Pro NY trader goes from 200k salary down to 25k

Quote from marketsurfer:

yeah, for sure. i know that place ;) i remember seeing those adds in "trader monthly" for 2.5 mm. you can walk to the ferry, a big plus.
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Sure the ferry is close, but that's it. Never understood why someone would live there instead of on the water in Hobo. Ferry is right there and also so many good restaurants, bars, and lounges.

2.5 gets you a nice place in the Maxwell or The W, and you can walk everywhere.
 
Quote from Clubber Lang:

Sure the ferry is close, but that's it. Never understood why someone would live there instead of on the water in Hobo. Ferry is right there and also so many good restaurants, bars, and lounges.

2.5 gets you a nice place in the Maxwell or The W, and you can walk everywhere.
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yeah, i agree. hoboken is great, but if your over 30 your a dinosaur there....

surf
 
Quote from marketsurfer:

yeah, i agree. hoboken is great, but if your over 30 your a dinosaur there....

surf
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Not anymore. Over the last 5-6 years, the entire town has changed.

If you live east of Washington (Hudson Tea, Shipyard, Maxwell, Castle point, River St, or The W), it's strictly 30 plus now. The 20 somethings were priced out of the neighborhood. They live towards the cliffs between 4th and 9th streets.
 
Quote from Clubber Lang:

Not anymore. Over the last 5-6 years, the entire town has changed.

If you live east of Washington (Hudson Tea, Shipyard, Maxwell, Castle point, River St, or The W), it's strictly 30 plus now. The 20 somethings were priced out of the neighborhood.
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interesting, thanks. i just know what i see when i drive through.

surf
 
yawn! just another story of some guy who lived paycheck-to-paycheck and had no savings, so when his income declined he faced financial disaster.

there are dozens of these in the press -- they're just different versions of the same story. sometimes it's a plumber, sometimes a teacher or restaurant owner, this time it's a floor broker.

nothing new here.
 
Stories like this are so common. It's amazing to me how many people just assume the good times will always continue to roll. Going from multiple 6-figure years to penury in 18 months is just ridiculous.

So if he was on 200k per year, paying 80k in taxes, then over 5 years the government got 400k, and various NYC businesses, the bank, and the guy who sold him the condo got the other 600k. The broker made 1 mill in 5 years and got ZERO at the end of it.

Total lunacy.
 
Quote from marketsurfer:

interesting, im surprised. always thought those guys did better--- not sure how they survive at 25k/start.

i was guessing an average tab of 150/table, 10 tables a night = 300 plus for waiter/night----right?? and the host is the king waiter---what am i missing?

surf
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Seriously, what don't you guys get about this? The hostess/host is the bitch that stands up front by the front door looking pretty and collecting menus.

Has no one here ever worked in a restaurant?
 
Quote from marketsurfer:

interesting, im surprised. always thought those guys did better--- not sure how they survive at 25k/start.

i was guessing an average tab of 150/table, 10 tables a night = 300 plus for waiter/night----right?? and the host is the king waiter---what am i missing?

surf
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LOL bro come on.

Most restaurants pay the host a wage near minimum wage. If the host is lucky he will receive tip share (usually 1% of the servers' sales).

FWIW, the servers must also tip out the busboys (1.5-2% of sales) and the bartenders (usually 1%). For those of you who leave $5 on $100 (I might be called a racist bigot if I mention who does this all the time) the server basically has to subsidize your dining experience-- he essentially has to pay for you to come in the restaurant and eat.

I served and managed restaurants and it's amazing how many people don't understand how it works.
 
Quote from Bigpipn:

For those of you who leave $5 on $100 (I might be called a racist bigot if I mention who does this all the time)
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That would be French people, right?
 
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