Reply to What's the appeal of working on Wall Street?

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[quote=Anonymous][quote=Anonymous]Money. [b]A friend moved with family to make $500k a year plus bonus.  Plan to make that much for 5 years and then go elsewhere. [/b][/quote]

That's not that great of a plan, especially with family.

First off it takes around 500k to support a family in Manhattan and send two kids to private school.  A two bedroom apartment (kids sharing a room) will be around 5-6k a month.  Private school for two kids is 100k a year.  Income taxes are extremely high.  Buying into a decent coop requires at least 50 percent down and a year of majntenance and mortgage payments in the bank.

In terms of the bonus, bonuses vest over time and only a portion is in cash.  So if your friend leaves at year five then he or she will be leaving a lot of money on the table and that will include some of what he or she earned in years 2-5.  Most firms vest over a period of three years.

Also then what is this person going to do?  It's hard to match a Wall Street salary except maybe out in Silicon Valley.  After you're making close to a million a year it's hard to give that up and people are going to find it strange if you are applying for 200k jobs in flyover country.  In fact they won't interview you as they will assume something is wrong.

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