Are you happier with more money?
Speaking to anyone who makes decent money now can you share how much you needed to feel like you’re completely good and content? I make below 70k at a JLL/CBRE and the effort:comp ratio is killing me. Really getting run down because I’m only located where I am to work and I’m not even making money. Compared to other industries I feel like I kinda screwed myself. Any positive anecdotes I can take from any of you?
Thanks
How many YOE do you have?
Interested in hearing everybody’s response here as well. It’s hard because tech/other high finance jobs comp is much higher especially early on. Is it worth holding out in cre?
I did one year of lower comp RE job before switching to REIB. Was definitely happier with more money, but I want truly happy until I had a full social life AND high comp. If you’re not being fulfilled outside of work, even $2mm per year won’t cut it
If you don't mind me asking was that a hard switch and does REIB pay well? I am starting out at a REPE with solid pay but a pretty large discount to my IB friends.
I think many assume that more money always translates to happiness, or fulfillment, but it's not really the case.
Many will assume that making over $1MM will be magical, but that often brings even more headaches due to other responsibilities or issues along the way, that make a lot of guys absolutely miserable.
Also, even looking at wealth overall, people assume than having a lot of wealth translates to automatic happiness. However, I can tell you that over $100MM, your life doesn't really change, even when reaching into several billion. I know a few people worth billions who are miserable, almost paranoid/super anxious, and constantly depressed, etc.
My point is that wealth, or income, doesn't really translate the way we like to think. Sure, it gives you a bit more flexibility, and more options, and the ability to afford things, but what good is having a yacht or something, it if you don't have time to use it, ever.
It's a weird thing, we always want more, but when we get there, we are still hunting for the satisfaction that we assumed would be there, but it remains elusive.
In the scenario you mention, I realize it might seem like you are grinding, and making little in the process; and it's even worse when not in the desired location.
Try to look at it in terms of just getting through this moment, and this chapter, so that you can move on to more desirable roles, in more desirable locations, and perhaps have a chance at the fulfillment you desire.
Most of us have felt a bit of what you describe, but the key is to push through, and see the light at the end of the tunnel, and to keep up the good work, to get where you want to be. Good luck.
What headaches are you referring to at the 1+ml mark?
more money more problems
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Hey man, I used to work in the same industry, painfully close to your salary. Get TF out of there. Return on effort is incredibly low and bonuses are like what, 10-15% at best?
You’d be surprised how many entry level IB analyst jobs are there making 2x than what you make with higher ROE. Also, PERE in Los Angeles pays well (140k-175k for an analyst at the decent place with 2-4 years of experience)
Also, Jll and CBRE don’t treat their juniors well. At this point it’s not about money but at your wasted effort and time.
I am significantly happier nearly 1:1 with no marginal diminishing utility so far.
I don’t know if I’m happier with more money, but I’m definitely unhappier with less money.
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