This piece in the Times has got me thinking. It breaks down how far a $500,000 salary really goes in the life of a high-power, high-salary, high-spending New York banker. Sure, a person who has worked hard (in an incredibly competitive industry nonetheless) deserves to be well compensated. And the aforementioned incredibly competitive industry does require a certain lifestyle. And should government be putting a limit on business’ salaries? But, I am sorry, living such an expensive lifestyle seems outrageous and unnecessary to me. Why would you want to be part of a culture that required such shallow extravagance? But how much control do we really have over our careers and lifestyle? And who am I to judge someone's lifestyle any way? Unless it is impeding on my lifestyle...which you could argue that bankers are because of the bailout.
Regardless, getting to the point where I am spending $790,750 per year on living expenses is terrifying to me. Almost to the point that I want to pack up my humble belongings and move to a simple farm in the Midwest. But then again, I have that desire approximately 5 times a week.
The quote below (and the whole article, actually) is great food for thought and reminds me so much of when the lead banker in Tom Wolfe’s Bonfire of the Vanities explains how broke he feels even though he makes millions.
“As hard as it is to believe, bankers who are living on the Upper East Side making $2 or $3 million a year have set up a life for themselves in which they are also at zero at the end of the year with credit cards and mortgage bills that are inescapable.”
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