Gotta foreclose that seventh home. SMH.
In one of the more unintentionally hilarious pieces of internet you'll see in quite sometime, an article from "eFinancialCareers," which appears to be a UK-based finance site, offers 20 tips for bankers to cut down on their excessive spending habits. The sad part isn't that this was written--it was that (a. there may actually be a need for this sort of advice, or (b. an editor actually thought this was going to go over well with general society, leaving the writer completely exposed, the subject of much ridicule at the mercy of various virtual bullies. Either way, here are some gems:
2. Involve the entire family
Cutting spending is not simply about reducing your own outgoings. ”When I quit banking more than a decade ago, we had to challenge our whole family to live on less,” said McGregor. “it is hard to make big life changes unless everyone in the family is encouraged to help.”
One ex-trader who joined a small hedge fund said his children have been told there’s less money around and – surprisingly – have accepted this fact. “The only one who doesn’t seem to get it is my five-year-old,” he said. “The older ones have been told we can’t afford all the things that we used to have and they seem to get it – if only because all their friends have been told the same thing.”
Five year old doesn't get why he/she can't have seven ponys and a personal chef. Damn shame.
7. Don’t carry so much cash
The more money you have in your pocket, the more you will want to spend it. “Stop carrying a wedge of cash around with you,” said the ex-Goldman banker. “It reduces the temptation to tip people so much.”
Always the worst carrying around wedges of cash. Generally, it gives me the urge to do things like drop 6K at TGI Fridays
10. Stay with friends
When you go on holiday in the summer (or over Easter), don’t pay for your accommodation – stay with friends.
“I went to the Maldives six times in a row,” said the hedge fund manager. “But last year we didn’t go to the Maldives for the first time in six years – we went to stay with friends in New York. I saved around £12k in the process.”
20. Get a Prius
Finally, one banker points out that you can save a lot of money if you own a car which is both fuel efficient and exempt from road tax. In the UK, a Toyota Prius ticks both boxes. “I swapped a Volvo for a Prius years ago,” he said. “I’ve since saved a fortune in road tax, fuel and insurance.”
I highly suggest you take a look at the actual article, if not for the comment section alone. Just impeccable stuff.
moneyplant pic via shutterstock