Who said it takes time to be wealthy? Well, in Young Money by Kevin Roose, he explores the lives of some of the most diligent six- figure graduates working in one of the most prestigious places in America: Wall Street. A place that can turn a pauper into a vicious, bad- humored millionaire.
After graduating, these eight new adults who willingly agreed to relinquish information to Roose were employed by one of the most mind-numbing, but well rewarded two year occupations on the planet: investment banking. Over the course of this true story, Roose shadows an assortment of characters stemming from a wide variety of social and academic backgrounds; all who were ambitious and ready to take on the challenge of 100+ hour work weeks.
The financial crash of 2008 has had many ramifications on the economy lasting even until the present day. With increased government regulation creating more costs, this once revered industry has now fallen in rank and social status. Along with less money coming into the big banks, there are fewer jobs. This is only seeking havoc on the already extremely competitive industry where first year analyst can make up to 5 or 10 times their college peer’s salaries.
On a more personal note, during Roose’s four year shadowing of these astute young graduates, he noticed that this particular career path had its positives and its negatives. An average day at the office easily meant waking up at 7 A.M., stationed at your desk by 9, and working until 2 A.M. the next day. This along with being on call even on the weekends can make for some sour people; however, these shortcomings did have their remunerative benefits. By living in New York City, the social capital of the world, these brave young men and women were exposed to some of the finer things in life. These “boring” analysts ended up raking in over $100,000 in their first year making for some crazy nights with New York’s finest models, the most exquisite Gucci clothing, and extravagant trips to the Barbados. But the ultimate question in the end became: Well, is this worth it?
After being driven to near insanity with constantly on edge bosses and peers with inflated delusions of grandeur, it can be hard not quit. With one analyst putting a yearlong timer on the wall counting down to when he got his $20,000 bonus and was able to quit, it’s easy to recognize the mental toll this job can pay on these young neophytes.
Year after year, tons of graduates flock to Wall Street looking for a pretty penny and a one way ticket to social prominence. Most fail and give in to the lackluster pay compared to the numberous hours worked. Some analysts even compared Goldman Sachs’ headquarters to Azkaban where inmates’ souls are sucked from their bodies.
Most of all, Young Money tells a story about having to make hard, real life decisions after college. Kevin Roose’s journey through the lives of these analysts makes for not only intellectually intense information about the evolving high finance industry, but a heartwarming story of seven ordinary graduate’s transformation into adulthood.