This last weekend was my first weekend in 8 weeks, when I was at work only for a couple of hours. I did end up working for more than 10 hours from home over the weekend though.
Over the weekend, I caught up with a friend I had not met in years who lives in another country and I had another friend who lives in another city visit. It was a pleasure just talking to these guys about stuff - life, work, issues, anything. These are people I have known for years and I can sit around and talk to them forever. Of course all good things come to an end, but small things like these are the joys of life one looks forward to.
And going back to my post a couple of weeks ago, again why do we work so hard?
Showing posts with label lifestyle. Show all posts
Showing posts with label lifestyle. Show all posts
Monday, February 26, 2007
The Price of Wall Street
In Tom Wolfe’s “Bonfire of the Vanities,” Master of the Universe Sherman McCoy lists all of the daily expenses that are draining his Wall Street pay of $1 million a year.
There’s the $21,000 monthly mortgage payments on the Park Avenue apartment, $116,000 for the place in the Hamptons (those were the days!), entertaining, restaurants, private schools and $65,000 a year for furniture and clothes. “I’m already going broke on a million dollars a year,” he exclaims.
The same might be said of some of today’s Wall Street bankers. In my print column today, I cite a new study by Prince & Associates that looks at how Wall Streeters plan to spend their record 2006 bonuses. The findings are surprising: They spent 11% of their bonus on watches and jewelry, 11% on art and other collectibles, and 16% on homes. They saved or invested 16%.
As I point out, the bankers deserve to splurge since they work so hard and the financial-services business is doing so well. As one banker told me, “I work 18-hour days, six days a week. I’m sitting on planes for 20 hours straight and I’m dealing with high-pressure decisions. I deserve rewards.”
Yet the risks are that the good times won’t last forever — that low savings rate could catch up to them if there’s a downturn. As Wall Street sage Peter Solomon told me, “This is a cyclical business. We’re in a period of easy credit and people throwing money around, and no one in investment banking should assume that next year will be better than last year.”
If only Sherman McCoy had said the same.
(This article is from Wall street Journal)
Trackback URL: http://blogs.wsj.com/wealth/2007/02/23/the-price-of-wall-street/trackback/
In Tom Wolfe’s “Bonfire of the Vanities,” Master of the Universe Sherman McCoy lists all of the daily expenses that are draining his Wall Street pay of $1 million a year.
There’s the $21,000 monthly mortgage payments on the Park Avenue apartment, $116,000 for the place in the Hamptons (those were the days!), entertaining, restaurants, private schools and $65,000 a year for furniture and clothes. “I’m already going broke on a million dollars a year,” he exclaims.
The same might be said of some of today’s Wall Street bankers. In my print column today, I cite a new study by Prince & Associates that looks at how Wall Streeters plan to spend their record 2006 bonuses. The findings are surprising: They spent 11% of their bonus on watches and jewelry, 11% on art and other collectibles, and 16% on homes. They saved or invested 16%.
As I point out, the bankers deserve to splurge since they work so hard and the financial-services business is doing so well. As one banker told me, “I work 18-hour days, six days a week. I’m sitting on planes for 20 hours straight and I’m dealing with high-pressure decisions. I deserve rewards.”
Yet the risks are that the good times won’t last forever — that low savings rate could catch up to them if there’s a downturn. As Wall Street sage Peter Solomon told me, “This is a cyclical business. We’re in a period of easy credit and people throwing money around, and no one in investment banking should assume that next year will be better than last year.”
If only Sherman McCoy had said the same.
(This article is from Wall street Journal)
Trackback URL: http://blogs.wsj.com/wealth/2007/02/23/the-price-of-wall-street/trackback/
Friday, February 16, 2007
Yesterday someone asked me - "why do you work such long hours? Of course, it must be the money, but what would you do with all the money?"
Now, this sets a chain reaction in my tiny brain. Food for thought - is it really worth it? Reminds me of an old story - Some americans on a vacation in a small island of Greece come across a young fisherman, who looks poor by their standards. But all he does the whole day is lay on the beach with a net in the sea and wait for fish to fall in his net, while he is soaking in the sun. Day in and day out, that's his routine every day. The americans are perplexed by that, especially since he does not seem to have a lot of amenities. So they approach him one day and ask him why does he not work harder and try to have a better life. The perplexed fisherman asked them to explain. So, the americans explained to him that they could help him develop a business plan such that he could start by catching more fish every day, and eventually build a large fishing empire. The fisherman asked the americans what would he attain by giving up his lifestyle and working so hard. The americans replied so he could retire rich, live on an island, lay on a beach doing nothing in his old age. The fisherman replied - so you want me to give up my youth, work like a dog for 20-30 years to achieve what I already have right now?
Life is not so simple, but the question yesterday did make me think. Why do we work so hard, making numerous sacrifices now for a better future? We miss out on the small pleasures of life, compromise in our relationships day in and day out, to what end?
Now, this sets a chain reaction in my tiny brain. Food for thought - is it really worth it? Reminds me of an old story - Some americans on a vacation in a small island of Greece come across a young fisherman, who looks poor by their standards. But all he does the whole day is lay on the beach with a net in the sea and wait for fish to fall in his net, while he is soaking in the sun. Day in and day out, that's his routine every day. The americans are perplexed by that, especially since he does not seem to have a lot of amenities. So they approach him one day and ask him why does he not work harder and try to have a better life. The perplexed fisherman asked them to explain. So, the americans explained to him that they could help him develop a business plan such that he could start by catching more fish every day, and eventually build a large fishing empire. The fisherman asked the americans what would he attain by giving up his lifestyle and working so hard. The americans replied so he could retire rich, live on an island, lay on a beach doing nothing in his old age. The fisherman replied - so you want me to give up my youth, work like a dog for 20-30 years to achieve what I already have right now?
Life is not so simple, but the question yesterday did make me think. Why do we work so hard, making numerous sacrifices now for a better future? We miss out on the small pleasures of life, compromise in our relationships day in and day out, to what end?
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