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Still Buying That Villa / Opus 8 / Tesla Roadster?

Now that it’s that time of year again when you used to salivate about getting paid… is your biggest year-end purchase going to be a tighter belt?

Whether on Wall Street or the City, government honchos will soon ride herd on executive pay. But of greater immediate import to everyday bankers and traders, most bonuses for this year are set to be gutted even before any intervention by public officials. With few exceptions, large Western financial institutions are operating in the red throughout 2008. Even the hedge fund community is awash in losses.

So: Have your personal expectations come down to a point where you foresee any belt-tightening in your own immediate future?

If yes, which gleaming trophy are you planning to postpone: A new home or condo? The status car? The status watch? Taking a shorter vacation – or perhaps even settling for a “staycation”?

Comments (4)

  1. I sold my home two years ago, at the top. Still waiting for NY condo prices to reflect reality, before I’ll jump back in and buy. But I don’t plan on “postponing” anything. The writing was already on the wall a year ago, so after lucking out with last year’s bonus, I saved most of it, and never planned any big luxury buys to begin with from this year’s (likely non-existent) bonus.

  2. Ask my ex. Whatever bonus I get, will end up in her hands, with her lawyers as intermediary.

  3. This shows a condescending attitude toward many hard-working professionals who are not to blame for their employers’ troubles. The person who posted the original question probably is envious that he (or she) will never own any of those things.

  4. Anyone who continues leveraging up in this environment is either stupid or crazy, or both.

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