Modest New Money

So I said that I would return to the world of regular blogging many centuries ago. And I didn’t. Even though one of my faithful readers actually promised to continue reading!

 
 
 
The topic of today is something that bugged me a little on a platform that is a bigger part of my life now than I would have ever imagined: Twitter! I even remember blogging against its use and any potential benefits. But here I am; a regular tweeter, indulging in the vain thoughts and opinions of almost anyone I choose on a daily (hourly) basis.
 
 
 
I tend to voice my opinion with less finesse and grace than is required of a young female. It kind of just explodes out of me, I’m learning a lot about self control actually and how little of it I really have in certain areas.
 
 
 
Anyway onto the topic at hand. Definitions always help to create parameters so here are a few important ones:
 
 
 
Modesty: The quality or state of being unassuming or moderate in the estimation of one's abilities.
 
  
Old Money: Established, inherited wealth. Those whose families have been wealthy for many generations.
 
New Money: A fortune recently acquired or as the urban dictionary states, the opposite of Paris Hilton.
 
 
( I don't actually know if Zucky is entirely new money - but you get the point.)
 
 
There are a select few who have come into either a great graduate job, worked their way partially up the career ladder or have a small start-up which is doing quite well. Kudos to them, I would never want to undermine their achievements. However, when I see statements like:
  
I would never brag about my money in public… but I’m far from broke’ (Boasting)
 
 ‘I earn way more than some of these people buying Hermes belts… but I never talk about it’ (Talking about it)
 
‘I have so many Loubs I just don’t even talk about it… It means nothing to me haha’ (Talking about it and meaning something)
 
 
‘I feel sorry for people who buy things on credit… desperately trying to look new money’ (Ignorant and… just annoying)
 
 
 
I just think who on earth do these people think they are? At a time when having any earnings at all is such a sensitive issue, especially with those between 21 and 26;
 
 
 
I don’t understand how people have the audacity to make such statements. Additionally the same people consider themselves to be sitting on the fortune defined in the definition of New Money…. And really are not.
 
 
Deception only works in the presence of ignorance:
 
  
If you are an employee for a firm with anything from 100 – 6000 employees, and in the first two years of your career your salary is most likely less than £50,000. I’ll give some examples for those who are thinking about their next move with delusions of grandeur firmly plastered to their brains.
  
  • After 5 years of medical training a new doctor in London can expect: £23,000 - 28,000.

  • After some legal training, law school, conversion courses and a few sucker punches to your sanity and self esteem, a trainee solicitor in a TOP law firm can expect: £34,000 - £45,000.

  • After studying anything to go to a good uni and get the all important 2:1 and applying to a general grad scheme/ entry level job (non investment bank), one can expect: £25,000 - £40,000

  • Being a maths / engineering / general boff for a few years and landing a great investment banking job can get you about £35,000 - £50,000.

  • Starting a company which has some regular customers, a great brand and reputation can get you between £0 - £40,000 (profit).
  
Please note that this is in the first few years of your career, there is a chance that some of these salaries will make leaps and bound into the £100k’s and when it comes to a business even the millions. But if no one has ever heard of your companies, that you are the CEO of all three, at the same time this is HIGHLY unlikely.
 
I really wish that people would be honest about where they are, what it took to get them there and not generate insecurities by deceptively pumping themselves up with dubious little statements. If someone wants to spend £1000 on shoes and they earn less than you then so be it, they may actually just be way better at managing their money and setting achievable goals. They are not to be looked down on.
 
 
 
Re Credit – don’t get me started… the whole financial system is built on credit. The world’s billionaires use more credit than most could even fathom. Managed well, credit is actually what makes people come into New Money.
 
And one last thing… if your LinkedIn has a new job every 6 months just click private x
 


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