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.
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.
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
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
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!
@@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.
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. 😊
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
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?
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 :)
Supercharge your finance career: careerguides.io Get my 'Introduction to Asset Management' 71-Page career guide here: careerguides.io/individual_guide/introduction-to-asset-management Get my 'Introduction to Investment Banking' 100-Page career guide here: careerguides.io/individual_guide/introduction-to-investment-bankin 'Introduction to Sales & Trading' 107-page guide: careerguides.io/individual_guide/introduction-to-sales-and-trading
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.
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!
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
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!
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!
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.
💪🏽👊🏽
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.
🙌🏽🙌🏽
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
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?
I’m 19 and this video really helped me. Keep it up with the content Afzal.
Thanks for watching 💪🏽👊🏽
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.
@@Mrslykid1992 there are jobs where youre earning 250k a year for 4-6 hours of work per day?
Worked out my Junior Analyst salary although good was effectively minimum wage after I was doing 65/70 hours a week.
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. 😊
Great insights and interesting to listen as always. Thanks!
thanks for being so honest!
Thank you
Would you ever talk about quants finance ?
Added to the list 👍🏽
@@AfzalHussein What about family offices? Are they considered high finance?
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
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 :)
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.
Supercharge your finance career: careerguides.io
Get my 'Introduction to Asset Management' 71-Page career guide here: careerguides.io/individual_guide/introduction-to-asset-management
Get my 'Introduction to Investment Banking' 100-Page career guide here: careerguides.io/individual_guide/introduction-to-investment-bankin
'Introduction to Sales & Trading' 107-page guide: careerguides.io/individual_guide/introduction-to-sales-and-trading
Great video. A bit off topic, but could you make a video about your desk setup? That monitor in the background looks very nice.
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.
😊👍🏽
I saw the title and I was like yeah that’s me have to watch it right now 😂
Hahah!
Phenomenal video. Absolutely love it! Very informative and practical. Appreciate it Afzal. S/O all the way from South Africa!💪
🙌🏽🙌🏽🙌🏽
I'm a VP earning $200k , and this is very true.
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!
When are you going to release the next episode of the Industry and your takes on it? Waiting so long its getting frustrating now
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😂
😄
that's why we should leave the UK and never have kids.
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
So when you get Rich just act poor look at warren Buffett
What other finance roles are there but:
Asset management
Sales & trading
Investment banking
very useful financial advice. I'd love to see more videos similar to this
💪🏽👍🏽
Absolute legend
Haha thanks!
This is very amazing thank you, from this I have learnt about the difficulties even when one ears a higher salary
A video on promotion chart of a quant analyst..
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 👍🏽
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!
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
is nottingham a good university if i wana get into IB and thr finance world. can i get into the bulge bracket?
Good vid!
Thanks!
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!
What a video
Thanks!
Love your videos
Thank you 😊
Is 28 too old to get into finance?
It’s too stressful
are you renting or paying a mortgage at the moment ?
Banking is a sales job .
You get it
No u
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
Excellent video!
Thanks!
Making more money does not mean you should spend more