Some Ideas in Case You Need Help Spending Your Bonus
Since you work in finance, you probably pay close attention to your own affairs: the family budget, taxes, college and retirement planning and the like. It's human nature to want to know what other people in your space are doing so, courtesy of CNN Money, we present the list of what top Wall Street professionals plan to spend on this year.
Real Estate: Apartments, second homes and vacation homes. If status is your thing, be sure you have a place in Manhattan.
Private Schools: Figure $35,000 per child for this, which doesn't include donations you're expected to make to keep yourself right in the eyes of the school's administrators. (That's $84,000 a year if you have 2.4 children.)
Vacation: Even bankers whose bonuses are in the mere six figures plan to take some vacation time. While Wall Street's culture may be all intensity, all productivity, all the time, people still need to get away and recharge. One associate said his plan is to spend three weeks in Argentina. Those whose payouts are on the upper end are eyeing things like family African safaris - for a mere $40,000.
Extras: "There has never been a better time to negotiate jewelry and watches, and I mean the finest of luxury watches," Milton Pedraza, chief executive of the New York-research firm the Luxury Institute, told CNN Money. "This is the opportunity to go in and negotiate what you want." Tiffany and Cartier are "safe" brands.
Upkeep: We're not talking about lawn care, we're talking about personal care. "Botox for men, getting your eyebrows plucked, all these things have become normal," Pedraza said. "Many older bankers will rejuvenate themselves with Botox and plastic surgery. They're not Hollywood but they still need to have that fresh, young appearance."
Go forth and spend. The economy will thank you.