Efinancialcareers writes: “….it may come as a surprise to some to hear about a university friend of mine, Zack, who, like many from our elite institution, was hoovered up by the great Golden Sacks for a job on their trading floors. Eight years on, his net assets still add up to the square root of nothing and he’s facing an existential crisis. Worse still, he’s wondering where the best years of his life went.
He was not a spendthrift. Zack actually lived a very simple life. He took holidays, but never more than two a year. Not going somewhere warm over the summer and taking at least one skiing holiday a year would have made him practically a social outcast amongst his team. And fitting in is key to doing well and getting promoted in an investment bank. So he gritted his teeth and pulled on his snow shoes every January.
He rarely goes clubbing, so he has no expensive “models and bottles” habits. His clothes are more Banana Republic than Prada. His watch is his one moderate extravagance, but that doesn’t explain his paltry net worth. He has worked hard, but not excruciatingly so. He bought a modest flat after a few years, on an interest-only deposit. He hasn’t managed to pay down much of the principal, so he still only owns a thin sliver of equity.
How can this be?
For answers go to http://news.efinancialcareers.com/78070/guest-comment-how-you-can-work-at-goldman-sachs-for-8-years-without-living-a-playboy-lifestyle-and-still-end-up-broke/
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