At what age did you/do you project you will become a millionaire?

Discussion in 'General Chat' started by xchen, Oct 4, 2010.

  1. SField

    SField Senior member

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    Possible, though very unlikely.
    Ehh... not for HBS/Kellogg grads, and I know many. Wait I should clarify: I'm talking about people who are obviously intelligent and highly motivated to make money. Their case doesn't represent a typical early 30s banker/HF in NYC, but I know enough of them to use that archetypal personality as an effective example of actually being effective at many money if that is how one defines themselves. I can't remember if you're in Ibanking or Big Law, but if you heard what some of my NY friends made as bonuses in the last two years...
     


  2. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    Ehh... not for HBS/Kellogg grads, and I know many.

    Again, I'm telling you that's unusual, not "normal", and whether they're HBS, Kellogg, Wharton, CBS alums has zero impact on comp. It's at the very tail of the curve for a banking VP to make that kind of money. And then when people do get to that level of comp, they don't work 80+ hours anymore (unless you count being on a plane and having dinner with clients in these 80+ hours). I know you know everything and maybe some of your friends have been feeding you that information, but what you outlined is not normal.
     


  3. BP348

    BP348 Senior member

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    Should be any minute now, as soon as that Nigerian gentleman wires the funds into my account.

    [​IMG] [​IMG] [​IMG] [​IMG]
     


  4. SField

    SField Senior member

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    Again, I'm telling you that's unusual, not "normal", and whether they're HBS, Kellogg, Wharton, CBS alums has zero impact on comp. It's at the very tail of the curve for a banking VP to make that kind of money. And then when people do get to that level of comp, they don't work 80+ hours anymore (unless you count being on a plane and having dinner with clients in these 80+ hours). I know you know everything and maybe some of your friends have been feeding you that information, but what you outlined is not normal.
    Don't know why they'd lie to me, some are close friends. I'm quite aware that it isn't the case for most people, but I don't see what isn't normal about it. I also don't think they're lying to me about their schedules, especially their travel time. I don't even know how many thousands of air miles some of them log a week (some of them flying back and forth from HK/China what seems like constantly), and they're very often chained to a laptop/black berry. I never knew seniority in anything meant that you work less. A few of the CEOs and also finance people who are in very senior positions (my father's age and older) are almost constantly working.
     


  5. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    OK....

    Normal in the statistical sense.
     


  6. Piobaire

    Piobaire Not left of center?

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    How so? What really is the difference between making 1 dollar into 2 dollars? Is turning 1 mill into 2 really easier?

    And I think 1 million for retirement in this day and age would be far from what most of you guys would consider "comfortable". Based on the kinds of lifestyles and champagne wishes I see here, 1 million for retirement is extremely middle class.


    Well, what can you safely count on off any nest egg type fund? 4%? 5%? So a million is 40-50k per year. Yes, very middle class.
     


  7. maverick

    maverick Senior member

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    I think what GDL is saying is that the title VP in ibanking (most banks, not sure if everyone or boutiques have same titles) is not as senior as it sounds, and comp for those folks is almost always less than $1M.
     


  8. haganah

    haganah Senior member

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    I'm with gdl, either you or your friends are full of it or you came across some real unicorns.
     


  9. SField

    SField Senior member

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    I'm with gdl, either you or your friends are full of it or you came across some real unicorns.
    Well unless they're getting the money from elsewhere it certainly wouldn't be the case. I think I just took exception to his use of the word "normal." No, their situation isn't typical, and it also represents only about 10% of my friends in finance, but I don't think there's anything otherworldly about it. Smart people who are highly motivated to just make money, and who largely define themselves by financial success find ways to become enormously successful. These are some of the very best people that I went to school with, so I guess it follows that they're duly compensated. I do know that at least 5 of them aren't lying because they asked me to look at their contracts and compensation. Three of them work for GS, one for ML and another Nomura. I'm just trying to say that few people ever get rich working for a salary. I banking is one of the ways I know that one can accumulate 7 figures faster than other professions. The other young people I know who have made a lot of money without the benefit of nepotism are in venture capital, film, or sports.
     


  10. SField

    SField Senior member

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    Well, what can you safely count on off any nest egg type fund? 4%? 5%? So a million is 40-50k per year. Yes, very middle class.
    And with low liabilities, that really isn't all that bad, but it's far from "balling" as most people here seem to think. The way most people talk about money here makes it clear to me that most of them have very little of it, and have not had to do much for whatever they in fact do have. I know for myself that I will never stop working, whatever I happen to be doing at the time. Especially if I want to maintain a certain standard of living.
     


  11. WSW

    WSW Senior member

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    Millionaire is for small-timers. I'm looking forward to my first quadrillion by 56.
     


  12. LabelKing

    LabelKing Senior member

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    Oh, I just found a Turner in the attic. Is that a Caravaggio over there?

    Auntie Pearl was also kind enough to buy a few paintings by a struggling artist named Mr.Jack Pollock.
     


  13. TheDarkKnight

    TheDarkKnight Senior member

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    Oh, I just found a Turner in the attic. Is that a Caravaggio over there?

    Auntie Pearl was also kind enough to buy a few paintings by a struggling artist named Mr.Jack Pollock.


    I knew a maiden aunt bought you all your clothes, LK [​IMG]
     


  14. Jerome

    Jerome Senior member

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    Oh, I just found a Turner in the attic. Is that a Caravaggio over there?

    Auntie Pearl was also kind enough to buy a few paintings by a struggling artist named Mr.Jack Pollock.

    Hihi, that was funny


    (quite a head-turner, son)
     


  15. Sherlock

    Sherlock Senior member

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    At my current rate of saving, assuming my investments earn an annual average of 5% it should take me about 21 more years until I have 1 mil. But my rate of saving will almost certainly increase as my salary grows (I'm a recent grad so my salary can only go higher). If I can have 2 million in the bank when I'm 65 I'll be happy, if I invest that in very safe investments earning only 4% that is still 80k/yr (before tax), enough for a comfortable retirement.

    But that's all Plan B, Plan A is to marry a rich girl.
     


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