I have to call BS on this!

qlai said:
I don't think it's good to have a system where people are discouraged to earn more. So someone is choosing to earn more (presumably by working harder/smarter) and spend more for a certain quality of life, why should they be penalized or looked down upon? I don't have an incentive to work more/harder because, after taxes, I have such a marginal increase that it's just not worth the effort(working for someone else that is). Cannot be healthy for society.

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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?
 
Overnight said:
EXACTLY! OMG it makes my blood BOIL when I see these WHINERS go on about how poor they are by having to spend $4,000/month rent living in a shithole on the Upper East Side or wherever, while OWNING A CAR IN MANHATTAN which they don't fucking NEED (Are they afraid the subway ghouls will eat them? Too pussy to venture underground?), all to say they did it?

It is not smart. OMM said all that was needed to be said and more tactfully...I just had to chime in because I could not hold it in.

I am seething at the thought of all the half-million-dollar-per-year WHINERS who think they are poor. You MADE yourselves poor, you dumbasses!

When I was your age, we ate wood and rocks! <----(Bonus cookie to anyone who can recall from where that line came.)
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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.
 
destriero said:
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I lived in TriBeCa for nine months in the mid 90s. It was awesome.
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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!
 
Overnight said:
EXACTLY! OMG it makes my blood BOIL when I see these WHINERS go on about how poor they are by having to spend $4,000/month rent living in a shithole on the Upper East Side or wherever, while OWNING A CAR IN MANHATTAN which they don't fucking NEED (Are they afraid the subway ghouls will eat them? Too pussy to venture underground?), all to say they did it?

It is not smart. OMM said all that was needed to be said and more tactfully...I just had to chime in because I could not hold it in.

I am seething at the thought of all the half-million-dollar-per-year WHINERS who think they are poor. You MADE yourselves poor, you dumbasses!

When I was your age, we ate wood and rocks! <----(Bonus cookie to anyone who can recall from where that line came.)
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Bro, we're not letting you drive during the LV meet.
 
luisHK said:
Just checked the Lycee Francais website, I didn't know a school preparing for the french baccalaureate is among the most sought after in New York. Is that diploma worth anything in the US or is it just because of the school reputation ?
Not that I ever sent my kids anywhere else than to private schools, but what's wrong with public schools in Manhattan if the family is English speaking ? Public schools are supposed to be good in wealthy areas, also in the US. i wouldn't call private school a high necessity in your colleague's case, he might indeed be living above his means.
Taxes are outrageous, they really hurt one's disposable income in such a case.
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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
 
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sle said:
I drive a decrepit Toyota Fit that probably costs less than my garage a month. My total cost of ownership (garage, insurance and maintenance) is just about 8k a year. I can't imagine how much people in my garage pay for their Porsches.


Well, it happens naturally. My tax brackets and tax brackets of some dude in West Virginia are the same, even though my cost of living is probably 3-4 times higher.


A good place to live and a good school for the kids is pretty much a basic necessity. If you want to work in finance (realistically), you have to live somewhere within a reasonable commuting distance as you are gonna be working long hours. Pretty much any place like that would be priced rather richly and whichever of these places have good public schools usually have very high property taxes.
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Why should people with Porsches pay more than you do for your Toyota?
destriero said:
Lake Tahoe/Northern NV. I pay under 15% effective. A one hour flight to SF, door to door.
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How much is that round flight? Been thinking of taking a position in SF but don't care for the housing in the area.
 
Here4money said:
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.
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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.
 
newwurldmn said:
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.
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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.
 
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