How much money do you earn? And how do you spend it?

[jman]

Man. I need to get into finance. Currently working at consulting IT company. The figures in here are eye watering! Time to identify some good options. Is wealth management a good one?

 

[hj007]

Man. I need to get into finance. Currently working at consulting IT company. The figures in here are eye watering! Time to identify some good options. Is wealth management a good one?

a fair number of the finance ones will be in Investment Banking or related. There's a reason they're high, so careful what you wish for.

 

[jman]

a fair number of the finance ones will be in Investment Banking or related. There's a reason they're high, so careful what you wish for.

Yeah I suppose high stress jobs.. Worth it IMO. Reason I was asking about wealth management is because I might have an interview at one of the companies sometime soon. Maybe it's a good step into the finance world

 

[hellfire]

Yeah I suppose high stress jobs.. Worth it IMO. Reason I was asking about wealth management is because I might have an interview at one of the companies sometime soon. Maybe it's a good step into the finance world

Depends on what you mean by wealth management, to be honest.
Are you managing the venture capital fund for the Ruperts or the Oppenheimers? Probably a well paying job.
Are you an FNB Private Wealth broker? Probably not as well paying

 

[TehStranger]

Well, I can tell you that I'm not at a small FinTech either and the Business side almost always earns/pays more than the IT side. I guess it's because in a FinTech, IT is seen as a service that supports business.
I am however slowly making my way into business.

It depends, I know most of our IT guys earn salaries that make my eyes bleed with jealousy, the more senior business guys just eclipse everyone though. Could be a Cape Town/JHB thing?

 

[jman]

Depends on what you mean by wealth management, to be honest.
Are you managing the venture capital fund for the Ruperts or the Oppenheimers? Probably a well paying job.
Are you an FNB Private Wealth broker? Probably not as well paying

I'm not too sure about their clientele/target market, but they deal in asset management, investment management, risk, securities, forex, etc. Not FNB though, or any bank for that matter - specialist wealth/asset managers.

Also, I'll be going into their IT team. I'm guessing this is a good foot in the door. I've been told that they treat their staff well (financially)

 

[Jehosefat]

a fair number of the finance ones will be in Investment Banking or related. There's a reason they're high, so careful what you wish for.

Yeah, you have to be front office to get paid the stupid salaries and those guys work like dogs (like 12 hours a day during quiet weeks, 16 to 18 hours a day 7 days a week during the busy times).

That said, back office isn't too bad either (and I'm right in the back office). 31, 73k per month and a 500k bonus this year.

 

[Hamster]

I earn 100%

I save ( shares and other) 70%

I live 30%

Give or take 10% some months

Sheesh, I wish. After SARS is done with me I save/invest 25% of my net.

Do you live with your parents still and are they ok with your 2min Noodle fetish?

 

[Thor]

Sheesh, I wish. After SARS is done with me I save/invest 25% of my net.

Do you live with your parents still and are they ok with your 2min Noodle fetish?

Hahahahahaha biggest/only expenses i have is a living space, 2 cats and a sushi habit of note.

 

[TofuMofu]

Hahahahahaha biggest/only expenses i have is a living space, 2 cats and a sushi habit of note.

Mom's garage?

 

[Gtx Gaming]

Mom's garage?

I Know the area thor lives in, the flat must be at least 7k a month unless his renting somebody's backyard or getting a really good deal.

 

[Thor]

I Know the area thor lives in, the flat must be at least 7k a month unless his renting somebody's backyard or getting a really good deal.

Really good deal - R6900 fck me.

 

[initroot]

Perhaps he just earns crapload

 

[OrbitalDawn]

Yeah, you have to be front office to get paid the stupid salaries and those guys work like dogs (like 12 hours a day during quiet weeks, 16 to 18 hours a day 7 days a week during the busy times).

That said, back office isn't too bad either (and I'm right in the back office). 31, 73k per month and a 500k bonus this year.

What line of work are you guys actually talking about? I realise FinTech, but is it like dev/support/admin work on the actual trading systems, for example?

 

[FarligOpptreden]

What line of work are you guys actually talking about? I realise FinTech, but is it like dev/support/admin work on the actual trading systems, for example?

I'd also like to know. For that kind of money I'd be willing to sell my business and do "FinTech" for the rest of my life.

 

[jman]

Yeah, you have to be front office to get paid the stupid salaries and those guys work like dogs (like 12 hours a day during quiet weeks, 16 to 18 hours a day 7 days a week during the busy times).

That said, back office isn't too bad either (and I'm right in the back office). 31, 73k per month and a 500k bonus this year.

This is what I need. Willing to work for it too.

 

[Jehosefat]

What line of work are you guys actually talking about? I realise FinTech, but is it like dev/support/admin work on the actual trading systems, for example?

I'd also like to know. For that kind of money I'd be willing to sell my business and do "FinTech" for the rest of my life.

This is what I need. Willing to work for it too.

Personally I work for a bank. Corporate and Institutional Banking generally pays a lot better than Retail Banking. To clarify, "Front Office" are the guys who are actually trading/making deals etc. Basically the people who make money for the bank and because its pretty easy to measure how much value they add, they can get really big bonuses if they do some big deals or have a good year.

I'm a quantitative analyst dealing with risk models. Basically means I do a lot of maths and stats to try to measure and predict the level of risk that the bank is taking. And as much as I say the back office is usually more chilled, this year has been a dog show. Up until the end of September I had worked at every public holiday and at least 1 day of almost every weekend.

 

[FarligOpptreden]

...And as much as I say the back office is usually more chilled, this year has been a dog show. Up until the end of September I had worked at every public holiday and at least 1 day of almost every weekend.

Sounds about like my working hours for the past 2 years... Haven't had the luxury of public holidays or leave of any sort (including sick) in that time.

 

[CamiKaze]

Basically means I do a lot of maths and stats to try to measure and predict the level of risk that the bank is taking.

Does this involve SAS for credit risk portfolios?

 

[Mike Hoxbig]

Sounds about like my working hours for the past 2 years... Haven't had the luxury of public holidays or leave of any sort (including sick) in that time.

It happens more frequently when you're running your own business. In corporate it's usually the exception rather than the norm.

I actually wouldn't mind being in your position to be honest. Once you start breaking even, showing some profit and the business starts to grow, the sweat will pay off in the end and you'll free up much more free time than if you had to move back into corporate. Cos if you think about it, we're not really working for money, we're working to free up more retirement time...