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Depends on the lifestyle you live. Sometimes a mil isn't enough for some people. I can work with $350K though.
Would you struggle on $350,000 a year?
- Thread in 'General' Thread starter Started by finnns2003,
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You're either joking or have no working knowledge of taxation, the cost of education, the cost of living and the overhead involved with working for yourself.Originally Posted by MonStar1
Originally Posted by SneakerHeathen
Roflcopter...
Son, have some kids, grab a mortgage, run a couple of businesses and then talk. You'll be 60 years old nowhere near retirement.
Dudes will be calling Suze Orman "Like halp, I'm in debt, my kids got accepted to private universities, my mortgage is insane and I'm just trying to keep up appearances".
U serious sneaker heathen? You sound just like dude in the article.....
Nah, everyone who makes 350K is blowing it on mutt-walkers and country clubs
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Originally Posted by SneakerHeathen
You're either joking or have no working knowledge of taxation, the cost of education, the cost of living and the overhead involved with working for yourself.Originally Posted by MonStar1
Originally Posted by SneakerHeathen
Roflcopter...
Son, have some kids, grab a mortgage, run a couple of businesses and then talk. You'll be 60 years old nowhere near retirement.
Dudes will be calling Suze Orman "Like halp, I'm in debt, my kids got accepted to private universities, my mortgage is insane and I'm just trying to keep up appearances".
U serious sneaker heathen? You sound just like dude in the article.....
Nah, everyone who makes 350K is blowing it on mutt-walkers and country clubs. Living in NY (or even LI) is expensive, couple that with a couple kids and other expenses, 350K before taxes is chump change.
only if youre used to a certain lifestyle.
its already been addressed by others in this thread. when you live a certain way for a long period of time it starts to become the norm, and you no longer see it as a luxury or something of excess. from someone who hasnt lived life the same way, its easy for them to throw stones, criticize, and say that guy was a glutton living beyond his means.
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Turn that 350k into 1 mil
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You can make all the arguments you want about cost of living and lifestyle that comes with making $350k, and there may be some validity there BUT you can't ACTUALLY defend dude struggling on $350k a year (even if brings home less than that).
Live within your means. There is no VALID reason you should be struggling on that much, even if you have to pay such and such taxes, and costs for a business, and this and that.
Live in a less expensive house (or apartment) if need be. Drive something cheaper than an Audi. I mean c'mon....
Live within your means. There is no VALID reason you should be struggling on that much, even if you have to pay such and such taxes, and costs for a business, and this and that.
Live in a less expensive house (or apartment) if need be. Drive something cheaper than an Audi. I mean c'mon....
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Hell no!
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Originally Posted by SneakerHeathen
You're either joking or have no working knowledge of taxation, the cost of education, the cost of living and the overhead involved with working for yourself.Originally Posted by MonStar1
Originally Posted by SneakerHeathen
Roflcopter...
Son, have some kids, grab a mortgage, run a couple of businesses and then talk. You'll be 60 years old nowhere near retirement.
Dudes will be calling Suze Orman "Like halp, I'm in debt, my kids got accepted to private universities, my mortgage is insane and I'm just trying to keep up appearances".
U serious sneaker heathen? You sound just like dude in the article.....
Nah, everyone who makes 350K is blowing it on mutt-walkers and country clubs. Living in NY (or even LI) is expensive, couple that with a couple kids and other expenses, 350K before taxes is chump change.
i'm sorry but if you're struggling on $350,000 PER YEAR , you're doing it wrong. Who said anything about owning a business? stop it
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i just don't understand it. Maybe because I'm not rich. But i'm good where i am now.. 350 G's i can live off for the rest of my life.. Not literally but c'mon guys that's not chump change.. a lot can be done with that kind of money.. now imagine that being you yearly income. Smh i just don't understand it. Greed i say
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Originally Posted by NooEra
hahahaha humblebrag.Originally Posted by Mojodmonky1
ksteezy wrote:
Bros I cleared over 100k and I'm far from having a problem free lifeHere is another thing you guys are not taking into account...annual salary is one thing, what you actually take home a year is another...on paper I cleared over 100k I probably took home 55k after uncle Sam raped me....I'm almost positive he wasn't taking home 350k clean either.
Steezy thirsty to let us know how much $ he makes a year
Of course some of ya would think that....insecurity at its finest thinking me mentioning what I make a year to set an example means I'm doing it to show off, as if what I make is 1%er money.
sillyputty
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Originally Posted by ksteezy
Bros I cleared over 100k and I'm far from having a problem free lifeHere is another thing you guys are not taking into account...annual salary is one thing, what you actually take home a year is another...on paper I cleared over 100k I probably took home 55k after uncle Sam raped me....I'm almost positive he wasn't taking home 350k clean either.
Don't you work like 2 jobs though? I mean...
The guy in the article has 1...
...just saying.
I don't see why its so important for you to list your income...
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It's not important, just setting things in perspective, it probably would have sank better with you guys if I made up a fictional friend that cleared 100k a year and is not problem free, my bad...I'll be sure to not offend you with my ballerific lifestyle and income.
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$350k a year pre or post tax is still a lot of money. No one told old boy to own multiple homes. I can live off of $350 easily.
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LoL @ the lack of financial understanding in this thread
edit:
ksteezy actually understands the real issue
edit:
ksteezy actually understands the real issue
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I'm a junior professional in the NYC financial services sector, my 2 cents:
For his age, this guy is actually towards the bottom of the totem pole in terms of compensation in high finance. I'm sure many of his friends in their 40s are pulling 1-5MM so if he is comparing himself to them, then yes he will feel underpaid.
One thing you learn in high finance is that money and wealth is relative. There is no absolute value for wealth. Type A people always want to make more money. Being type A is what gets you here in the first place.
For his age, this guy is actually towards the bottom of the totem pole in terms of compensation in high finance. I'm sure many of his friends in their 40s are pulling 1-5MM so if he is comparing himself to them, then yes he will feel underpaid.
One thing you learn in high finance is that money and wealth is relative. There is no absolute value for wealth. Type A people always want to make more money. Being type A is what gets you here in the first place.
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no shots buuut...
*iverson voice*
We talkin about the 1%. Not the middle class, not the not the middle class or lower class that we know struggle, we talkin bout the 1%.
Yeah we know, mo money mo problems, but we talkin bout the 1%.
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kinduva tangent, but had a question for you
what percentage of your colleagues (and you) treat your bonus towards your total annual earnings. what i mean is... do you consider your salary to be your earnings, and therefore you should base your expenses and standard of living off of that, and the bonus is just icing on the cake, or do you look at the whole pie as one.
@KSTEEZY - i was just teasing man. I'm in the minority of NTers who dont hate your guts and actually appreciate and understand where youre coming from most of the time.
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Steezy, the concept of struggle is relative and there's no quantitative way to measure individuals against each other but a general statement about this matter that could be accepted as public truth is that most Americans are struggling in the current downtrodden state of the national economy. On all levels, regardless of specific income bracket. However, perhaps rightfully so the public will feel far more sympathy for a middle-class individual struggling to make mortgage and car payments plus other essential living expenses as opposed to Schiff, who is taking home $200,000 after taxes, etc. as specified directly in the article.
Everyone understandably wants the full American dream, including Andrew Schiff with his "idea of New York grandeur." However, given his reduced bonus and generally poor economic conditions, there's no reason he shouldn't adapt like all other everyday Americans. His family could easily give up the summer house rental in Connecticut completely. According to the article, Schiff reduced the vacation stay from four months to one. Of course the general population would usually prefer private school over public institutions for their children given the choice financially. Sympathy can't be expected as much when Schiff is doling out $32,000-a-year for his 10-year old daughter's Day School. We're not even talking about a private, Catholic high school education like Don Bosco Prep or Bergen Catholic in Bergen County, which both charge close to $10,000-a-year per student. The point is, Schiff's family won't perish without the Connecticut summer home or $32,000-a-year private school tuition. Everyday Americans face far more imminent consequences without food on the table or roofs over their heads. Andrew Schiff can drive a Honda or Toyota instead of his Audi or Mercedes, just like everybody else. It wouldn't be the end of the world.
For whoever was asking, yes, Andrew and Peter Schiff (Euro Pacific Capital Inc.) are in fact brothers. Just a fun fact, their father Irwin is currently serving a 13-year sentence for tax evasion.
Follow-up article posted below. Schiff has faced substantial media backlash since the initial article's release on Yahoo Finance. http://finance.yahoo.com/blogs/dail...-schiff-understands-why-people-210703011.html
Everyone understandably wants the full American dream, including Andrew Schiff with his "idea of New York grandeur." However, given his reduced bonus and generally poor economic conditions, there's no reason he shouldn't adapt like all other everyday Americans. His family could easily give up the summer house rental in Connecticut completely. According to the article, Schiff reduced the vacation stay from four months to one. Of course the general population would usually prefer private school over public institutions for their children given the choice financially. Sympathy can't be expected as much when Schiff is doling out $32,000-a-year for his 10-year old daughter's Day School. We're not even talking about a private, Catholic high school education like Don Bosco Prep or Bergen Catholic in Bergen County, which both charge close to $10,000-a-year per student. The point is, Schiff's family won't perish without the Connecticut summer home or $32,000-a-year private school tuition. Everyday Americans face far more imminent consequences without food on the table or roofs over their heads. Andrew Schiff can drive a Honda or Toyota instead of his Audi or Mercedes, just like everybody else. It wouldn't be the end of the world.
For whoever was asking, yes, Andrew and Peter Schiff (Euro Pacific Capital Inc.) are in fact brothers. Just a fun fact, their father Irwin is currently serving a 13-year sentence for tax evasion.
Follow-up article posted below. Schiff has faced substantial media backlash since the initial article's release on Yahoo Finance. http://finance.yahoo.com/blogs/dail...-schiff-understands-why-people-210703011.html
Correct me if I'm wrong, but is this fool spending over 75,000 to be part of a club where he probably doesnt even have time to attend? Dont bankers work CRAZY hours?
BTW- 2 Audi's? and Living in Brooklyn ................................
Where are you pushing two Audi's in BK and paying 1200 a month? The Stuy? Bushwick? On top of store on Flatbush?........................................Ducktales?
BTW- 2 Audi's? and Living in Brooklyn ................................
Where are you pushing two Audi's in BK and paying 1200 a month? The Stuy? Bushwick? On top of store on Flatbush?........................................Ducktales?
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Brooklyn Heights for example.Originally Posted by gambit215
Correct me if I'm wrong, but is this fool spending over 75,000 to be part of a club where he probably doesnt even have time to attend? Dont bankers work CRAZY hours?
BTW- 2 Audi's? and Living in Brooklyn ................................
Where are you pushing two Audi's in BK and paying 1200 a month? The Stuy? Bushwick? On top of store on Flatbush?........................................Ducktales?
But I mean taking a huge cut in the amount of cash you have to dispose of is hard for anybody. Going from 50k to 40k is tough just like going from 500k to 400k is. You're use to having a certain lifestyle. Part of reaching the top is allowing your children to remain there and improve their standing with the education and upbringing you give them. I'm sure the dude will have to cut unnecessary things just like everyone else to make things work. It's just that it's all relative really.
It's funny how most of these finance guys really don't save much and sort of live check to check. My friend who was in M&A and now works in PE saved like 70% of his post tax money he earned over the past few years. Yet some of his buddies would blow through everything.
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how is 1200 sq ft a closet?
this guy illustrates americans in every facet of life.......only difference is he has more money to waste on things
probably still eats genetically engineered food like the rest of us
considering the dollar is practically worthless now it wont matter how much money you make
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350,000 i would never struggle on at all
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sounds like this guys faking the funk real hard and it caught up to him