EASY COME, EASY GO education and eventually they go to college, perhaps you’re having an affair with someone in the intern program – all of which means you need more money. And just because you’re making a lot of money it doesn’t mean you don’t have some debt.
STEVEN, currency trader, proud he’s never puked at his company’s holiday party, and big believer in bitcoin and blockchain My expenses were already high because I was carrying two homes, a couple of kids, and a wife with expensive tastes. But this one year I was out on the town with a couple of mates right after we got paid. It was good harmless fun until I got separated from the group. I was bloody drunk and found myself alone in one of New York’s finest strip clubs. At first it was glorious – I was in the backroom with several girls drinking champagne. Then the night got away from me. I think the girls slipped something in my drink because I totally blacked out. It wasn’t until I got my credit card bill that I saw how much I spent – $44,000. There was no way I could expense it to my company, and I was afraid to dispute the charges for fear of my wife finding out. DANIEL, hedge-fund trader, fantasy football aficionado, and thinks his wife secretly hates him (but it’s not a well-kept secret) My wife didn’t speak to me for six weeks. She wanted me to put the extra money towards our house because the value of it has decreased since we had bought it. But I’d always dreamed of having a mini Fenway Park in my backyard, so construction started right after bonus season. It took several months to build, with a batting cage,
It’s hard not to spend money when you get a large cash infusion into your account. Even when you have a mortgage, a home equity loan, and credit cards hanging over you like a dark cloud. When you look at your balance and see all of those zeros, the natural instinct for many is to spend, spend, spend. Here are some of the most unwise financial decisions from financial folks right after bonus season... MICHAEL, sales trader, self- proclaimed lacrosse legend, and claims he only goes to Vegas six times a year When I got my first six-figure bonus, I was ecstatic. I couldn’t believe it. I still had student loans to pay off, but I didn’t care because I assumed I’d make double the next year. So I used half of my bonus to invest at a new restaurant/bar that was opening up in the Lower East Side of Manhattan. The area was hot, so I figured it’d be a fun and a good investment. I loved the idea of being able to say to a group of people “let’s go to my bar.” I invested the other half of my bonus in an independent film that was supposedly a surefire hit. The bar closed before I even got my next bonus and the film was never finished. I didn’t see a dime from either investment.
20 | November 2017
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