I think we would all agree that high compensation is one of the main factors that drives so many young and ambitious people to the world of finance.
I am surprised however that there is often very little dialog on this site surrounding "Money". How to handle it, what to do with it, what certain folks own financial goals are who are already in the industry.
The recent "$10MM - Realistic" post inspired me to try and create a more detailed thread that hopefully those who currently work in the industry would want to chime in on and comment how they handle their money, how they invest, and what their goals are.
As to my situation - I would say that one of the main reasons I chose to pursue banking was because of the pay (among many other things of course). Currently a 2nd year analyst in a product group at a(non NYC) and before this did a few different things with my firm. For me this career path allowed me to maximize my earnings for the skill set I have and the interests I have.
All things said I am 26, with a networth of about $400K and would consider myself an index investor. I save as much as I can and plan to try and live as simple as I can until I hit the low seven figure club (perhaps $2.0 - $2.5MM). I focus on maintaining anthat I like (80/20 currently) and also focus on investing as much as I can.
Realistically my goals are $1.00MM by 30 and $5.00MM by 40. With basic return assumptions, aggressive savings, and continuing to (hopefully) climb the ladder this is doable. In all honesty, I do like my job, group, firm, etc. and do still hope I am with them for many years to come. I don't think I will ever stop working - but may consider doing something a little less demanding as I get older. I also think I would want to take some risk off the table once over the $4.00MM or $5.00MM mark - perhaps shift down to 50/50 and let it ride.
**Anyways - my question for everyone else. Where are you currently in your financial journey? What are your goals? What are your plans? How do you invest? What is your asset allocation? Fire away! **