How much did you spend last year on restaurants/clubs/trips ?
I just finished an estimate of my 2021 expenses and I was wondering if my restaurants/clubs/trips expenses were in line with other people in the industry.
For context, I'm a VP at a PE MF and made c. $600k (base + bonus).
Total 2021 restaurants/bars/clubs expenses : $15k
Total 2021 trips expenses : $25k
bump
I'm in a major, albeit LCOL, city not located in the northeast and made roughly $350k in cash comp last year as an associate. Spent ~$25k on restaurants/bars/clubs/etc and ~$25k on travel (had lots of weekend trips for various reasons, not limited to bachelor parties, weddings, etc. + one week-long vacation in the summer where I definitely went a bit overboard). Not married / no kids.
I'm probably a year or two junior to you and made $300-$350.
Bars/restaurants: $18K
Trips: $13K
Well I don’t really track restaurants so I’m relying on my Amex to tell me (and unsure how they categorize things)
Travel: $80k
Restaurants: $35k (edit, had this at $55k it should be $35k)
(But lower % of income than your #’s)
$80K on travel is wild.
Well to clarify that number, includes wife and kid. Also, with COVID last year we spent a few months working remotely in nice places (I.e., leave the NE in the winter for South America, Caribbean, or New Zealand type stuff). So house rental + flights is included in that figure.
Read it quickly and thought you said strip clubs, but apparently just in my head. Glorious days.
Restaurants: $15-$20k (mainly just take outs)
Clubs: $0 (unless you include daycare for the offsprings, in which case too much)
Travel: $0 (normally in the $10-20k range per year all in)
An abnormal year for sure. As an aside you make more than I do.
Hahah man almost the same, was gonna say with covid thats hard. My breakdown similar to you…nanny/daycare dont even bring it up.
Made ~$300k excluding carry / co-invest
Spent $20k food / bars (including both home groceries / alcohol and going out), $5k travel.
MD at BB in NYC. No wife/children.
2021 total comp: low seven-figures
Restaurant/club expense: $20k
I always prep my own food, so this is mostly family coming to NYC and me paying for them, or night out with friends. I prefer Day Game to clubbing, so spend $0 on night clubs and such.
Dating related expense: $10k (ballroom dancing classes, BJJ classes, comedy clubs etc.). I try to embody Roissy's Skittles Man, so my expense in this category is lower than that of my peers.
Trip expense: $15k
My expenses haven't really changed much from my Analyst days tbh. The only real difference is my housing.
Obviously there are others making less than me who spend more, and OP, I'm sure you also know a few people in the industry who "struggle" despite "only" making $500k/year. Although I am sure you already know this, but don't feel pressured to spend more than you want.
It can feel weird seeing the numbers in your bank accounts grow while your expenses have remained somewhat flat, and seeing your friends and colleagues spend exorbitant amounts on shit that you don't find appealing. Conversely, I have also been told that I was "wasting" money when I spent money on stuff that made my life easier.
Even though I no longer attempt to save money, and just buy whatever catches my fancy, my misc expenses still amount to less than $20k/year. Most of the stuff I am interested in (anime, manga, alternate history) is free on the internet.
SBing for anime/manga. No MD has ever admitted this in my career.
Never in my life did i expect an MD to share anime/manga as a hobby. Absolute king
Curious how much is your house worth?
I never thought I’d see an MD be interested in Manga/Anime. Must be a cool dude irl.
Made ~$375k last year and based on my credit card spend I had:
Food & Drink: ~$19k
Entertainment: ~$1k
Travel: ~$7k
Around $400k comp. I usually budget $40k for food/dining and travel entertainment on a combined basis. For last year:
Food/Dining: $18k
Travel & Entertainment: $25k
Spent about $6k on meals from restaurants (including takeout / delivery) and about $2k on flights + hotels. COVID was a factor, so you could probably double these numbers in normal years.
Rent: c.$100k USD (London is expensive)
2021 Comp: A few million USD after tax, mostly carry.
been following you for years, well done btw. after all the realized carry, what's your NW now?
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