Banker makes 350,000 a year says its not enough.

[crownjules]

At least this guy has a job. Millions of Americans don't, and their financial worries are a little more severe than "can I afford my vacation home or to send my kids to $50K/yr private school?"

 

[SAWYER]

Excuse me while I go find the world's smallest violin to play for these people

 

[Rage187]

It's easy to sneer at them, but it hurts. Some are diving into their savings just to pay necessary medical bills.

so they have health insurance and savings? I think you are going to just make the rest of the middle class jealous.

 

[sunzt]

This discussion is incredibly uninformed, and thus the anger is a little misplaced.

1) Most of the banks (and many other corps) have move from traditional insurance plans to high deductible HSAs and HRA plans, which would be fine, but they cost the same as last year's zero or low deductible insurance plans. The reason the cost is the same isnt just the rising cost of healthcare, it's because the bank used to buy down those deductibles, and it was a form of compensation. They stopped doing that, and it caught most of the employees off guard (most thought they'd have slightly higher deductibles or like a 10% price increase on the same old plans). What this means is that the average primary wage earner under one of these plans, now has to meet a deductible of up to $6,000 annually for a family plan. Grossed up, that is equivalent to about a $7500 compensation cut. A "pay" cut.

Hey! That's exactly the type of insurance plan my company has. Wow, i feel sorry for them now... NOT. They can always buy supplemental if needed, and they probably gets some matching in their HSA Savings account anyway.

 

[halik]

Wow this thread is full of lefties that whine even louder than the jackass in the o/p.

Getting a 75% pay cut sucks no matter what, given that your liabilities are tied to your expected income. Plus 350/k a year in manhattan isn't exactly extravagant.

I will say that 17K/yr on dogs is retarded, the guy probably shouldn't be living month to month.

 

[sunzt]

Wow this thread is full of lefties that whine even louder than the jackass in the o/p. Getting a 75% pay cut sucks no matter what, given that your liabilities are tied to your expected income. Plus 350/k a year in manhattan isn't exactly extravagant.

I will say that 17K/yr on dogs is ratarded, the guy probably shouldn't be living month to month.

I'll say the same thing to those people tell people who complain about a 30k job.

-Go work for another company or improve your education/skills
-Stop bitchen and get a REAL job that pays a decent wage of $1M
-Stop whineing and start your own company. Stop being someone's bicth
-You're getting a 75% pay cut cause you're worth 75% less.
-You were being overpaid before, that's all.
-It's better for America since they can now create more jobs with all the money they save.
etc etc

 

[IndyColtsFan]

Wow this thread is full of lefties that whine even louder than the jackass in the o/p. Getting a 75% pay cut sucks no matter what, given that your liabilities are tied to your expected income. Plus 350/k a year in manhattan isn't exactly extravagant.

It is rough, but the guy is complaining about things like private school tuition, vacation homes, etc, right? It isn't like he is complaining about putting food on the table or that he has no money because he is paying for cancer treatment for mom and dad.

And, at least he still has a job and is still making $350K+. If he doesn't like it, he can find another job, right?

I will say that 17K/yr on dogs is ratarded, the guy probably shouldn't be living month to month.

This, and that's the point. I'm not going to be a hypocrite and say I wouldn't accept a $350K paycheck, because I would. However, I would hope I wouldn't piss and moan that I couldn't afford $17K/yr on dogs or private school tuition for my kids.

I think kranky is probably right -- it is all about keeping up with the Joneses for these guys, and one day, they'll probably learn the hard way that money and material possessions aren't what matter in life, nor does being a banker mean you're really contributing to the world like a doctor, for example.

 

[Imp]

Now I see why everyone and their mother wants an MBA and "get into finance" or whatever...

 

[Nerva]

haters gonn hate.

if he's an investment banker, he's prolly at senior associate junior vp level. which means he prolly works 12-15 hours a day in the office plus another hour or two at home, and prolly 15 hours on weekends. Are you willing to do that?

 

[halik]

haters gonn hate.

if he's an investment banker, he's prolly at senior associate junior vp level. which means he prolly works 12-15 hours a day in the office plus another hour or two at home, and prolly 15 hours on weekends. Are you willing to do that?

The hours drop off after the first couple years - more like 10 a day or so plus weekends if you need to get shit done.

 

[Jeffg010]

haters gonn hate.

if he's an investment banker, he's prolly at senior associate junior vp level. which means he prolly works 12-15 hours a day in the office plus another hour or two at home, and prolly 15 hours on weekends. Are you willing to do that?

I know network guys that work these hours and don't even get close that pay. A Server goes down they are paged in the middle of the night. The server guy is doing worst hours then the banker guy.

 

[PingSpike]

notsureifserious.jpg



I'm just baffled about this. The guy works in banking, and yet he apparently can't manage his own finances? Its like a foreman or engineer of a construction company that can't figure out how to put in 4 feet of concrete walkway between his driveway and house. Just makes me think he's a moron that has no business being paid that kind of money to do that job.

Its not baffling at all. Take a look the condition of our government and our financial institutions and you'll realize its really just the same level of expertise being applied at home.

 

[IAteYourMother]

I know network guys that work these hours and don't even get close that pay. A Server goes down they are paged in the middle of the night. The server guy is doing worst hours then the banker guy.

I seriously doubt that is true, bankers, especially younger ones, probably work the most office hours of any person in the US. At competitive places, probably over 100 hours a week.

 

[Paul98]

Hey idiot, your problems aren't real.

 

[thecrecarc]

While I have a hard time saying those in the OP are badly off, and I agree it seems odd bankers have such poor money sense, it is ridiculous to say "They make more money than average, therefore, any cuts shouldn't hurt them and they have no right to bitch".
If you make X, you are going to spend a proportional amount to X. When you suddenly get cut 25%, it is going to be painful to make living adjustments down from X. It is the change in standard of living that hurts and is difficult to deal with. When you've always lived with, say, high speed internet access, having to cut it is difficult despite the fact vast majority of people don't have it and will tell you to stop whining.

 

[manimal]

What I dont understand is these guys, many of whom I used to know from our time in Manhattan, are supposed to be money managers and they cant manage their own finances.

Every time I have had a fluctuation in pay it has always been planned for. One of the main reasons we left manhattan was we felt like we were living just to sustain that lifestyle.
By coming to the Midwest we were able to buy frugal, live frugal and still have a fantastic life.


Money managers my ass...many act like footballers...

 

[zinfamous]

lol.

It's like reading an Onion article.

 

[manimal]

lol.

It's like reading an Onion article.

Made me smile after a shitty start to day. Thx.

 

[IHateMyJob2004]

"People who don't have money don't understand the stress," said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. "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?"

Find him and bring him to me. I worry about loosing my Fucking house if I loose my job. Stress? FUCK YOU

 

[IndyColtsFan]

"People who don't have money don't understand the stress," said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. "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?"

Find him and bring him to me. I worry about loosing my Fucking house if I loose my job. Stress? FUCK YOU

That guy is an out-of-touch assclown who doesn't realize normal people have to make much harder decisions each and every day. These guys are becoming caricatures and they're not even smart enough to realize it.

 

[rh71]

I know network guys that work these hours and don't even get close that pay. A Server goes down they are paged in the middle of the night. The server guy is doing worst hours then the banker guy.

sorry what are they doing when nothing is broken? My wife is also a sysadmin and she earned her money only some of the time. 😉 I think she's listening to Adele most of the day.

 

[IndyColtsFan]

sorry what are they doing when nothing is broken? My wife is also a sysadmin and she earned her money only some of the time. 😉

Many of the times, they're insurance policies. At my last company, there was a system that would cost the company an estimated $10,000 for every minute it was down. So if that number is true, just a few minutes of downtime every year more than pays for a system admin.

 

[Jeff7]

"people who don't have money don't understand the stress," said alan dlugash, a partner at accounting firm marks paneth & shron llp in new york who specializes in financial planning for the wealthy. "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?"

omg teh horrorz!

Maybe he doesn't realize that he could pursue a less stressful and lower-paying job.

You could be clinically braindead and still work as a Walmart greeter or a Congressman. (And if you're in Congress, $350k would be the low-end gross pay. There's just the minor issue of purging yourself of all notions of ethics and personal dignity and values.)

 

[TecHNooB]

whatd be really sick is if they were just trollin us :|

 

[sunzt]

Wall Street headhunter Daniel Arbeeny said his "income has gone down tremendously." On a recent Sunday, he drove to Fairway Market in the Red Hook section of Brooklyn to buy discounted salmon for $5.99 a pound.

LOL @ the 1%'ers breadline.