How much money would you give up?
The holidays can sometimes give you time to take a step back and think about your career/job and gauge how you actually feel about it vs tearing your ass up all year. Lots of folks meet up with old acquaintances and friends and it can be interesting to see the path some have taken (medicine, bartender, PE etc.) which can also get you thinking about where you stand and your life balance.
Long story short, we all come to a point where we try to compromise our earnings and life balance so here's a hypo:
How little money would you be willing to take home if you could work only 40hrs a week with reasonable stress level, with 3+ weeks of real uninterrupted vacation per year? i.e.Would you rather make 250k at 40hrs a week or 500k+ at 70hrs a week w/working vacations? I'm sure your location will make a difference (Northeast vs South) so feel free to make that distinction (if you even give a shit, otherwise no worries!)
I would with out a doubt take 250 for 40 hours/week. That will give you time to actually do your own thing that you would have the chance to make much more than the gap created between working 40 and 70 hours a week. Not to mention that will give you a fall back when you get sick of working for other people.
I would do as little as 125k (long term/mid career) with those hours if its something thats somewhat interesting
Appreciate the responses, I think it's def an important topic. I feel very similar, but I am also 30 now which is a big diff from my thinking at even 27-28.
I use to feel like that extra money could be stashed and eventually put you so far ahead you could quit the crazy hours at some point in the career..funny though you don't see that play out too often
The difference between 100k and 250k is much larger than 250k and 500k. The entire point of earning a good income is to be able to spend it, time is a commodity that can only be provided either to the very rich man who makes money and has time to spend it, or an average guy with a 40 hour job, the middle ones (bankers, doctors, lawyers) are the ones stuck with 80 hour work weeks.
I'll take 250k on 40 hour weeks any day over 500k 70 hour weeks with no real vacations. I was the opposite in my twenties, but now things are starting to look different especially when I really want to have the time and ability to enjoy my spoils.
my first reaction was to take the 500k and the 70hrs with working vacations, but after reading @dutchduke and @worklikeamachine's comments..... idk 250k is still 20k per month b4 taxes...
I'm still in my 20's and would take 250k at 40hrs per week. Even living in NYC you can enjoy yourself on 250k assuming you have no kids.
That said, if you are looking to pop out a couple of little ones in the near future, good luck living in Manhattan and paying for nursery school at 250k a year.
I hear you, that true. BTW, didn't fully watch Trading Places this holiday season (something I've done for years), need to watch it ASAP
Although that is a huge % pay cut it is not an abnormal one that people make who leave IB as Analyst & Associates. My first reaction is that it would depend on the role and whether it was something I felt interested and proud of. If I was completely driven by free-time then it would be easy. I know ppl who work 40hrs and have all the time in the world (and typically spend it watching TV) and are miserable and know some that work 60+ who enjoy their job and the ppl they work for.
250k at 40hrs is the way to go in my region. In commerical banking that is a very attainable goal in early to mid 30's at a regional bank. Plus you will live a very very comfortable life style here.
In commercial? Wow, that's great
I'd put in 70+ for $250K. Hell, I'd work 70+ a week for $70K for a year or two. As long I was getting quality deal experience and executive exposure. I understand that sounds ridiculous to some of you but having heavy deal experience is an investment of time with payout in the form of relationships/network and knowledge. It wouldn't make sense if I were slaving away in a cube the entire time; but getting on strategy/deal calls, visiting client sites and sourcing deals and capital is what I've wanted to do since I was a kid and I'd damn near do it for free. If you deliver for your first-time clients, they can become lifetime clients. Q: How do you become a Big Swinging Dick in investment banking? A: You maintain a fat Rolodex of lifetime clients.
To add some color to my opinion: I spent 2 years in the middle/back office of a BB bank doing meaningless work, 50-80 hours a week and making shit for money. For the past year I've been wheelin-and-dealin with a
It's not simply a matter measuring pay vs lifestyle. You have to account for the probability that your employer will eventually throw you out on your ass, and not necessarily for bad performance. There are plenty of IBD directors that don't make the cut to MD due to market conditions, a lack of space at the top, etc. Other banks don't exactly line up to hire you after that.
So, I would pick the job that offers the most long-term stability, while also taking into account the pay/hours.
250k at 40 hrs a week..
250k at 40 hrs. I'm in CA. That can get you a nice house in the suburbs near the beach, (not on the beach), but within a few blocks. Good public schools for the kids too, so no worries about that. Health becomes more and more important as you get older. Working 40 hours will be much healthier in the long run.
Now? $500k at 70 hours.
In 6 years? 250k at 40 hours.
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