I’m Broke…for now

Currently a grad student graduating next Spring. I was a summer analyst in S&T this past summer and had money saved up but that has officially run out due to my bills and other expenses.

I received the offer to return to the bank full time but that won't be till July, 2022. I still live at home with the parents but times are hard on them as well so I'm not willing to ask them for money to assist my monthly bills. These bills equate to about 1k a month.

Now the point of the whole post is to ask if it would be possible to work at another bank without jeopardizing my full time offer that I've accepted.

It's in a completely different group of the bank (Private Banking), and will pay me well enough to survive until I start my official job in July.Any help and comments are appreciated. Thanks!

Comments (26)

  • Intern in IB - Restr
Dec 3, 2021 - 1:32am

Why don't you try taking out some loans? If you feel very secure in your offer, I think it could be worth the risk. You would have more free time to do what you want and spend time with your family.

Working though could give you more experience. Maybe ask someone at the bank if you're allowed to work temporarily until you start. Although the downside is you'd have to work just to work much more come July.

Dec 3, 2021 - 11:00am

Currently have loans out for grad school so not really interested in taking on more debt. I truly don't mind working a bit mostly as it is a hybrid remote position.

Looks like I'm going to have to end up asking someone at the bank before I begin.

Thanks for the help though!

Dec 3, 2021 - 6:41pm

Your post doesn't make a lot of sense.

First of all, how do you have 1k a month of bills if you live at home? A drug habit is not a bill.

Second of all, are you allergic to part time jobs? Too good to work in retail, food or service?

Third, you have another full time offer at the current bank in a completely different group or a different bank?

Dec 3, 2021 - 8:42pm

My post makes perfect sense, you just decided to be very ignorant and seemingly think that you know me and my situation enough to think that I can't have 1k in bills WHILE also accusing me of having a drug habit.

Seems like you just might have a habit yourself since you're so quick to throw that in me when you don't even know who the hell I am…

Firstl, my bills include my car, insurance, cable, phone, internet, groceries and fuel.

Secondly, I worked in retail and service throughout the entire pandemic to staring my internship. After the summer I targeted have focused on grad school as I am currently still a full time student this semester. Only reason that I'm considering this job seriously is because the semester ends in about two weeks and I only have two classes that I'm taking next semester to graduate so I'll have way more free time on my hands than I do now.

Thirdly, I have a return FT offer in S&T that I have accepted but doesn't start until next summer. The opportunity being presented to me now is in Private Banking in a completely different bank. I clearly explained this in my original post.

I didn't mention that I accepted the offer but that could've been easily assumed or else there'd been no point in making this post.

Dec 3, 2021 - 8:48pm

If you're truly broke and can't ask your parents, sell the car. That gets rid of insurance and gives you insta cash.

Seems like a simple solution to me.

Also, when you post your problems on a public forum you're putting it out there for public consumption. Gentle advice, tough love and even nasty responses are warranted cause your crying and asking for advice. So if you can't handle people commenting, don't post right?

Now if you were truly broke, or your parents haven't saved enough to lend you 1k a month or you can't take out short term loans, like I said you sell your car.

Unless of course you're not really broke and we're just exaggerating for some sympathy.

Most Helpful
Dec 3, 2021 - 9:46pm

Seems like a simple solution to YOU. This post is not about you it is abo it MY circumstance. That car is a necessity for my household and cannot be sold.

Asking for advice is crying? I literally came to a forum filled with young financial professionals who could have some insight into what I could do. That could be seen by many as a correct decision.

Of course I know that this is a public forum with a considerable amount of ignorant ass**holes (insert your username here) who will say anything behind the screen. But I wasn't worried about that because I knew that there would be at least one comment hat would help.

Your response could be no where considered as "tough love" once you assumed that I had a drug habit. I can more than well handle negative comments and fully assure you that I am seeking no one's sympathy.

Now like I said, my parents are not in a position to lend me money. They do not work glamorous jobs. They make a honest average living with their own expenses to deal with.

I gave a background to my circumstance without going into too much detail. And I asked a clear question of whether it was okay to work at another bank before returning to the bank where I will be full time.

Gentle advice, Learn to be more EMPATHIC of other peoples situations and know that not everyone has it as easy as you did. It will make you a much better person.

Happy Holidays! 🤙🏾

  • Intern in PE - LBOs
Dec 5, 2021 - 7:10pm

Are you autistic, trolling, or are you really that stupid and close minded? I can't imagine how bad it must be to have to work under a boss with zero EQ.

Jan 2, 2022 - 9:42am

BigApe'06

Thirdly, I have a return FT offer in S&T that I have accepted but doesn't start until next summer. 

July 2022 is this summer not next summer. Or did you mean you start July 2023?

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Dec 4, 2021 - 6:33am

As much as it sucks, you could also get a job which isn't finance-related to support yourself and your parents between now and then. Sure it might be a hit on your ego to do that but considering you're in S&T, maybe look at commission-based sales roles in higher-end retail or something of the sort. Just make the ends meet until you start the actual gig. You have to do whatever it takes to stay afloat and ease the burden on your family to the extent you can. No point feeling sorry for yourself about being broke when there's a huge labor shortage right now. Go get your money and don't look back.

  • 5
Dec 4, 2021 - 11:39am

Can't you ask your group if it's alright to work in private banking until you start with them? You could also work part-time somewhere that isn't as sexy. I worked as a data-entry clerk, and do contract work for some other companies. It pays me enough to get by and can help out at home a little bit.

  • VP in S&T - FI
Dec 4, 2021 - 2:08pm

As someone who works on a trading desk I would be super pumped if one of our incoming analysts was doing something like this.  We have had a couple of the analysts over the years work during their senior year with PWM advisors near their school and it seems like those have always been the best analysts.  They tend to be a bit more polished and more locked on what is going on big picture with the markets.  Honestly I wish we would push this as a firm and try to find a way to incorporate something like this an an extension of the internship program.  As long as you tell you incoming boss/HR about the opportunity and explain the situation they should be fine with it.  The one issue could be if the other firm you are working for would want you to get licensed as their might be some sensitivity with that.  If they say you can't do it, you only need 1K a month if you are only taking 2 classes next semester I would imagine you could find time to work at least 20 hours a week if not more.  If you could find a way to make $15-20 an hour I think you could be able to cover things pretty easily.  Also the guy who said to sell you car is not wrong, I assume you will be living in NYC once your start working full time so you won't need or want it.  My as well take advantage of elevated used car prices now unless you need it to get to school.    

Can you provide a little detail about the private banking opportunity in terms of how you found it, what you will be doing for them, how much they are paying you, etc.?    

Dec 4, 2021 - 3:11pm

Yea definitely so I found the opportunity believe it or not applying for jobs on Indeed and Ziprecruiter. My resume got matched with a Financial Services recruiter who's job was to basically find qualified candidates and connect them with Wall St. banks that had immediate hiring needs. I met with the recruiter over Zoom and had a quick chat about my experiences and availability and he would basically let me know when an opportunity opens up.

Fast forward a month later. He sent me the position and asked if I was interested. I said yes, and I had a few calls with people at the bank. And they have me coming down to the office next week. According to the job description pay starts at $30 an hour.

I'm pretty confident that I'll get the offer as all the calls went great and I received positive feedback.

My responsibility would be to learn and master knowledge of their cash products and other core product features. And act as a support tool by answering calls and emails from cash management specialists, private bankers, and financial advisors with any questions that they might have.

  • Associate 3 in IB-M&A
Dec 4, 2021 - 4:25pm

It is totally fine to work in private banking at another bank. You might even pick up some contacts or brush up on Excel skills. Or even a blue collar retail job if you really need some extra cash to pay the bills.

As long as you aren't working for a drug lord your FT bank does not care what you do

Dec 5, 2021 - 11:18am

Not a professional job, but why not work at a bar? Most bars are pretty accommodating wirh schedule conflicts (i.e. asking someone to cover so you don't miss that party/event), money solid and you walk out with cash everyday, and the industry is having staffing issues so they'd be happy to hire a smart young person like yourself. Just my 2c

Dec 5, 2021 - 4:36pm

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