Hey all, sorry but I realized that my explanation of taxes is a bit misleading and I don't want to / never intended to spread misinformation. Here's a post from a reddit user about how bonuses are taxed: "Roughly, every time you get a check from your employer, there's withholding as if that was your normal weekly paycheck. So, if you usually make 80k a year, your paycheck is $1540 a week, and taxes are taken out according to what's appropriate for that pay. But, when you get a big $5k check, withholding is taken out as if you make $260k a year. The formula doesn't know if it's a one time bonus or your first check after a raise. It's a little more complicated in practice, but, basically that's what's going on. When you file your return, you'll get the appropriate refund." Like the above says, that's what's roughly going on but the actual specifics are probably a bit different. I'm not a tax expert so can't really explain it well myself. But anyway, what I didn't include in my video was about a $10K tax refund which I just totally forgot to mention though I don't think it really affected what I was spending each month. Didn't realize this video would blow up and I apologize for spreading misinformation and hope this helps clarify things. Many others in the comment have brought it up as well - thank you all for bringing it up to my attention!
I love how the younger generation is more open about this stuff. It’s so nice seeing that there are more people open to the work hard play hard lifestyle. Great video man!
In Norway all tax records are public, for EVERYONE. So if i want to know how much my friends of neighbour earn, i can just search it up. Not only personal taxes, but companys also have to have their budgets public.
Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.
Most people either do not understand the power of compound interest, or are just impatient. For the average Joe, however. I think it is just best to invest in the S&P 500, and just wait, which is reliable, albeit extremely long-lots of years. Or just use a professional analyst and speed up wealth creation. Most people underestimate the power of the latter
You're absolutely right about the power of compound interest and the long-term potential of investing in index funds like the S&P 500. For many, passive investing in broadly diversified funds can be a reliable strategy over time.
Employing a professional financial analyst or advisor can certainly add value by offering tailored advice, portfolio diversification, risk management, and timely insights. Their expertise can potentially speed up wealth creation and navigate market complexities, but it's important to choose someone reputable and consider their fees, as they can impact your overall returns.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash I invested the money using an analyst, and in seven months, I raked in almost $673,000
I'm actually interested in this idea of investing through an analyst. Sounds like the most sensible thing to do in the market right now. Could you give me a pointer to who you work with, please?
As a kid I remember thinking that everyone kept 100% of the money they made. But I remembered that notion changed real fast when I got I my first job, I was like wow taxes are real lmao
Don't worry, the government is using it for good things! Trust. It's helping the poor, the children, the weak, the undefended, the voiceless... the 99%... because the corporate press is holding them to account ✊✊✊ #progress
I got my first pay check last week that I thought was $600, but after taxes and junk it was a lil over $500 :( I can't imagine what it will look like after my investment trading
It is important to remember that a bonus gets taxed *significantly* higher than standard pay -- to the tune of 40-45%. Thus, it goes without saying that earning a base salary of 155k with zero bonus would be inifinitely preferred over this compensation structure.
@@matthewpiazza3608 No it would only get you paid sooner not more. As Callum mentioned earlier in the thread, the tax return would eventually even up the differences. But you're right, you'd much rather have a base-heavy compensation structure ceteris paribus.
@@chuxiaoman411 From all my research (ie not a lot - my first time in my career I will be getting a bonus is this year) - I am finding that bonuses are withheld at a "supplemental income" rate that is around 20-25% and not taxed as additional yearly income (probably comes back in tax returns). Is this true? @Daniel Barry as well just looking for some advice on my first ever bonus!!
Travel is an investment in life. You have one life to live and travel will leave you with experiences that will last till your final breath. I think you have a very healthy balance in your expenditures. Best of luck in your future endeavors!
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Before making any investment decisions, clearly define your financial goals. Are you looking for long-term wealth accumulation, income generation, or a mix of both? Your goals will influence your investment strategy.
Stay informed about the investment options you're considering. This includes understanding the basics of the stock market, different investment vehicles, and any specific industries or sectors you're interested in.Jenny Pamogas Canaya That’s my licesed Financial advisor you can easily look her up, Thank me later!
@@Seven3o5 it is easy to say that "these people get paid too much." I never made that much money in my life but I am sure I will be pissed to see half of my money taken away.
@Daniel Christian Some weeks ago scammers took over $77,000 from me which led me to a point of frustration as it was my savings, I'm glad I came across micheal marcus through a friend and in weeks he helped me recover it and still trading with him hoping to earn more
I mean, he is making a lot, but yea overall, his spending is reasonable. Nothing like, "You don't need to buy food outside! All the nutrients you would need are located in the trees in your area!"
IN FOREX/CRYPTOCURRENCY INVESTMENT YOUR FAILURE CANT BE INSURED, AND YOUR SUCCESS ALSO CAN'T BE GUARANTEED UNTILL YOU GOT AN EXPERT TRADER WHO'S A PROFESSIONAL IN THAT VERY FIELD
Success is always a secret, we are hearing people talking greatly about it but they are not willing to expose it to us how they make all these huge profits from trading everytime.
I want to specially commend you on how you simplified this presentation. The spreadsheet, the tax element and the expense lines couldn't have been done better. nice one.
I like what you said it's much more about how much you make 10, 15 or 20 years down the line. Some career paths pay a lot more at the start, but flat lines quickly. Others start off slow, but builds up drastically over time! The long term is the only thing that matters!
The humility on this guy. My favorite part of this video came at (8:50), the fact that he’s conscientious to understand that thousands of people would quickly take his job if offered… he appreciates his position. This guy could go be dumb with his money, buy a Lambo and make it rain at strip club and he’d still be more efficient than pro athletes. I like his honesty and humility. This is how you win over subscribers. Great video! RUclips algorithm is working for a change.
I have so much respect for you and explaining that although your gross pay was $155k, most people forget how tax brackets work and they basically tax half your income the more money you make.
"Thank you" isn't a a strong enough word to describe how appreciate I am, but thank you for being so open about your finances and sharing your experience. It's so rare to see, yet so very helpful. Again, thank you.
Seems like he's not planning to return to corporate at all. You usually get fired if you share how much you make. That's some bridge burnt right there.
@@sophiawang2108 idk, think thats ok but think that might impact your future salary negotiation if they know your past income. But if they want you, why not..
Even though your bonuses were taxed at the top marginal rate, you should have got a good amount of money back from ur tax refund. Since that wasn’t ur actual income for the year.
The neat sectioning and on point breakdown is telling of your background as an analyst and powerpoint/excel monkey haha (I mean the monkey part in the nicest way possible, I also work in consulting and people seem to have this glamorized perception of how our jobs are when the reality is this lol). I agree with you on the travelling part, from a frugality perspective, the money could've been kept aside as savings, but those memories you made in those 8 months is time no one can take away from you, I'm sure you grew significantly as a person during those 8 months. Good luck with your other ventures dude!
You can still buy ETFs without pre-approval. I work in banking, have changed 2 banks by now and both have ETFs out of scope for Compliance. Even if you are an insider , you can't trade on insider information for a whole index, so it makes sense to buy ETFs. They are much safer than crypto and they bring you 7%-9% annually.
It sounds like there was something weird about the company tax-withholding strategy. Not a tax advisor, but I've always thought tax rates were for any income earned over the entire year. I'd expect that you'd receive a fat tax-refund check come the end of that tax year of about 10k. Unless you had other substantial income sources that would push you up a tax bracket.
Yeah - the withholding on his bonus was very high, meaning a lot of that would be coming back in a refund. At least 5-7k. I think he should've included the tax refund in here, since it was not trivial.
@@mar_man813 this is bc he was “salary plus”. Workers who make strictly commission or salary pay a more fair tax rate. However, if you make a salary, and get a bonus, you will pay what’s called ‘gift tax’ which can vary from 40%-50%
@@aliasname2257 Not true. I worked in mgmt consulting and finance. Bonuses can range from 20-100% of base, but are taxed at ordinary income. It may appear the tax rate is higher on the bonus, mainly because the automated tax software will withhold more since it assumes you're now in a higher tax bracket. It's definitively NOT a gift tax.
@@mar_man813 he mentioned in the video that the bonus is paid in one month. Why is the bonus taxed as regular income instead of the flat 22% federal tax for supplemental income?
I like this guy already. Going from Corporate Global Marketing to entrepreneur, I completely relate as day-to-day life feels richer and more passionate. Subscribed.
I had a college buddy that was in the same boat. Made 300k+ at age 25 right outta grad school working for JPM. He just took six months off after working there for almost two years and traveled the world.
@Martin F I think you’re missing many variables in coming to that conclusion. It also sounds like the conclusion from someone lacking in as much upward income mobility since the prospect of a vacation during a transition phase would result in being “poor”. Those that start in IB are similar to Law Clerks in that you pay your dues before moving up to a partner or Portfolio Management type role as an example. People in these circumstances do not live paycheck to paycheck. As a point of reference, this friend made more trading cyclical companies during the pandemic as a sort of passive income then any travel cost him.
Its tough only making $4,500/month no matter what these days. Also $30K bonus can go quick. Good to see you are growing your RUclips channel I think that has massive potential to pay you out over time..keep it up my man
Not everyone has their financial freedom so well sorted out, With everything going on, there are lots of turbulences in both stock and crypto market. I'm all about low risks investments.
Achieving higher returns in stocks isn’t an easy task, I've been diving deep into stock options. I've invested in stocks for long term growth, but now getting into scalping options.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
@@lucianoboccedi True, we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?
Thank you for this tip. it was easy to find Eleanor Annette your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The real secret of building wealth is by having multiple streams of income, that's includes both online and offline investments. If you don't find a way to make money while you sleep, you are fated to die working.
I’m 19 studying Law 2nd year,just hearing how you manage your money and your grind is motivating me to finish and get my first Bag .Love from 🇿🇦 You just got a new Sub bro.
Awesome video! Spending money on unique experiences (travel, concerts etc ) is definitely worth it and things you learn and see along the way are invaluable. I’m just a bit shocked at how much you paid for rent for a living room haha but I guess that makes sense in SF. Can’t wait for your next vid!
Appreciated your insight. Too be so young very inspirational. Don't change please and become all commercialized or over the top. You explain things so simply everyone can understand. Keep shining and following your dreams! 🌟🌟
$1050 a month on food, groceries, and alcohol is a lot for someone just starting out with no dependents and dinner covered 4 days a week. Looks like an asset allocation problem to me. You blew all your “models and bottles” money on cheap alcohol and going out to eat.
Your base salary is lower than mine, but those bonusses is what makes it worth working there, by net salary incl. bonus you earn more than I do. Well done👏🏽
Thanks for the perspective. I also work for an annual bonus but not nearly as hard as investment bankers work (I work in tech) and it makes me feel very fortunate to be doing 50-60 hours a week for a bit less money than you were earning in 60-80. I'd go insane. Quick question for you though - how much of that work that you actually do could be shaved off if you were working more efficiently? Certainly people could do the same job in less than 50 if they were good enough at it - would it just result in a negative outlook by your peers since you aren't working as 'hard' as them?
Congratulations! I work for JPMorgan as VP of investments, financial advisor. Retail/wealth management balance is quite good as long as your growing your managed booked of business then you earn more. Thanks for the info
Just came across your channel. I had the same epiphany you mentioned at the end of the video - You're fortunate enough to make 6-figures at a young age and realise if your money grows 10-20k per year and chase promotions (more if you're in IB), it doesn't materially change your lifestyle/happiness so going from $100k to $150k isn't a big deal (unless you weren't earning that money, from the outside it would sound like alot and afford a better lifestyle). BUT you pursuing your asthetics clothing brand / rareliquid and the other complementary skillsets you've picked up whilst working on different things is definitely more rewarding and keeps you learning, doesn't it?
Really enjoyed this video. You have a cool/meek personality and Thought you Did a great job walking us through your journey and telling your story! Got my sub bro!
Even with that tax rate, it still seems a great bonus for someone at the start of their career. How much would you be earning with another decade of experience? As an Architect with almost 15 years experience post qualification (5 year degree at MIT + 2 years of professional exams) and managing a team of 15, I've only just reached a salary $120,000 a year in central New York. Usual working week around 60 hours, no overtime pay but a ~5-10% bonus.
Is that pre-tax? I know a senior engineer who was managing a team of 20+ in one of the biggest telecommunication companies in Australia making only around $100,000 a year. And this is roughly a bit less than what a Doctor makes here.
Bro you are an Architect. Nothing you do makes your clients any money. Investment bankers make millions for their clients so they get compensated accordingly.
I know this is an old comment but: if you stuck to IB for ~10 years, you would end up at more senior ranks & likely salaried around $500k + $250k in bonuses (so long as you consistently pushed for raises or applied to higher positions at other companies). If you did the same jump to PE or hedge funds like a lot of IB guys, you could easily reach the ranks of senior associate, MD, principal, etc. and be salaried around $700k-800k with potentially millions in carried interest
@@Viipxz Yeah I love and hate these types of videos because it makes it seem like investment bankers don't make bread when they do, The growth in income after every year is nuts, not even counting if you invest the money you make after your first 2 years into real estate you could be living really well and retire early 30s with insane income for doing nothing after
Not sure about some of you but I work at back office and I am one of your typical "do more, talk less" that kind of employee. I dont get involved with my team much but just working and my salary only raised a little to keep up inflation and bonus pretty much stayed the same. so it is real that working hard alone is not enough. if kissing butt is your thing, go for it
I find the idea that you can't invest (even though it's your job title) baffling! Is it to prevent you from getting a head-start over others with insider knowledge, etc? What stops you from doing it anyway? That $15,000 spent travelling will have been well worth it in the long haul. I think most people would do that if they had time/money.
investment bankers don't actually invest haha they advice companies on equity / debt / M&A transactions so the title is a bit of a misnomer. not really sure why they're called investment bankers haha as a banker you usually have access to non public material information and that's why banks make you approve each trade and thank you! spending the money to travel was definitely worth it looking back
BRUH! I love your Channel! all the way from South Africa. Please keep it as balanced as you have, not too much focus on banking alone but your businesses, crypto. You have a SUB!
After being with JPM for 4 years and being one of the top performers amongst my market I was disappointed to never been given the opportunity to be an intern for IB in San Francisco after applying 3 years in a row as an employee and maintaining a high GPA
@@moniqueponet6586 IB = Investment Banking. Do good in high school, take AP classes, and study for the SAT. Then go to a good target school and kill it with your GPA and join finance clubs. JP Morgan is one of the best investment banks out there but I’d say Goldman Sachs or Morgan Stanley are one of the well-known firms for investment banking. After IB, apply to a venture capital firm or private equity firm or save your $120k+ earnings to go to a top 10 MBA school where you can make $300K+ afterwards working 60-70hr weeks (which is nothing compared to the hours you’ll work as an investment banker). Easier said than done. I’ve tried until I realized there’s more to life than working 80+ hour weeks. You won’t get your 20’s back but it’s about sacrifice if you want financial freedom. Does driving a Mercedes and eating at high-end restaurant without a care about the bill result in happiness? Not necessarily. But if you work hard and sacrifice, finances are the least of your worries. However, don’t go into a career chasing money as you’ll be miserable. Finding the intersection between passion and making money is the key. Network, focus in school, and never give up if IB is your calling. Companies love to hire ex-investment bankers because they know you’re relatively sharp, driven, and able to meet deadlines with quality work even if it means sacrificing sleep and partying. These are qualities that firms look for in a candidate to lead their finance department. They know sh!t will get done during crunch time and you’ll be paid handsomely for it. I’ve worked with a lot of ex-bankers and what I’ve noticed is that it’s more than about money to them. It’s about upholding their reputation and the mindset that you’re only good as your last project even if you’re a rockstar before. It’s like Michael Jordan in game 7 with 20 seconds left on the clock; they want to prove their worth and relish in the pressure because nothing else is more satisfying than knocking a board meeting out of the park. After you get the nod from your CEO, that’s when you can let loose and splurge on models and bottles, but until that nod, it’s all business.
@@DogNamedNicolas Dude shut up Just don't kill yourself studying, go to Silicon Valley with a "revolutionary" tech idea or copy another guy's idea and improve it and ask for millions in funding
This was a really in-depth video with tons of insight and useful information that many people can utilize when making a decision of going into the private sector. I myself being a Finance major and Econ minor have been debating whether I should go into investment banking or becoming a data analyst or financial analyst for a tech company.
@@Halllaand The dangers can be curbed once you invest with a reliable FA. You are pretty hands off other than the routinely monitoring of the market. You can divest as long as you have a trustworthy broker guiding you through your trades. I trade with Clemans and I’ve not had any reason to complain because I’ve been able to make returns from my investments.
The tax is so high yet they don’t seem to use it to fund a free healthcare system. America really is a die hard fan of live or die on your own situation
As a banker you should know that what was withheld is not actually what you paid in taxes. Yes your bonus was withheld at that rate but you actually paid less then the 50% since your income was ~$150k
Which is smart af cause all that investments will be compounded, all the cash earned early in the career is worth alot more cause of the time value of money
@@swiftygraphics9022 I am pretty sure its fair to assume that a SVP of a bank would prob have a impressive investment portfolio and by save I think OP meant invests
Hey all, sorry but I realized that my explanation of taxes is a bit misleading and I don't want to / never intended to spread misinformation. Here's a post from a reddit user about how bonuses are taxed:
"Roughly, every time you get a check from your employer, there's withholding as if that was your normal weekly paycheck. So, if you usually make 80k a year, your paycheck is $1540 a week, and taxes are taken out according to what's appropriate for that pay. But, when you get a big $5k check, withholding is taken out as if you make $260k a year. The formula doesn't know if it's a one time bonus or your first check after a raise. It's a little more complicated in practice, but, basically that's what's going on. When you file your return, you'll get the appropriate refund."
Like the above says, that's what's roughly going on but the actual specifics are probably a bit different. I'm not a tax expert so can't really explain it well myself. But anyway, what I didn't include in my video was about a $10K tax refund which I just totally forgot to mention though I don't think it really affected what I was spending each month. Didn't realize this video would blow up and I apologize for spreading misinformation and hope this helps clarify things. Many others in the comment have brought it up as well - thank you all for bringing it up to my attention!
I love how the younger generation is more open about this stuff. It’s so nice seeing that there are more people open to the work hard play hard lifestyle. Great video man!
Thank you!
@@rareliquid I’m younger than you btw 🤣
Not everyone is open lol... I wouldn't
@@politicomans3123 what a plot twist lol i thought you were in 50s or 60s lol
In Norway all tax records are public, for EVERYONE. So if i want to know how much my friends of neighbour earn, i can just search it up. Not only personal taxes, but companys also have to have their budgets public.
Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.
Most people either do not understand the power of compound interest, or are just impatient. For the average Joe, however. I think it is just best to invest in the S&P 500, and just wait, which is reliable, albeit extremely long-lots of years. Or just use a professional analyst and speed up wealth creation. Most people underestimate the power of the latter
You're absolutely right about the power of compound interest and the long-term potential of investing in index funds like the S&P 500. For many, passive investing in broadly diversified funds can be a reliable strategy over time.
Employing a professional financial analyst or advisor can certainly add value by offering tailored advice, portfolio diversification, risk management, and timely insights. Their expertise can potentially speed up wealth creation and navigate market complexities, but it's important to choose someone reputable and consider their fees, as they can impact your overall returns.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash I invested the money using an analyst, and in seven months, I raked in almost $673,000
I'm actually interested in this idea of investing through an analyst. Sounds like the most sensible thing to do in the market right now. Could you give me a pointer to who you work with, please?
As a kid I remember thinking that everyone kept 100% of the money they made. But I remembered that notion changed real fast when I got I my first job, I was like wow taxes are real lmao
Don't worry, the government is using it for good things! Trust. It's helping the poor, the children, the weak, the undefended, the voiceless... the 99%... because the corporate press is holding them to account ✊✊✊
#progress
Lol smoke screen
@@CaptainYesz yeah keep believing that, it’s untrue.
I got my first pay check last week that I thought was $600, but after taxes and junk it was a lil over $500 :(
I can't imagine what it will look like after my investment trading
@@jjj-bl8yf he is using irony.
Holy crap, the absolute robbery on that bonus is insane.
He would get the difference between what he overpaid and what he actually owed back from his tax return
It is important to remember that a bonus gets taxed *significantly* higher than standard pay -- to the tune of 40-45%. Thus, it goes without saying that earning a base salary of 155k with zero bonus would be inifinitely preferred over this compensation structure.
@@matthewpiazza3608 No it would only get you paid sooner not more. As Callum mentioned earlier in the thread, the tax return would eventually even up the differences. But you're right, you'd much rather have a base-heavy compensation structure ceteris paribus.
@@chuxiaoman411 Well said!
@@chuxiaoman411 From all my research (ie not a lot - my first time in my career I will be getting a bonus is this year) - I am finding that bonuses are withheld at a "supplemental income" rate that is around 20-25% and not taxed as additional yearly income (probably comes back in tax returns). Is this true? @Daniel Barry as well just looking for some advice on my first ever bonus!!
Travel is an investment in life. You have one life to live and travel will leave you with experiences that will last till your final breath. I think you have a very healthy balance in your expenditures. Best of luck in your future endeavors!
I agree with the sentiment in that first sentence a lot! And thank you wish you all the best as well Sumy!
Especially when you’re young and single
I travelled and it made me feel even more like a loser. Not worth it
Where's the coke? Like wolf of wall street???
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Before making any investment decisions, clearly define your financial goals. Are you looking for long-term wealth accumulation, income generation, or a mix of both? Your goals will influence your investment strategy.
Stay informed about the investment options you're considering. This includes understanding the basics of the stock market, different investment vehicles, and any specific industries or sectors you're interested in.Jenny Pamogas Canaya That’s my licesed Financial advisor you can easily look her up, Thank me later!
go in holiday
Put it all on red and double your money
Dump it all into Fidelity contrafund and live off it for the rest of your life
That $1375 for renting a living room hurt my soul. Keep hustling my dude! Love the transparency.
Student loans also suck lol
Haha it was a bad deal in retrospect
How much was the total flat if you alone for a **** living room had to pay 1300
@@robinkonig5994 this is SF. Welcome to the SF Bay Area.
Uncle Sam out here straight robbing people and getting away with it. 70k bonus and only took home 35k... that's just crazy
My jaw dropped
No, they are given the bonus with that in mind. Imagine feeling bad for someone who gets a 35k bonus 😂
49% tax is just crazy.
@@jinpark193 no it isn’t… these people get paid too much.
@@Seven3o5 it is easy to say that "these people get paid too much." I never made that much money in my life but I am sure I will be pissed to see half of my money taken away.
Mann this guy feels so genuine...idk why but meeting people like him is so rare nowadays. Hope you find great success with this channel!
I'm so happy I just got into crypto trading and I made my first profit, I wish I knew about crypto earlier I would have made a lot of money by now
@@fantasyarena1694 For real crypto is profitable
Crypto is the new gold
@@jamalmckenzie5319 I wanted to trade Crypto but got confused by the fluctuations in price
@Daniel Christian Some weeks ago scammers took over $77,000 from me which led me to a point of frustration as it was my savings, I'm glad I came across micheal marcus through a friend and in weeks he helped me recover it and still trading with him hoping to earn more
Wtf is going on here???
Finally someone who just had a normal person budget on here. Great video
I mean, he is making a lot, but yea overall, his spending is reasonable. Nothing like, "You don't need to buy food outside! All the nutrients you would need are located in the trees in your area!"
IN FOREX/CRYPTOCURRENCY INVESTMENT
YOUR FAILURE CANT BE INSURED,
AND YOUR SUCCESS ALSO CAN'T BE
GUARANTEED UNTILL YOU GOT AN EXPERT
TRADER WHO'S A PROFESSIONAL IN THAT
VERY FIELD
Success is always a secret, we are
hearing people talking greatly about it
but they are not willing to expose it to
us how they make all these huge profits
from trading everytime.
It might be we havent met the right
people who can teach and expose how
forex trading works perfectly to us yet.
I still believe there are forex trading
professionals in some part of world we
haven't gotten access to reach yet.
We still need to look around watching
videos here, maybe luckily we gat an
expert here one day
Cryptocurrency is a very good option if
you would like to trade online.
I want to specially commend you on how you simplified this presentation. The spreadsheet, the tax element and the expense lines couldn't have been done better. nice one.
using 15k to travel across 10 countries for 8 months is a mind-blowing success. that alone deserves another video ben #HKHK
will make that video one day haha
You get a sub!
Cares, + ratio
And you get a sub...and you get a sub...
@@zorcholhs Everyone gets a suuuub
I like what you said it's much more about how much you make 10, 15 or 20 years down the line.
Some career paths pay a lot more at the start, but flat lines quickly. Others start off slow, but builds up drastically over time! The long term is the only thing that matters!
true!
The humility on this guy. My favorite part of this video came at (8:50), the fact that he’s conscientious to understand that thousands of people would quickly take his job if offered… he appreciates his position. This guy could go be dumb with his money, buy a Lambo and make it rain at strip club and he’d still be more efficient than pro athletes. I like his honesty and humility. This is how you win over subscribers. Great video! RUclips algorithm is working for a change.
it's 150k. That is not anywhere near lambo money, idk what you are trying to get at.
@@lordnass381 You will be surprised how much some people are willing to spend on cars... I've seen cashiers making 20k a year driving a new BMW.
@@hongzhang2819 still doesn't mean it's a good financial decision + who tf wants a car in sf
I have so much respect for you and explaining that although your gross pay was $155k, most people forget how tax brackets work and they basically tax half your income the more money you make.
thank you!
@@rareliquid You need to learn and save as much as you can and than invest/trade for your own self. Capital income tax is much lower.
It's no where near 50% and he can get a huge tax refund for his bonus, because he was taxed in a higher bracket than his actual annual take home.
That and rent will eat up majority of the rest.
I think he should be getting a decent tax return though.
This is so much more interesting than any other videos
thank you!
True he explains stuff really clearly, watched a ton of vids like this but actually learned something here
"Thank you" isn't a a strong enough word to describe how appreciate I am, but
thank you for being so open about your finances and sharing your experience.
It's so rare to see, yet so very helpful. Again, thank you.
no problem!
Seems like he's not planning to return to corporate at all. You usually get fired if you share how much you make. That's some bridge burnt right there.
@@sophiawang2108 idk, think thats ok but think that might impact your future salary negotiation if they know your past income. But if they want you, why not..
@@sophiawang2108 that’s utter bs what are you on about?
Even though your bonuses were taxed at the top marginal rate, you should have got a good amount of money back from ur tax refund. Since that wasn’t ur actual income for the year.
yup i did forget to mention the tax return my bad!
Yeah it must have sucked to have so much of your compensation as a bonus. Of course, I probably would have adjusted my withholding to compensate.
How much back did you get
The neat sectioning and on point breakdown is telling of your background as an analyst and powerpoint/excel monkey haha (I mean the monkey part in the nicest way possible, I also work in consulting and people seem to have this glamorized perception of how our jobs are when the reality is this lol).
I agree with you on the travelling part, from a frugality perspective, the money could've been kept aside as savings, but those memories you made in those 8 months is time no one can take away from you, I'm sure you grew significantly as a person during those 8 months. Good luck with your other ventures dude!
thanks vincent! appreciate the thoughtful comment
your channel is gold! the most informative IB channel there is!
thank you so much ray!
Good video...this guy is going far on enthusiasm alone
haha thank you dennis!
Just subbed! Great info for a 16-year-old learning and trying to absorb as much knowledge as possible
You can still buy ETFs without pre-approval. I work in banking, have changed 2 banks by now and both have ETFs out of scope for Compliance. Even if you are an insider , you can't trade on insider information for a whole index, so it makes sense to buy ETFs. They are much safer than crypto and they bring you 7%-9% annually.
It sounds like there was something weird about the company tax-withholding strategy.
Not a tax advisor, but I've always thought tax rates were for any income earned over the entire year. I'd expect that you'd receive a fat tax-refund check come the end of that tax year of about 10k. Unless you had other substantial income sources that would push you up a tax bracket.
Yeah - the withholding on his bonus was very high, meaning a lot of that would be coming back in a refund. At least 5-7k. I think he should've included the tax refund in here, since it was not trivial.
@@mar_man813 this is bc he was “salary plus”. Workers who make strictly commission or salary pay a more fair tax rate. However, if you make a salary, and get a bonus, you will pay what’s called ‘gift tax’ which can vary from 40%-50%
@@aliasname2257 Not true. I worked in mgmt consulting and finance. Bonuses can range from 20-100% of base, but are taxed at ordinary income. It may appear the tax rate is higher on the bonus, mainly because the automated tax software will withhold more since it assumes you're now in a higher tax bracket. It's definitively NOT a gift tax.
@@mar_man813 he mentioned in the video that the bonus is paid in one month. Why is the bonus taxed as regular income instead of the flat 22% federal tax for supplemental income?
Great vid man! Love the stories, I was shocked when u mentioned tax on your bonus, feel for you. Keep it up!
Thank you!
Making that much at 22 is pretty incredible. My wife is 36 and is finally making $200k.
Great explanation and love the fact that you're so open about the whole thing. You've just earned a sub :)
I like this guy already. Going from Corporate Global Marketing to entrepreneur, I completely relate as day-to-day life feels richer and more passionate.
Subscribed.
"LIKED" Hope the algorithm kicks in.
I will be entering university this year to persue finance and being an aspirant for investment banking...your videos help a lot🔥
Ouch the taxes were hard af. 🤯😨
Good video mate!
Thanks for the review
+1
What a candid and valuable video for young professionals
Love your channel man. Helps a lot in uncovering the IB industry which is always so opaque!
Glad to hear it thank you Haoshen!
Binge watching all your videos 😌😌
I had a college buddy that was in the same boat. Made 300k+ at age 25 right outta grad school working for JPM. He just took six months off after working there for almost two years and traveled the world.
@Martin F I think you’re missing many variables in coming to that conclusion. It also sounds like the conclusion from someone lacking in as much upward income mobility since the prospect of a vacation during a transition phase would result in being “poor”. Those that start in IB are similar to Law Clerks in that you pay your dues before moving up to a partner or Portfolio Management type role as an example. People in these circumstances do not live paycheck to paycheck. As a point of reference, this friend made more trading cyclical companies during the pandemic as a sort of passive income then any travel cost him.
@Martin F Your thought is very shallow
@Katherine P remain poor? Unless you make more money than him your take on someone being poor doesn't mean shit
The secret of your future is hidden in your daily routine. Successful people do daily what the unsuccessful only do occasionally
You're right ma, thanks for introducing me to expert scott butler of financial education
Most people don't invest due to ignorance
People are scared of investing because of high rate of scam in the business
There are scammers but real brokers are out there for investors
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mr scott butler
Interesting the relationship part versus performance. I do accounting and exact same thing
it may be true everywhere haha
It is definitely the same everywhere.
Love this video! Wish you all the best!
Awesome content. Really insightful and very well explained. You have such a great personality too.
Its tough only making $4,500/month no matter what these days. Also $30K bonus can go quick. Good to see you are growing your RUclips channel I think that has massive potential to pay you out over time..keep it up my man
You are pathetic it’s not tough that’s good money anywhere . If you’re not happy go somewhere else
Not everyone has their financial freedom so well sorted out, With everything going on, there are lots of turbulences in both stock and crypto market. I'm all about low risks investments.
Achieving higher returns in stocks isn’t an easy task, I've been diving deep into stock options. I've invested in stocks for long term growth, but now getting into scalping options.
@Sean Roger I’m aware of Frost Hilda , spreading funds on such multiple investments requires is quite risky, aren’t you bothered by the risks?
Not everyone can make it big in the stocks and crypto market, it could go wrong, there’s just so much risks involved
Great content. Gonna binge your channel. Thank you
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
@@lucianoboccedi True, we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?
@@anniezeng4587 Personally I work with Eleanor Annette Eckhaus a registered Investment advisor. Quite renowned, search her name to get in touch.
Thank you for this tip. it was easy to find Eleanor Annette your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Extremely well crafted video!
Thank you very much!
Most people venture into crypto to be a millionaire, meanwhile, I just want to be debt free
You don't make money on forex or crypto by holding your coins rather you trade to make gain
@@kelvinmcdonald5113 Just do the right thing, by trading with an expert, I trust me you will be a millionaire and debt free
The real secret of building wealth is by having multiple streams of income, that's includes both online and offline investments. If you don't find a way to make money while you sleep, you are fated to die working.
@@kelvinmcdonald5113 Crypto is the future, investing in it will be the wisest thing to do especially with the current rise
If you ask me, I think bitcoin has something big for the world, but having a good mentor is the best
Thanks for the honesty in sharing your experience!!!
This is incredibly helpful. Very helpful. Quality of videos is always super high.
Glad it was helpful!
Keep going man ! Great content, it felt like it was a 30 second video!
4:28 my heart felt the pain when i saw the amount taxed on that bonus. sheeshhh
I really like how in depth this video gets , and how it shows expectations vs the reality of his situation . Much applause to you my friend
Imagine paying 25% and 49% in taxes respectively and not have free health care, wow
jpm did pay for my healthcare so it was free at the time haha
@@rareliquid Haha fair enough, but for most people :P
My exact thoughts
@Paul Smith Not my point, at all.
I like how he’s honest and open about his actual experiences rather than bragging about having some kind of artificial lifestyle
I’m 19 studying Law 2nd year,just hearing how you manage your money and your grind is motivating me to finish and get my first Bag .Love from 🇿🇦
You just got a new Sub bro.
It's really good to see your videos. Thanks man.
Awesome video! Spending money on unique experiences (travel, concerts etc ) is definitely worth it and things you learn and see along the way are invaluable.
I’m just a bit shocked at how much you paid for rent for a living room haha but I guess that makes sense in SF. Can’t wait for your next vid!
in retrospect the living room price was ridiculous haha
@@rareliquid 👀
Appreciated your insight. Too be so young very inspirational. Don't change please and become all commercialized or over the top. You explain things so simply everyone can understand. Keep shining and following your dreams! 🌟🌟
really like u！！！！everytime u update i throw myself to RUclips!!! Love u!!!!!!
aw thanks so much doris i appreciate that haha
Really cool insight! thanks for sharing!!
This is the first time ill see a Video from you, keep on going the good work dude
Absolutely loved the vid!
And subscribed ;)
Thank you!
Sibscribed! Loved the way you explain! Very straightforward and very informative and transparent hehe
Nice video! You’re talented. I hope you stay committed to your channel and keep growing it!
Thank you Matt! Appreciate the positive vibes~
I really enjoyed watching how you structured your spending
If you want to be successful have the mindset of the rich, spend less and invest more don't give up on your dreams.
When you invest you're buying a day you don't have to work
Assets that can make you rich
Bitcoin
Stocks
Real estate
Investment banking
@One Big Happy Life It's not ignorance but due to some unprofessional expert in the market
$1050 a month on food, groceries, and alcohol is a lot for someone just starting out with no dependents and dinner covered 4 days a week. Looks like an asset allocation problem to me. You blew all your “models and bottles” money on cheap alcohol and going out to eat.
That's a criminally high tax rate damn
i know man
Pretty normal in Canada. You should also receive a refund for your bonus since u overpaid in tax.
Your base salary is lower than mine, but those bonusses is what makes it worth working there, by net salary incl. bonus you earn more than I do. Well done👏🏽
Thanks for the perspective. I also work for an annual bonus but not nearly as hard as investment bankers work (I work in tech) and it makes me feel very fortunate to be doing 50-60 hours a week for a bit less money than you were earning in 60-80. I'd go insane.
Quick question for you though - how much of that work that you actually do could be shaved off if you were working more efficiently? Certainly people could do the same job in less than 50 if they were good enough at it - would it just result in a negative outlook by your peers since you aren't working as 'hard' as them?
you would still need to be at work and be available for any changes
what do you do in tech?
Thank you for the insight I start next month!
Soon as you started with an outline I knew it was going to be good 👍
Congratulations! I work for JPMorgan as VP of investments, financial advisor. Retail/wealth management balance is quite good as long as your growing your managed booked of business then you earn more. Thanks for the info
Just came across your channel. I had the same epiphany you mentioned at the end of the video - You're fortunate enough to make 6-figures at a young age and realise if your money grows 10-20k per year and chase promotions (more if you're in IB), it doesn't materially change your lifestyle/happiness so going from $100k to $150k isn't a big deal (unless you weren't earning that money, from the outside it would sound like alot and afford a better lifestyle). BUT you pursuing your asthetics clothing brand / rareliquid and the other complementary skillsets you've picked up whilst working on different things is definitely more rewarding and keeps you learning, doesn't it?
Yup agreed!
Really enjoyed this video. You have a cool/meek personality and Thought you Did a great job walking us through your journey and telling your story! Got my sub bro!
Even with that tax rate, it still seems a great bonus for someone at the start of their career. How much would you be earning with another decade of experience? As an Architect with almost 15 years experience post qualification (5 year degree at MIT + 2 years of professional exams) and managing a team of 15, I've only just reached a salary $120,000 a year in central New York. Usual working week around 60 hours, no overtime pay but a ~5-10% bonus.
Is that pre-tax? I know a senior engineer who was managing a team of 20+ in one of the biggest telecommunication companies in Australia making only around $100,000 a year. And this is roughly a bit less than what a Doctor makes here.
Bro you are an Architect. Nothing you do makes your clients any money. Investment bankers make millions for their clients so they get compensated accordingly.
I know this is an old comment but: if you stuck to IB for ~10 years, you would end up at more senior ranks & likely salaried around $500k + $250k in bonuses (so long as you consistently pushed for raises or applied to higher positions at other companies). If you did the same jump to PE or hedge funds like a lot of IB guys, you could easily reach the ranks of senior associate, MD, principal, etc. and be salaried around $700k-800k with potentially millions in carried interest
@@Viipxz Yeah I love and hate these types of videos because it makes it seem like investment bankers don't make bread when they do, The growth in income after every year is nuts, not even counting if you invest the money you make after your first 2 years into real estate you could be living really well and retire early 30s with insane income for doing nothing after
Geniue overview and crazy taxes, great video!
Great job, Ben! Just stopping by to support your channel. Best wishes to you! - Pastor Brandon
oh wow so good to hear from you!!! how did you find my channel? please email me at benjchon@gmail.com if you'd like to catch up
Not sure about some of you but I work at back office and I am one of your typical "do more, talk less" that kind of employee. I dont get involved with my team much but just working and my salary only raised a little to keep up inflation and bonus pretty much stayed the same. so it is real that working hard alone is not enough. if kissing butt is your thing, go for it
I find the idea that you can't invest (even though it's your job title) baffling! Is it to prevent you from getting a head-start over others with insider knowledge, etc? What stops you from doing it anyway?
That $15,000 spent travelling will have been well worth it in the long haul. I think most people would do that if they had time/money.
investment bankers don't actually invest haha they advice companies on equity / debt / M&A transactions so the title is a bit of a misnomer. not really sure why they're called investment bankers haha
as a banker you usually have access to non public material information and that's why banks make you approve each trade
and thank you! spending the money to travel was definitely worth it looking back
Thank you for your transparency. Great video quality, easy to follow along.
Fun videos concepts, man! I’m a first year CRE analyst, so I enjoy being able to relate to your experiences. Best of luck in your pursuit! SUBBED
thanks adam!
BRUH! I love your Channel! all the way from South Africa. Please keep it as balanced as you have, not too much focus on banking alone but your businesses, crypto. You have a SUB!
Great stuff! Subscribed
After being with JPM for 4 years and being one of the top performers amongst my market I was disappointed to never been given the opportunity to be an intern for IB in San Francisco after applying 3 years in a row as an employee and maintaining a high GPA
It’s about who you know sometimes...
What's IB?
Who is it better than JPMorgan?
@@justicewarrior9187 ib = investment banking. Plenty of Banks.
@@moniqueponet6586 IB = Investment Banking. Do good in high school, take AP classes, and study for the SAT. Then go to a good target school and kill it with your GPA and join finance clubs. JP Morgan is one of the best investment banks out there but I’d say Goldman Sachs or Morgan Stanley are one of the well-known firms for investment banking. After IB, apply to a venture capital firm or private equity firm or save your $120k+ earnings to go to a top 10 MBA school where you can make $300K+ afterwards working 60-70hr weeks (which is nothing compared to the hours you’ll work as an investment banker).
Easier said than done. I’ve tried until I realized there’s more to life than working 80+ hour weeks. You won’t get your 20’s back but it’s about sacrifice if you want financial freedom. Does driving a Mercedes and eating at high-end restaurant without a care about the bill result in happiness? Not necessarily. But if you work hard and sacrifice, finances are the least of your worries. However, don’t go into a career chasing money as you’ll be miserable. Finding the intersection between passion and making money is the key. Network, focus in school, and never give up if IB is your calling.
Companies love to hire ex-investment bankers because they know you’re relatively sharp, driven, and able to meet deadlines with quality work even if it means sacrificing sleep and partying. These are qualities that firms look for in a candidate to lead their finance department. They know sh!t will get done during crunch time and you’ll be paid handsomely for it.
I’ve worked with a lot of ex-bankers and what I’ve noticed is that it’s more than about money to them. It’s about upholding their reputation and the mindset that you’re only good as your last project even if you’re a rockstar before. It’s like Michael Jordan in game 7 with 20 seconds left on the clock; they want to prove their worth and relish in the pressure because nothing else is more satisfying than knocking a board meeting out of the park. After you get the nod from your CEO, that’s when you can let loose and splurge on models and bottles, but until that nod, it’s all business.
@@DogNamedNicolas
Dude shut up
Just don't kill yourself studying, go to Silicon Valley with a "revolutionary" tech idea or copy another guy's idea and improve it and ask for millions in funding
Bro, great video all around!
This was a really in-depth video with tons of insight and useful information that many people can utilize when making a decision of going into the private sector. I myself being a Finance major and Econ minor have been debating whether I should go into investment banking or becoming a data analyst or financial analyst for a tech company.
I can relate to this so much! Thank you for sharing!
I’ve always been an advocate of investing in the stock market because it has paid off handsomely since I decided to invest in it.
@@Halllaand The dangers can be curbed once you invest with a reliable FA. You are pretty hands off other than the routinely monitoring of the market. You can divest as long as you have a trustworthy broker guiding you through your trades. I trade with Clemans and I’ve not had any reason to complain because I’ve been able to make returns from my investments.
@@Halllaand I’ll leave you his mail where you can write him if you don’t mind. Leviclemans@gmalcom
Scam
It’s been to my utmost satisfaction trading with Clemans, he is ever consistent with his results.
Fake conversation. Losers.
The tax is so high yet they don’t seem to use it to fund a free healthcare system. America really is a die hard fan of live or die on your own situation
I just can't believe that for $1.3k a month he is sleeping in a living room...
He lives in California so there's there reason why.
California is mad expensive, but they do have one of largest salary.
Thanx man, loved ur honesty !!
Dude I think the youtube algorithm knows me too well. The videos I've made are almost exactly like yours, lol. Love it!
thank you!
i know people who make a lot less but spend a lot more
This is an awesome video and debunked some perceptions I've had about the pay system in banking. Just subscribed :)
thanks so much paul!
As a banker you should know that what was withheld is not actually what you paid in taxes. Yes your bonus was withheld at that rate but you actually paid less then the 50% since your income was ~$150k
My current favorite youtuber💙
ahh thank you so much! means a lot haha
Very clever. Subscribed
Great video bro appreciate the honesty 🤞🏾
Thanks!
By dad is a Senior VP at a national bank and saves so much money a year we basically live on just what my mom makes 😐
Which is smart af cause all that investments will be compounded, all the cash earned early in the career is worth alot more cause of the time value of money
@@salsashreenee6887 Only if his dad invests it
@@swiftygraphics9022 I am pretty sure its fair to assume that a SVP of a bank would prob have a impressive investment portfolio and by save I think OP meant invests
You probably won’t have to work bud
@@salsashreenee6887 yeah, all he does is invest his money. Most of it is in a brokerage account and some of it is in crypto, which I halo manage.
This was awesome insight on how responsible you were!
What it take to get there ? Like school (major) , intern and etc. I’m a freshman in college trying to find my way!
Finance, accounting, business admin, etc.
@@SAINTSROWANGEL Really doesn’t matter what you major in….
@@guyh2020 what you mean by this ? Like to get a banking job ?
@@Oregonluver yup
Physics majors all day