Banker struggles on $350,000 a year

Discussion in 'Wall St. News' started by gwb-trading, Feb 29, 2012.

  1. that was later discovered to be fake.

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    I could only dream of having that kind of income, however people get used to certain luxuries to the point where it's a part of their everyday lives.

    Think about it. Most people here have a smart phone that runs them 100+ a month. You also probably have XM radio, internet, maybe you go to starbucks once a week...

    Now imagine the type of luxuries you'd have on 350k?..personal chef, driver, maid, steak and lobster dinner at ruth's chris, a nice wine/ cigar collection, time share in a jet, maybe a ferrari in the garage?...
     
    #11     Feb 29, 2012
  2. I have to agree with you in a few ways - for one thing, this guy also mentions he has another kid entering private school (of he hopes)
    soon, so another 32K off the top.

    On the other hand, maybe he should just throw in the towel, move the family to Tulsa, get a decent job, and buy a 2100+ SF fairly new home for ~$160K (I know a nice neighborhood of them). Union school district in Tulsa is probably better then NYC private schools btw. If you are worried about Tornadoes, well from a safety standpoint, get a shelter - moneywise, just get cheap insurance, and rebuild new if your house goes down.
     
    #12     Feb 29, 2012
  3. TD80

    TD80

    Here's the thing:

    This guy is in charge of MARKETING for Euro Pacific Capital.

    What kind of knucklehead thinks this is going to be good PR for himself and his firm?

    If I were an investor with them (and frankly, after running into Peter Schiff, I can safely say that will never goddamn happen, as they seem completely incompetent), I would be asking myself do I really want my money with these idiots?

    This isn't exactly what I would call good PR for a money management outfit...
     
    #13     Feb 29, 2012
  4. #14     Feb 29, 2012
  5. This is very true. If we are talking about Manhattan where it costs extra to rent an apartment that allows in sunshine, $350K/year is hardly rich for a family of four and two kids in private school. Almost 20 years ago, on a salary of about one-third that figure I was sleeping in the living room of a one bedroom apt that I shared with a classmate and I was barely getting by as a single person. I didn't live frugally but wasn't living large either. Crying poverty in the guy's situation defies credibility, but people who have not experienced living in an expensive city just have no idea. It's a helluva fun place for young professionals, though.
     
    #15     Feb 29, 2012
  6. I've been looking for this clip for the last couple of years! schiff took this down a few years back, claiming copyright infringement haha...

    thanks!
     
    #16     Feb 29, 2012
  7. sle

    sle

    A family living on $350/K per year in Manhattan is not rich at all, it's solid middle class life style. Lets take myself as an example - I am making a base salary of $250k/a plus my wife is bringing home another 150k as a surgical fellow. Sounds like a lot, I am sure, but once you add the costs it's not much.

    A reasonable apartment (1800 square feet with some outdoor space for my dogs) is two million dollars. That's like 8k in mortgage payments alone. Even if you are buying it for cash like i did (sheer stupidity, should have financed it), I still got to pay about 4k a month in common charges and taxes. Most of it is in post-tax money. If I had kids (in works), I'd have to pay another 30-40k per year in private school tuition, plus after school activities. A dog walker for my two puppies - probably about 1k a month, plus the vet bills plus - we are talking 15k per year. And then there is everything else, which is stupidly expensive - a gallon of milk is 5 dollars in the Fairway across the street.

    Whatever comes as "comfortable salary" in the rest of the US, you'd have to double it for the NYC residents and quadruple it for the residents of Manhattan. This said, there are plenty of idiots on Wall Street that buy 300k sports cars and 20k watches and usually it's the same idiots that lose a lot of money in the subsequent years.
     
    #17     Feb 29, 2012
  8. Lucias

    Lucias

    sle and what would you do if you only made 90k or 100k like the top 25%?

    No.. 200k isn't rich but its a heck of a lot more then most make. Let's take 100k is a lot of money almost anywhere in America. Even if NY is 50% more then that's 150k.

    Do a cost of living.. for New York, New York. In almost any normal city, a salary approaching 6 figures is living extremely well.. convert that to NY and you get about 140k.

    He's bringing home 200k! 140k annual is comparable to someone doing extremely well anywhere else..

    Is it rich? Duh.. guys trying to live like a millionaire.

    >>"Could you imagine what it's like to say I got three kids in private >>school, I have to think about pulling them out? How do you do >>that?"

    Ask the 99%.. maybe you can start paying your TAXES to help the public schools.

    Completely. ridiculous article.
     
    #18     Feb 29, 2012
  9. gwb-trading

    gwb-trading

    There are plenty of people who commute into Manhattan every day from Long Island, NJ, north of NYC, etc. who earn less than $100K per year. The public school systems in these places are far better than the NYC public schools (Long Island has some of the top schools in the nation).

    If you can't live on $350K per year in Manhattan then let me give you some advice - move out and commute (like most people including many of your 1% peers).

    Time to live within your means and stop complaining.
     
    #19     Feb 29, 2012
  10. In fairness as Einstein said "its all relative", a guy bitching about putting kids thru private school sounds hollow if you have 4 kids and make 18 k a year. There is a sort of creeping socialism going on our country where its popular to hate people of means. Again that is relative also, there are lots of "wealthy" people by middle class standards who have an inferiority complex when comparing themselves to old money. Usually by now surf would show up in defense of the rich and try to impress us with name dropping and tales of summer in the Hamptons, paging surf!:)
     
    #20     Feb 29, 2012