I Peeked Inside Your Lives Yesterday
I’m renting out a condo for my brother-in-law in River West in Chicago. Rent is $3,700 for a 3Bed/2Bath. I was there yesterday to take pics. These people are in their early 40s, they both work long hours and make bank (she’s a portfolio manager in Asset Management; didn’t look him up but probably some finance fuck too). These people pay 4K for rent and eat gummy vitamin prenatals. Holy fuck.
The place isn’t even nice. It’s decent, but you can do so much better for so much less if you look 5 minutes farther out from the Loop. They need permission to pick their nose in this building and that’s not unique. I rent the bottom of my duplex for $1,500 and homeboy has a detached garage spot, nice new everything, granite, hardwood, stainless steel, big shower heads, high efficiency everything, open space, backyard, etc.
I work in the Loop and see all these dudes trying to look like hot shots in suits every day and shit, but I’m over here taking pictures of these people’s living quarters and I’m thinking, ‘I have a higher quality of life than you AND more free time. Why exactly did you go to law school? Now you have debt and you’ve built a life of perpetually increasing expenses that you need to keep working all fucking day to afford. What is your goal?’
I almost feel bad for them because they sort of took the easy way out. You think being a bum or whatever is the easy way out, but I don’t know. Being homeless sounds shitty. Working minimum wage is shitty. Most of these people have just lived textbook cookicutter lives, done everything exactly this consumerist, capitalistic (not bashing capitalism btw I love that bitch but you gotta tame her for your own interests) society has told them to do. They did the right shit in high school to go to the right college and study the right shit to get the right job to get the right condo in the right neighborhood and etc.
So they come home after long days and they eat garbage because they “don’t have time” and drink to relax. And once a year, they blow way too much money to go sit on a beach for a while. That is if their office culture allows vacations. Finally, their debt is paid off and now they’re on statins and have 15 years of life left. Is that the goal?
Just live and let live bro. People make choices for many different reasons. Ultimately nothing is purely a "right or wrong" lifestyle. As long as you aren't being a douche to other people you're in the clear.
I agree to the point of believing morality isn't even a thing. Just wanted to see other's thoughts since this baffles me.
Don't know what most of your post is saying. But I agree with the part about taming capitalism for your own interests. Most people don't think outside of what's happening right in front of them, unfortunately, so they never get past it. It's definitely a good idea to be strong, resist, and use some critical thinking as that is realistically the only way to get ahead. Capitalism is based on the rational thinker, but most people don't stop to think at all.
I don't think many people go to law school for "quality of life" or "free time". Same with people who go to Med School.
I'd say those people are contributing more to society than you are, doing more interesting and meaningful work than taking pictures of a condo.
Money and free time are nice, but life fulfillment can be better. Who are you to judge?
I thought it was a good commentary on the UMC treadmill lifestyle.
The trap of increasing expenses as income increases is real. I think that is the key. If you can increase income while maintain expenses or incrementally increasing expenses then that's where it's at (other than owning your own business). I hope that as my income (hopefully) increases I can avoid that trap. If you make 400k after taxes w/ 390k in expenses and you HAVE to work to maintain your lifestyle then you're not much different than the guy earning 50k after taxes w/ 40k in expenses. The idea is to get that 400k after tax w/ like 150k to 200k in expenses. At least that's my goal (if I don't start my own business).
A person who can afford $390k of expenses is quite different from a guy who can afford only $40k of expenses, even if the two are netting roughly the same.
That's cool but the idea is that they are living paycheck to paycheck just like that guy earning $50k, except the moron averaging $390k in expenses chose to do so.
Wait is that Run The Jewels album art? I fucking love RTJ. Great workout music
Yes it is.
Yeah. It's kind of weird to me seeing professionals in AM/WM, IB or HF/LF MF's and attached to a geographic area who are blowing insane money on rent and other non-appreciating/depreciating assets. She's a PM and haven't even saved up enough for a down payment? What. How do they not have a balance sheet to work with at this point. It's not like there was a lack of opportunity to invest in the housing market after the crash.
The other main advantage of the mortgage over rent: tax deductions. That's a pretty real money-saver in those income brackets.
Seems like a potential issue with being unable to delay gratification to me. I actually had a HF associate tell me he felt anxious if he DIDN'T spend all of his money by the end of the month. Blew my mind.
Would argue here that it isn't easy to buy (key word) decent RE in NYC. If you're pulling say $200-$400k pre-tax in your 20s and living in manhattan during that entire time, still difficult (or at least would suck) to see your entire net worth sunk into a $2-$4mm place, which is what a nice 2BR 2 BA costs here. One of the reasons why rent is still so absurd in NYC. Before you say "delayed gratification....", would just point out that yes you're right, but some ppl didn't choose a career in finance so they can live in Jersey or Brooklyn in their 20s/30s. As for me... I'll probably have to buy in the burbs eventually.
This isn't the site for you...
I know, I just come to the OT section for old times sake to fuck around. I gave up on corporate shit a while back
https://www.fool.com/investing/2016/05/30/even-6-figure-families-are-of…
"nearly 25% of households earning $100,000 to $150,000 a year claim they couldn't come up with $2,000 in a month's time."
Which is just fucked. I have an acquaintance like that. Actually fits the mold of what the OP said, lawyer, nice car and nice home in the perfect subdivision. Turns out he has just financed himself into a corner and basically is living to support a house of cards that could easily be toppled.
Has his dumb ass considered getting a different car...
$3700 for a 3BR/2BA (even for Chicago) is cheap. They're either not making bank or they're actually banking.
You're clearly exactly who I'm talking about. Just look at your name
Won't refute this, although I work about 50 hours a week and enjoy what I do and life outside the office. Not everything in high finance is an absolute grind. You can pay your dues earlier in your career and with this hard work (and luck) be able to progress in your career more efficiently.
I would never buy in River West but obviously pads further west are cheaper; no one with money wants to live far west.
Also, you shouldn't hate random people in suits you walk by on the street; resentment is like poisoning yourself and waiting for the other person to die.
Just curious, what neighborhood do you live in?
McKinley Park
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