This is tragic. ET should all pitch in to help this poor banker out. Imagine trying to get by on a mere $350,000 a year.
Banker's $350K pay is not enough
Banker's $350K pay is not enough
Banker struggles on $350,000 a year
- Thread starter gwb-trading
- Start date
lol this is about Peter Schiff's brother.
It's like when a professional sports player retires, they are just like trailer trash winning the lottery and blowing it .
No financial responsibility and they can't deal with the pay cut .
I don't care if you make 30k a year or 3 mill a year if you don't live below your means you will struggle financially.
It's like when a professional sports player retires, they are just like trailer trash winning the lottery and blowing it .
No financial responsibility and they can't deal with the pay cut .
I don't care if you make 30k a year or 3 mill a year if you don't live below your means you will struggle financially.
<iframe width="560" height="315" src="http://www.youtube.com/embed/xVwbYB2JfDU" frameborder="0" allowfullscreen></iframe>
It's just one of those "outlier" stories that the media love because it gets a reaction and people can say: "God, what an idiot..."
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.
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.