Sunday, 28 March 2010

Crazy money

I am sure we have all heard about how investment bankers or hedge fund managers or forex traders making huge amount of money. There were also plenty of media coverage on bonuses and payouts at the peak of the so called “financial crisis” about a year ago.

But they are all just hearsay, and what we read of the media. As far as I am concern, I know they money involve is huge, but just don’t know how huge.

My first monthly salary was RM1,800 (USD520 – aren’t we cheap labour?). My first bonus was when my salary was RM2,100. A 2 months bonus brought me RM4,200. After all relevant deductions, it was only RM3,000+. Not exactly a lot but damn… was I happy when I got it then. It was hell lot of money. I am sure some of you know what I mean.

For a few years running, bonuses for me and my peers were all 4 figures. Hence, when we heard about people getting 5 figure bonuses, our jaws will drop.

My current role brings me with close proximity of the “money industry”, and I had a very good catch up session with a friend who is a player within the “money industry”. And I found out…

RM0.5m bonus payment is a norm. There are people who consistently get 7 figure bonuses.

There was a smart soul who managed to get into one of the biggest “money company” in the world and his monthly salary alone is already hitting 6 figures. Yes, 6 figure salary a month!! And… when he joined this super “money company”, he was given a joining “gift”… a 6-figure “gift in USD. Can you imagine what this smart soul will be getting as bonus?

I also personally know of an investment banker whose lifestyle went through no changes at all during the so called financial crisis. The flying around and the spending continued to flow. I wouldn’t be surprise if his bonus is also something within the region of 7 figures. The media said these people were very affected by the financial crisis. I think otherwise.

Don’t be misled. I am not earning what these people are earning. Not even close. But to actually know of people who are getting these mega bucks, it really throws me off my chair.

It’s really… crazy money.

P/S: What is “money industry / money company”? You have to figure that out yourself, I can't be telling you everything, right?


1 year ago…
This thing called MTM

2 years ago…
Cards laugh

3 years ago…
2nd chance with Mom: Between hard work and successThe week that’s been

25 comments:

day-dreamer said...

Crazy money... I want! Legally though. :P

goingkookies said...

omg!!! RM0.5m bonuss??

i wished too.. well.. not all investment banks pay bonuses that well =p

Anonymous said...

Hahaha...there was once my dad got a six figure bonus, but he's not even working in money industry, but the government.

xabi said...

i'm in the wrong job. sigh!

Pinknpurplelizard said...

It's almost lewd and revolting how much these ppl get paid. What's more is that these ppl are the ones who can cause the 'goliath who pays them' to die a horrible death i.e. Enron. LOL

Siew said...

W-O-W!

4K said...

Mind sharing in what capacity/role does those ppl hold within those org?

Chloe Teah said...

Sometimes i wonder why we bother to study so much and work so hard?? when our pay hardly do any justice to our hardship =((((( *loooong sigh*

Terra Shield said...

Oh my! Your post almost made me fall off my chair!

Ted said...

It sounds really eye-popping but not every investment banker will get that kind of dough right? Though most of them will live very comfortably.

Clare said...

*sigh* If it throws you off your chair then I'd be dead on the floor already. Hahahaha!!!

sinlady said...

well, if these guys who are paid the serious big bucks bring in the revenue...subers

missironic said...

my jaw dropped and i want to fall off from the chair too.. Damn! Hahaha..

InjusticeSistem said...

Da biggest obviously hv to be GS...cos dey also happen to be da biggest crony...
Most readers here envy these fund mgrs/invstmt bankers' paycheck, but what dey fail to realise is tat these readers 'contribute' most of their paychecks...by consistently buying mutual funds/trust funds/saving funds/retirement funds/education funds......da biggest legal scam in da world, but stl ppl buy as if it is da only thing that will save dem....
Sigh....anyway, i bliv GS avg bonus per employee was abt USD150-300K for last financial yr...
n oh ya by da way, doctors/lawyers/architects etc all get sued when their calculations/assumptions/diagnosis turn horribly wrong....but fund managers/economist stl get paid shitload even if they r wrong...this has got to be da best profession in da world...
oh man i can practically write 10 pages on this topic,but it is best not to,da world need more stupid ppl to buy retirement/saving/mutual/trust/education funds so da smart ppl can drive benzi NOW...

eiling lim said...

I know friends whom work as financial analysts/investors has bonuses of at least 17months. Oh well, not everyone can have such jobs and I'm sure they worked really hard to earn that too. For two years I've been getting a 5 figure bonus by selling & marketing chocolates so I guess I'm kinda lucky... hehe

zewt said...

day-dreamer - it is legal in the money companies...

goingkookies - makes your partners feel so small eh? well, local investment banker not quite, cost the big boss makan everything.

anon @ 29/3 12.58am - and i wonder what dept is that...

xabi - specialise, and you'll be there...

pinknpurplelizard - absolutely... that's life.

zewt said...

Siew - indeed.

4K - front end... traders... but not local monay companies lah. local... sigh.

Chloe Teah - i think about that everyday.

Terra Shield - hurt your butt too eh?

Ted - well, like i said in some comments.... dont compare to domestic investment banker...

zewt said...

Clare - hahahahaha...

sinlady - yeah... they do... but the gap is really big.

missironic - maybe later, u can also fly.

InjusticeSistem - you are not only sarcastic, but damn smart too. indeed... it is GS... pays crazy money. you really have a good insight on the money industry my friend...

eiling lim - really, you should be glad... not many ppl get 5 figure bonus...

Ah Siang said...

Welcome to the real world. There is so much wealth in the 5% of the world.

Even in singapore, the latest news is 20% of Singaporean are Millionaires.

The rich just get richer.

zewtreader said...

InjusticeSystem,

Yeah, zewt is right. Your comments are very insightful. It will be great if you can start your own blog and write about GS. Look forward to your blog.

MKL said...

Zewt, give me a piece of your pie. I need like 10.000rm, it's pocket money for you, but for me, it gives me few months of stinky tofu and chicken feet to fill my stomach :P

Zewt, you're with one foot in our world and with another in that other world, where they print money and get away with it :P

InjusticeSistem said...

Zewt & zewtreader:
Wah lau eh my head go big with ego lorrrrr, no need say like tat wan...im not smart,i just happen to be a boring guy who sit infront of pc n read boring financial news...ok lets share
The problem with Malaysian is dey pay hundreds of thousand to get good education (bsc/ma/phd)and den dey work 16 hrs/day to climb da corporate ladder n mk their bosses load of $$$$,hoping to get big paycheck in return.....n den wat...u noe wat? these educated ppl who study hard n work 16 hrs/day GIVE ALL THEIR MONEY to trust/mutual/savings/retirement fund....do u noe why? Bcos these ppl are 'fo-fesional' mah...dey will noe what to do with my money wannnnn....yeah rite...if lawyers n doctors r not god,what mk these smart ppl think financial fo-fesional are gods?
Any1...i mean ANYONE can just spend 16 minutes a day to browse da web n learn how to manage/grow/invest/protect ur own money...
Rule number 1, you must love ur money da most,n 99% ppl don love their money da most cos 99% of ppl gv their money to mutual/trust/retirement funds....
I cant write blogs,da shit tat comes out of my mouth will get me ISA sooner than mat bohsia throw their baby into da garbage bin nearby uitm....opppssss i did it again...go britney
If u wanna noe da evil GS, go to goldmansachs666.com...oh ya forgot to mention i made a mistake in my earlier post, da avg bonus per employee in GS for last yr is USD500K...
So if any of u dunno wat to do with ur $$$,i recommend u dump all of it into GS, dey may be da biggest evil crony, but dey also happen to mk da most $$$$

zewt said...

Ah Siang - i tot the latest stats was... 2% control 80% of the wealth of the world or something. it's absolutely crazy.

zewtreader - agreed!

MKL - hahahaha... i wish i can have both feet in "the other" world... and hope that they give me some! haha.

InjusticeSistem - damn true... i never let anyone manage my money. there was a time i almost fell into the trap, but i woke up! hahaha... but then right, when fo-fesional like us work 16 hours a day, got no time to monitor our investments, so have to appoint someone. :P GS666! hahahaha... call itwhat you want but many ppl just wanna get in there. that's the real world.

Anonymous said...

in 10 years' time !!??
WHO cares ? 2012 is round the corner !

zewt said...

anon 1/4 4.16am - hehe... wrong post eh?