July 10, 2012 - Comments of the Week

Comments of the Week 7/1 to 7/7

Hello! This is the roundup of this past week’s interesting comments with links to original posts below:

• By IlliniProgrammer: Does the “Walk-Away Number” Exist?
  

  Yes, but the number is constantly changing based on our understanding of the economy and our financial needs.
  My walkaway number started at $500K. It's grown. And we also have soft numbers. When you get $X in the bank, you get less hungry. In general, if you have $3X in the bank, you're less willing to pull 100 hour weeks for $X.
  Think about what you really need to be happy. Happiness tends to be maximized at $70K/year for most people (ok, maybe $250K/year in Manhattan.) After that, free time is what makes you happy.
  I echo ANT's quote that "what other people think doesn't buy a Ferrari", but the most pathetic thing in the world is a miserable Ferrari owner. Don't be that guy. Have a plan for when you'll be content.
  Right now, my plan is whatever will pay for that 60 acre farm on Lake Michigan with a '66 Ford Mustang GT Convertible (Red).

• By Culcet: Study Abroad
  

  It's never too late to go abroad, but I'd make a strong distinction between "working abroad" and "studying abroad". I've done both and I would say they are very different experiences.
  Studying abroad entails having a group of kids with similar interests and socioeconomic backgrounds with LITERALLY no responsibilities (i.e not even grades) in an unfamiliar environment which forces people to bond together. Everyone knows that they won't have this opportunity again and so they go absolutely bananas. Even if you're in an intensive language program, the "fun" dynamic is still there. I would say this was one of the most enjoyable and best experiences of my life, and I still keep in touch with most of my friends from the program.
  Working abroad entails a boss, coworkers that you may or may not get along with due to cultural differences, and it may actually be harder to meet people of the same background. If you don't speak the local language fluently, there's a high likelihood you'll be first to blame if something goes wrong. You're also confronted with the fact that you have no idea how long you'll stay out here, as most of your friends will probably be back in the States. With that said, I would still say that working abroad has been one of the best experiences in my life, though by no means the most enjoyable. If anything, the hardship probably made me a better person by opening my eyes to the challenges immigrants face back in the States. Just don't go in thinking its necessarily going to be one big party.

• By Cornelius: Who wants money and why?
  

  lets clarify something - do you consider working in finance just wall street? there are plenty of other finance or financial services related jobs that offer a decent wage with a substantially better work life balance than banking / less stress than trading.
  Yes, there are plenty of people who are hardcore finance or competition junkies, these are all the same ones who burn out by 30, have 2-3 failed marriages in their lifetimes and in rare circumstances become Steve Schwarzman. Nothing wrong with that, these guys make the world go round just like the guy who likes working 8-6pm

  Financial Stability means different things to different people - $45k to $70k / yr is the range for entry level analysts working in industry, other service focused businesses. They tend to have pretty decent working hours (definitely the occasional late nights) and half day / early fridays (as you get older, this actually becomes much more important than a few extra $$$).
  I got in it for the money, i think ive done ok for myself and ive learned a lot. I like the product i focus on (started out in M&A and now focus on hybrid capital structures, long ass journey) but still feel like I don't have any longevity in banking. Definitely see myself being happier (= more successful) in industry.
  What drives me now (in this particular order): enjoying what i do / feel like there's a purpose for it, work/life balance, good co-workers/being around people who are passionate and enthusiastic about work/workplace culture, money (will be a factor for a while esp in this economy)
  What drove me then as a first year analyst: money, exit opps (didn't really pan out but kind of realized a few years in that im not a buyside guy)

Hope you enjoyed!

Jessica
Community Manager Intern