sasguru forced to trade down from an Aygo?

[DimPrawn]

http://www.telegraph.co.uk/money/mai.../cccity113.xml

UK economy faces tough times as credit crunch hits big City spenders

He was one of 200 people who were let go by RBS last week as the bank slashed its European leveraged finance, real estate finance and commercial mortgage-backed securities businesses in London - but believes he was one of the lucky ones.

"At least I was expecting it," said Jonathan, who did not want to provide his full name. "We've had a great run, made a lot of money but frankly we've not been busy for a long time. The writing was on the wall. My wife gave up work after our second child was born last summer as the credit crunch started, so I had to plan. We were due to move to Kensington before Christmas but we're staying in Fulham instead and delayed sending our 4-year-old to private pre-prep school for a year. We've also kept the car rather than upgrading, cancelled skiing and didn't book the house in the South of France for the summer. Others I was working with carried on assuming things would pick up, they've got to make all the cuts now. That's more frightening."


That's brought a tear to my eye. No holiday in the south of France and delayed a trade up in car. Crushing.

[M_B]

"When I were a lad we had to cancel our winter AND summer holidays"

[KathyWoolfe]

http://www.telegraph.co.uk/money/mai.../cccity113.xml

UK economy faces tough times as credit crunch hits big City spenders

He was one of 200 people who were let go by RBS last week as the bank slashed its European leveraged finance, real estate finance and commercial mortgage-backed securities businesses in London - but believes he was one of the lucky ones.

That's brought a tear to my eye. No holiday in the south of France and delayed a trade up in car. Crushing.

No doubt some of his "colleagues" had an office leaving collection for him

[sasguru]

It's precisely because I'm tight as a nun's wotsit and so have salted away a stash in the good times that I really don't care about what happens to the economy. In fact I want it to crash so I can buy up loads of lovely cheap assets.
There are some advantages to being old skool after all.

HTH

[Dow Jones]

The rise and fall...

Biggest mistake most of these guys make is that they adjust their lifestyle according to their current income. I'm not saying that your living standards shouldn't rise, so house and car upgrades are fine, but they should ask themselves if all the trappings of luxury are necessary: private boarding schools, luxury trips to the Caribbean, 2nd home in the country for term holidays, expensive golf/club/gym subs, etc etc. After all, most of these guys have come from modest backgrounds, not wealthy and priviledged ones, where all those above are taken for granted.
Anyone that has contracted from the early 90's should know better than most. Don't spend it all at once and keep some away for a rainy day.

[Churchill]

Don't spend it all at once and keep some away for a rainy day.

keep some away for the inheritance tax. - Shirley?

[Lucy]

Trading down from a Winnebago more like.

[Churchill]

Trading down from a Winnebago more like.

Speaking of trailer trash, how the hell are you?

Stopped crying yet?

[Marina]

Biggest mistake most of these guys make is that they adjust their lifestyle according to their current income. I'm not saying that your living standards shouldn't rise, so house and car upgrades are fine, but they should ask themselves if all the trappings of luxury are necessary: private boarding schools, luxury trips to the Caribbean, 2nd home in the country for term holidays, expensive golf/club/gym subs, etc etc. After all, most of these guys have come from modest backgrounds, not wealthy and priviledged ones, where all those above are taken for granted.
Anyone that has contracted from the early 90's should know better than most. Don't spend it all at once and keep some away for a rainy day.

I can see some of those luxuries are dispensable. But surely you have to live the flamboyant high-roller lifestyle to some extent, if only to maintain visibility and contacts, the same way as it's practically obligatory for barristers and judges to be complete piss-heads.

How long would a nerdy trader last, it they brought a packed lunch to work every day and nibbled at a sandwich like a rabbit, and took a week's holiday in Butlins and chose to send their kids to the local comprehensive, all the while stashing away hundreds of thousands for a "rainy day" like a good little anal saver?

Not long I suspect, unless they were outstanding at their job. But the chances are a cautious person like that would not be - They'd be totally unsuitable for the kind of risk-taking required anyway.

[Dow Jones]

Cautious

Funny you should mention sandwiches, no longer a crime to bring and eat on your desk (I don't have lunch anyway, just breakfast and dinner), however disagree with the rest of your extravagant analysis, as I know a lot of traders don't spend their own money when 'socialising', most/all are 'on expenses'. Also the mantra of IB is that clients would look badly upon anyone over-spending, as it implies that the banks make a lot of profit from their clients' investments.