I call BS on this... The moment she said she's a server, I shut it off. Yes, of COURSE you can live in Manhattan earing cash tips. That's the DREAM job, because she is NOT DECLARING that income, so is not taxed on it. Who puts out stupid videos like that? Taxless cash. Gee, a no-brainer. Like driving a cab. Helllooooo?
Sending your kid to private in Manhattan is pretty much a necessity. I mean, he's not sending his kids to the Bronx HS of Science. He works as a PM for a major hedgie. You can't live in Tenafly. sle states the cyclicality and relative insecurity of the profession. Sure, but there are other professions. You go into it with your eyes wide open. He could've gone into life sciences, but look at the cost of living if you work for Genentech. My wife's friend is a senior scientist and lives in a 1400sf home that sold for $2.8MM during the divorce. First world problems. I used the ride the shitty subway lines to f*ck with wannabe gang bangers. But I was all geared up at the time. I've mellowed/softened. The lines sle would ride are totally safe. He takes the train North, not the subway. 30% nominal on $500K?! It's a great time to be alive! Unless you want your kids to inherit the planet while it remains inhabitable. I lived in TriBeCa for nine months in the mid 90s. It was awesome.
And I lived in Bensonhurst for 2 years in the 1990s. The rent on that beautiful top-floor apartment was $500 per month. Things have changed, man! That does not mean that we have to force ourselves to live in the most gentrified hellholes we can find just to seem "cool". Nah, frugality is the only way young people will make it these days...And by living smartly!
The network connections, diploma is worth a lot more abroad especially to one of the parents or both or grandparents that live abroad or had lived abroad in a French speaking country. Simply, they want to use their language to maintain family/network connections. If I lived in New York during my kids school year...that school would be on my list of schools to send my kids too. For example, I have a casual buddy here in Québec and he's recently divorce. The mother of his kids is moving back to New York this summer and part of their divorce agreement she will enroll the kids at Lycée Français via request of the grandparents that are French speakers, living in France and will be paying for the education. Its something a public English school can not offer. Thus, how important the school is really dependent upon the family situation (bilingual/trilingual) of students before enrollment. I've seen some parents just about go broke just to enroll their kids in a private school that offers a unique education that public schools can not afford to offer...an education that can be used elsewhere outside of North America if there's an opportunity for further education (e.g. university) or job offer. Seriously, if you have the opportunity to start a career in different countries instead of in just one country because you're fluent in the language and understand the culture...something given to you since birth... Why not enroll at that private school if you can afford it ? wrbtrader
Why should people with Porsches pay more than you do for your Toyota? How much is that round flight? Been thinking of taking a position in SF but don't care for the housing in the area.
There’s a law firm that is based in Dallas and has private jets fly their attorneys to San Fran every day. It’s net profitable for them between the salary savings and the fact they those hours on the plane are billable.
What percentage of those lawyers are divorced within 5 years and never get to see their kids? There is more to life than the after tax money you get to keep. When I was a MM I was home by 6pm for dinner every night. Happy to net less.