Your Problem Is That You Think Everyone In Banking Is Rich
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- čas přidán 8. 06. 2024
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TIMESTAMPS:
00:00 - Intro
02:09 - Reality vs expectations
04:00 - Lifestyle inflation
08:03 - Keeping up appearances
It's a common misconception that everyone in banking enjoys vast wealth and luxury. However, the truth is far more nuanced. My views prior to joining the industry compared to having experienced working in the industry are starkly different. Watch the video to find out why. Enjoy!
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Hey! I'm Afzal. I make videos on finance and careers. I started my career working at Goldman Sachs within their Asset Management divison. Now I run this CZcams channel and Simpley (www.simpley.io).
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To succeed, it's like the survival of the fittest. You have to be in the industry for a long long time and then you will be highly rewarded for sticking it out. It really isn't for everybody, and that's ok. All the points you made are so true.
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I remember my VP at one of the top 4 banks. I have been only at 3/4 of the top banks right now. This I could not forget, that a person who makes ~250k with bonus and equities still struggling to pay their mortgage and financing 2 cars. I was like how? What are you doing to not manage your exp!
250k is kinda rough for a VP
@@at7915 Thats back office. But the hours is 4 to 6 hours per day. While working in the front office is the opposite which can be avg 12 hours a day. So it depends on what you want. More cash for more time. I have been on both side. I learnt front office is those who want to be noticed and back office is I have a life and still making bank. Front office is all throughput too. So you can deliver today and the next delivery needs to be even better. Really depends what you want.
Great insights. Lifestyle creep is a killer. The most important lesson is, as you say, to try rid yourself of the trappings of "keeping up appearances" and trying to match everyone else. Just do you - once the money is gone noone that's important will care about what watch you're wearing.
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Genuinely true- I see it happening even amongst my friends at the graduate level, can only imagine it will get worse as we all get older and start earning more
It’s quite sad that even in the finance world, where you’re exposed to managing and growing money, some struggle to do that with their own. I hope I don’t get caught up in this 🥴
personal finance is a lot tied to behaviour and the culture you surround yourself. Being good at managing and growing money in the corporate world is a different skillset to doing well financially unfortunately
I saw the title and I was like yeah that’s me have to watch it right now 😂
Hahah!
It sounds bad but COVID actually did wonder for me. I kept my job, my expenses plummeted by 80%, and I did not catch COVID. I was so blessed.
Most are broke in London. VP at one firm i worked at went through 3 divorces. Lost all his houses and equity portfolio and just working to pay kids fees. Insulate yourself for divorce. Hide money in crypto and other assets. Just in case
these are the things that people don't talk about.....
Why did he get married that often and what's wrong with him that he lost three wives?
thanks for being so honest!
Great video. A bit off topic, but could you make a video about your desk setup? That monitor in the background looks very nice.
I’m 19 and this video really helped me. Keep it up with the content Afzal.
Thanks for watching 💪🏽👊🏽
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This is very amazing thank you, from this I have learnt about the difficulties even when one ears a higher salary
Great insights and interesting to listen as always. Thanks!
very useful financial advice. I'd love to see more videos similar to this
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Really great insight Afzal.
It is not uncommon so see those in finance living pay check to pay check, with significant expenses on going out, travel, designer items etc. That said, to each their own and it may be the case that they value financial freedom less.
😊👍🏽
Phenomenal video. Absolutely love it! Very informative and practical. Appreciate it Afzal. S/O all the way from South Africa!💪
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Just made the decision to leave Wall St and pursue something else. This video pretty much sums up my experience. Great field if its a good personality fit and you have the network, but not for me
When are you going to release the next episode of the Industry and your takes on it? Waiting so long its getting frustrating now
Hi Afzal,
Which are in your opinion the areas of finance most suitable for someone with a master's in Economics with a great focus on econometrics but bachelor-level finance knowldge? Need to choose some electives for next year :) Thanks!
Thank you
I'm a VP earning $200k , and this is very true.
Absolute legend
Haha thanks!
Worked out my Junior Analyst salary although good was effectively minimum wage after I was doing 65/70 hours a week.
Love your videos
Thank you 😊
Hey @AfzalHussein, I was wondering if I could request a video on Product Strategy/Client Solutions/Analytics roles in Asset Management, as well as the compensation, bonuses, and exit opportunities. This group not exactly managing portfolios or FO, but it's also not exactly classified as back or middle office. I would love to learn more about this group in Asset Management!
Good vid!
Thanks!
What other finance roles are there but:
Asset management
Sales & trading
Investment banking
In banking industry, there are many roles making far less money but under similar pressure, such as IT and some back-office operations. Their situations are even worse. Especially for IT people, don't be cheated by the wall street names. They can make much more in tech companies with far less pressure. 😊
is nottingham a good university if i wana get into IB and thr finance world. can i get into the bulge bracket?
A video on promotion chart of a quant analyst..
Just think about it like that:
If you make £150k pre-tax and get £75k post-tax and work on average you will earn £18.02 per hour (after taxes) - Is that worth it?
You mean like Uber driver?
A uber driver makes that pre tax or 40 hours!
Yes but think about it proportionally. Compared to everyone else you are still making signifactly more. People who make £18 PRE tax are also getting paid significantly less post tax
@@tawanamukasa9498 No doubt!
But you can simply take two full-time jobs that are 40% less demanding than the IB Analyst position and you will easily make good money if not more and keep your sanity :)
are you renting or paying a mortgage at the moment ?
20 and trying to get in equity research, would appreciate any advice
As a starting point go on careerguides.io... free guides... And read the equity research guide 👍🏽
One thing I’ve found hard is the more hours you work the more you spend on things that save you time and we’re things In the past I would of spent time on
if i stay at home for a year to save a dp, but commuting 45 mins each way, will i be at a disadvantage? been thinking a lot about the tradeoff giving im starting in S&T?
45 mins is average especially if your coming into london, most people do around that and with S&T you will probably be doing some long hours. So, under an hour to get home is a great addition!
Excellent video!
Thanks!
Would you ever talk about quants finance ?
Added to the list 👍🏽
@@AfzalHussein What about family offices? Are they considered high finance?
What a video
Thanks!
Yeah you right, working people in banking just trying to survive and if lucky get a piece of the loot from the actual thieves…
Ive always thought they were kind of making less than they should😂
😄
It’s too stressful
The Bill Ackman of finance.
😅
Isn’t bill in finance 😂
@@saasda6255 nah he owns a tree maintenance business, I think they are called hedge funds
Bruh bill ackman is big on value investing, which is after all finance .. ahahah
Is 28 too old to get into finance?
No u
Banking is a sales job .
You get it
So when you get Rich just act poor look at warren Buffett
that's why we should leave the UK and never have kids.
Making more money does not mean you should spend more