What to do with all that extra cash. . .
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What to do with all that extra cash. . .
SCOTT JAGOW: We’ve told you all about the huge bonus checks the folks on Wall Street are taking home this year. Some people are getting several thousand dollars. The top execs will see millions. We were curious how some that money might get spent, so we sent Amy Scott down to the Street to find out.
AMY SCOTT: Technology analysts Mike and Heidi won’t find out the size of their bonuses ’til next month. But they’ve already got plans for the money.
MIKE: Most of it goes towards what I spent in December on Christmas presents, and then the rest, I save the rest of it.
HEIDI: Mine goes right to savings. I have future plans for it, but I don’t know what.
Adeel Usman’s firm pays quarterly bonuses. He’s about to get his first one and it too is spoken for.
ADEEL USMAN: I got a huge amount of college loans. I got some credit cards I wanna pay off. And uh, I dunno, start building a life I guess, right?
EMMANUEL SHALOM: I’d be happy with, you know, $3,000 for this bonus.
Usman’s colleague Emmanuel Shalom.
SHALOM: I’m in the process of purchasing an apartment, so I’m gonna spend it on down payment on my coop. I’ll pay off some bills as well so, you know, take care of business.
At least one trader admits he’s got less practical plans for his five-figure bonus. Jay says he’s already bought a $2,000 television.
JAY: A Sony 46-inch Bravia. So I’m going to hook up my Xbox 360 to that and then have some fun.
Some won’t see bonuses at all this year. That doesn’t stop wealth manager Michael from dreaming of what might be.
MICHAEL: Bottom line, not everybody on Wall Street gets to take a piece of that pie. Unfortunately, I wish it was, but . . .
SCOTT: Well, let’s say you did. What do you think you’d spend it on?
MICHAEL: At my age right now? Fast cars, fast women, all day. Have to.
Well, wouldn’t you?
In New York, I’m Amy Scott for Marketplace.
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