Why You Shouldn't Live for Your Investment Banker Salary
There are plenty of reasons to envy investment bankers, and their high salaries definitely rank high on that list. The average investment banker salary starts around $100,000, according to Paysa, and it can go up from there depending on the size of the firm you’re working for and your seniority at that firm. But if you ask me, there’s plenty of other ways to earn a living than chasing after an investment banker salary—and most of them won’t make you miserable in the process. Here are just two examples.
People do not care about your money
The problem with investment banker salaries is that they tend to make people measure their worth in dollars and cents. Rather than figuring out how they can contribute, people instead focus on how much money they are making. What a lot of people forget is that other people don’t care about your job, your money or even you; they care about themselves and their problems. If you keep living your life around making more and more money then it becomes obvious to others that you are more interested in yourself than anyone else. The worst thing an investment banker can do is allow their salary to become their sole source of motivation because no matter how much money someone has, it will never be enough and there will always be someone with more. Living by your investment banker salary makes it difficult to distinguish between your real and imagined self-worth. When you base how much value you have on how much money you make then it will be impossible to measure how much value other people put into you. The fact of the matter is that no amount of money can help someone who values themselves by their career become a better person, only living in reality can do that. Just because some people base their entire existence around an investment banker salary does not mean everyone needs to do so in order to be successful. It’s hard for anyone to feel validated if they do not understand what true worth is, but never let money stand in between who you are and what you want out of life.
Money won’t solve your problems
When you’re 22 and making six figures, it’s hard not to think of yourself as invincible. But an investment banker salary isn’t actually that big of a deal, if you live like it is. Although you may think that a six-figure salary makes money irrelevant, keep in mind that when combined with your student debt load, it really adds up fast. And if you think about how much of your income goes towards rent or mortgage and living expenses on top of your student loans—not to mention all those vacations and fancy dinners out—it will become clear pretty quickly why most people take on investment banking jobs: because they need to pay their bills.
Money gives you freedom, but it doesn’t necessarily equal happiness
Just because you’re earning more money doesn’t mean you’ll be happier. You should not live your life according to your investment banker salary, says Giri Nathan, co-founder of Spare5 and a happiness blogger at Unhappy Brain. While high-paying jobs can help give you security and peace of mind, you have to keep in mind that money cannot buy you happiness—and neither can status symbols like fancy cars and big houses. Instead of following what society tells us we should do—live for our investment banker salary—we must instead follow our passion and use it to propel ourselves into greater positions of leadership.
Ask yourself: Is this really worth it?
Investment bankers are some of Wall Street’s highest paid employees, but it’s not all it’s cracked up to be. Think about it – you only work three months a year and spend most of that time doing work that could be completed by a student. There are other professions out there that pay more and offer more independence, so why should you settle for an investment banker salary? Living solely off your income is pretty much impossible these days, and an investment banker salary just isn’t going to cut it in today’s world. Sure, you might make a few million in bonuses over your lifetime – but once that money is spent, what do you have left?
Accept who you are regardless of how much money you make
Trying to fit a certain mold that our culture or even friends and family have created for us can lead to being unhappy with ourselves. We’ve learned from a young age that money is an indicator of success, and it feels like a failure when we aren’t doing well financially. The average investment banker salary can reach as high as $350,000, but that doesn’t mean making that amount of money means you are successful—or happier. Earning more than enough money to pay your bills is really what matters in life. Whether you make six figures or minimum wage (or anywhere in between), once you figure out your value system, focus on self-acceptance no matter where you fall along any financial spectrum.
Don’t spend your time being jealous
So you know someone who makes a lot of money. But is their big salary all that it’s cracked up to be? It could be, sure. But it could also keep you from seeing things clearly and make your own income seem insignificant in comparison. Instead, work towards what really matters to you: doing a job that will help put food on your table while you invest your spare time pursuing real passions. Not living off an investment banker salary isn’t guaranteed to be less fun than doing so—but it can be better for overall happiness levels if you aren’t going at life through rose-colored glasses and ignoring reality altogether.
Celebrate your successes by doing something nice for someone else
I’m constantly thinking of what I could have done to improve my investment banker salary, which means I never actually feel proud of myself. So whenever something good happens at work—I get a promotion, or win a client—I like to celebrate it by doing something nice for someone else. It doesn’t have to be extravagant: Just pay a compliment to someone who needs it, take your colleague out for a beer, or bring in donuts when things are stressful. Not only does it make you feel better about yourself, but research shows that helping others makes us happier overall. And besides, isn’t success supposed to be about making other people's lives better?
