How I Spent My ENTIRE J.P. Morgan Investment Banking Salary & Bonus ($155,000)

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In this video, I go over how much I made from my time at JP Morgan and how I spent it all.
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⏱Timestamps⏱
0:00 - Introduction
0:54 - My Pre-Tax vs. Post-Tax Income
4:45 - What I Spent It All On
8:44 - How It All Felt
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How I Lost $100,000: • Video
My Role During a $6.1BN M&A Deal: • My Responsibilities as...
J.P. Morgan Recruiting Secrets: • Former JP Morgan Recru...
Why I quit investment banking: • WHY I QUIT INVESTMENT ...
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All content in this video is for entertainment purposes only. I am not a professional financial advisor and my statements are not to be taken as instructions or directions. In addition, some of the links above are affiliate links, meaning that at NO additional cost to you, I may earn a commission if you click through and make a purchase.

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2 июн 2024

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Комментарии : 1,6 тыс.

@rareliquid 3 года назад

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!

@jamesshaver2247 3 месяца назад

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.

@NimaOmaisj 3 месяца назад

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

@Adams52523 3 месяца назад

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.

@DavisFreeman-nu1cu 3 месяца назад

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.

@ScottBruceman 3 месяца назад

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

@jamesshaver2247 3 месяца назад

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?

@crappychef1960 3 года назад

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

@CaptainYesz 3 года назад

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

@AM-bd1cw 3 года назад

Lol smoke screen

@jjj-bl8yf 3 года назад

@@CaptainYesz yeah keep believing that, it’s untrue.

@Mistyfgdf 3 года назад

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

@Caesar-gd5zi 3 года назад

@@jjj-bl8yf he is using irony.

@graywilliams_77. 5 месяцев назад

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?

@TheWolf-ws5dj 4 месяца назад

go in holiday

@radders6569 Месяц назад

Put it all on red and double your money

@politicomans3123 3 года назад

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!

@rareliquid 3 года назад

Thank you!

@politicomans3123 3 года назад

@@rareliquid I’m younger than you btw 🤣

@damaito1829 2 года назад

Not everyone is open lol... I wouldn't

@jml709 2 года назад

@@politicomans3123 what a plot twist lol i thought you were in 50s or 60s lol

@GabeNarwhal 2 года назад

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.

@abiolaadubi1576 2 года назад

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.

@danielberry9610 2 года назад

Holy crap, the absolute robbery on that bonus is insane.

@ccccallum 2 года назад

He would get the difference between what he overpaid and what he actually owed back from his tax return

@matthewpiazza3608 2 года назад

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.

@chuxiaoman411 2 года назад

@@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.

@matthewpiazza3608 2 года назад

@@chuxiaoman411 Well said!

@liamhash486 2 года назад

@@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!!

@samk2001 3 года назад

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!

@rareliquid 3 года назад

I agree with the sentiment in that first sentence a lot! And thank you wish you all the best as well Sumy!

@johnl.7754 3 года назад

Especially when you’re young and single

@honkhonk8009 2 года назад

I travelled and it made me feel even more like a loser. Not worth it

@0401412740 2 года назад

Where's the coke? Like wolf of wall street???

@donald6402 2 года назад

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

@filee9125 2 года назад

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.

@thomasrichard2088 2 года назад

It might be we havent met the right people who can teach and expose how forex trading works perfectly to us yet.

@felixleach6340 2 года назад

I still believe there are forex trading professionals in some part of world we haven't gotten access to reach yet.

@jenniferlisa2428 2 года назад

We still need to look around watching videos here, maybe luckily we gat an expert here one day

@anthonypaul6201 2 года назад

Cryptocurrency is a very good option if you would like to trade online.

@trailtales97TV 3 года назад

Great explanation and love the fact that you're so open about the whole thing. You've just earned a sub :)

@maramax6067 2 года назад

Awesome content. Really insightful and very well explained. You have such a great personality too.

@rayzhao8004 3 года назад

your channel is gold! the most informative IB channel there is!

@rareliquid 3 года назад

thank you so much ray!

@rajvitela 3 года назад

Just subbed! Great info for a 16-year-old learning and trying to absorb as much knowledge as possible

@przemeks9254 3 года назад

Great vid man! Love the stories, I was shocked when u mentioned tax on your bonus, feel for you. Keep it up!

@rareliquid 3 года назад

Thank you!

@zorcholhs 2 года назад

What a candid and valuable video for young professionals

@krishm3405 3 года назад

I will be entering university this year to persue finance and being an aspirant for investment banking...your videos help a lot🔥

@s.n.2744 3 года назад

Thank you for your transparency. Great video quality, easy to follow along.

@prowriteadmissions3707 3 года назад

This is incredibly helpful. Very helpful. Quality of videos is always super high.

@rareliquid 3 года назад

Glad it was helpful!

@ACo-yf6wm 2 года назад

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!

@rareliquid 2 года назад

true!

@Osbo_ 2 года назад

Keep going man ! Great content, it felt like it was a 30 second video!

@jaredreed7710 2 года назад

Great content. Gonna binge your channel. Thank you

@mattzitzmann 3 года назад

Nice video! You’re talented. I hope you stay committed to your channel and keep growing it!

@rareliquid 3 года назад

Thank you Matt! Appreciate the positive vibes~

@vincentpuyat2193 3 года назад

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!

@rareliquid 3 года назад

thanks vincent! appreciate the thoughtful comment

@jineshdhruv6151 2 года назад

Thanks for the honesty in sharing your experience!!!

@tia_not_tamara 2 года назад

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! 🌟🌟

@Eternalmotors 3 года назад

That $1375 for renting a living room hurt my soul. Keep hustling my dude! Love the transparency.

@Eternalmotors 3 года назад

Student loans also suck lol

@rareliquid 3 года назад

Haha it was a bad deal in retrospect

@robinkonig5994 3 года назад

How much was the total flat if you alone for a **** living room had to pay 1300

@jml9550 2 года назад

@@robinkonig5994 this is SF. Welcome to the SF Bay Area.

@davidlevy2623 3 года назад

Finally someone who just had a normal person budget on here. Great video

@river4267 2 года назад

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!"

@aksharpatel4051 3 года назад

Love this video! Wish you all the best!

@nsshing 2 года назад

It's really good to see your videos. Thanks man.

@ganeshshetty625 3 года назад

Extremely well crafted video!

@rareliquid 3 года назад

Thank you very much!

@jmn1238 3 года назад

Interesting the relationship part versus performance. I do accounting and exact same thing

@rareliquid 3 года назад

it may be true everywhere haha

@thomasczthomash1859 2 года назад

It is definitely the same everywhere.

@TheDanaYiShow 3 года назад

Geniue overview and crazy taxes, great video!

@Friends.shorts Год назад

Thanx man, loved ur honesty !!

@evangeliamintzai6302 3 года назад

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.

@Marco-sr4mq 3 года назад

This is the first time ill see a Video from you, keep on going the good work dude Absolutely loved the vid! And subscribed ;)

@rareliquid 3 года назад

Thank you!

@christopherleinweber5455 Год назад

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

@ryanmichael926 2 года назад

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!

@CKallday123 3 года назад

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.

@CKallday123 3 года назад

"LIKED" Hope the algorithm kicks in.

@RageElixir 3 года назад

You get a sub!

@JohnStockton7459 3 года назад

Cares, + ratio

@zorcholhs 2 года назад

And you get a sub...and you get a sub...

@johnlocke1977 2 года назад

@@zorcholhs Everyone gets a suuuub

@user-wj8zr7tc5i 2 года назад

Sibscribed! Loved the way you explain! Very straightforward and very informative and transparent hehe

@smoothconsulting 2 года назад

Thank you for the insight I start next month!

@gabrielvidaurre3018 3 года назад

Uncle Sam out here straight robbing people and getting away with it. 70k bonus and only took home 35k... that's just crazy

@s.n.2744 3 года назад

My jaw dropped

@Seven3o5 3 года назад

No, they are given the bonus with that in mind. Imagine feeling bad for someone who gets a 35k bonus 😂

@jinpark193 3 года назад

49% tax is just crazy.

@Seven3o5 3 года назад

@@jinpark193 no it isn’t… these people get paid too much.

@jinpark193 3 года назад

@@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.

@legendcreator7256 3 года назад

This is so much more interesting than any other videos

@rareliquid 3 года назад

thank you!

@youracherrynut442 2 года назад

True he explains stuff really clearly, watched a ton of vids like this but actually learned something here

@Dividendology 3 года назад

Really cool insight! thanks for sharing!!

@teamjuanelias 3 года назад

I really enjoyed watching how you structured your spending

@sifisongwane3198 3 года назад

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.

@denialaliu2096 3 года назад

really like u！！！！everytime u update i throw myself to RU-vid!!! Love u!!!!!!

@rareliquid 3 года назад

aw thanks so much doris i appreciate that haha

@hagodi 2 года назад

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

@poeticmeditationsbyyaffa 2 года назад

I can relate to this so much! Thank you for sharing!

@haoshenlim6154 3 года назад

Love your channel man. Helps a lot in uncovering the IB industry which is always so opaque!

@rareliquid 3 года назад

Glad to hear it thank you Haoshen!

@Leshic2 3 года назад

"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.

@rareliquid 3 года назад

no problem!

@sophiawang2108 3 года назад

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.

@AnthonySmith-pl1ox 2 года назад

@@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..

@manfromwuhan714 2 года назад

@@sophiawang2108 that’s utter bs what are you on about?

@talk2see 2 года назад

Great stuff! Subscribed

@deathbyleisure 3 года назад

Great video bro appreciate the honesty 🤞🏾

@rareliquid 3 года назад

Thanks!

@business_central 3 года назад

Ouch the taxes were hard af. 🤯😨 Good video mate!

@rareliquid2769 3 года назад

Thanks for the review +1

@xelefonte 2 года назад

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! RU-vid algorithm is working for a change.

@lordnass381 2 года назад

it's 150k. That is not anywhere near lambo money, idk what you are trying to get at.

@hongzhang2819 2 года назад

@@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.

@user-hs2hd7wp9g Год назад

@@hongzhang2819 still doesn't mean it's a good financial decision + who tf wants a car in sf

@diketsongoepe3190 3 года назад

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!

@Contrarianthinker581 2 года назад

Bro, great video all around!

@tmdngs 3 года назад

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!

@rareliquid 3 года назад

in retrospect the living room price was ridiculous haha

@wcac26 3 года назад

@@rareliquid 👀

@adamidso9424 3 года назад

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

@rareliquid 3 года назад

thanks adam!

@mr_phamtastic 2 года назад

This was awesome insight on how responsible you were!

@paulruhe66 2 года назад

I have the feeling that you already make way more with RU-vid than as a Banker. You earned it!

@dennissullivan2518 3 года назад

Good video...this guy is going far on enthusiasm alone

@rareliquid 3 года назад

haha thank you dennis!

@xxyanlixx 2 года назад

using 15k to travel across 10 countries for 8 months is a mind-blowing success. that alone deserves another video ben #HKHK

@rareliquid 2 года назад

will make that video one day haha

@henryhunter1773 3 года назад

Great video. I like how honest this video was. 👍💰

@pravinshingadia7337 2 года назад

You're very good - happy to be a new subscriber

@GIJake-oo9ir 2 года назад

Soon as you started with an outline I knew it was going to be good 👍

@NaProbablyNot 3 года назад

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.

@rareliquid 3 года назад

yup i did forget to mention the tax return my bad!

@NatashaEstrada 3 года назад

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.

@rider2878 2 года назад

How much back did you get

@DrewHolmes 2 года назад

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 RU-vid channel I think that has massive potential to pay you out over time..keep it up my man

@20891 2 года назад

You are pathetic it’s not tough that’s good money anywhere . If you’re not happy go somewhere else

@vincentputera7552 2 года назад

Liked and subbed. Insightful.

@awarenessjournal 3 года назад

and thanks for the video on lemonade, i just watched them today, though u put them up way back in march, u had talked about the texas freeze then, dam, missed it, just cut loss. painful

@rareliquid2769 3 года назад

Thanks for the review +1

@Jubair194 Год назад

Great video bro!

@koowonlee9867 3 года назад

Great job, Ben! Just stopping by to support your channel. Best wishes to you! - Pastor Brandon

@rareliquid 3 года назад

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

@tazking93 2 года назад

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.

@mar_man813 2 года назад

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.

@aliasname2257 2 года назад

@@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%

@mar_man813 2 года назад

@@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.

@buckingnutz09 2 года назад

@@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?

@mbands 3 года назад

Love financial videos. Don’t know how I didn’t find your channel sooner lol

@namenl2205 2 года назад

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👏🏽

@arbaazsait4698 3 года назад

Great video👍👍👍👍

@rareliquid 3 года назад

Thank you!

@paulmikhail9806 3 года назад

This is an awesome video and debunked some perceptions I've had about the pay system in banking. Just subscribed :)

@rareliquid 3 года назад

thanks so much paul!

@KayaKang 2 года назад

Thanks for the inspiring clip!

@AmeliaYamato 3 года назад

Love your content, just subbed!! and love the framed $2 bills too ahhaha

@rareliquid 3 года назад

thanks Amelia!

@abdiabdullahi9689 3 года назад

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.

@user-ch1dg3hc1r 3 года назад

My current favorite youtuber💙

@rareliquid 3 года назад

ahh thank you so much! means a lot haha

@NJcoots 3 года назад

Very clever. Subscribed

@lilianarivera5098 2 года назад

Binge watching all your videos 😌😌

@alexdillon9364 2 года назад

Great work!👍

@mo7286 3 года назад

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!

@fantasyarena1694 3 года назад

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

@jamalmckenzie5319 3 года назад

@@fantasyarena1694 For real crypto is profitable Crypto is the new gold

@Joe_TradingFX 3 года назад

@@jamalmckenzie5319 I wanted to trade Crypto but got confused by the fluctuations in price

@wariko6484 3 года назад

@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

@mo7286 3 года назад

Wtf is going on here???

@drop6597 3 года назад

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?

@nizamsayed7111 2 года назад

you would still need to be at work and be available for any changes

@Lia-hd4ip Год назад

what do you do in tech?

@matthewostrand617 3 года назад

can you do a video on the step by step process of becoming an investment banker?

@jenniferguzmancortes6030 3 года назад

You are so honest and humble, God bless you. :)

@DarthBane-zf8wv 3 года назад

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.

@DarthBane-zf8wv 3 года назад

@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.

@ndrio 3 года назад

@Martin F Your thought is very shallow

@OneSvT 3 года назад

@Katherine P remain poor? Unless you make more money than him your take on someone being poor doesn't mean shit

@justanamateur1682 3 года назад

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.

@rareliquid 3 года назад

thank you!

@CptMole 3 года назад

@@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.

@politcallycorrect5816 3 года назад

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.

@jew_world_order 3 года назад

That and rent will eat up majority of the rest.

@LetmeTellyou11 3 года назад

I think he should be getting a decent tax return though.

@youracherrynut442 2 года назад

I really like in IB how you can expense food contingent on hours worked, and 25 bucks too? That's dope.

@hoppingman7445 2 года назад

Amazing video 😍

@petermicheal1186 3 года назад

The secret of your future is hidden in your daily routine. Successful people do daily what the unsuccessful only do occasionally

@rosejohn4651 3 года назад

You're right ma, thanks for introducing me to expert scott butler of financial education

@rosejohn4651 3 года назад

Most people don't invest due to ignorance

@swattina6094 3 года назад

People are scared of investing because of high rate of scam in the business

@swattina6094 3 года назад

There are scammers but real brokers are out there for investors

@swattina6094 3 года назад

I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mr scott butler

@JokeinParis 3 года назад

Smashed this like button 💪

@rareliquid 3 года назад

thank you Rindra!

@nahmed3536 3 года назад

Amazing stuff!

@bballbayz 3 года назад

great video!

@dudejuststudylol3166 3 года назад

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?

@rareliquid 3 года назад

Yup agreed!

@barryaherne215 3 года назад

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.

@rareliquid 3 года назад

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

@sergecanepa1971 2 года назад

I like how he’s honest and open about his actual experiences rather than bragging about having some kind of artificial lifestyle

@Peanut20 3 года назад

thank you for sharing your story

@jackludo738 3 года назад

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.

@CriollismoPeruano 2 года назад

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.

@anirudhagarwal2132 2 года назад

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.

@Viipxz 2 года назад

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

@godusopp2752 8 месяцев назад

@@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