Trouble with new money
When I got my first signing bonus, I made my first purchase: A sick watch costing +$4k.
Since then, I can hardly get my self to spend more than $50 on a pair of shoes.
I know I am guaranteed to pull in at least $130k this year but just cant get used to the idea of having money.
Granted I worked my a$$ off since I was 15 and every year/summer of college so its not like I am broke. I have always been a saver, but now that its alright to spend a few pennies, I'm cheaper than I was when I was 15 years old delivering papers at 6am and making $7.50/hr picking up golf balls at the driving range.
I want to enjoy myself now I have the income to do so.
Any new-hires feeling the same way? Any seasoned monkeys out there recalling similar feelings?
i would be more worried if you were on the opposite end of the spectrum.
being a tightwad is not a bad thing. you never know how your circumstances will change.
lease a sick car lol...
I am ridiculously cheap too, and it definitely gives me problems because to live the lifestyle of a banker I have to spend some money on stuff that I'd rather do for myself...laundry sometimes, and eating out instead of packing a lunch, etc. I just try to be smart about not wasting money on uneccesary stuff.
BTW, how do you know you're guaranteed 130 K this year? I hope you aren't a first year...have you been following the news?
contract has a minimum guaranteed bonus.
I feel you. Until you get the actual year-end bonus in hand, it's tough going though your first year.
In general, half your take-home pay goes to rent+untilities, and the other half covers living the banker life (laundry, eating out, cab rides all the time). After looking at my budget, drinking is biggest discretionary purchase. Some people love to shop and buy $500 ferragamo shoes, I try to cut back a bit on clothes and put the rest of it in my drinking fund. There isn't much if any left at the end of the day, and I"m banking on my bonus to really save anything.
As long as you don't go too deep in debt your first year, you should be fine. You're bonus is guaranteed, which is great. Enjoy the working world and have fun. Being prudent with money is a great trait to have.
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