Don’t be a slave to money!
I see a lot of posts all over social media about people getting crushed by cost of living (understandable), and not being able to afford to live correctly anymore, even with 100k+ salaries.
Context: I'm 21, I didn't graduate from a top school, I don't work in a big IB or PE division but in Asset Management industry, and I do Sales (which is very much overlooked). I like my job a lot, but realistically, and compare to other people on this platform, I don't make a lot. My total comp in 2022- including eoy bonus and monthly commissions came to 60k (with 1 year of experience, straight out of Bachelor). I live in London, and although I understand the cost of living here is not as insane as other places like in the US, salaries being also lower makes the situation ~ equivalent.
Point is, I don't find it hard to maintain a good lifestyle, even earning what I earn at the moment. It takes effort to manage your own money, but it's doable. Almost everyone here is financially educated enough to create a budget, just do it for yourself too. Save where you can save- Bike to work if you can, meal prep, shop at cheaper supermarkets, don't order UberEats, don't get a brand new place every time your salary goes up, don't buy a new suit if your old one is still fine, don't spend 200 on a night out..
Not trying to sound like a dick at all, but all these small changes I believe can help you save a lot of money, which you can ultimately put aside or invest. With my current salary, and despite all economic factors, I still manage to go to the gym, have a girlfriend and take her on dates, go out with my friends for beers when I fancy a drink, and even enjoy the cheap weekend travels that Europe allows you to do.
Don't be a slave to money, whether you're a monkey or a gorilla ! 🍌
Comments (54)
How much is your rent?
"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
Rent including bills + wifi comes to around 950£/month. I'm sharing a flat with 2 mates from Uni and I live in Zone 1
840 GBP (even with roommates) is an incredible price. In the US you'd be lucky to get anything decent for 2k in NYC with roommates. And even in other tier 2 markets it's almost impossible to find things that low in a safe neighborhood.
I think your advice might just be coming from a situation that is more fortunate than the housing situation going on in US.
Edit: Wait this includes utilities also? Wow. Everything I mentioned above for US wouldn't include utilities.
Array
60k US or GBP
Call me a smartass (because it's what I live to strive for), but pretty sure "I live in London" and mentioning "Rent including bills + wifi comes to around 950£/month" makes me think OP is talking about GBP. You may be 2rigged2fail, but not 2rigged2beguile.
hey have you taken your Aspergers pills today?
After last year the difference is pretty minimal.
Array
The day I take advice from someone making 60k a year is never
Yikes, shitty take. This is all good advice… doesn't matter what someone does for a living. Get the silver spoon out of your mouth
You think five guys is fast food your thoughts on literally everything are irrelevant
automatically discounting someone's views or thoughts because they make less than you is quite obtuse
Aren't you mid to late 20s and make less than $200k? Total scrub by this forums standards lol. It's always the insecure ones who make mean comments like this
Yep, just a pesky Mexican-American who got buttfucked by his older brother when he was younger. That is why he is so insecure while he has an inferiority complex.
hope you're trolling bc 60k at 21 yo fresh out of uni in the U.K. is nothing to scoff at
Typical response from a Mexican-American dude who got abused by his older brother in the past. Pesky response.
60k GBP is 75k USD
I prefer to focus on increasing revenue than cutting G&A
Do both
It is important to recognize that money is a tool, not a master. While it can provide us with the means to achieve our goals and fulfill our needs, it should not be the sole focus of our lives.
Being a slave to money means placing too much emphasis on accumulating wealth at the expense of our physical and emotional well-being, relationships, and values. This can lead to a life of stress, anxiety, and unhappiness.
To avoid being a slave to money, it is important to prioritize our values and goals. We should set financial goals that align with our values and focus on balancing our financial, personal, and social lives. We should also learn to live within our means and avoid unnecessary spending that could lead to debt and financial stress.
Found the ChatGPT response
It is not without merit that you have articulated the notion that money ought to be regarded as a mere instrumentality, rather than an ultimate end unto itself. One must concede that the acquisition of monetary resources can indeed facilitate the realization of our objectives and the fulfillment of our needs. Nonetheless, it would be imprudent to allow such acquisition to eclipse all other aspects of our existence.
To be enslaved to money, in the strict sense of the term, signifies a myopic obsession with the accumulation of wealth, which disregards the profound impact it may have on our physical and emotional well-being, our personal relationships, and our most cherished values. Such an unmitigated preoccupation with material acquisition can engender a life of anxiety, stress, and spiritual emptiness.
If one is to extricate oneself from this ignoble predicament, one must devote concerted attention to the prioritization of one's values and aspirations. It is incumbent upon us to establish financial goals that harmonize with our most fundamental values, and to diligently strive to achieve them without jeopardizing our personal, social, or financial lives. To this end, it is critical to cultivate fiscal prudence, to eschew superfluous expenditures that may give rise to financial duress, and to live within our means.
May we all endeavor to foster a deeper appreciation of the relative worth of money in the overall scheme of our existence, and strive to uphold those values that transcend the exigencies of pecuniary concerns.
Whole point of this post was never to brag or be a smart-ass. I'm also not planning to forever earn why I earn now of course.
But in a context of recession like now, with a stressful environment (lay-offs, fear of conflicts, political tensions…), I don't think it's too much to try making an effort to put ourselves in situations of financial comfort rather than always living on the edge.
Yes it means sacrifice sometimes because consumption incentives are everywhere, but if you create a routine, and make sure you follow a budget, it's possible.
£60k is still about twice what a typical new grad would make in London. It might not be as good as US counterparts but expenses are also lower (housing is the big one but food is also cheaper).
To be clear, 60k is including eoy bonus. On a monthly basis I make about 2.9k
But I definitely know I'm not in the worst situation either, plenty of people have to live with much less than that.
I'm in London as well, I know that 60k is good after 1y of experience but you're definitely not going to live like a king. That being said, London has plenty of opportunities and I've seen people move from background less impressive than yours to making >100k in 5 years.
London as well, my all in is higher than yours but my monthly take home is 2.3k... drives me nuts lol
Wow, I'm convinced you must be some sort of financial wizard to maintain a decent lifestyle with only 60k in London! Can you teach me your ways, oh great budget master? I'm over here contemplating selling a kidney just to afford avocado toast.
A true master gives all his knowledge. But only when the student is ready…
Dude get a roommate if you're not married -especially if you're one of those always eating out types. You spend most of your time at work instants 12K+ a year in savings.
Don't spend money on stupid shit like Hermese shoe horns. Don't buy sports cars to sit in traffic all day.
I wouldn't compare UK (or EU) salaries to US, they're complete disproportionate. £60k is very good for 1 yr out of uni in London / Europe, although I think you already know that.
Yes of course, fully aware that I'm not in the worst situation, specially with the background I have- no top school, didn't go through a grad scheme and didn't apply to a top AM company. I am definitely very lucky.
Was just trying to reflect on some people posting on here saying they struggled to maintain a decent lifestyle even with over 80k/year in London. I know every situation is different of course and this only relates to me. I will say tho, these tips can generally help people manage their finances a bit better, focusing on the essentials.
To be fair that is one way of looking at life. And there's nothing wrong with that. But it's not for everyone.
Del
As said by someone before, not considering someone's advice because they make less than you is a stupid argument. I also am not giving career advice but lifestyle recommendations. Applying them or not won't change my life, but this platform is about helping each other, which is exactly what I'm doing.
If you only see your life through IB and IB people, I assume your existence must not be very fulfilling
But but......how will I get my first year BMW/Audi and rolex then??
Hey. What color is your Bugatti?
Anyhow is your preference for not liking money and make every thing traded as butler.
I just find many are just not qualified for trading my contents and data, that's it.
Agree to disagree.
At the end of the day, when "the bright lights of social media" get turned off:
It is all about the MONEY.
No one cares if you are good or bad. Hardworking of lazy.
The only universal "measurement of the human" is the amount you've got in your pocket.
(And then anyway - anything else is controlled by rich idiots playing gods that call themselves "Masters")
It is all about the MONEY.
But if anyone can prove me wrong:
I'm sure you have an idea of top 10 richest in the world
Let's turn it around:
How many people will die today, during a single day, from hunger?
Not that "you care and do something about it" but whether you at least know?
Et nihil qui delectus tempora molestiae laborum. Ut doloremque voluptate ducimus beatae ipsum perspiciatis. Minima reiciendis necessitatibus ea praesentium. Iusto deleniti quae quia quaerat sunt illo ducimus. Sit facilis qui vero sint. Id facilis blanditiis repellat quos. Doloremque excepturi nihil commodi ut quaerat.
Consequuntur aspernatur maxime non culpa eaque. Assumenda sint praesentium harum quia nesciunt. Ullam quia minima quisquam quod sed ea quaerat. Enim nesciunt non mollitia provident nam dicta quibusdam. Repellendus harum dignissimos explicabo ipsum explicabo animi rerum. Nihil tenetur temporibus pariatur omnis velit qui et. Enim qui et molestias nemo laudantium qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Modi ut incidunt et velit sit debitis labore. Doloremque veniam iusto corrupti quae cum vel beatae. Corrupti occaecati aut repellat iste qui tempora quam. Nobis sint unde repudiandae animi asperiores rerum. Mollitia omnis et in sint fuga et.
Necessitatibus vel magni vitae vitae. Vel quo aut velit eos. Sit perferendis voluptates pariatur repellendus perspiciatis magnam. Excepturi dolorem expedita maiores illum. Enim quam quisquam vel ab voluptates deserunt consectetur quidem.
Incidunt est voluptas modi officia id eos. Aperiam voluptate voluptatem unde eum magnam dolores blanditiis. Nam nemo nam voluptatum dolorem sed.
Sed iure id sunt alias sed. Saepe nemo necessitatibus suscipit qui et et. Voluptatem similique odio exercitationem tempora molestias deserunt maiores magnam. Excepturi quis commodi dignissimos ea quo.
Fugit enim deleniti veniam id ut eaque. Dolorum laboriosam aliquam neque aperiam. Commodi magnam sed adipisci maiores consequatur. Vitae eos veritatis molestiae sequi. Culpa expedita id harum molestiae culpa aliquam deserunt.