Currently bleeding cash trying to finance startup costs in NYC, and could really use my signing bonus right now, even though you don't receive it until a month or so after you start at my firm. This is besides the fact that a signing bonus that you don't get until a year after you sign isn't really a signing bonus. Is the delayed signing bonus common? or are there banks that actually give it to you closer to when you sign?
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Is your FT training not virtual? You should get the bonus after training I'd think so stay elsewhere/parent's house during training?
Training is virtual but that also gives me the luxury of being around to accept deliveries while Furnishing the apartment. Can't do that on the desk.
Dude, I'm sure your bank will understand that you're going to be away for a few days to relocate after training. Pretty sure that's what most people are doing this is simple. I was worried you had an issue with your parents or didn't have a place to say.
From what I understand, this is extremely common. My bonus is a "relocation stipend" meant to aid in the move and setting up shop in the city, but it does no good when you have to pay those costs upfront and only get the money after you've hemorrhaged every dollar you have to survive until that first check. It's easier for banks to do it that way, as it keeps payouts on the normal payroll schedule and ensures that all the relevant tax paperwork and employment forms are set up before any incoming gets a dime.
I saw this coming when I read the contract last year and set money aside accordingly, but if you're in a tough spot, my best advice is to ask your parents for help if they can afford it. Understanding that not everyone has that luxury, try to avoid taking out loans or running up a line of credit before you get that check - it's not worth wrecking your finances. Cut back on food spending and alcohol, only buy the bare essentials, and try to get by as best you can until the bonus hits.
What's your plan for the startup once you start IB?
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