"Well, first off, half of that million is in deferred stock compensation," Mike, a vice-president at a top-tier bank, allegedly told hedge-fund manager and scribe James Altucher. "Second, out of the half a million that's left, count off half to the IRS. That's $250,000 left." Then there are all of his living expenses. You know. The basic necessities of life.
My wife wants to upgrade our Hamptons rental. Throw out another $50,000 for next summer. I have one kid in kindergarten and another in second grade. When you count private-school tuition, ballet and fencing lessons, that's at least another $60,000 out the window. So now I have $140,000."
How are they supposed to live on that?
Okay, so now I have about $12,000 a month left here. Well my mortgage is $5,000 a month, and don't think I can sell my 1200 sq. ft. apartment that I bought for $1.4m two years ago because where am I going to move? Brooklyn? Believe me, the prices don't get any better there and all the partners live in Manhattan. No Manhattan, no partnership. So now I have $7,000 a month left. And I don't mean to sound like a snob or anything but I do have a housekeeper, babysitters, gym memberships, therapists for me and my wife, plus our couples therapist ... I don't know how to do it.
And to think Cruel Obama wants to tax him even more, when he's already suffering so.
Think You Can Get By On $250,000? Even $1 Million Won't Cut It In New York [Business Insider]
Related: The Wail of the 1% [NYM]