SERVING THE QUANTITATIVE FINANCE COMMUNITY

DevonFangs
Posts: 3004
Joined: November 9th, 2009, 1:49 pm

### when is your first million

QuoteOriginally posted by: QuantOrDieIf you're working on wall st or in the City you should be able to save your first million (USD) within 10years (out of undergrad) or 6 years (out of a PhD). Anything less is just sad.LOL assuming one lives off the base salary and saves only the bonus, that makes a £100k takehome bonus per year, and thinking that the average junior quant makes that is hilarious

blueraincap
Topic Author
Posts: 80
Joined: February 21st, 2013, 3:04 pm

### when is your first million

maybe we should just be adopted by the rich chinese

QuantOrDie
Posts: 36
Joined: June 2nd, 2011, 2:23 am

### when is your first million

QuoteOriginally posted by: ThinkDifferentdepends how often your wife shops at Hermes, how often you shop at Berluti, and how much you pay for your kid's school.Working in risk like QuantOrDie can make you a million in 6 years only if you wear china made shoes, skip the breakfast, and and eat 5\$ sweet&sour chicken for lunch...I haven't been in risk for two years. It's difficult to make more than 300k USD in risk at the banks these days without getting to MD or having 10 years experience. I'm not eating that badly, but thanks for the concern.

QuantOrDie
Posts: 36
Joined: June 2nd, 2011, 2:23 am

### when is your first million

QuoteOriginally posted by: DevonFangsQuoteOriginally posted by: QuantOrDieIf you're working on wall st or in the City you should be able to save your first million (USD) within 10years (out of undergrad) or 6 years (out of a PhD). Anything less is just sad.LOL assuming one lives off the base salary and saves only the bonus, that makes a £100k takehome bonus per year, and thinking that the average junior quant makes that is hilariousYou should probably rethink your assumptions. After 6 years the junior quant is not that junior, and his early earnings should be invested at a reasonable rate of return. What he needs to do is save around 80-90k USD his first year, rising at 15% per year and with his investments earning 5% per year he should make it. That's a rough guess but it should be close.That's for your PhD quant. The analyst should save less at first but with longer to grow his salary and investments.

DevonFangs
Posts: 3004
Joined: November 9th, 2009, 1:49 pm

### when is your first million

QuoteOriginally posted by: QuantOrDieQuoteOriginally posted by: DevonFangsQuoteOriginally posted by: QuantOrDieIf you're working on wall st or in the City you should be able to save your first million (USD) within 10years (out of undergrad) or 6 years (out of a PhD). Anything less is just sad.LOL assuming one lives off the base salary and saves only the bonus, that makes a £100k takehome bonus per year, and thinking that the average junior quant makes that is hilariousYou should probably rethink your assumptions. After 6 years the junior quant is not that junior, and his early earnings should be invested at a reasonable rate of return. What he needs to do is save around 80-90k USD his first year, rising at 15% per year and with his investments earning 5% per year he should make it. That's a rough guess but it should be close.That's for your PhD quant. The analyst should save less at first but with longer to grow his salary and investments.Assuming 60k£ starting salary: to save 50k£ in their first year they should save something like ~1,500 £ per month and get around ~90% bonus. You're not getting there as a risk quant these days, I think. Or maybe my first job really sucked!

ThinkDifferent
Posts: 659
Joined: March 14th, 2007, 1:09 pm

### when is your first million

forget about risk quants. These days even (<= VP level) FO quants are rarely getting bonuses of around 90%. Also, a 65K GBP base will give you around 4K(net)/month. Saving 1.5K off that and paying a 2K for rent leaves you with 500 quid to spend on food and girls... Here comes the sweet&sour chicken diet and internet porn......

farmer
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### when is your first million

QuoteOriginally posted by: ThinkDifferentleaves you with 500 quid to spend on food and girls... Here comes the sweet&sour chicken diet and internet porn......The girls in the porn get paid less than that. I will leave the rest for you to figure out.

katastrofa
Posts: 9323
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

### when is your first million

QuoteOriginally posted by: ThinkDifferentforget about risk quants. These days even (<= VP level) FO quants are rarely getting bonuses of around 90%. Also, a 65K GBP base will give you around 4K(net)/month. Saving 1.5K off that and paying a 2K for rent leaves you with 500 quid to spend on food and girls... Here comes the sweet&sour chicken diet and internet porn......You don't need to rent a £2k/mth flat.

tagoma
Posts: 18362
Joined: February 21st, 2010, 12:58 pm

### when is your first million

QuoteOriginally posted by: farmerQuoteOriginally posted by: ThinkDifferentleaves you with 500 quid to spend on food and girls... Here comes the sweet&sour chicken diet and internet porn......The girls in the porn get paid less than that. I will leave the rest for you to figure out.depends on the actual casting.

Posts: 1544
Joined: May 19th, 2006, 9:50 am

### when is your first million

The girls in porn make most of their money from appearances at strip clubs and from royalties from merchandise sales.When a pornstar shows up at strip club, that weekend the stripclub is packed and collections triple. The pornstar gets a good cut.Also, there are millions of sick dudes who spend good  to purchase an impression of Jenna Jameson's c**t. Some sick dudes actually purchase full-size life-size dolls of the pornstars. The pornstar get a percentage of merchandise sales.

tagoma
Posts: 18362
Joined: February 21st, 2010, 12:58 pm

### when is your first million

QuoteOriginally posted by: traderjoe1976The girls in porn make most of their money from appearances at strip clubs and from royalties from merchandise sales.When a pornstar shows up at strip club, that weekend the stripclub is packed and collections triple. The pornstar gets a good cut.Also, there are millions of sick dudes who spend good  to purchase an impression of Jenna Jameson's c**t. Some sick dudes actually purchase full-size life-size dolls of the pornstars. The pornstar get a percentage of merchandise sales.I'm realizing I don't really have expertise in that field.
Last edited by tagoma on December 11th, 2013, 11:00 pm, edited 1 time in total.

Cuchulainn
Posts: 62386
Joined: July 16th, 2004, 7:38 am
Location: Amsterdam
Contact:

### when is your first million

QuoteI'm realizing I don't really have expertise in that field. Don't go changing; we like you just the way you are, edouard.
Last edited by Cuchulainn on December 10th, 2013, 11:00 pm, edited 1 time in total.

blueraincap
Topic Author
Posts: 80
Joined: February 21st, 2013, 3:04 pm

### when is your first million

then comes the tax bill after your hardwork

ThinkDifferent
Posts: 659
Joined: March 14th, 2007, 1:09 pm

### when is your first million

QuoteOriginally posted by: katastrofaQuoteOriginally posted by: ThinkDifferentforget about risk quants. These days even (<= VP level) FO quants are rarely getting bonuses of around 90%. Also, a 65K GBP base will give you around 4K(net)/month. Saving 1.5K off that and paying a 2K for rent leaves you with 500 quid to spend on food and girls... Here comes the sweet&sour chicken diet and internet porn......You don't need to rent a £2k/mth flat.agreed. you can have ur s&s chicken and watch bang brothers porn in a room in a shared apartment, with a bunch of other millionaire-in-six-years wannabes.

ThinkDifferent
Posts: 659
Joined: March 14th, 2007, 1:09 pm

### when is your first million

QuoteOriginally posted by: traderjoe1976The girls in porn make most of their money from appearances at strip clubs and from royalties from merchandise sales.When a pornstar shows up at strip club, that weekend the stripclub is packed and collections triple. The pornstar gets a good cut.Also, there are millions of sick dudes who spend good  to purchase an impression of Jenna Jameson's c**t. Some sick dudes actually purchase full-size life-size dolls of the pornstars. The pornstar get a percentage of merchandise sales.you seem to be too informative on the topic....for a non-sick dude....