Every student in this room is rethinking their career choice right about now.

@Atombender

5 жыл бұрын

Back to social studies I guess!

@jas7869

5 жыл бұрын

Jacob Sellers I guarantee it!

@TsarOfRuss

4 жыл бұрын

this video explains why rich people hates paying taxes

@mardipring9446

4 жыл бұрын

@LazicStefan lol

@everardorabadan5858

4 жыл бұрын

Not just in that room fam!

"I consider a business card what you put in the ATM" This guy is a beast

@jonnyfranco7

4 жыл бұрын

🤣🤣🤣🤣

I love his "no bullshit" attitude.

@seanhartigan5040

6 жыл бұрын

Eric harrington the dudes fucking legit. Total breath of fresh air!

@Treizez34

6 жыл бұрын

Eric harrington completely agreed. It's like "you either want this or you don't" , unlike some other institutional millionaire traders" selling the dream (who make more from the classes than their trading which allows the dream)

@O.Ez8

6 жыл бұрын

@Treizez34 aka the Instagram traders smh

@alexruksens6374

6 жыл бұрын

Eric harrington I

@chili24137

6 жыл бұрын

He's one of the most arrogant sounding people I've ever listened to.

This is actually fucking hilarious you could hear the students souls leave their body.

@5orgen51

6 жыл бұрын

Just scaring off the weak ones

@Luuxs

3 жыл бұрын

i love how he just has to fight off his laughter in this video :D

@connor5455

2 жыл бұрын

@@5orgen51 scary off anyone who has sense - so much more money to be mad in other fields with way better work life balance. No brainier.

@Harrisao

2 жыл бұрын

A dose of reality kicked in for sure

@EOTA564

2 жыл бұрын

Could be worse, you could be a junior doctor working in the NHS in London.

I think most people who criticize his definition of a "basic" life in Central London are missing the point. He's trying to clarify that while 8.3k a month and 50k bonus is comfortable, it's nowhere near enough to live like Jordan Belfort in Wolf of Wall Street, which is precisely what most people think happens on Wall Street. You're still going to be eating out only a couple nights a week. You're still going to be renting a 700sf apartment. You're still not buying sports cars, and if you do, you won't get the chance to drive it. Most bankers live simple lives. The outliers who misbehave get fired for gross misconduct or washed out. Only once in a couple decades do you get Leo DiCaprio to play out your life on the big screen.

@jeremykannegieer106

5 жыл бұрын

why is this comment not getting more attention?

@OzOz255

5 жыл бұрын

FACTS

@elcapitalista007

5 жыл бұрын

Right~

@thealaskan1635

5 жыл бұрын

You don't get paid compared to New York. I think it's worse there because there's a higher tax bracket there.

@thinhtranba5352

4 жыл бұрын

Where did you get the 8.3k per month? He said you only make at most 40k per year...

moral of the story... not worth it. Farming never looked better.

@freemindboss9945

6 жыл бұрын

Reelworthy are you farming now?

@BMH1965

6 жыл бұрын

Have you tried to buy land! Renting enough land to make a good living is nearly impossible and no-one will sell you enough land to pay a good living from farming. Most farmers are tenant farmers and the very few ultra rich land owners (like Lord Halifax or The Crown Estates for example) make most of the money from land use with zero risk - they get their rent money even if the produce prices are low.

@evanfoulds4091

6 жыл бұрын

I have realised that UK Real Estate is hard to get into due being on a small island. In the US I can get around 10 Acres and a 4 Bed farmhouse for around $350,000 (Inbetween Philly & NYC)

@ONEMANUNITX

6 жыл бұрын

exactly

@paragonrealtyteam4914

6 жыл бұрын

HAHAHA. LOL

If you don't work for yourself, you'll always live on someone else's terms.

@Trazynn

6 жыл бұрын

Exactly. You're a freelancer? You're still the client's bitch. You spend one third of your time acquiring clients, one third dealing with clients, and one third actually doing the work you're paid for.

@user-hx7yi6wx5k

6 жыл бұрын

If you work on your own, you'll always be working for the customers

@t100base

5 жыл бұрын

@decentradical client is not a boss, and you get the full amount of the contract rather than an hourly pay.

@LordTrayus

5 жыл бұрын

decentradical And this is why you will never succeed. You see dealing with clients as a hassle. If you run a business, you are offering a service. The "freedom" comes from having the flexibility to decide HOW you want to offer that service and what YOU think is best for the client as opposed to listening to someone dumber than you but is your boss because he has "seniority." You should be striving to put satisfied smiles on customers' faces. And that in turn should give you satisfaction that you made someone's day better. And in return for that satisfaction, the customer rewards you with currency. Now do you get morons? Absolutely. But by and large, people just want to buy a product or a service to satisfy a need and walk away without feeling cheated.

@manflynil9751

5 жыл бұрын

@@LordTrayus you speak the truth

"If you are going to give up the best days of your life i.e. the 20s, waking up in a dark and coming back in a dark. Working 14 hours per day staring at the algorithm on the computer desk, you should know how much you are getting compensated for that." - Anton Kreil

@jackmiddleton2080

4 жыл бұрын

Without money what else are you going to do? Play video games from 20 to 30.

@iphoneusdsd

4 жыл бұрын

Im a computer nerd, I would love to do that.

@max0x7ba

4 жыл бұрын

@@jackmiddleton2080 You do both.

@ZygimantasA

4 жыл бұрын

@@jackmiddleton2080 I admire people who spend their 20's doing whatever they like. That's why I don't understand why people want to leave their parents' houses at 18 so much and live, voluntarily in poverty.

@jonnyfranco7

4 жыл бұрын

🔥

I love how he slightly giggles after everything he says

@aza1479

4 жыл бұрын

I have holdings in CLX

@sund5

4 жыл бұрын

Clx cant produce the amount people want to buy these Days!! #Corona Virus

@aubrey2233

3 жыл бұрын

he's a sneerer

@uknasa007

3 жыл бұрын

@@aza1479 whats CLX?

Moral of this story: Comfortable and basic lifestyles are subjective terms.

@TheSimpleDudeOne

4 жыл бұрын

moral of this story: most people don't recognize the difference between gross and net.

Dude, I felt my dreams get crushed listening to this guy and I never even wanted to work in finance lol

@delpiso88

2 жыл бұрын

He kept it real

@jonasdauerbrenner6432

9 ай бұрын

dude, dont be. its ruthless out there and if you really want it, you can get it. just like he did.

This guy is loving destroying people’s dreams !! 😂

@BB-zv8tx

4 жыл бұрын

This guy just helped me decide my path with this video. I'll start my undergrad this september and in the first year at my university, you don't really have a major. I thought about getting into either consulting, banking or politics via international relations. banking is definitely off the table and more than forgotten on my side. I've oftentimes heard how shit of a business banking and especially IB is, but I refused to believe it. Now I finally understood why I should not go into banking.

@TroyResuqw6789

3 жыл бұрын

nah he actually did the opposite thing

@joeballer4036

3 жыл бұрын

being an investment banker isn't a noble dream

@laupeter4594

2 жыл бұрын

but most of them will still get a bonus which is non existent in other industries.

@MCorrigan

2 жыл бұрын

@@laupeter4594 but for the amount of time you have to put in to it, is it worth it? You literally give up your life for the bank and don't for one second think you're going to be treated well at junior level. I have known people work in investment banks and it's not a glamorous job. They drive average cars, they life an average life. It's no longer now movies like The Wolf of Wall Street portray it to be. For me, it's simply not worth it. You're better of trading from home if you think you're that good at it.

I watched this in 2020 in the middle of my Finance degree and completely changed my perception on the industry. I now work in Fintech and make ~$80k in my entry level, never work past 6 and have great growth prospects. I hope more people see this and realise there's other paths to work in finance that can be just as lucrative without the modern slavery part

@EagleLogic

Жыл бұрын

How stressful is it? I am nearing the end of my PhD in physics and consider investment banks/hedge funds more and more each day. They seem to suck up a handful of us MS/PhD's from my university each year.

@femiairboy94

Жыл бұрын

It depends on What you mean by stress. For me I consider it a responsibility and it keeps me on my toes mainly because I’m dealing with peoples lifesavings. To others that could be stress, to me that’s responsibility because it pushes me to know more and be better at what I do. I also have a degree in physics, didn’t go past BSc. Now I’ve learnt python and I use that in my day activities. The investment sector is huge and you have to know what part of it works for you.

The take away for me was Well you could but you’d live a basic life.

@flightevolution8132

3 жыл бұрын

Well you clearly weren't listening very well. Is making 200k and working all hours of the day a basic life? Where the hell do you come from

@StupidBadyXD

3 жыл бұрын

FlightEvolution you will be working 70 hours a week, on a little bit more expensive apartment, eating out every now and then. That’s a basic life. He is trying to destroy the perception that people think they will all become like The Wolf in Wallstreet people. Which is not possible.

@theWebWizrd

3 жыл бұрын

@@flightevolution8132 You very obviously were not listening if you managed to not hear the ten times he said "You'd live a basic life" in the video. That was his ENTIRE message. He suggested in the video that at the VP level, you'd be able to save about 1000 pounds a month. That's it. If that's your margin, you are most certainly not living a life in luxury.

@Jameslawz

3 жыл бұрын

I think the point people missed was the perception of traders in the media living this luxury life when in actual fact..."You'd live a basic life" in comparison. Especially if you're living in the city where rates are higher.

you can hear a pin drop in this room

@stuco81

6 жыл бұрын

He's wearing a lapel mic, its not gonna pic up anything in the room.

@Matt-nr5re

6 жыл бұрын

I did not hear it

@Indygoflow1

6 жыл бұрын

What's wrong with 40 gs?

@hugostiglitz6914

6 жыл бұрын

10of Coinz I listened to the vid again and I couldn't hear it!

@rmarques1

6 жыл бұрын

I heard a lot of hopes and dreams being shattered the more he spoke lol

This is a very important lecture that anyone applying at an IB needs to watch so we can weed-out the misguided from the doomed.

Companies have quotas on Managing Directors, similar to how the military has quotas on Generals. No one moves up the ladder until one already on the ladder leaves.

@grahambutler734

4 жыл бұрын

They can bring people in externally as well.

@Jefe_De_Jefes

2 жыл бұрын

@@grahambutler734 it’s very rare. Even being brought in as a VP is very rare. Most people start from the bottom up

hes really getting a kick out of this and who wouldnt

He crushed it. I'm glad I didn't go to IB even though I was offered to go right after my engineering degree completion. I became a structural engineer instead and I thought I was getting peanuts compared to IB guys. BUT, I work 37.5hrs a week. I choose to work on contracts as they pay better. 45/hr typically. Work from anywhere you want, show up occasionally at the office. Get paid about 8k/month gross on contract and do little side jobs, add 1.5-2k typically. So say 9.5k a month. The thing is, I run ltd so I'm able to throw in many expenses into accounting. Smart accountant is important. I end up paying about 5k in taxes at the end of the year. So in theory, I make more than IB, I work less than IB, and I have the choice of working anywhere closer to London but definitely not close to central London because that would kill all of it. I managed to find a gf while doing that (now wife) and started a family. I enjoy spending time with my daughter. I still think IBs make more than he says, otherwise who would sacrifice to work that many hours?

@Robert-pq3sb

Жыл бұрын

What do you study bro

@LordTrayus

10 ай бұрын

It's not necessarily IB that makes good money but rather what you do AFTER IB. Most hedge funds and private equity shops pay upwards of a million if you make it into a middle position (more experienced than entry but not quite management). That usually takes about 10 years or so to attain so you'll be in your mid 30s or early 40s with a 7 figure bank account. Now is it worth the grueling lifestyle? Depends on who you are, I guess. You won't be getting your 20s back. But you get paid for sacrificing your 20s.

I can respect that he is speaking from experience. I much appreciate the honesty . In life , I’ve learned that approaching the world through the leases of realism pays in dividends.

Man, those bags don't lie

Go to school... they said Get good grades... they said Go to university... they said Go work for a bank... they said Get a safe and secure job... they said Work hard... they said Save up money... they said That's risky... they said Buy a house... they said MY LIFE IS A LIE!

@ilparil5236

5 жыл бұрын

exactly

@reprogrammingmind

5 жыл бұрын

Sheep.

@kebman

4 жыл бұрын

Are you still alive, man? Uni grades _can_ be good for you, because _once_ you land a job, it's a bit safer than being without one. If you're an entrepreneur, you'll work ten times harder, but often for less, and with _way_ less security. On the flip-side, entrepreneurs are better equipped to make the best out of a poor situation. So here's my take on grades. I have some. And they've given me access to certain jobs that's made my life simpler. On the other hand, I'm also self-thaught in programming and a few other things. That means whenever I apply for a job - at least here in Norway - I'm auto-rejected from jobs where they require a grade within programming etc - even though I'm good at programming! So should I waste time and money on trying to get into uni to get those programming courses? Well, there's a Catch 22 for ya!

@dcocz3908

4 жыл бұрын

Everything you said is True and what they told me and my friends at school. The real sad part is ... they are still saying the same thing to children today

@tchit8792

4 жыл бұрын

I'm glad I'm realizing this as a high school senior. Probably going to save $320k by going to a school that gives me a full-ride than paying for the "best" school I get into for this lifestyle.

This guy is amazing! Saw him on tha reality show about investors, he made his way by working early with best name in the market.

I'm so glad KZread exists.

This guy is the best realest on the planet .. he’s seen stock market dips deeper than any man alive has seen; I can see it in his eyes. Mans been to war in the markets.

This video should have been screened to all senior students in all universities. Because this is accurate for all majors

I think spending 10-25 hours a week on your own personally managed investments, and holding a regular full time job is the move

I wish there was a lecture like this required by law in every university before students have paid their first tuition fee...wouldn't that be great! That would actually make so many people's lives better. I wish I were given "no bullshit" information at the beginning of my program. I would've never chosen to study that field, but I was cheated like everyone else by a system that is held accountable to absolutely nobody anywhere in the world. Universities in this age are businesses and not concerned with the wellbeing of students or the future of the society. I only see parents nowadays as the last line of defense against these predatory institutions; and the majority of parents are failing to advise their children properly. Filling a child with false hope is as destructive as giving him no hope!

@niro56

5 жыл бұрын

*Filling a child with false hope is much worse than giving him no hope!*

@eskimoto4417

5 жыл бұрын

Dude you're Muslim they teach you that in the Koran off the first page

@gustavocarvalho1346

5 жыл бұрын

@@eskimoto4417 lol

@veritasabsoluta4285

3 жыл бұрын

@@eskimoto4417 LMAO

@tspmh9127

Жыл бұрын

If you apply for a FA position and don't even know the basics of tax, cashflow, living cost, understanding of contract, etc. then I am wondering what curriculum you get in your studies.

If you’re gonna work 80 hours a week for ten years, pick a nicer city than London

@whotube88

3 жыл бұрын

Literally the best city for a 70 hour week job if you can afford it.

@slicklol

3 жыл бұрын

@@whotube88 the weather is amazing /s

@DeuPKay

3 жыл бұрын

@@whotube88 Literally isn't.

@Fluid36

3 жыл бұрын

Who cares about the weather when you are working 70hrs a week?

@bimble205

3 жыл бұрын

Why do they work 70hrs a week and how is that even legal. Most I've ever worked is 40hrs.

People and the media have confused investment banking with private equity. IB is incredibly unsexy, filled with long hours and basic takes such as powerpoint creation. PE is slow but the cash is far and above better when you hit it big.

2008 killed IB. Tech is where the money is now.

@dr.elias.machinelearningde1809

4 жыл бұрын

I make between 10k - 12k per month in the last 8 years or so. Im 39 now and work as a freelancer. I don't even have a car nor do I own a house lol.

@eriklofgren9087

4 жыл бұрын

You are absolutly right!

@ZygimantasA

4 жыл бұрын

Tech requires investment. Tech companies still go public. M&A's still happen every month. So, Investment banks are always relevant, however, it's not as sweet as people think. Same with corporate law.

@MrJason005

4 жыл бұрын

Tech is where the money is *for now*

@TroyResuqw6789

3 жыл бұрын

it's actually the same thing. Being a tech developer is as hard as an IB. unless you start your own business.

Thank you for this free lecture/seminar. Way ahead of time.

This guy always looks sleep deprived lol

@Blashmack

5 жыл бұрын

Banking hours leaves a mark on ya

@elliotrose8836

5 жыл бұрын

vaguevoices Definitely ! I don't think I could handle it ahaha

@sonnykilgallon825

5 жыл бұрын

Exactly. The money is only one aspect and it isn't worth giving your life and soul for.

@juanyamirespinoza6990

5 жыл бұрын

@Anon Gambler good luck being homeless and souless

@pengo2007

5 жыл бұрын

@@Blashmack cocaine leaves a mark on you.

I went for a trading job once in the city! I was only 20 or so! I got there early and they were impressed I took the interview seriously in a suit! But I walked out and the queue was unbelievable. They almost needed the Police to shepherd them for a Saturday morning interview! Unreal!!!

And then you get there, at 40, you look back on your life sat behind a desk for 70/80/90 hours a week, with some potentially hansome zero's in your bank account and realise that time is the most precious commodity you have and you have wasted it trying to gain something material, sacrificing yourself to lubricate the inner workings of the capitalist machine. Come your day of judgement, how important is your brand new BMW x5 going to be? your wee mansion in suburbia? All you will think about is your loved ones and favourite memories, which btw, Bob your gardner, who worked 35 hours a week had plenty of time to make, because he knew the true value of life. Bobs not all that stupid after all.

@O.Ez8

6 жыл бұрын

Yeah the hours just don't match up. Your practically giving up a huge portion of your life for $ (which is the reality some ppl face)

@L0nd0n14

6 жыл бұрын

I agree however I would rather do it working for myself than making a company money like a slave.

@JohnDoe-fg9ng

6 жыл бұрын

Some people enjoy being at the top and working nonstop and would get deathly bored working 40 hours a week, it's just personal choice.

@ML-gg5ij

6 жыл бұрын

Bob's my uncle.

@DewTime

6 жыл бұрын

Spartacus the fallacy you make is you think people who chase money are chasing material goods. There is so much more you can buy with money. It provides you with a level of security for your future livelihood, and that of your spouse, children, and grandchildren. Perhaps there’s a couple of charities you feel strongly about and you know the best way to help them out is to acquire as much money as possible so you can donate to them. Perhaps one day the world will end and Elon musk can take people to mars to escape but there’s only enough time to take 1% of the population. Then you will be wishing you had millions of dollars in the bank.

Some say he still hasn’t slept since his contract started

@lordmacaulay8739

2 жыл бұрын

😂

"I have to go return some video tapes ".

@NotShowingOff

4 жыл бұрын

Gabe Night that’s only because his father owns the investment bank.

Thank you for posting this video it really puts things into perspective 10,000 qualified people for each vacancy

"oi m8 ya got a loisence for that money?"

@Chironex_Fleckeri

3 жыл бұрын

The absolute state of Bongland

Love this bloke. Brutal honesty, love that!

Clearly you are not selling dream here. Good work. Honestly is still the best policy

Let's start a charity for these poor bankers not able to get a good meal everyday.

@pandora8478

5 жыл бұрын

The bankers in the UK got bailed out by tax payer after the 2008 crash. A lot of ordinary people suffered bc of austerity.

@danCK1990

4 жыл бұрын

Charity is exactly what we bankers need when the government does not create jobs, ship existing ones outside, force out liquidity from the economy forcefully, increase taxes without creating new lines of income and opportunities for the economy. We bankers definetly are the filth trying to sell an economy without industries, push out money where there are virtually no opportunities. Oh yes I forgot we filthy bankers also push around financial products where your savings are saved from worthless tax policies created by righteous and altruistic politicians who have only your best interest.... You are right we deserve charity because we are scum right!

@lordmacaulay8739

2 жыл бұрын

😂

£175k in central London a basic life?! Is this guy washing his hands in Moët

@aitorjara100

5 жыл бұрын

But you gotta admit his swag level is over 9000.

@tylerdurden786

5 жыл бұрын

Yeah at that point I stopped listening.

@erickane8163

5 жыл бұрын

@Guy Pie bro I'm 24k a year in Stockholm central and I do warehouse work at 18, 194k a year is unfathomably lavish lifestyle Taxes are higher and it's one of the most expensive cities on earth to live in and I'm doing it just a bit over UK minimum wage

@Smithy250

5 жыл бұрын

@@xectia he's saying that that much money can afford a very lavish lifestyle. He earns 24k

@PianoWithAlex

5 жыл бұрын

If you have a family then yeah you will live a basic life on £175k in central London, even if it is just one kid

It's like starting out as a YTS in the Conference South Football league on 100 quid a week, but where you really want to be is the Premiership on 100K a week. But like Anton says the probability of getting there gives you a P number of

@timeandmoney84

3 жыл бұрын

Great analogy. Football is exactly the same

I've seen this video more times than I can count but always rewatch it when it comes up as suggested - there's something so gripping about it, the level of control he has over the room, the silence of the students. (coming from someone who is in the industry)

The amount of times he says "you'll live a basic life" really hits home 🤦🏼‍♂️

If the players would get it through their heads to do their jobs "remotely", like Branson does, then the playing field levels out.

Yep, these talks inspired me to pursue my own business . Control my hours and effort .

Back in the day all my cousins who went to top unis made fun of my cousin who immigrated here at a young age and decided to drop out of secondary and work. The drop out worked hard and didn’t compare himself to no one. His boss died and gave him 100% ownership of his business which I cant disclose. He is 33 with over 3 million in the bank. The uni grads are working but they live an average life. Life has no plan. You literally cannot predict what your future will be.

Always look at it by pay per hours worked. You can get paid 120k a year but if you’re working 80 hour work weeks you’re doing just as well as 60k a year with normal work weeks. Actually worse since 120k puts you in a higher tax bracket and you’re sacrificing social life and leisure for every hour you work over 40/week.

Damn this guy is good, this should be shared with other undergrads. Very informative and surprising!

gross starting salary is 50-55k now excluding bonus , although everything here may still apply considering cost of living/rent changes

@James_36

4 ай бұрын

you still have to live in central london

£50k is way more than enough as a young person in central London. Flatsharing is one of the best bits about being your 20s, and a reeaally nice (for 20-something standards) one in Zone 1 would be no more than £1500pppm. You'd have enough left over for hols, going out, nice food and savings. If you have a good group of friends and enjoy your job, you can live happily in London for a hell of a lot less than an investment banker. That said, if you surround yourself with big spenders and are desperate to keep up with their lifestyle it's a different story.

@desfefe

2 жыл бұрын

I think what he defines as the basic lifestyle is just to explain to people that on those terms you won't live the flash life with loads of money that people portray IB to be, such as buying ferraris etc.

I think what he is saying is true. Ive seen for myself what financial analysts get. I have spoken to one who has about 6 or 7 years in the industry and surprised he still has to plan hard and compromise on a few things.

Thank you for this inspirational speech !

Amazing presentation! Thank you!

The younger generation kept talking about the eye instead of focusing on the message .... This guy has lived the life

@BurritoSenor

2 жыл бұрын

And he's not even 40

@laupeter4594

2 жыл бұрын

lol how has he lived a life when he only sees darkness going to and fro for work everyday? maybe he THINKS he has lived a life thats what

@xorealslowmd

2 жыл бұрын

@@laupeter4594 we are talking about life of an investment banker, something he clearly is very aware of

I would love to see the breakdown for politicians. So many public servants that become millionaires whilst in office, it's rather amazing..

Agree with everything he's saying and always says, apart from commuting to central London from outside London by 6am, I've done it many times. Touch and go though..

You are a very effective speaker. God bless you...

he really told something useful, general people will not know about all these.

I would rather work in a bank working 70+ hrs than a min wage job

A big challenge for most people is they enter into an industry when it's past it's boom stage (and only enter into it because of the presumed riches). As Anton mentions, they follow the press and then the graduating cohorts enter into a high profile industry en mass: a manifestation of herd mentality. It's much harder to follow your interest (or to actually have one) that most people don't pay attention to. It turns out that is a better bet.

#s are pretty accurate when I was a jr. MD... can make more in tech. probability to go from associate to MD was higher if you stick with it and source and close deals - 25%. job was fun and hours drop to 60 hours/week since VPs+associates+analysts pull the long hours. But have to always be available - always. Vacation, dinner, midnight - doesn’t matter.

Wish he had touched on the wild hours especially for analysts/associates. Also, I think he should have addressed that a lot of junior level bankers go to a PE or VC fund after a few years.

@CampCucumber

3 жыл бұрын

Traders do not go work for PE/VC

@connor5455

2 жыл бұрын

They don’t they go to hedge funds primarily

Cor bet he’s fun at parties

That was a very sobering analysis for anybody who uses the term "Wall Street Bankers" in the pejorative.

I earned £17k a year as a first year legal trainee in Edinburgh in the mid 00s (a fair bit higher than the Law Society recommended minimum at the time). Edinburgh is actually more expensive than London on wages to cost of living ratio. I was taking home just over £1,000 net a month. I lived with friends in a share flat. I definitely wasn’t living it large but it actually seemed like a lot of money after being a broke student for 5 years! Maybe the most elite graduates expect to walk into a high paying entry level job but the rest of us are lucky just to find a graduate position and grind it out for a few years.

Some 2 beds in the new high rises in Canary Wharf go for less than £3k/month (with onsite cinemas!), £8,3K/month is certainly not a "basic" life.

I have done this - he is broadly correct. At the end of the two years, despite being relatively thrifty, having no life, being miserable and sleep deprived, I had made a few thousand. Not anywhere near enough to get a deposit on a flat. It is true that whilst you do need to live close to the office and after tax, in a progressive tax system, it's not a lot of money i.e. most grads get paid about around 30k out of uni and the difference between that and 45k after increased overheads living in central London, costs of suits, shoes wearing out from 14 hour a day wear and tear, there's minimal difference in the salaries. It's an unpleasant job and only a minority stay - the exits can be pretty good though for some people sometimes. He is exaggerating the numbers somewhat to make his points, but not as much as other commentators suggest.

@desfefe

2 жыл бұрын

Think by doing that he is also decreasing the competition on the job market, which basically means a lower supply of applicants.

incredibly valuable insight, thank you

Thank you, it was very interesting!

I just clicked because looking from my KZread homepage, he looked like the real-life version of Gordon Gekko.

That face looks like he lives in central London

@mrmurphypiers1241

4 жыл бұрын

No he lives in Singapore

The whole point of living in Central London at that age is to have fun, go out and do stuff, basically slightly extend your student years if you choose to. It's just a total waste having f--k all money to show for a 70 hour week - and not even in a permanent job. Yes, you can buy that BMW. Not only do you have no time to drive it, in Central London there is NO POINT in driving it. You just don't need it, there's nowhere to park it and the sort of accommodation that has parking will break bank even further. At that age and stage of your career, you can have much better conditions and WLB just doing something else. If you're smart enough to make the cut for an investment bank then you really can do just about anything. I know someone who had it all. Three year Cambridge degree, got a prestigious City job at an investment bank and was a trader for about three years. Burned out. He actually took a postgraduate medical course and is now a consultant gastroenterologist earning more than he ever did in his City analyst role, isn't locked in by stocks and penalties, and not to mention he now lives well away from London and has a stellar quality of life.

Obsess over listening to the truth! Thanks for uploading this video

Do not agree that it’s impossible to live in the city on 40k a year. No-one actually lives in the city of London. Majority of young professionals in all industries live in Zone 2 bear tube lines and train stations. I can make it into the city in 20 minutes from my Zone 2 flat. Depends entirely also on your lifestyle. If you are a member at the NED, you eat in the Dorchester, and go to Mayfair clubs every Friday and live the true trader London lifestyle then yeah even 100k a year wouldn’t cut it. But a lot of young professionals in the city or London in general don’t do that. Point is you absolutely can like on 40k a year in London.

@TlsChris

4 жыл бұрын

So you choose to completely ignore the bit where he says we need to be in the office by 6 in the morning? What time are we going to leave the house? 5 am? Wake up at 4? Sleep when? I get off at 10 on a very very good day.

I think that working for a few years in an IB isn't to bad because you'll make connections and learn a lot about how the industry and basically the world works. That information is invaluable when trading stocks and if you're planning to start your own business. The main problem with these jobs is where you have to live. The long hours means you need to live in the CBD, whereas if you lived even 15 mins away from the CBD the rent and house prices drop significantly, which makes life so much easier. I really think the bands should partner with some of the real estate companies to get rents for bankers (year 1-6) reduced, assuring that the apartments will always have someone renting it.

@MrSkellzer

5 ай бұрын

Investment banking doesn’t really translate to trading stock

Thank you for sharing bro

Loved the reassuring smirk at the end 🤣💰

I glad I stuck with the plumbing now!

"The perception of what people get paid and what ends up in their pockets is totally misguided" totally true. I am in computer sciences and when i was studying for me 40k€ (gross )was big and today when i earning it it is nothing.. the rent of the appart is half my net salary...

@dlogic6781

3 жыл бұрын

Yea tell me about it. I got a 5k raise with a new IT position (65k US) and i can barley survive on it and 5k increase only gave me 100$ extra after taxes a paycheck...

@updaet6870

2 жыл бұрын

Then you are just irresponsible if you spend half of it

@emie3403

2 жыл бұрын

@@updaet6870 no. The problem is: The high paying jobs are mostly in very expensive cities - Especially in the US

@jacekcierpiszewski

2 жыл бұрын

Dude 40k€ a month is very good money. I

@drcola143

Жыл бұрын

@@jacekcierpiszewski it’s a year

Eye opening show. So, I will stick to my job. It’s far better!

You're looking good in this video Anton

Wow. And there was I, jealous of the haves and me being the have not. All I can do is thank this gentleman for explaining the miserable life of the ' wannabe '.

This makes me appreciate my job a lot more. I have a higher apprenticeship with a major engineering firm and the starting salary for me is 18k, with the first year only being in study - a majority of the time doing nothing. End salary of 40k, in a 37 hour week, in 4 years with management roles available depending on performance obviously. Investment bank trading sounds like modern slavery.

@zeez9650

5 жыл бұрын

palacefloor not too bad i take a ped to work still live at home saved 115k in 3 years so far. If you live like a student and most your friends are broke then you can easily save

@GonzoTehGreat

5 жыл бұрын

You also get a bonus! Your work is actually productive.

@samtavoosian3059

Жыл бұрын

Getting any job is a form of slavery anyway

@alejandrolacosta5752

Жыл бұрын

as long as you are an employee, you are a slave.

6:50 You can absolutely live in central London for 50k. Rent is about 1.5k a month and another 1k for food and leisure. It amounts to about 30k a year and you save about 20k.

Working for 40-50k for 2 years isn’t that bad. I mean in most jobs you don’t earn a lot in the beginning. As an Associate you earn pretty good already. And in just 5 more years you are Executive Director with a very good salary. So if everything goes well you are on a 200k salary + bonuses with 30. And here you have the possibility to get even more promotions. I don’t see the salary as a problem, because you will still earn a lot more then the average. The bigger Problem is probably the Work-Life-Balance.

The information is good but he shouldn't keep banging on about living a basic life. You can live in central london even at £25k a year, just basic. But at £40k-200k, it's definitely not basic. The only thing worth noting about being a trader is the hours you work. If you are working 70 hours a week earning £200k a year, it's the same as someone working the standard 40 hours a week earning £100k a year in terms of your hourly wage. Compared to most people, you are losing 30 hours a week for a good number of years of your life, if that's worth it to you.

@Yeetmcyeets

5 жыл бұрын

You're thinking to small then. Those who are wealthy and those who aren't truly have different mindsets. It is a basic life.

@LaidbackLuc9

4 жыл бұрын

Don’t forget there is lifestyle inflation at work here as well. When you’re surrounded by colleagues who are millionaires and any after-work drink ends up with either champagne or whisky, the £40-£80k gets down to 0 really fast. Not even factoring in the ‘conveniences’ from having a >80h workweek. Think of take-out food, Ubers, cabs, tips and coffee on the go. It is not really comparable to a retail worker earning £24-£30k.

@jackmiddleton2080

4 жыл бұрын

I think when you are the type of person that pursues finance you consider basic to be anything that doesn't impress people.

@xarmanhsh2981

2 жыл бұрын

@@LaidbackLuc9 damn i would literally prefer a lobotomy to that life

50k for central London is moreee than enough to live a really comfortable life!! And I genuinely mean zone 1, money for outings, holidays, etc. If you can’t live in London for nearly 3.8k net a month as a post-grad, you don’t have an income problem, you’ve got a spending problem.

@gulshindergaddu6273

11 ай бұрын

Late response here but I think the issue is first taxes and student loans will eat around 1/3 of the £50K immediately. Then you've got to live in Central London due to the long hours which is quite expensive. Assuming things like standard living costs, vacations, going out and feel good purchases (which you will likely make to cope with everything), you won't have saved anywhere near as much as you think you will especially compared to popular conceptions.

Thank you for speaking the truth kreil

Majority of people live in the suburbs and commute in so of cour 8k is liveable!

You can absolutely live in central London on 50K. I managed on 29K when I first moved to Earl's Court renting a room for £800 just a few years ago.

@emie3403

2 жыл бұрын

800£ will get you a really tiny shoebox today. Unless you have some relations it's almost impossible to find a decent flat in London for

@mxbx307

2 жыл бұрын

Earl's Court isn't Central London, for one thing. And secondly £800 out there is either a total bargain or you're asking what the catch is.

These numbers changed a lot over the pandemic. 1st year grads start at 125k now. Usually bonus 100%. Also, pay in NYC is way better than in London.

@djurius

2 жыл бұрын

because there's been massive inflation?

This makes my old oil field engineering job sound pretty good.

I think he is amazing!!! Going to pass it on.Thanks for making me aware as I reckon my partner doesn't know his stuff.

8300 a month plus 50k bonus, you can have a nice life in central London. I live in central London on a lot less, this guy is the king of FUD 🤣🤣🤣

@jacklong6509

6 жыл бұрын

he means you cant live a life thats worth giving up all your 20s for

@mattemeny2606

5 жыл бұрын

You obviously have low aspersions. That’s ok mate. Not everyone can reach for the stars. Park my car and I’ll give you a 5 quid tip. Good boy

@albiebaggins8644

5 жыл бұрын

You bell pieces don't know the difference in lifestyle between a trader and someone in IBD😂

@seanknowles4769

4 жыл бұрын

I see real wealth in mayfair. He is right. A nice Two bedroom apartment in central london rented is around 3.5 - 4k per month. Eating out in top restaurants 300 - 500 per meal. Owning a Bentley or rolls... expensive. Nice skiing holiday 10K. Anything less is basic.

@igortusca637

3 жыл бұрын

@@mattemeny2606 Low aspersions ? Good one you uncultured swine.

First off, if you really care about money, go to Hong Kong/Singapore. Secondly, investment banking is still incredibly prestigious in terms of exit opportunities, and will give you better chance to be successful in life. A 2-year analyst program at a BB will benefit you more than any possible job you can think of upon graduation. After that, so many doors will be open to you it's ridiculous. Source: first-hand experience and observing the life trajectory of peers.

@antonmsk3401

6 жыл бұрын

why is hk / sg better? less tax?

@LeveragedFinance

6 жыл бұрын

Anton Marusenko I think a little bit more pay, less income tax if not same amount of total pay. Cost for living is 95% of NYC. Alcohol is taxed heavily so if you are not a big drinker it's a good place. Main benefits are kind people in Singapore and the amazing weather all year round. Also Singapore's very clean. Hk on the other hand is super crowded and filled with rude people.

@ulticlaw123

6 жыл бұрын

I'm in BB IBD in HK and tax is 16% across all brackets. Base salary is the same as NY, we get free housing on top of that, and bonus is on par or slightly better than NYC/London

@user-by1sm4mt1i

6 жыл бұрын

I'm interested in working in IB, would you like to share your work experience? By the way I'm also applying internship to Singapore

@MrTimmywizzle

6 жыл бұрын

What kind of exit opportunities do you guys get? I interviewed and IB analyst a few months back and I wasn't impressed. Best guys I've seen are the ex-consultants.

So glad i watched these videos. M&A or trading is the only way to go.

@dimitriosglous4156

3 жыл бұрын

But it’s even harder to land

I really like this guy’s cool composure.