover, I'm pretty diligent when it comes to exercise so I'm pretty sure I'll be able to squeeze in 3 or 4 quick workouts a week (probably including Saturday and Sunday... ) plus maybe a game of squash. No need to say that it would probably provide me with amazing opportunities to network.
Final piece of information before I open up for your opinions: the place is not so overpriced for guys my age (~50% more expensive than a centrally-located gym).
Would appreciate any input
How much does said club cost per year?
Don't spend anything unreasonable for a first year analyst. We're talking $10K MAX initial membership fee and $3-4K/year at the most. Ideally, you should be saving this money, though, and I would recommend waiting a year to join.
It would be around $2,000 because I'm in the last age bracket before it really kicks up.
What does it cost next year? Can you get any of your friends from work to join, too?
The LAST thing you want is this membership becoming a liability. You're too young to have to pay people to get out of country club or health club memberships.
I seriously doubt anyone from your firm will care if you join a club with $175 a month membership. If it is in your price range you should do it, especially if it allows you to exercise more than you normally would be able to. Unless you are a major pain to be around it can only benefit you seeing higher ups in a more social setting.
Next year would be a bit over 3k. What do you mean by the membership becoming a liability?
Your personal decision. Just don't brag about it and be discreet. If you don't make a big deal, no one else will. Don't offer information on the club unless someone asks directly.
if ur talking about something like University Club, Metropolitan Club, etc. then go for it. By definition the people who are there dont see it as snobby because they themselves are there! Also those places are looking for young members because they are filled with geezers so most of the old guys there would likely be happy to see a 25 year old.
yes, but also, you have to be approved first especially for knickerbocker and union. ask your dad and his friends ;) p.s. i know many people who go to university club. must be popular among bankers.
That just sounds like a nice gym. Who cares if you join a nice gym?
Is this NYAC or Racquet and Tennis? If so, you're fine.
Ups:
Sounds cool with the equipments(could be better with a pool, but you might not have the time to enjoy it, so whatever).
Doesn't seem to be expensive for you(could always cancel next year's membership if you don't want it)
Close to office.
Downs:
You might not spend much time in it.
IMO gyms can never substitute soccer/hiking/etc.
Not expensive, not cheap though.
Suggestion:
Is it possible to try one month or even one week with a small fee? If you don't do much exercise in that week/month, consider drop it.
Isn't this Equinox? That's not bad... per se..
no one in the office will care
Thanks a lot for your replies guys - I think I will wait a few weeks into the job and then go for it.
If you can afford this place (albeit at a stretch), what makes you think your seniors are going to be members there too?
Because I know the place - it's pretty fancy and for them it's 4x the price.
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