Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Money. A friend moved with family to make $500k a year plus bonus. Plan to make that much for 5 years and then go elsewhere.

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.

Thanks. I'm not saying I agreed with his plan it's just what he ended up doing. kids are super little and mom SAH.

Of course the wife stays at home. There's no other option really. [/b]It's a very gross and sexist place[b], still, both structurally and expressly.

Anonymous wrote:Money is the main thing but there are some people who really just like the deal aspect. I went to a top b-school and there are indeed plenty of people who dream of working on Wall Street - at least 1/2 my class went that route.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Money. A friend moved with family to make $500k a year plus bonus. Plan to make that much for 5 years and then go elsewhere.

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.

Thanks. I'm not saying I agreed with his plan it's just what he ended up doing. kids are super little and mom SAH.

Anonymous wrote:

Anonymous wrote:Money. A friend moved with family to make $500k a year plus bonus. Plan to make that much for 5 years and then go elsewhere.

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.

Anonymous wrote:

Anonymous wrote:It is easy. If you are already at the right school it is a fairly mindless path to go into banking or consulting, and if you don't know what you want to do, you might as well make some money for a few years in a job that doesn't close any doors.

Yep. It's like law school but at least you are getting paid a lot. A lot of elite college high achievers have been on a very narrow track, always doing what's expected, never stepping aside to think about what they actually want from K-college. College graduation is the first point where they might have to make some scary decision for themselves. Easy to follow the same path as others and either go to wall street or law school.

Anonymous wrote:It is easy. If you are already at the right school it is a fairly mindless path to go into banking or consulting, and if you don't know what you want to do, you might as well make some money for a few years in a job that doesn't close any doors.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

I like money as much as anyone else, but to have to live in NY and work 70+ hours a week to get it? No thank you.

If you're successful it's A LOT of money. Crazy money. Like multimillion dollar apartment in Manhattan and multimillion dollar Hamptons beach house money. And many people work that many hours in non Wall Street jobs and don't make nearly that kind of money.

Anonymous wrote:

Anonymous wrote:Money. A friend moved with family to make $500k a year plus bonus. Plan to make that much for 5 years and then go elsewhere.

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.

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

I like money as much as anyone else, but to have to live in NY and work 70+ hours a week to get it? No thank you.

Anonymous wrote:to say that you worked on wall street

P.S. this is outdated the trend for several years has been work in silicon valley

Anonymous wrote:

Anonymous wrote:Judging by this board, that seems to be a goal of many. I grew up in the South and never heard of anyone aspiring to work on Wall Street, so I have to wonder what the big deal is with it. Yes, I assume the money is good, but aren't the hours horrific? And when people say "work on Wall Street" is that just a euphemism for going into finance or do people literally mean work on Wall Street? That would entail living in Manhattan, which certainly appeals to some, but would be considered dreadful to many others.

The best school in the south (Duke) is a huge pipeline into wallstreet.

Anonymous wrote:Judging by this board, that seems to be a goal of many. I grew up in the South and never heard of anyone aspiring to work on Wall Street, so I have to wonder what the big deal is with it. Yes, I assume the money is good, but aren't the hours horrific? And when people say "work on Wall Street" is that just a euphemism for going into finance or do people literally mean work on Wall Street? That would entail living in Manhattan, which certainly appeals to some, but would be considered dreadful to many others.