Greenwich is an expensive place to live..

Quote from Cutten:

I really can't believe this thread. You're at a hedge fund, in your youth, and you are obsessing like an accountant over the cost of gas, car insurance, and utilities?

Do you really think how much you spend this year is going to make or break your financial future? How well off you will be aged 40 is not going to depend on whether you cut back on the beers or buy a cheaper car. The biggest factor by far is what career & business decisions you take, and how you perform. You are not a teacher or an accountant chugging along, getting a raise each year. Rather, you are in a cut-throat competitive field where you will either make shedloads of money in the next 10 years, or realise you don't have what it takes, and quit within 3-5.
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Exactly.
But this kid doesn't seem insightful enough to figure out the Big Picture.
 
Quote from Cutten:

I really can't believe this thread. You're at a hedge fund, in your youth, and you are obsessing like an accountant over the cost of gas, car insurance, and utilities?

Do you really think how much you spend this year is going to make or break your financial future? How well off you will be aged 40 is not going to depend on whether you cut back on the beers or buy a cheaper car. The biggest factor by far is what career & business decisions you take, and how you perform. You are not a teacher or an accountant chugging along, getting a raise each year. Rather, you are in a cut-throat competitive field where you will either make shedloads of money in the next 10 years, or realise you don't have what it takes, and quit within 3-5.

The best way to save is not to cut back on spending, but to EARN MORE MONEY. There is nothing like making shitloads of cash to take care of your financial situation. I've known a few pretty successful traders in my time, and none of them even kept a budget, let alone worried about whether to move house to save $200 per month.

Really I think this kind of thinking is detrimental. Put 100% of your focus into becoming a shit-hot trader, knowing everything you can about the markets. Pick the brains of everyone at work, get one of the top performers there to take you under his wing, and network too just in case it doesn't work out at your current place. Follow the industry, follow the markets obsessively. F*ck your phone bills and car insurance payments.

Really, where you will be in 15 years time is going to be determined mainly by how much moolah you can make in the trading industry, *not* by your monthly nut. The latter matters if you are a 9-5er in a steady job with limited prospects for dramatic increases in earning power. But you're not in a steady 9-5 field, you are in a cut-throat business where you either get rich or die trying.

Act accordingly.
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Not everyone who works at a hedge fund is on the fast track to make $300K. Many of them are called "programmers" or "support" etc. etc.

Further, the next downtrend is another 9/11 away, and the person who ran up big tabs and saved nothing may find themselves driving a cab for several years.

Otherwise, the advice is relatively useless.

Idiots spend like it is going out of style and get into hock up to their eyeballs.

Smart people know that its not what you make, its what you keep.

The majority of millionaires are actually quite careful with their money - they invest wisely, seek tax shelters, and try to cut unnecessary costs. In fact, many of them are found at Costco or WalMart to buy their HDTVs or groceres.

Sam Walton dressed and lived simply. And I doubt anyone on this thread or few in the Hedge Fund industry ever touched his wealth.
 
Quote from Cutten:

I really can't believe this thread. You're at a hedge fund, in your youth, and you are obsessing like an accountant over the cost of gas, car insurance, and utilities?

Do you really think how much you spend this year is going to make or break your financial future? How well off you will be aged 40 is not going to depend on whether you cut back on the beers or buy a cheaper car. The biggest factor by far is what career & business decisions you take, and how you perform. You are not a teacher or an accountant chugging along, getting a raise each year. Rather, you are in a cut-throat competitive field where you will either make shedloads of money in the next 10 years, or realise you don't have what it takes, and quit within 3-5.

The best way to save is not to cut back on spending, but to EARN MORE MONEY. There is nothing like making shitloads of cash to take care of your financial situation. I've known a few pretty successful traders in my time, and none of them even kept a budget, let alone worried about whether to move house to save $200 per month.

Really I think this kind of thinking is detrimental. Put 100% of your focus into becoming a shit-hot trader, knowing everything you can about the markets. Pick the brains of everyone at work, get one of the top performers there to take you under his wing, and network too just in case it doesn't work out at your current place. Follow the industry, follow the markets obsessively. F*ck your phone bills and car insurance payments.

Really, where you will be in 15 years time is going to be determined mainly by how much moolah you can make in the trading industry, *not* by your monthly nut. The latter matters if you are a 9-5er in a steady job with limited prospects for dramatic increases in earning power. But you're not in a steady 9-5 field, you are in a cut-throat business where you either get rich or die trying.

Act accordingly.
More...

Nice post, but if he doesn't make the big bucks and ends up getting fired and has spent everything that he made, he'll be either homeless or back home with his parents. So to be safe, it helps to have some emergency money stashed away in case of a rainy day, at least 6 months worth of living expenses.
 
Not to be insulting, but making $5000 a month is nothing.

In 2001, after the tech bust left me unemployed, I jumped on the first job I could find at a car dealership. Not my job of choice, but it was scary times back then and I didnt know how long unemployment would last for me. Tech stocks were burning in like comets, the trade towers was obliterated and all those tech company buildings had "For lease" signs on them in Mountain View. A scary time. I've since moved onto other things in NYC beyond the dealership...

At the Caddy dealership, I was bringing in almost 6 figures. I worked at a bodyshop as the estimator. I had little knowledge of the industry, but I learn fast. The salary was 65k+bonus. The bonus was sometimes cash as the owner of the place would sometimes walk around pealing off hundreds and handing them out to employees at the place. Very shady, but I didnt mind. The interview for the job was a walk around the dealership with the owner of the place. No background checks or anything like that. This was fun.

It shocks me that a successful hedge fund would pay an educated man only 5 grand a month. I was making more then that in 2001, 6 years ago, at a random shady Caddy dealership in the bay after a ten minute interview with the scuzzy, shady owner.
 
Quote from michaelscott:

Not to be insulting, but making $5000 a month is nothing.

In 2001, after the tech bust left me unemployed, I jumped on the first job I could find at a car dealership. Not my job of choice, but it was scary times back then and I didnt know how long unemployment would last for me. Tech stocks were burning in like comets, the trade towers was obliterated and all those tech company buildings had "For lease" signs on them in Mountain View. A scary time. I've since moved onto other things in NYC beyond the dealership...

At the Caddy dealership, I was bringing in almost 6 figures. I worked at a bodyshop as the estimator. I had little knowledge of the industry, but I learn fast. The salary was 65k+bonus. The bonus was sometimes cash as the owner of the place would sometimes walk around pealing off hundreds and handing them out to employees at the place. Very shady, but I didnt mind. The interview for the job was a walk around the dealership with the owner of the place. No background checks or anything like that. This was fun.

It shocks me that a successful hedge fund would pay an educated man only 5 grand a month. I was making more then that in 2001, 6 years ago, at a random shady Caddy dealership in the bay after a ten minute interview with the scuzzy, shady owner.
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http://www.erieri.com/job-salary-data/143/Automobile-Estimator.htm

http://salary.jobbankusa.com/salary..._swzttsbtn_psr&p=&geocode=&jobcode=SC16000229

you must be really good estimator...:D :D :D

the best i can find is around 40K and as far as i know this business-it's just about right, because job requirements are close to nothing.

Automobile Estimator
Inspects damaged vehicles and determines repair costs. May require a bachelor's degree in a related field and 0-2 years of experience. Has knowledge of commonly-used concepts, practices, and procedures within a particular field. Relies on instructions and pre-established guidelines to perform the functions of the job. Works under immediate supervision. Primary job functions do not typically require exercising independent judgment. Typically reports to a supervisor or manager.
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Poor Michael Scott. First he plagerizes, then he lies about income/jobs, I understand he even lies to party with the rich and famous. What's wrong with this person??

MissLA
 
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