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You Try to Live on $500,000 in This Town

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    #16
    Well let me put it this way, would *I* take a $500k job in Manhattan? Hell no. Because I know it sounds a lot better than it is. Understanding the tax ramifications of a $500k job (in NY of all places - highest taxed state) AND what it's like to live in a HCOLA, I would say a high stress $500k job would NOT be worth it.

    Plenty of people commute on the lower end of the wage scale. CEOs (top tier wages) should be able to live in the city they work in. If they can't, who can? Why would you want a to be a top level executive job just to spend all your time commuting? I don't think the average person understands the responsibility that comes with some of these exec jobs. Certainly some have abused their power and have made a bad name for highly paid execs. But, if you don't pay them for the job, no one will take them. IT's already happening. So then you just get more currupt people in there who don't know what the hell they are doing. From my perspective it is just a vicious cycle. We seriously lack qualified ethical CFOS (in my field) due to business politics of the last decade. Cutting the pay of the few who will take the jobs, helps no one really.

    I agree the article is a little absurd. I am sure many execs will be fine on $500k. But I think the lack of sympathy largely comes from a lack of understanding the situation these execs are in. All I Want to point out.
    Last edited by MonkeyMama; 02-13-2009, 07:46 AM.

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      #17
      Originally posted by disneysteve View Post
      This is true, and it is something that many folks simply don't understand. If you are in a certain industry or hold a certain position, certain things are expected of you. You are expected to dress a certain way. You are expected to drive a certain level of vehicle. You are expected to donate to certain charities and attend certain charity events. You can't show up for work in an off-the-rack suit from Sears, driving a 10-year-old Chevy and carrying a brown-bagged lunch. Not saying it is right, but it is reality for many people.
      DS
      I certainly get what you're saying there but that culture needs a slight adjustment. They are called "fat cats" for a reason and I think moving forward it's time for the cats to shed a few pounds.

      They don't hesitate to make cuts on the lower end of the scale so they can maintain their lavish lifestyles. I want to see cuts at the top where the real money is.
      "Those who can't remember the past are condemmed to repeat it".- George Santayana.

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        #18
        Originally posted by MonkeyMama View Post
        Well let me put it this way, would *I* take a $500k job in Manhattan? Hell no. Because I know it sounds a lot better than it is. Understanding the tax ramifications of a $500k job (in NY of all places - highest taxed state) AND what it's like to live in a HCOLA, I would say a high stress $500k job would NOT be worth it.

        Plenty of people commute on the lower end of the wage scale. CEOs (top tier wages) should be able to live in the city they work in. If they can't, who can? Why would you want a to be a top level executive job just to spend all your time commuting? I don't think the average person understands the responsibility that comes with some of these exec jobs. Certainly some have abused their power and have made a bad name for highly paid execs. But, if you don't pay them for the job, no one will take them. IT's already happening. So then you just get more currupt people in there who don't know what the hell they are doing. From my perspective it is just a vicious cycle. We seriously lack qualified ethical CFOS (in my field) due to business politics of the last decade. Cutting the pay of the few who will take the jobs, helps no one really.

        I agree the article is a little absurd. I am sure many execs will be fine on $500k. But I think the lack of sympathy largely comes from a lack of understanding the situation these execs are in. All I Want to point out.


        I agree 100% but there has to be a penalty for failing so badly and having the govt bail you out of failure.

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          #19
          Originally posted by arthurb999 View Post
          I agree 100% but there has to be a penalty for failing so badly and having the govt bail you out of failure.
          With this I'd agree. The Wall Street firms that gave out millions in bonuses at year-end even though thier firms lost tens of millions of dollars is ridiculous. Shouldn't a bonus be something you get to reward you for a job well done? If performance is in the toilet, there shouldn't be any bonuses.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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