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WSO Free Modeling Series - Now Open Through
May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
I wouldn’t do banking even if I had $0 in the bank.
Not worth wasting my life for money. Many different ways to build wealth
No, don't really see any reason to do banking with $5M. I'd rather make investing that my full-time job, or start a company with it.
Of course not
0 chance
I know many kids doing banking who’s parents make >5M annually if that answers your question
Fr, got to keep the wealth up. If I was in their position, I wouldn't do banking but probably something like PE/VC.
Lowkey, I'm an addict. To booze, weed, molly....but over all things money. I've put myself through 12 hour days & screaming from bosses for near minimum wage despite coming from well-off parents. I am addicted to money and cannot stop pursuing it. It's landed me in the hospital before. Holy fuck I love money.
For them it’s more about prestige - doing an IB stint at a reputable firm is like having an Ivy on your resume or something, it’s all about collecting stamps. Also a way to gain some credibility in the eyes of your parents if you come from old money
$5mm a year, netting 4% post-tax and inflation (normal inflation, not this idiotic stuff), is $200k cash. It's a nice enough life but to truly retire from working with a super-nice lifestyle I think you'd need closer to $10mm. If you start in banking and let that $5mm compound and are prudent about saving your bonus, you could easily hit that number inside 10 years and then completely retire.
Creamed my slacks thinking about the state of completely retired from working.
You didn't even say if you would. I know someone inheriting 6x that who's hell bent on more.
D
You have $5mm or 6x $5mm? I'm assuming the former just from the post?
$5mm is insanely impressive as a VP so congrats.
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