May
2017
Thursday, May 02, 2013
Sarah Butcher, eFinancialCareers
Submitted by: Tracey Hakwins

Why top bankers can’t get by on $1million

Cost-of-living is a real bitch: Sarah Butcher reveals how top executives at banks on Wall Street and in the UK are having a very hard time living on $1 million per year.

[eFinancialCareers] In the UK, only the top 1% of income taxpayers earn anything more than £150k according to figures from the Office of National Statistics. In the US, the top 1% of people earn more than $370k according to the Internal Revenue Service.  And yet, some bankers in the top bracket are having money troubles.

[eFinancialCareers] The social conditioning to spend heavily is insidious and is enforced by bankers’ peers, said Nell Montgomery, an ex-Goldman Sachs sales trader-turned psychotherapist. “People in banking get into a thought process whereby having three children at private schools costing £100k after tax is normal. You hear people saying they’d rather pay for private tutoring than spend £10k on a holiday. It’s a mindset in which things which are not normal come to be perceived as standard,” she said.

Keeping up with the Jones's isn't a good enough reason to justify the rampant, corrupt overpayment of banking employees. Sorry chumps. But we hope all of you greedy bastards go bankrupt.

Posted by Editor on 05/02/13 at 10:18 AM •  (0) Comments

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