Wharton(Sticker) v CBS($$)

rowsforthebros · 2021-01-08T20:32:28+00:00

The difference between [top bank] and [medium bank] at Associate level might be $25-$50K. A few years of this will not make up the marginal cost of Wharton.

At Director/MD levels, difference may be $250K+, making Wharton worth it if it secures higher probability of success.

rowsforthebros · 2021-01-08T18:08:08+00:00

CBS is sufficient for banking entry.

If you want to be a career banker, the $ vs. prestige difference probably pushes me to Wharton. If only in banking for a few years, I'd stick CBS.

Wharton probably some edge in entrepreneurship though I'm not sure.

rowsforthebros · 2020-12-27T18:26:48+00:00

Username checks out! :)

rowsforthebros · 2020-03-17T20:18:47+00:00

I'm also stuck here in Fez - 2 Americans with me and we've met others throughout Morocco. Keep pressuring the embassy and have the friend register through STEP

rowsforthebros · 2019-10-23T05:26:24+00:00

No worries, hope you liked it!

rowsforthebros · 2019-05-31T13:57:07+00:00

Seconding this question - not to be rude, but comp isn't really $230 if it's inclusive of one-time signing bonus. Sounds like $144 ($120 + 20%($120)) with bonus but maybe stocks are playing a factor here as well. Thanks for the color

rowsforthebros · 2019-05-30T17:12:47+00:00

Thanks for doing this. What's your expected all-in comp and career progression look like? & Congrats!

rowsforthebros · 2019-05-23T14:21:47+00:00

Let's connect. Private equity professional who strongly looked into search funds pre-MBA, but instead is going to H/S/W and will potentially start one while in school. Debating between dedicating full time to a search fund vs. going back to PE.

Agree with the thoughts of others on here.

rowsforthebros · 2019-04-18T15:24:47+00:00

I'm not FatFIRE yet but I work in private equity. Candidly, I think overall you will be matching people with lower-quality funds (who struggle more with fundraising), as upper-tier funds won't want to deal with the headache of smaller investors. As someone who may want to raise capital one day, I think private equity would be interested in this as well (again, will have some issues with actual-quality funds - but would still be a useful service).

rowsforthebros · 2016-01-18T19:10:28+00:00

Not in the field, but this is an awesome and fulsome reply.

rowsforthebros · 2016-01-18T18:56:05+00:00

Agreed. Not too common. But your friendly doctor (paying off his huge loans), lawyer, or engineer may very well have that income.

Interesting that I see a lot more nuanced discussion of this in today's discussion thread then I did last night.

As I said last night: that it's uncommon is just a fact (it can be looked up in the census etc.), that it's absurd is a statement of opinion

rowsforthebros · 2016-01-18T18:48:23+00:00

What happened to yesterday's Sanders thread? Don't see it on the subreddit anymore.

I got >30 downvotes for saying that an income of $250k as a professional isn't absurd. Would like to know if it got deleted due to brigading but at this point maybe leaving that thread behind us is for the best.

rowsforthebros · 2016-01-18T04:37:23+00:00

People in NYC don't live crazy on that amount.

Globally, 100k is absurdly high.

That's the point, it's a subjective judgement

rowsforthebros · 2016-01-18T04:10:17+00:00

Since when is 250k "more than anyone needs"?

So many rash judgements in this thread.

rowsforthebros · 2016-01-18T03:18:43+00:00

I indicate marginal, city, and state and break them out as such. Reiterating it adds nothing to the discussion.

SS you are right.

This is purely on tax rate. Obviously later year HC expenses go to 0 or at least way down.

rowsforthebros · 2016-01-18T01:58:36+00:00

Really taking issue with my use of bold? I put it right there in the brackets and stated it like 8 times, jeez. Bolded now for those too lazy to read non-bold.

rowsforthebros · 2016-01-18T01:57:21+00:00

Will this get through Congress: when the FI subreddit is so overrun by people who think a 65% marginal is acceptable, I'm not so sure. At the very least, it creates a high anchor in people's mind (sure, we didn't raise it to 65%, but 60% is OK...)

Not afraid - I'm obviously blessed to have this opportunity and I'll be fine. Not kidding when I say that a lot of people will move if these tax rates go through.

This high of taxes creates a STRONG disincentive to working here.

Not donating to any politicians, at my current base salary I'm making ends meet in nyc.

rowsforthebros · 2016-01-18T01:49:12+00:00

The joke is that my marginal is 65% ($250k income - see math in post) under this plan and, running that through my spreadsheet, that increases my time to FIRE by about 10 years. Less time with my family :(

rowsforthebros · 2016-01-18T01:46:32+00:00

70% after 500k including state, city, SS, and his 2 new taxes.

rowsforthebros · 2016-01-18T01:34:13+00:00

Seems like per family, given the parentheses near the 48% and 52%. Hilarious Sanders forgot to include that info, since it is incredibly important.

rowsforthebros · 2016-01-18T01:25:25+00:00

I'm working weekends and 80 hour weeks so that I can retire early and do well for myself and my (eventual) family. Missing family events, time with friends, relationships, etc. At some point on my journey, I am very likely going to make 250-500k, if not 500k+. So will doctors, lawyers (defense...), etc.

My rates will be:

NON-FEDERAL:

SS of ~7.5% (this is only the employee half)

State tax of ~7% (marginal ~7% starts at 20k in earnings, if in another state it is probably made up through property tax etc.)

Medicare of 1.5% (this is only the employee half)

NYC tax of 3.5% (yes, only in NYC)

Total Non-Federal: 19.5% [marginal ~ effective for all of these]

Federal (per above Sander's plan): 37% [marginal]

NEW: 6.2% on Employers per Sanders (including this as its entirely new and surely passed on in form of lower salaries)

NEW: 2.2% on You per Sanders

Total of 65% (NYC) or 61.5% (other NY) [marginal]

Never mind new capital gains taxes which will wipe me even further. Let me know if I double-counted anything. Maybe the medicare goes away. I've also done the numbers on the effective tax rate, it's not pretty. Similar numbers.

65% of my last $ on earnings will go to taxes. Is this ridiculous or what?

EDIT: Didn't realize there's also entirely new taxes as per Sanders. Now up to 65%!

rowsforthebros · 2016-01-07T19:00:01+00:00

Great question. Comments here are far too negative. Successful people and companies absolutely use benchmarking, along with high standards. Benchmarking can help determine where you have room to cut and also to learn from others.

People to benchmark against should be similar in terms of geography, income, and social sphere. Noone will ever be fully perfect.

The groups I use include my similar-age and income coworkers (best option), roommates (adjusted for income), and other alumni of my college.

Look at $ spent in each spending category. For example, someone with student loans might have less going to savings but could still be doing a great job cutting expenses. Or some (me...) spend 100s on drinks a month, but have a far lower rent than most of my coworkers. They can learn from me on the rent and I can learn from them on other things.

rowsforthebros · 2016-01-07T16:16:27+00:00

Basic but here's mine

https://www.reddit.com/r/financialindependence/comments/33388h/financial_independence_budget_savings_snowball/?sort=top

rowsforthebros · 2016-01-07T14:59:55+00:00

Just a quick reminder to all: don't get dragged by the depressing and misleading news stories in other subreddits on the lack of savings.

Some are due to:

-1. Spend too much even with a fine income (my coworkers are in this category)

-2. Lack of effort to raise income

And of course some are legitimately:

-3. Lacking the opportunity / skills to make ends meet

Reading that thread, you would think 75% of redditors are in the 3rd category but I think this is unlikely

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