When I ventured into this industry five years ago, I was out to get me some money and enjoy the finer things in life. It's hard for me to imagine people choosing this game (expect for the occasional fanatic) if the money weren't a decisive factor. Now with bonus time coming up, I'm engaging with colleagues to get some inspiration for nice things to splurge on...very disappointing.
When I started, the older generation couldn't come up with enough crap and crazy idea's. At the least there had to be one high stakes game going on after bonus day (well, not everybody could participate of course, nice way to distinguish the real from the fake). Now, with more and more quants on board everywhere, I am seeing none of that. I have to resort to this forum for some inspiring conversation.
So, what spending plans have you been conceiving and brooding on over the last year?
I'm paying for a wedding and a honeymoon. Bonus goes straight to that.
died
No need to paint all quants with the same brush, some of us are materialists too. I’ve had my eye on an IWC for a while but at the same time kinda weighing up a few other things like doing some proper trips to some places on the to-visit list.
Supreme isn't going to buy itself, ya know
Haha I think I'd rather become an Amish villager than wear Supreme
big pilot?
Yeah I really like pretty much everything they make to be honest, but that and some of the Portugiesers are especially nice.
My bonus two years ago (and a bit of my F.U. fund) went to a (used) sportscar. Last year we got an insane match to charitable gifts, so a good chunk went to my alma matter with that, and the rest went to replenishing the F.U. fund. This year I'm thinking most of it will go to getting the F.U. fund to where I actually want it to be. I'm also thinking of spending a bit to see more of Europe in the spring, since I've always wanted to see Vienna and Prague. The old Seamaster I never wear also needs a service for about $500.
Yes, I'm risk-adverse in my planning, even if I have no issues with risk in my investments. The ability to walk away and be fine for a year or two seems amazing to me. The ability to say that I could walk away and have $50k/yr for the rest of my life in a low cost of living area sounds amazing, although that's still years away.
Also, OP, I'm in a bit of a different part of the field, designing products, but to be honest, I would probably never quit even if I could retire if I could work four days a week with eight weeks vacation.
Everyone I know who retired either went back to work or died.
Yeah.
Is this a thing in the US?
As a European, the idea of donating money to a university seems staggering unless I am financially very comfortable already (even then I can think of better causes but to each their own). Even more so when you consider cost of college in US.
Just wondering is this pretty common or did you have a specific reason for doing?
I got a full ride. Sometimes you have to pay it forward.
Private Universities, despite their high tuition costs, receive a lot of their operating budget from private donations.
The private university I attended receives about 35% of its yearly operating budget from alumni cash donations. A lot of this is in the form of scholarships that are supported by alumni. I, too, donate to my university (though not a ton) because I received a lot of financial aid and it's the only reason I could afford to go to this particular school. I'd like to contribute to that experience for other students.
Okay but what car?
A Miata obviously:
A finmeme account maybe a year back posted a submission of a guy who just bought a 10oz bar of gold and banked the rest. I always thought that was cool!
F*ck the gold. I'm putting all of my bonus in high quality dividend aristocrats and planning for an early retirement (I'm 27) lol.
I feel likes it’s desperate prostitution and the amount of money you get is not set in stone
The new Dyson fan looks like an absolute beast - can't wait to splurge on that mate
Firearms
Must not be in NYC? Florida boy here with AK, ar, suppressors, etc.
Not NYC lol I would have to have a ridiculous offer to give up my guns rights like that. I’m in AZ
Panerai luminor. Maybe Kii threes if you’re a music fan.
hopefully its used because a new luminor is like throwing money in the toilet
Paying off about $20-22K in credit card debt and student loans and paying the last few payments of my mom’s mortgage.
I’m in CB though, so that’ll be about half of my bonus. Finally in a position to do that though so I’m grateful.
How are you in finance and allowed yourself to get in this much CC debt...?
That might only be a few months of expenses, currently floating my last month or so to bonus on CC and will be in the $30k-$40k range
grade inflation at top colleges
You clearly missed the part that included student loans. Credit card debt and student loans, student loans making up the majority of that $20-22K number.
Double
Home down payment
Some old school Roman intaglio rings, sigma dial 1601 rollie, giant Uniqlo spree, another SuitSupply M2M suit, 10K thicc gold cuban, Triumph Bonneville, Specialized custom bike, Grant boxing gloves, Barbour bedale olive jacket, anderson wheeler 500 nitro express double rifle, testosterone enanthate, dianabol, trenbolone, clomid, nolvadex, and a pull-up tower
Why would you buy Grant gloves? Nobody actually uses them and they’re a straight ripoff. Get Winning instead, it’s the standard glove
Every glove serves a different purpose. Saying Grant is a rip off is evidence you don't know shit about boxing. It's the only "made to measure" glove out there, the others are "off the rack". Its customizeable, whereas Winning is generally good for point-fighters who prefer more padding and Cleto Reyes is for power punchers who want more feedback when they connect.
@trading01" why edit your post I've already quoted it.
Bonneville is a beaut.
Why Uniglo? Would you not be better forgoing the pharmaceuticals and using the extra funds for some slick threads from a more upmarket haberdashery?
The nolvadex is for breast cancer and the rifle is for a RAMPAGE! Best episode
SB for the OP's username and profile pic. RIP Chad Butler.
I'm spending my bonus on wedding/savings. Unfortunately, ER bonuses just aren't IB/PE/HF/ST status.
Spend some money with an elite trainer or coach of some sort based on whatever you are passionate about outside of work. Cooking, martial arts, weightlifting, foreign language, w/e... Material goods provide fleeting happiness but elite training provides permanent utility. Also, deep tissue massages are amazing for recovery, healing, and stress relief.
Another thought, maybe anonymously give your favorite barista, server, etc.. a huge cash tip for Christmas.
That's what I'm thinking too. For learning a language but especially for dancing. I imagine it is a lot easier and faster to learn to dance with a coach than with a group of middle-aged singles. Also, less embarrassing. Another thing is that you could pay PhD students to teach you about their field of expertise. I would love to have a chat once a month with an astronomer, a space engineer or a roboticist.
I've taken ballroom dance lessons myself and really enjoyed them. Also surprisingly good workout.
The PhD idea is really cool - I had thought of an app to match-make exactly this type of arrangement where you can directly pay for someone's time solely for their expertise unstructured across anything and all wage rates.
Completely agree, Marcus Aurelius wrote this in Meditations: “.....To hire good private teachers, and to accept the resulting costs as money well-spent”
I am buying a snowblower and a neon jacket monkeys just to make noise up and down Park Avenue NYC because no one listens to me in my life. It's not as prestigious as kicking trash cans near Penn Station but I think after a pack of smokes and a few hours of clearing the sidewalks I might be in a networking position to lateral to talking to a broad despite not dating for 3 years.
Kids investment account, savings for future vineyard, weekend in Paris with wife.
future vineyard? intriguing
Kids are awesome, but ruin things like this. I'm not in IB so I didnt get huge bonuses in my 20s. Now I get a good size bonus and it's just general savings/529 plan. In 2020 we are taking both sets of grandparents on a family vacation, so I guess that's my "splurge"
Honestly they do, but the best part of my day is when I get to read them bedtime stories, not when I’m counting my cash. I’d happily put them through top schools rather then do the vineyard thing too. I opted for kids in my mid-20s so I could one day spoil the fuck out of my grand kids while still being able to walk. Fingers cross shit pans out lol
I'm in consulting so... what's a bonus?
Get yourself a lil bag and take Monday off so you can have a weekend bender the the squad.
Or take a vacation, pay off loans, nice watch etc.
I just found out, I get my bonus in March/April! WTF, who does this?
I have other people that I have to pay holiday bonuses to
Yeah we do as well... BB/IBD
I've heard this. What's the logic?
Look - the 2008 Great Recession changed the game. Going on a 20K weekend "models and bottles" getaway just isn't as appealing as watching that super unsexy 8% compounding interest.
Now, don't get me wrong - come bonus time, there are certain things that I do that... make it worthwhile. Probably buy an overpriced consumer good or two.
But the thing I've come to do as a tradition is have a few SOLID in-town weekends. Take off a Friday. Relax, day-drink without care of cost, shower-up and get floor seats to an NBA game/seats on the glass in the NHL. Get lost on the town 'til the early morning. Play golf saturday. Go out to a big dinner Saturday night. Sunday, detox with a massage and slightly re-tox with a brunch. My wife and 2 of my other really good buddies (1 PE, 1 IB) have a hell of a time. Doing that 3-4 times is still wayyyy cheaper than what I used to do, and to be quite honest, is just as much fun. Each weekend runs us about 2-3K, but it is well, well worth it.
You take your wife out with you...you're one sick son of a bitch
Forgot to mention they too bring their SOs. Hard to loosen the purse strings as much if they don't participate.
Sounds fun! Do you think your wife will invite you along next time? ;)
sounds wack
Anyone going to a music festival this summer?
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