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    My mate, goes on about it all the time saying that hes going to be one and that the bonuses are amazing. Im not saying thats true, but how many make it big time? And is it really that easy to get on?
    Im want to do medicine but the way he goes on about it well its making me cautious. He says that you dont need to work as hard as doctors etc either and that he can retire by the time hes late 20's.

    Whats your views? Just hoping for help really...
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    (Original post by samyoussefi)
    My mate, goes on about it all the time saying that hes going to be one and that the bonuses are amazing. Im not saying thats true, but how many make it big time? And is it really that easy to get on?
    Im want to do medicine but the way he goes on about it well its making me cautious. He says that you dont need to work as hard as doctors etc either and that he can retire by the time hes late 20's.

    Whats your views? Just hoping for help really...
    well, since i'm not an investment banker myself my views probably don't count nearly as much as someone elses...but yes bonuses can be HUGE but you certainly have to work for it. don't mean to sound judgemental but your friend seems to think that he'll just walk into a vast fortune by his late 20's...and that, i can assure you, won't happen without work...

    and competition for investment banking is exceptionally fierce...

    but yet again, an opinion by an investment banker him/erself will be far more valid than mine but this is just what i've heard
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    (Original post by samyoussefi)
    My mate, goes on about it all the time saying that hes going to be one and that the bonuses are amazing. Im not saying thats true, but how many make it big time? And is it really that easy to get on?
    Im want to do medicine but the way he goes on about it well its making me cautious. He says that you dont need to work as hard as doctors etc either and that he can retire by the time hes late 20's.

    Whats your views? Just hoping for help really...
    I think your mate sounds a bit idealistic and not very well informed. IB is a very difficult career to get into, one of the most difficult. You have to be exceptional to make it to the top, and not many people make it very far at all. Tell your friend to do some research.
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    and if you dont make it to the top, whats the salary like?
    Isnt it supposed to be a very boring job too?
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    Depends what you're doing in Investment Banking. It gets a really bad rep for 100 hour weeks just cos of the IBD division. It's all about (a) sales, trading or structuring at an investment bank or (b) hedge fund prop - interesting stuff, doable hours, pay completely off the scale compared to any other office/corporate job you could be doing.
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    I think the entire idea of aiming to retire at the age of 29 is strange and absurd.
    If you go into a job, waiting for the end of it, you'll hate it, whether its 80 hours a week, or [random easier job].
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    (Original post by john !!)
    I think the entire idea of aiming to retire at the age of 29 is strange and absurd.
    If you go into a job, waiting for the end of it, you'll hate it, whether its 80 hours a week, or [random easier job].
    Well i don't plan to be working by the time I'm 30, regardless of what profession I'm in. I think many people use IB to generate money for when they plan to work for themselves, or in my case trade privately, and with the ridiculous hours in IBD, can you blame them?
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    If you retire by the time your 30 what are you gonna do for the rest of your time. I for one will frankly be bored. Also you may have enough money saved to live a relatively comfortable life for the rest of your life but is that enough? I can understand people quitting IB to set up their own businesses or whatnot but fully retiring seems absurd to me personally.
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    (Original post by akash_a88)
    If you retire by the time your 30 what are you gonna do for the rest of your time. I for one will frankly be bored. Also you may have enough money saved to live a relatively comfortable life for the rest of your life but is that enough? I can understand people quitting IB to set up their own businesses or whatnot but fully retiring seems absurd to me personally.
    When people say they're going to retire by 30, it doesn't mean they're just going to sit and do nothing lol. Most people wll have business'/investments which they'll play an active role in when they decide to quit their proffession, i.e i'm looking to invest extensively in real estate, and get involved in mega real estate projects, as well as becoming a private trader, i doubt i'll beome bored while doing that,
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    (Original post by akash_a88)
    If you retire by the time your 30 what are you gonna do for the rest of your time. I for one will frankly be bored. Also you may have enough money saved to live a relatively comfortable life for the rest of your life but is that enough? I can understand people quitting IB to set up their own businesses or whatnot but fully retiring seems absurd to me personally.
    If you sit on a chair and watch TV for the rest of your life. But theres so much to do in this life, to argue that you have to work is nonsense! Your just not trying .
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    I'd happily retire at 30. If you reckon you can't then you must not lead a very fulfilling life outside University/work.
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    (Original post by aaaaz)
    I'd happily retire at 30. If you reckon you can't then you must not lead a very fulfilling life outside University/work.
    That's bull****. I can understand people who wish to retire at 30 and spend the rest of their life relaxing, but it's personally not for me, and secondly, there are other metrics against which people judge success/fulfillment in life, apart from having earnt enough money to retire on or having a very happy family life.

    Anyway, I reckon most people are talking out of perspective of their pay when talking about retirement at 30. I should think if you are retiring at 30 and not going onto other things (setting up a company etc), then you need atleast £10m in cash (after having paid for a decent house), imo, to comfortably see you through for the next 40-50 years. I doubt many make that much, even in the City, by the age of 30 (presuming they start from scratch and have no parent help/net worth to rely on).
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    Exactly. Earning enough to retire on by 30 is an absolute pipe dream for 99.99% of people, but for some reason most seem to think its a certainty when they enter IB.
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    (Original post by MonteCristo)
    That's bull****. I can understand people who wish to retire at 30 and spend the rest of their life relaxing, but it's personally not for me, and secondly, there are other metrics against which people judge success/fulfillment in life, apart from having earnt enough money to retire on or having a very happy family life.
    Retirement at 30 just means I could pursue things I'm interested in; be that Mathematics, technology, sport or family. My initial intention was to say: I can't see how people could get bored if they retired at 30, there is so much stuff to do and learn out there.
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    (Original post by aaaaz)
    Retirement at 30 just means I could pursue things I'm interested in; be that Mathematics, technology, sport or family. My initial intention was to say: I can't see how people could get bored if they retired at 30, there is so much stuff to do and learn out there.
    If you don't have an interest in your career then you're never going to make it far enough to retire at 30.
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    you wont be able to make enough money by 30. living in london, you ll spend a lot.all you probably be able to do by 30 is buy a house and pay off half of f the mortgage
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    Exactly, say £200,000 average salary for 10 years for the average person in front office IB (these are all over estimates). So thats £2 million minus tax so about £1.2 million minus living costs during that time leaving around £1 million if being optimistic. You may be able to build a small property portfolio with that but not a great one especially with no salary coming in.
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    (Original post by loggins)
    If you don't have an interest in your career then you're never going to make it far enough to retire at 30.
    REALLY?! No way? Do some people deliberately take things out of context? I'd have said the entire statement inferred that I meant outside of work. I was obviously wrong.

    I'm aware I wont be able to retire at 30. The discussion was about whether you'd get bored or not having retired at 30.
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    (Original post by aaaaz)
    REALLY?! No way? Do some people deliberately take things out of context? I'd have said the entire statement inferred that I meant outside of work. I was obviously wrong.

    I'm aware I wont be able to retire at 30. The discussion was about whether you'd get bored or not having retired at 30.
    Then why would you quit work if you are interested in it and enjoy what you're doing?
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    Because I'd sooner adhere to my own working conditions than the guy above me.

    I'm almost certain I'd miss some stuff; the working environment, people and the general buzz. However I'm sure the benefits of being unemployed/self-employed whilst having a comfortable standard of living outweigh that.
 
 
 
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