Shouldn't Anyone Who Has a Career in Finance Have a Net Worth of at Least $10M
Given you save most or at least half of your bonus checks each year (around 100k a year into your investments) (since your base is enough to cover your actual living costs). And You invest those bonus checks each year into the markets and make ~8% a year, you would be hitting at least $10M after working for 30 years. Shouldn't every person who has worked in IB or PE for 30 years have at least $20M - $30M liquid of net worth? Especially given how bonuses scale with your career? Unless they all do??
Most people in finance don’t stay for 30 years. Run the math for 5 and 10 years (which are popular checkpoints for people to leave the industry as they can’t get above the jr, and mid-level, respectively) followed by a move to a lower paying role and it is less compelling. If you stay 30 years, yes you are correct
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