Banker struggles on $350,000 a year

Quote from cstfx:

...like tipping 1% at a restaurant.
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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?...
 
Quote from Clubber Lang:

350k in NYC isn't as much as you would think.

After federal, state, and city taxes he would end up with roughly 190k.

Now before everyone starts screaming that 190k is "rich". If you've ever lived in NYC, San Francisco, Tokyo, etc you know how obscene the costs are for everything from rent to a sandwich. Even the supermarket prices are routinely 50-100% more than you will find just an hour outside a major city.

His one kids private school eats up 32k of that 190k. And for anyone who says "send your kid to public school", well you have no fucking clue about PS in nyc, especially if you're white.

So you're down to 158k. I'm being generous and saying his lower duplex brownstone rent is only 4000 a month. That's 48k a year.

Down to 110k and still haven't fed or dressed a family of four, paid electric, water, gas, cable, phone, car or other transportation, entertainment, recreation, vacation, charity, and not a penny towards retirement or savings.

He is still way ahead of most people, but he's hardly "rich" in NYC.

The really "rich" in NYC are the public sector union workers who work 20 years and retire at 85% pay with inflation bumps and free health care for life. Retiring at 50 and getting steady checks for the next 10, 20, 30 or more years, they are way ahead of that "rich" guy.
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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.
 
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...
 
Quote from Clubber Lang:

350k in NYC isn't as much as you would think.

After federal, state, and city taxes he would end up with roughly 190k.

Now before everyone starts screaming that 190k is "rich". If you've ever lived in NYC, San Francisco, Tokyo, etc you know how obscene the costs are for everything from rent to a sandwich. Even the supermarket prices are routinely 50-100% more than you will find just an hour outside a major city.

His one kids private school eats up 32k of that 190k. And for anyone who says "send your kid to public school", well you have no fucking clue about PS in nyc, especially if you're white.

So you're down to 158k. I'm being generous and saying his lower duplex brownstone rent is only 4000 a month. That's 48k a year.

Down to 110k and still haven't fed or dressed a family of four, paid electric, water, gas, cable, phone, car or other transportation, entertainment, recreation, vacation, charity, and not a penny towards retirement or savings.

He is still way ahead of most people, but he's hardly "rich" in NYC.

The really "rich" in NYC are the public sector union workers who work 20 years and retire at 85% pay with inflation bumps and free health care for life. Retiring at 50 and getting steady checks for the next 10, 20, 30 or more years, they are way ahead of that "rich" guy.
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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.
 
Quote from icarus618:
$350K/year is hardly rich
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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.
 
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.
 
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.
 
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!:)
 
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