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

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

  1. TheDarkKnight

    TheDarkKnight 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.


    Marrying a rich girl is something I've seriously considered. There are plenty of Wasp type English girls.

    The problem is young rich girls want to marry a richer man, to keep them in the style they're accustomed to.
     
  2. nootje

    nootje Senior member

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    Stood to inherit that and more, refused to bow down like the rest of the family and now ill have to do it on my own. I hope ill make that point before im forty, but we'll see. Sure as hell not going to happen working for a salary though.
     
  3. AR_Six

    AR_Six "Sookie!"

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    As of the end of next summer I will be able to tell you for sure. Guessing mid-30's unless plans change drastically. A million isn't that much money really.
     
  4. Icarus

    Icarus Senior member

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    Should be any minute now, as soon as that Nigerian gentleman wires the funds into my account.
    Is this Nigerian gentleman the president of Afribank Nigeria? If so, perhaps we should get in touch, as I would like to save on the $3,000 freight cost he charges to have my documents delivered, and perhaps he would give us a discount if we sent them together.
     
  5. Icarus

    Icarus 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.


    7 figures counting bonus is the standard for "VP level bankers". Obviously its merchant/IB bankers, not your local bank of america branch manager with "SVP" on their business card, but you know this of course. Banker is also a vague term, CM and M&A are just two of the bigger "departments", but there hasn't been much M&A activity so the bonuses are probably smaller nowadays unless its a firm with a rep for M&A advisory, and the only significant selling CM is doing is bond placements. Not everyones a goldman or even close, but a few years ago goldmans interest was only piqued by 4-5B ipos and now they're doing 200mm ipos for startups with no cred. Goldman like many firms is just a big hedge fund, which is sad for american industry. I think asia is the only thing floating most firm's cm and m&a depts. Most VPs are young, as young as late 20s, but if I had to choose a number for the average its like mid30s/36.
     
  6. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    7 figures counting bonus is the standard for "VP level bankers". Obviously its merchant/IB bankers, not your local bank of america branch manager with "SVP" on their business card, but you know this of course. Banker is also a vague term, CM and M&A are just two of the bigger "departments", but there hasn't been much M&A activity so the bonuses are probably smaller nowadays unless its a firm with a rep for M&A advisory, and the only significant selling CM is doing is bond placements. Not everyones a goldman or even close, but a few years ago goldmans interest was only piqued by 4-5B ipos and now they're doing 200mm ipos for startups with no cred. Goldman like many firms is just a big hedge fund, which is sad for american industry. I think asia is the only thing floating most firm's cm and m&a depts. Most VPs are young, as young as late 20s, but if I had to choose a number for the average its like mid30s/36.

    Thank you for your insight. And sorry if you felt I made fun of you in previous posts - I didn't know you had Aspergers. [​IMG]
     
  7. Bhowie

    Bhowie Senior member

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    Thank you for your insight. And sorry if you felt I made fun of you in previous posts - I didn't know you had Aspergers. [​IMG]

    Look, I've read Monkey Business and am an active member of the yahoo finance board, don't try and talk me down.
     
  8. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    Look, I've read Monkey Business and am an active member of the yahoo finance board, don't try and talk me down.

    What is the consensus on the board about $200mm IPOs for startups with no cred please ?
     
  9. Bhowie

    Bhowie Senior member

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    What is the consensus on the board about $200mm IPOs for startups with no cred please ?

    I don't know what kind of peanuts they are throwing your way at lambert but you need a reality check. 200mm is such a huge sum of money for an ipo, everyone who isn't Goldman is jealous of these massive ipo's. Due diligence be damned we are the worlds largest hedge fund.
     
  10. Icarus

    Icarus Senior member

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    Scientific American says it's natural for people to want to be right.

    You said its unlikely that VPs in their early 30s earn more than a million. You prove that you clearly have no idea what you're about. Base salaries at that level are high 200s/low 300s. Actually, even MDs make 300k as a base. It's tacky to bring up people you know as examples, especially without their permission, but whatever. Everyone I know in banking made a minimum of 1 million last year. The one friend that I'm close enough with for him to talk about what he makes, made under 3 million last year, and he's 34. 90% of people that go into banking are burn outs, if you stay and pay your dues the salaries aren't even looked at as special.

    At least Bhowie is funny, what do you do on this board? Don't answer that.
     
  11. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    Again, thanks for the lesson, Rain Man. Your friends are so lucky - not because they make 3 million dollars a year at age 34 but because they have you, as a friend.

    This is what I do on this board: learn from others' insightful and above all experience-based knowledge because I clearly have no idea what I'm talking about. Now let me go back to flipping burgers.

    http://www.wallstreetcomps.com/2009_...mps_Survey.pdf
     
  12. ramuman

    ramuman Senior member

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    Again, thanks for the lesson, Rain Man. Your friends are so lucky - not because they make 3 million dollars a year at age 34 but because they have you, as a friend. This is what I do on this board: learn from others' insightful and above all experience-based knowledge because I clearly have no idea what I'm talking about. Now let me go back to flipping burgers. http://www.wallstreetcomps.com/2009_...mps_Survey.pdf
    [​IMG] Greg, I'll say it again, but you are like Fab Fabrice (at least in my head). A badass French banker.
     
  13. Icarus

    Icarus Senior member

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    OMG LOL

    This guy is linking me to a pdf of a industry comps survey.

    You want to be right so bad. You're just desperate to save face, for no reason.

    As soon as I saw the max comp for an MD, bonus and all, was 1.6, I literally laughed out loud. We're talking bulge bracket here, champ. There are hundreds (maybe even thousands) of little boutiques scattered all over the world, where there's usually 1 deal-maker, and the rest are people who want a work-life-balance and are fine making 1/2 to 1/3 of what the BB counterparts make. 400k was what VPs made 15 years ago. Get a life and stop trolling.
     
  14. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    OMG LOL

    This guy is linking me to a pdf of a industry comps survey.

    You want to be right so bad. You're just desperate to save face, for no reason.

    As soon as I saw the max comp for an MD, bonus and all, was 1.6, I literally laughed out loud. We're talking bulge bracket here, champ. There are hundreds (maybe even thousands) of little boutiques scattered all over the world, where there's usually 1 deal-maker, and the rest are people who want a work-life-balance and are fine making 1/2 to 1/3 of what the BB counterparts make. 400k was what VPs made 15 years ago. Get a life and stop trolling.


    u mad?

    [​IMG]
     
  15. Icarus

    Icarus Senior member

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    Greg, I'll say it again, but you are like Fab Fabrice (at least in my head). A badass French banker.

    If true, that would explain everything. Nice edits, it's clear your amazing wit cannot fully flourish without an edit.
     

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