I said it was an honest question. I assume you are in NYC? After fed, state, city income tax and property tax, as well as all the big-city-specific little things like paying for parking, etc., how many of those 300 G's do you actually take home? How many hours do you work a week?
This is my fourth year in the business. The best traders that I know all went to average colleges, had less than average G.P.A.'s, and started out in the financial business either cold calling or were brought in to daytrade by friends in the industry.
net monthly comes to 7K less 2K mortgage\maint\tax (this isn't typical as i have a small mortgage) and 2K food\travel\going out leaves about 3K to save.... but i save all my annual bonus, so in all, keep about 150K. hours - 8 to 6.
Wow, what an arrogant post. First off, to accuse someone of sour grapes just because they aren't ivy league is pretty stupid. I could get into an academic credentials pissing contest with anyone on this board, but what's the point? It's ridiculous. Second, not everyone on this site are daytraders, and there are peeps here in multiple categories making big money. Thirdly, most of the money made on Wall Street is earned by ripping off the public. Why do you think the big brokers are getting cornholed by the government right now? Because the truth is out, that the majority of the wall street crowd are high class pimps, carnival barkers and con men. Just because you wear a suit doesn't mean you are respectable. My main reason for not working on Wall St is because I'm not an a**hole. Fourthly, the ivy league money machine is drying up. The free profits milked from John Jerk are disappearing as the public wises up. All those connected frat boys with pedigrees are going to have to do some actual work to earn their cash. Including you.
Another thing, consider these two choices.... A. Working for Goldman from 7-4 every day, with the associated hassles of the commute, internal politics, and being answerable to a bureacracy... salary $300k, say B. Working for yourself, freedom of thought, action and total responsibility: 'salary': anything from wipeout to a lot It boils down to personality-type... no correct answer... those with a more philosophical outlook on work-life balance who have confidence in their trading abilities and who seek freedom will go for 2... those who seek a greater degree of certainty and structure will go for 1...
darkhorse, if you re-read your first post, it just oozes sour grapes.... just highlighting my view that the original question isn't likely to get an unbiased response here. i'm just posting to provide another point of view.
Thanks...you've help make an excellent point here. Entry level jobs for new people will start with basic salaries, and those who have been around for a decade or so can make some money. I applaud your candor, and wish you continued success. Which division of GS are you with? About how many in your division? Is your compensation somehow adjusted for performance? Bonuses are still a big part, am I correct? This is good information.....keep up the good work!! Don
You think I'm jealous of intelligent people? Want to compare degrees? Vocabulary? IQ? I'd be willing to bet a thousand bucks that I am smarter than you, have more pedigrees than you, and even have a bigger vocabulary than you do. But none of that matters in trading, which is exactly the point I am trying to make. You obviously consider yourself "smart," but you are so full of yourself that you can't help talking out of your ass. You are a case in point of why intelligence + no common sense = idiot.