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How many places do you think will permanently close?
- Thread starter Woodguy
- Start date
Yeah, I'm not saying they are starving by any means. But it doesn't surprise me a junior banker would get into being an escort if they lost their job and weren't getting interview opportunities
For example:
There is still some range around those numbers depending on your bank and program you are in. +/- 15k each way I would say. When I started, I was in a weaker department and def was below 120k.
And those are All-in comp numbers. Bonus is prob 15 to 25k of the 120k compensation package. Bonus is not received until between Feb-Apr the following year assuming you are still employed at that time.
So let's say comp package is 120k and salary is 100k.
That's means monthly paycheck is $2,491/month after federal and state taxes and social security deductions.
Input it in this calculator:
https://smartasset.com/taxes/new-york-paycheck-calculator#Q0FJ0qifBi
This is before health/dental insurance, or 401K savings also deducted or college loans are accounted for.
$2k is cheaper end of rent in the Manhattan, 2.5k to 3k is more common especially if they opt not to have roommates. A good number of junior analysts I know of are getting money from mom/dad still.
So with a $120k comp package an analyst has between $0 and $950 a month before spending on anything except rent.
Food, metrocard, cell phone, Internet, utilities, banker clothes, and basic socializing will eat that up very quickly especially in Manhattan. Can't be too cheap here. You have to least pretend to look like a banker else you'll be an outcast and eventually pushed out.
Rent is a killer. That's why I got my ass out of Manhattan after a year and into an 11x11 studio. The building was ghetto although the hood was beginning to gentrify.
In that building,
- I saw drug deals (I think crack) go down in the front door vestible,
- in elevator had a totally busted looking crack whore ask me if I wanted to watch porn with her (holding up a paper back with a vhs tape?),
- called the cops when I heard my upstairs neighbor chick getting beaten the fuck up (screaming, body thuds, and furniture crashing) when cops arrived she was messed up but said everything was fine,
- had rolling roach and mice infestations,
- once had a random child like 10yrs old knock on my door to ask to hang out,
- and never in 5yrs invited friends or coworkers out there out of fear and embarrassment.
But I saved money and eventually got a place, damnit! Lol
For example:
There is still some range around those numbers depending on your bank and program you are in. +/- 15k each way I would say. When I started, I was in a weaker department and def was below 120k.
And those are All-in comp numbers. Bonus is prob 15 to 25k of the 120k compensation package. Bonus is not received until between Feb-Apr the following year assuming you are still employed at that time.
So let's say comp package is 120k and salary is 100k.
That's means monthly paycheck is $2,491/month after federal and state taxes and social security deductions.
Input it in this calculator:
https://smartasset.com/taxes/new-york-paycheck-calculator#Q0FJ0qifBi
This is before health/dental insurance, or 401K savings also deducted or college loans are accounted for.
$2k is cheaper end of rent in the Manhattan, 2.5k to 3k is more common especially if they opt not to have roommates. A good number of junior analysts I know of are getting money from mom/dad still.
So with a $120k comp package an analyst has between $0 and $950 a month before spending on anything except rent.
Food, metrocard, cell phone, Internet, utilities, banker clothes, and basic socializing will eat that up very quickly especially in Manhattan. Can't be too cheap here. You have to least pretend to look like a banker else you'll be an outcast and eventually pushed out.
Rent is a killer. That's why I got my ass out of Manhattan after a year and into an 11x11 studio. The building was ghetto although the hood was beginning to gentrify.
In that building,
- I saw drug deals (I think crack) go down in the front door vestible,
- in elevator had a totally busted looking crack whore ask me if I wanted to watch porn with her (holding up a paper back with a vhs tape?),
- called the cops when I heard my upstairs neighbor chick getting beaten the fuck up (screaming, body thuds, and furniture crashing) when cops arrived she was messed up but said everything was fine,
- had rolling roach and mice infestations,
- once had a random child like 10yrs old knock on my door to ask to hang out,
- and never in 5yrs invited friends or coworkers out there out of fear and embarrassment.
But I saved money and eventually got a place, damnit! Lol
I know for a fact that happened with two gals returned to China while the getting was good.
I had a lengthy conversation with a very close Korean friend who used to work at Aura, a long-standing AMP in business for over a decade. How this will shake out for various gals will depend on their particular situations. Among the Chinese & Koreans providers currently in this biz, they are in it usually for one of three reasons: (1) they are saving for or paying of debts associated with GC hubbies and/or snake heads; (2) they are want/need relatively large amounts of quick and regular cash that is used for everything from servicing a substance abuse and/or gambling habit, to paying the medical bills for a sick relative; or (3) particularly with 45+ MILFs, they are saving for retirement. (Usually, these desires are not mutually exclusive, but rather represent the life cycle of the justifications for staying in the biz for 10 years +).
It's going to be tough for these ladies -- often the language barrier will prevent a gal who was with an agency or spa to advertise and work as an indie. As well as the many other challenges that being undocumented creates.
It's going to be tough on the owners too, as very often they will take loans of capital, leases, websites, etc., to start the business and will have to pay back the start up capital with interest. I think that any amps that survive will either own the building that they are located in or will substantially downsize and work in lower cost real estate markets, i.e., Sunnyside, Woodside, Jersey City, etc. Or perhaps switch to an outcall only business model.
I had a lengthy conversation with a very close Korean friend who used to work at Aura, a long-standing AMP in business for over a decade. How this will shake out for various gals will depend on their particular situations. Among the Chinese & Koreans providers currently in this biz, they are in it usually for one of three reasons: (1) they are saving for or paying of debts associated with GC hubbies and/or snake heads; (2) they are want/need relatively large amounts of quick and regular cash that is used for everything from servicing a substance abuse and/or gambling habit, to paying the medical bills for a sick relative; or (3) particularly with 45+ MILFs, they are saving for retirement. (Usually, these desires are not mutually exclusive, but rather represent the life cycle of the justifications for staying in the biz for 10 years +).
It's going to be tough for these ladies -- often the language barrier will prevent a gal who was with an agency or spa to advertise and work as an indie. As well as the many other challenges that being undocumented creates.
It's going to be tough on the owners too, as very often they will take loans of capital, leases, websites, etc., to start the business and will have to pay back the start up capital with interest. I think that any amps that survive will either own the building that they are located in or will substantially downsize and work in lower cost real estate markets, i.e., Sunnyside, Woodside, Jersey City, etc. Or perhaps switch to an outcall only business model.
I'm overweight and 56 otherwise healthy and tested positive with symptoms starting 9 days ago. First 3 days were mild fever and fatigue. Since then it's been so mild I cant tell if its allergies or not. One more week and I'm back to work and I'll be ready to go back to one of my indies. At least now i know I'll be immune or will be mild if i do get again.
