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How much are you earning per annum?

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  #911 (permalink)  
Old 08-11-2011, 12:30 AM
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That's your perception. Many live humbly.
There is no need to live humbly if one has the means. Money after all is meant to be spent within this lifetime and not carried to the grave.

Why must bankers be perceived to live beyond their means?

Could they be living within their means, but beyond the means of the perceivers?

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  #912 (permalink)  
Old 08-11-2011, 02:32 PM
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There is no need to live humbly if one has the means. Money after all is meant to be spent within this lifetime and not carried to the grave.

Why must bankers be perceived to live beyond their means?

Could they be living within their means, but beyond the means of the perceivers?
Fully agree.

But they are still over paid for the work that they do. All the talented but greedy people are attracted to finance, causing great shortage of talent in other industries.



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  #913 (permalink)  
Old 08-11-2011, 03:35 PM
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Fully agree.

But they are still over paid for the work that they do. All the talented but greedy people are attracted to finance, causing great shortage of talent in other industries.
I think everyone is obliged to try their best to earn as much as is possible in order to be in the best position to provide for their families and loved ones. Nothing greedy about that.

In reality it's the people that stay contentedly in low paying jobs because of "love of the work" or "passion" who are the most selfish.

What I'm saying above is not politically correct, but is real talk.

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  #914 (permalink)  
Old 08-11-2011, 07:47 PM
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That's your perception. Many live humbly.
Yes I can vouch for that. I'm a banker drawing $300k in my early 30s. I live in a suburban hdb and drive a second hand entry level jap car. and first hand I can tell u that I'm not unique. I know couples which are drawing $700k in aggregate and live the same way as I do.

The banker caricature we read about are much overblown.
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  #915 (permalink)  
Old 08-11-2011, 08:14 PM
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Depends if urs is a local or offshore bank.

If offshore, also depends if bulge bracket or mid tier.
Offshore, BB. It is not a good year so I am not expecting much.

I think the talk goes that keeping your job is a bonus. Although I heard that the firm would rather fire than cut compensation.

Either they keep you.. or fire you. Pay cut maybe more harder to stomach.

As I said, I am not expecting. Just want to know a benchmark since I am first year in the job (first year in IB, but not new to banking. I'm hired at the associate level). My department is still making a decent profit although on a whole the firm is not making money.

Noone wants to talk about compensation now.. in such a climate. But I was hoping for 2 months bonus (~ $20k?).
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  #916 (permalink)  
Old 08-11-2011, 08:21 PM
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Why noone complains about business owners who make millions? I totally agree with the comment below. We work because we need the money for the other imporant things in life. Who doesn't want to earn more money to get a bigger house, better car and better lifestyle for him/herself + family/loved ones? All these unhappiness against bankers is just society finding an outlet for unhappiness. Arent we also unhappy with politicians and the amounts that they are being paid? If technicians are paid 6 figure annual salaries I think they will receive the same amount of flak. Face it, we are just unhappy when others earn more than ourselves.

Quote:
Originally Posted by Unregistered View Post
I think everyone is obliged to try their best to earn as much as is possible in order to be in the best position to provide for their families and loved ones. Nothing greedy about that.

In reality it's the people that stay contentedly in low paying jobs because of "love of the work" or "passion" who are the most selfish.

What I'm saying above is not politically correct, but is real talk.
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  #917 (permalink)  
Old 09-11-2011, 08:05 AM
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The bankers do earn a lot, but most of them spend just as much.
Without their jobs, most can't last longer than 6 months.
i disagree.... i used to be a banker. now, i'm 45 yrs old and retired.
I've retired 5 years ago and i'm still living comfortably, very comfortably. i have a beautiful wife but unfortunately, my kids are still young because i married late.

Just because we earn more, we're not bloodsuckers. i do my fair share of charity work. I donate my time, effort and money to charity.

In the end, we end up 6 feet underground, waiting for our name to be called up. So, be nice.

Cheers.


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  #918 (permalink)  
Old 09-11-2011, 09:37 AM
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i disagree.... i used to be a banker. now, i'm 45 yrs old and retired.
I've retired 5 years ago and i'm still living comfortably, very comfortably. i have a beautiful wife but unfortunately, my kids are still young because i married late.

Just because we earn more, we're not bloodsuckers. i do my fair share of charity work. I donate my time, effort and money to charity.

In the end, we end up 6 feet underground, waiting for our name to be called up. So, be nice.

Cheers.
since you've been an actual banker, maybe you can do some good here by giving good advice on how to get into the banking industry and quickly make enough to retire at 40?

thanks in advance and appreciate your kind advice.
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  #919 (permalink)  
Old 09-11-2011, 09:48 AM
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You are lucky to have been a banker in the good old days. Hearing stories just like yours, I had joined banking as well. Was from one of the top JCs in SG, got a place to study law at NUS but switched to finance, thinking that I can make alot of money and retire early to do "meaningful" things with my life.

Now, I'm stucked doing 14 hour days at a BB. Reading news that the bank is going to cut XXXX staff.

Base pay is still decent but gone are the days of the 6 figure bonuses. I am silently upset with my seniors who joined the bank 3-4 years before me. At least they had a taste of the "glory" days.

Now, no more 13 months bonus but rather 13th month. The **** thing is that whenever we have classmate gatherings, people still think that bankers earn alot of money!

How times have changed! Definitely won;t be able to retire by 45 at the rate I'm going.

Quote:
Originally Posted by Unregistered View Post
since you've been an actual banker, maybe you can do some good here by giving good advice on how to get into the banking industry and quickly make enough to retire at 40?

thanks in advance and appreciate your kind advice.


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  #920 (permalink)  
Old 09-11-2011, 10:22 AM
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but you're still making > 100k right? so what are you complaining about?


Quote:
Originally Posted by Unregistered View Post
You are lucky to have been a banker in the good old days. Hearing stories just like yours, I had joined banking as well. Was from one of the top JCs in SG, got a place to study law at NUS but switched to finance, thinking that I can make alot of money and retire early to do "meaningful" things with my life.

Now, I'm stucked doing 14 hour days at a BB. Reading news that the bank is going to cut XXXX staff.

Base pay is still decent but gone are the days of the 6 figure bonuses. I am silently upset with my seniors who joined the bank 3-4 years before me. At least they had a taste of the "glory" days.

Now, no more 13 months bonus but rather 13th month. The **** thing is that whenever we have classmate gatherings, people still think that bankers earn alot of money!

How times have changed! Definitely won;t be able to retire by 45 at the rate I'm going.
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