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You're caught up in the whole rat race of living up to other people's expectations. And the jobs you're going for will suck your soul right out of you. Let's see how you feel after 20 years of it.
Actually, I like my current job much more than if I were doing something like Engineering or Programming. I've seen both sides and the other side isn't pretty. And who's to say I don't put expectations upon myself, or that I'll be in this business for 20 years? I already have over $100K saved up and I'm not even 25 yet.
Last edited by NYCAnalyst; 04-02-2010 at 01:26 PM..
Perception is reality, no? I work in Finance and I know for a fact that most of the crap I deal with on a daily basis is far easier than what the guys up at Silicon Valley are doing. Most of it is what, adding, subtracting, multiplying, and dividing? Anyone can do that.
But to the general public, this stuff is rocket science because (1) All of the Ivy-League guys are doing it, so you have to be smart, (2) It pays much more, and (3) We took something easy and made up words like arbitrage, restructuring, collateralized, etc, to make it seem complicated. I tell all of my friends that you don't have to be smart to do the work, but you have to be smart to get in.
Again, other people (parents/friends) put expectations upon you, and in their eyes, Finance is "better" than something like Engineering.
We may be entering a new era. A lot of our best talent has been going into finance, and what finance has done is not so much increase wealth, but increase the velocity with which a dollar passes through the economy, and skimming some off for the finance people each time it passes through. It has been a misallocation of resources that will make us poorer in the long run.
We may be entering a new era. A lot of our best talent has been going into finance, and what finance has done is not so much increase wealth, but increase the velocity with which a dollar passes through the economy, and skimming some off for the finance people each time it passes through. It has been a misallocation of resources that will make us poorer in the long run.
We have been in this era since the 90s, when LTCM made tons of money on Wall Street and the Ph.D's at MIT and CalTech realized that they could live a much better life working in New York than at working at NASA.
I don't see a viable solution for this as of yet. It is all about incentive - what is the incentive for someone to work for NASA when they could make much more working for a hedge fund? (Unless they really love rocket science) The only I solution I see is maybe if someone creates a fountain of youth or discovers a cure for AIDS / Cancer and patents it.
Last edited by NYCAnalyst; 04-02-2010 at 01:33 PM..
Regardless of status our family still has the same issues everyone else does; I have one relative fighting for their life with cancer, and many other “normal†life situations.
I know I am bless and I am humbly thankful
W JAMES III, yes you are truly blessed. All the money in the world cannot buy you happiness or your health.
You're caught up in the whole rat race of living up to other people's expectations. And the jobs you're going for will suck your soul right out of you. Let's see how you feel after 20 years of it.
Most good people on Wall St. can retire (or semi-retire) at ~35 if they aren't interested in an 9 or 10 figure net worth.
We may be entering a new era. A lot of our best talent has been going into finance, and what finance has done is not so much increase wealth, but increase the velocity with which a dollar passes through the economy, and skimming some off for the finance people each time it passes through. It has been a misallocation of resources that will make us poorer in the long run.
Very Bright. This is a kissing cousin to Churn and Burn. Money leaks out and away from the actual value of production.
This new era began in the 90s when LTCM made tons of money on Wall Street and the Ph.D's at MIT and CalTech realized that they could live a much better life working in New York than at working at NASA.
I don't see a viable solution for this as of yet. It is all about incentive - what is the incentive for someone to work for NASA when they could make much more working for a hedge fund? The only I solution I see is maybe if someone creates a fountain of youth or discovers a cure for AIDS / Cancer and patents it.
One thing I find interesting is how low finance salaries are in places like Tokyo compared to NYC. But, perhaps, the smart guys in Tokyo have figured out the best way to wealth is get an MBA and find an i-bank to sponsor their work visa and get rich here.
Most good people on Wall St. can retire (or semi-retire) at ~35 if they aren't interested in an 9 or 10 figure net worth.
The trouble is, they usually acquire big spending habits to go with their high incomes, and would have to cut back greatly in their lifestyles if they retired that young. I've seen a few of them do something like that, but very few. Most continue with the whole thing as long as they can.
We have been in this are since the 90s, when LTCM made tons of money on Wall Street and the Ph.D's at MIT and CalTech realized that they could live a much better life working in New York than at working at NASA.
I don't see a viable solution for this as of yet. It is all about incentive - what is the incentive for someone to work for NASA when they could make much more working for a hedge fund? (Unless they really love rocket science) The only I solution I see is maybe if someone creates a fountain of youth or discovers a cure for AIDS / Cancer and patents it.
We'll see how it unfolds in the years ahead. It will be interesting to see.
The trouble is, they usually acquire big spending habits to go with their high incomes, and would have to cut back greatly in their lifestyles if they retired that young. I've seen a few of them do something like that, but very few. Most continue with the whole thing as long as they can.
You are absolutely right...many get caught up in the "rat race" and won't ever leave NYC and can't or won't do that.
But for people who play their cards right, they can amass a few million by 35 and live comfortably somewhere, trading their own account, taking some consulting gigs, etc., and enjoying themselves.
I mean careers like that (not just Wall St but other fields) are not something most people can take for 30 years either. You aren't exactly working 9-5.
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