How long would it take IB Associate post MBA with 250k all in comp to pay 150k of student debt?
Can he pay all of it in first year if he lives in misery?
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Well I don't know, can he live off of 100k / year?
For the normal single male that is 100% possible even in NY, assuming his current rent isn't insane.
If he's got a family / children / etc then that might be considerably more difficult.
We'd need more background information but theoretically yes, it is / should be possible. (Though he may not save much for that year).
250k * .65(conservative) = $162,500 post-tax so unless you're not paying for insurance, transportation, live in a cardboard box (in a low-COL area), and have transcended the need to consume food then you may be out of luck
Don't be pessimist. I've seen people live on $3k in the city
I know you're trolling but that's probably in the ballpark of my annual dry cleaning expenses.
Yeah - I've seen people live on $3K/day in the city too. When I first moved to NYC, I hung out with this dude that always tried to impress the girls (and my two roommates - french chicks) and he'd always pick up dinner and drinks when we went out. He had a black card and it was usually about that much by the end of the night. Dinner and drinks at dinner was usually $1K or so and $2K on club/drinks (for a small group). It was fun, but I started to get burnt out after a couple months. Then, I didn't hang out with him much after that and I kept the momentum on my own tab and blew $20K pretty quickly on no more than food and NYC social life and then had to slow down a little bit after that, but had a good base of partygoers I could link up with after forming the initial connections.
Jesus, your buddy is a prime of example of how you can make a million a year and have NOTHING to show for it
Jesus, your buddy is a prime of example of how you can make a million a year and have NOTHING to show for it
You’re going to be an IB Associate so I hope you have the skills to pull together a 20-row budget and answer this questions yourself
Yes, absolutely can. As someone mentioned earlier you'd have about $162,500 in post-tax earnings. Best advice would be to use every dollar of that to pay off the student loans (which can't be forgiven even through bankruptcy) and take out massive credit card debt for those 12 months.
Then you can declare bankruptcy and get the credit card debt forgiven and have your student loans taken care of.
Good luck!
In case none of you guys have realized, this guy is probably a troll. He is doing a worse job than me, quite frankly. And my guess is he is just trying to brag that he makes $250k (even though I bet he's a high school junior)
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