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How much are you earning per annum?

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  #1021 (permalink)  
Old 01-12-2011, 10:58 AM
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Just last week when the bank was retrenching I.Bankers.. I thought to myself "If I was retrenched, will I be able to find another job that pays me close to my current drawn?"

Aside from I.Banking, there is no other job that will us close to our current package. This is fact. Especially when you are 38, you are probably even more overpaid than I am.

I can understand the pride situation you are facing. Taking a job that is paying so much less than your last drawn- It is hard to swallow on the ego. Especially the thought of friends finding out. Notwithstanding the fact that at S$130k per year, you still can afford a pretty high standard of living.

The key is whether you have been prudent enough in the past 10-15 years? Or have you thrown away all your money on extravangancies? There are some senior bankers who got retrenched that don't need to find another job because they have enough savings to retire already. They are either good savers or extremely well paid. Are you one of them?

If not, then you have to make a tough choice here:

Perhaps an easier approach is to view the decision from a logical angle. Cut away the emotional factors and the choice may become clearer.

You know best yourself on how difficult it is to find an I.Banking job in the next few months. There are so many bankers out there (including EU/US applying to Asia) now looking for jobs.

You may need to wait for 6-12months before re-entering the I.Banking industry.

So $0 income versus $130k. By logic, it seems like a clear choice- Make the best of your options. Ditch the pride. Who knows, you might even gain abit of respect from friends seeing that you stomach this "fall from grace"?

Lesson learnt for all the other bankers: Save hard. Invest wisely. Manage spending and expectations. The sooner you become financially independent the better.

Quote:
Originally Posted by Ex I banker View Post
I used to be a high flying investment banker. Many of my colleagues were jealous of my success. Due to internal politics, I lost my $350k a year job. Have been searching for similar position but to no avail. Perhaps due to my age? I'm 38 years old. Now I am offered only $130k a year job in a research capacity. It is becoming very stressful for me to lower my profile among my friends. Should I take this lower profile job or wait for another ibanking job to come along?

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  #1022 (permalink)  
Old 01-12-2011, 12:50 PM
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Thanks for all the advice.
What pains me is the swallowing of pride. I have to face not only friends but my family and relatives. They always look up upon me as the role model, someone all my younger relatives aspire to be. Big house, big luxury sedan. Expensive holidays. I have saved and invested but these will not be enough for me to retire on, unless I lower my status as a HDB dweller. This is even tougher to do. Sometimes I feel it is not such a great thing to be a success as when you fall, you fall hard. I think I will just take the $130k a year job and keep a low profile in my life. Is this karma? What have I done? Maybe I was so caught up with my success that I have little time to spare for the poor destitutes. I must do more charity I suppose. Yes, swallow my pride. To hell with status and wealth. Noone owes me a living. I need to really work on my emotions.

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  #1023 (permalink)  
Old 01-12-2011, 03:36 PM
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I know how you feel. I was doing very well working for a BB. Friends and family were very proud and I was always happy to attend the regular family gatherings. Had alot of younger relatives looking up to me. Parents talked about me amongst the older generation etc etc. I felt proud. Top of the world.

I made a decision and jumped ship to another American IB, thinking that the brand name was more prestigious.

Then, everything changed in 2007. Firm went bankrupt & got bought over.

My first thought when I got retrenched was "how am I going to face my friends and family?" That was the hardest thing that hit me. I had to tell a few close people. Word got around eventually. Friends and family know. Former classmates.. etc etc.
It wasn't long when people started to show concern. That was one of the **** things in my life. I was already grappling with the bruised ego of losing my job. Their words of concern just felt like slaps on the face. There was a period I wanted to avoid everyone I know. Soon, I ran out of excuses. I used to say things like "It is okay.. it is just temporary" "already in discussions with several people keen to hire me." Then, when time passed and I still couldnt get a job I had to use more creative excuses: "I decided to take a break from work.. spend more time with family.. anyway I earned alot of money / savings, dont need to work actually". Reached a point of time I felt so tired of finding excuses.

The tipping point came when I decided enough was enough. I stopped lying to others and to mysef. It was just too tiring. During this period I also realised who my true friends were. Learnt alot of valuable lessons in life which I shan't rant about here.

When the economy turned around sharply in 2010, I got back into IB. I was infused with a different type of Pride. This new pride came from the knowledge that I don't need to rely on my job, big house, fancy car and high pay to feel good about myself. Not afraid to lose my job again as I have gone through it once before.

All the best. What goes down will come up. I'm sure you will be flying high again in no time.

Quote:
Originally Posted by Ex I banker View Post
Thanks for all the advice.
What pains me is the swallowing of pride. I have to face not only friends but my family and relatives. They always look up upon me as the role model, someone all my younger relatives aspire to be. Big house, big luxury sedan. Expensive holidays. I have saved and invested but these will not be enough for me to retire on, unless I lower my status as a HDB dweller. This is even tougher to do. Sometimes I feel it is not such a great thing to be a success as when you fall, you fall hard. I think I will just take the $130k a year job and keep a low profile in my life. Is this karma? What have I done? Maybe I was so caught up with my success that I have little time to spare for the poor destitutes. I must do more charity I suppose. Yes, swallow my pride. To hell with status and wealth. Noone owes me a living. I need to really work on my emotions.

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  #1024 (permalink)  
Old 01-12-2011, 06:25 PM
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Thanks for the words of encouragement. I have thought it through hard and I have decided to focus on what I have. Forget about ibanking. I have enough of the long hours, travel and stressful moments. I've been in it too long. Perhaps it will be a good change of lifestyle. The research job is much less demanding in terms of my time and stress level. I already am having high blood pressure due to my ibanking work. I don't want to die prematurely. I think I'll just work in this research role and get promoted along the way. Hope to retire by 50. Just downgrade to a smaller condo and live off my investments. Life is short.
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  #1025 (permalink)  
Old 02-12-2011, 02:30 PM
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Quote:
Originally Posted by Unregistered View Post
I disagree. The property landscape has changed to an extent that even if there's a local recession and major retrenchments, there is enough demand from rich foreign investors to prop up property prices. I firmly believe prices will continue on an uptrend. And once the local recession is over, the trajectory will be even steeper.

The fact is prices are still too affordable at current levels. Moreover, HDB is building more flats to cater to the poorer young generation.

Local recession? Singapore is such an open economy, that any recession here will be brought about by global forces.

Rich foreign investors? In the face of a global slowdown, why would they come in to support the prices? That is if they can save their own ass in their home country.

If there's widespread unemployment in Singapore, the tap on the FT will be tightened, cutting off a big chunk of the rental demand.

Never say Never. Before the subprime crisis, Amercian property prices were in an uptrend for nearly 50 years. With prices rising most in the last 5 years before 2009.


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  #1026 (permalink)  
Old 02-12-2011, 04:56 PM
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Quote:
Originally Posted by Unregistered View Post
Local recession? Singapore is such an open economy, that any recession here will be brought about by global forces.

Rich foreign investors? In the face of a global slowdown, why would they come in to support the prices? That is if they can save their own ass in their home country.

If there's widespread unemployment in Singapore, the tap on the FT will be tightened, cutting off a big chunk of the rental demand.

Never say Never. Before the subprime crisis, Amercian property prices were in an uptrend for nearly 50 years. With prices rising most in the last 5 years before 2009.
50 years is a long time. That means Singapore will continue to boom for another 47 years.
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  #1027 (permalink)  
Old 02-12-2011, 05:00 PM
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hi pal,

2012 will not be a good year. keep in mind. 2nd wave's coming. retrench is in the air we smell.
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  #1028 (permalink)  
Old 02-12-2011, 06:31 PM
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Ib corporate structuring - executive director- 280k, expecting minimal bonus.
Meet budget as did chunky offtake/financing deals in 1st half, but boss says cost to income ratio too high
Tightening belt for next year, not upgrading to new 5 series, reduce leverage in property, expected to very tough dragon year ahead!
May change job to corp side -God bless all ibers
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  #1029 (permalink)  
Old 02-12-2011, 06:41 PM
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Quote:
Originally Posted by Unregistered View Post
Ib corporate structuring - executive director- 280k, expecting minimal bonus.
Meet budget as did chunky offtake/financing deals in 1st half, but boss says cost to income ratio too high
Tightening belt for next year, not upgrading to new 5 series, reduce leverage in property, expected to very tough dragon year ahead!
May change job to corp side -God bless all ibers
You're only driving a 3 series?

Or is it M3?
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  #1030 (permalink)  
Old 03-12-2011, 09:42 AM
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Quote:
Originally Posted by Unregistered View Post
50 years is a long time. That means Singapore will continue to boom for another 47 years.
Only problem is, 45 years of that uptrend had very moderate growth. The rate property prices have been going up in Singapore, that 45 years of equivalent growth has been compressed into 5 years.

Words are cheap, only time will tell.
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