SERVING THE QUANTITATIVE FINANCE COMMUNITY

farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: mynetselfI actually suggest both the USofA and the EU attack China. And India.My choice is between a straw man and the socialist utopia? I will have gay sex with the straw man live on satellite television.

KackToodles
Posts: 4100
Joined: August 28th, 2005, 10:46 pm

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: prasenjit0211Will the universities allow such kind of consulting time unless you are Nouriel Roubini. after you have tenure, as long as you show up to teach your class, nobody controls what else you do. It's not as if the dean is going to make you punch a time card.

Posts: 1544
Joined: May 19th, 2006, 9:50 am

### let me give you young people a tip about work: it's not worth it

Yeah, Business profs get paid around $200K base salary per year to teach 6 hours per week. So long as you show up for your 6 hours of teaching, they cannot fire you.Then they make an additional$150K per year from Executive MBA teaching. These classes are normally conducted on Saturday and Sunday. They get paid $2,500 for EACH 3-hour lecture.Then they make another$150 K from consulting.They need to produce one top-tier journal article every year just to maintain their reputation. But for that, they only need some poor PhD students suckers who slog 70 hours a week for peanuts.

KackToodles
Posts: 4100
Joined: August 28th, 2005, 10:46 pm

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: traderjoe1976They need to produce one top-tier journal article every year just to maintain their reputation. But for that, they only need some poor PhD students suckers who slog 70 hours a week for peanuts. yeah, only about half of the profs in the top 20 schools can meet this low threshold. truth be known, most of the profs at the second or third tier schools have not published a top paper in years, if ever. Most are empty suits, no more scholarly than your typical high school coach in a suit and tie.

prasenjit0211
Posts: 89
Joined: October 22nd, 2008, 11:04 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: traderjoe1976Yeah, Business profs get paid around $200K base salary per year to teach 6 hours per week. So long as you show up for your 6 hours of teaching, they cannot fire you.Then they make an additional$150K per year from Executive MBA teaching. These classes are normally conducted on Saturday and Sunday. They get paid $2,500 for EACH 3-hour lecture.Then they make another$150 K from consulting.They need to produce one top-tier journal article every year just to maintain their reputation. But for that, they only need some poor PhD students suckers who slog 70 hours a week for peanuts.After 500k it becomes a question of intrinsic versus extrinsic motivation as 500k is enough to lead a luxurious lifestyle even in NY.Some people derive happiness from internal factors like solving problems, abstract thinking. These tend to stay in academia inspite of low pay.On the other hand there are people who derive happiness from more concrete things like money, status , lifestyle. These usually leave academia.

farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: prasenjit0211After 500k it becomes a question of intrinsic versus extrinsic motivation as 500k is enough to lead a luxurious lifestyle even in NY.If you are 21 and grew up in a shack, maybe. I wouldn't call it luxury, but suppose you lived in a $10,000 a month apartment. Totally single and no kids. Let's suppose you have$180,000 a year left after rent and tax. $15,000 a month to blow. To live in luxury, you need to have a toy dog. You will need a part-time helper of some kind to walk the dog and pick up after it at 3:00 AM.$20,000 a year there, so down to $160,000.$6,000 a year for grooming and vet bills. $154,000 left. Taking cabs is not luxurious, it is disgusting. I assume parking a car is$1000 a month conveniently for you, so $142,000 left.$1500 in tips to door man and valet, $140,500. If you have one luxury meal a week, that will be another$25,000, $115,500. Luxury cable and Internet, including pay-per-view, will be minimum$250 a month, so down to $112,500. Electric and gas at least that much, so$109,500. Luxury means at the very least one luxury clothing item every two months, $100,500 left. Another 300 good meals at$100, $70,500. Laundry valet$65,500. Body work can cleaning to keep your luxury car shiny in Manhattan streets $60,500. Nice Christmas tree and decorated$59,500. Newest type of television installed $54,500. Four luxury weekend driving trips$50,000. Air travel to one wedding or funeral, $48,000. But one luxury furniture item a year,$43,000. Basic supplies from the pharmacy, $33,000. Occasional books or movies,$32,000. One actual luxury trip, $22,000. Home maintenance$20,500. Lawyer for some small matter, $19,000. Car payments and insurance, -$5000. Opera and crap like that, -$10,000. Political/club/charity participation -$12,000. Random crap -$27,000.So you are already at least$27,000 short to live in luxury, driving yourself, with no girlfriend, children, or savings.

prasenjit0211
Posts: 89
Joined: October 22nd, 2008, 11:04 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: farmerQuoteOriginally posted by: prasenjit0211After 500k it becomes a question of intrinsic versus extrinsic motivation as 500k is enough to lead a luxurious lifestyle even in NY.If you are 21 and grew up in a shack, maybe. I wouldn't call it luxury, but suppose you lived in a $10,000 a month apartment. Totally single and no kids. Let's suppose you have$180,000 a year left after rent and tax. $15,000 a month to blow. To live in luxury, you need to have a toy dog. You will need a part-time helper of some kind to walk the dog and pick up after it at 3:00 AM.$20,000 a year there, so down to $160,000.$6,000 a year for grooming and vet bills. $154,000 left. Taking cabs is not luxurious, it is disgusting. I assume parking a car is$1000 a month conveniently for you, so $142,000 left.$1500 in tips to door man and valet, $140,500. If you have one luxury meal a week, that will be another$25,000, $115,500. Luxury cable and Internet, including pay-per-view, will be minimum$250 a month, so down to $112,500. Electric and gas at least that much, so$109,500. Luxury means at the very least one luxury clothing item every two months, $100,500 left. Another 300 good meals at$100, $70,500. Laundry valet$65,500. Body work can cleaning to keep your luxury car shiny in Manhattan streets $60,500. Nice Christmas tree and decorated$59,500. Newest type of television installed $54,500. Four luxury weekend driving trips$50,000. Air travel to one wedding or funeral, $48,000. But one luxury furniture item a year,$43,000. Basic supplies from the pharmacy, $33,000. Occasional books or movies,$32,000. One actual luxury trip, $22,000. Home maintenance$20,500. Lawyer for some small matter, $19,000. Car payments and insurance, -$5000. Opera and crap like that, -$10,000. Political/club/charity participation -$12,000. Random crap -$27,000.So you are already at least$27,000 short to live in luxury, driving yourself, with no girlfriend, children, or savings.How much do you need to be luxurious 1000k.
Last edited by prasenjit0211 on October 10th, 2010, 10:00 pm, edited 1 time in total.

farmer
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Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: prasenjit0211How much do you need to be luxurious 1000k.No, you just need to move out of NYC.When you consider that some girls enjoy little babies as much as men enjoy big boats, or as much as other girls enjoy toy dogs, you can pretty much live in luxury by having five kids and going on welfare in a rural area.

farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

It would be cool - just in case my congressman is listening - it would be cool if you bought more boats than you can afford, if the feds would send you money, just like if you have more houses or more kids than you can afford. National Boatman's and Oil Fishery Relief Act of 2011 has a nice ring. We have a lot of boat dealers, boat maintenance people, dock installers, and other people in the boat business who are hurting. That is not the America I grew up in. Everyone should have a seat at the table, a promise of the American dream, even people who are up to their necks in loans on five yachts at once. They are there willing to work, building boats, driving boats... We cannot turn their backs on these people.

LTrain
Posts: 1077
Joined: June 23rd, 2004, 6:42 pm

### let me give you young people a tip about work: it's not worth it

mynetself wrote:>> I actually suggest both the USofA and the EU attack China. And India. I too support a land war in Asia. We need to thin the herd a little. Not enuf bread crumbs to go around!

farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: mynetselfFarmer, are you trying to tell us that you are a parasite of the society?Yes, absolutely! How did I miss these great posts?QuoteOriginally posted by: traderjoe1976I hate to think that the government is taking 50% of my paycheck to subsidize many junior Farmers.Get used to it fuckface! There is not a damn thing you can do about it! Hah! Sucker!!!Even assholes at Harvard are shirking their load. Here is what one has to say:QuoteAnd I acknowledge that my motives in taking on extra work are partly mercenary. I don't want to move to a bigger house or buy that Ferrari, but I hope to put some money aside for my three children. They will never lead lives of leisure, but I hope they won't have to struggle to find down payments to buy their own homes or to send their kids to college.Suppose that some editor offered me $1,000 to write an article. If there were no taxes of any kind, this$1,000 of income would translate into $1,000 in extra saving. If I invested it in the stock of a company that earned, say, 8 percent a year on its capital, then 30 years from now, when I pass on, my children would inherit about$10,000. That is simply the miracle of compounding.Now let's put taxes into the calculus. First, assuming that the Bush tax cuts expire, I would pay 39.6 percent in federal income taxes on that extra income. Beyond that, the phaseout of deductions adds 1.2 percentage points to my effective marginal tax rate. I also pay Medicare tax, which the recent health care bill is raising to 3.8 percent, starting in 2013. And in Massachusetts, I pay 5.3 percent in state income taxes, part of which I get back as a federal deduction. Putting all those taxes together, that $1,000 of pretax income becomes only$523 of saving.And that saving no longer earns 8 percent. First, the corporation in which I have invested pays a 35 percent corporate tax on its earnings. So I get only 5.2 percent in dividends and capital gains. Then, on that income, I pay taxes at the federal and state level. As a result, I earn about 4 percent after taxes, and the $523 in saving grows to$1,700 after 30 years.Then, when my children inherit the money, the estate tax will kick in. The marginal estate tax rate is scheduled to go as high as 55 percent next year, but Congress may reduce it a bit. Most likely, when that $1,700 enters my estate, my kids will get, at most,$1,000 of it.HERE'S the bottom line: Without any taxes, accepting that editor's assignment would have yielded my children an extra $10,000. With taxes, it yields only$1,000. In effect, once the entire tax system is taken into account, my family's marginal tax rate is about 90 percent. Is it any wonder that I turn down most of the money-making opportunities I am offered?
Last edited by farmer on October 10th, 2010, 10:00 pm, edited 1 time in total.

sunra
Posts: 16
Joined: October 31st, 2009, 4:11 am

### let me give you young people a tip about work: it's not worth it

farmer, i believe the key is to finance your yacht purchases by selling CDS on yourself to Goldman. it worked for a lot of other people

mynetself
Posts: 187
Joined: March 27th, 2010, 6:40 pm

### let me give you young people a tip about work: it's not worth it

Farmer, if you're happy with that, so be it. You're probably retired now, so I guess you're really just getting back (part of) what you paid in taxes in your lifetime. But you seem to be the quintessential "bitter old man" that bears a lot of resentment towards everything. It's OK, really. I, and here I'm talking only for myself, would much rather be heavily taxed and "work for others" than consider myself a parasite of society. It's a matter of personality, I guess. And personal dignity.The real irony in all of this, and what's really gonna bite you back in the ass, is the fact that your children will/are working, thus really maintaining you and your bitterness.

farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: mynetselfFarmer, if you're happy with that, so be it. You're probably retired now, so I guess you're really just getting back (part of) what you paid in taxes in your lifetime.Ah yes, I remember when you were a tiny tot. We had the tape recorder playing all night "Retirement comes at age 59. I pay for the old people. It is the natural order of things, I work and do the paying. They are justified to take. I am happy about it." Over and over in your sleep, so cute you were!QuoteOriginally posted by: mynetselfBut you seem to be the quintessential "bitter old man" that bears a lot of resentment towards everything. It's OK, really. I, and here I'm talking only for myself, would much rather be heavily taxed and "work for others" than consider myself a parasite of society. It's a matter of personality, I guess. And personal dignity.The real irony in all of this, and what's really gonna bite you back in the ass, is the fact that your children will/are working, thus really maintaining you and your bitterness.My daughter is a diversity coordinator at the local hospital. She just sits in a window office and has coffee chats all day with organizers from various aggrieved communities - you might call them "bitter" or "lacking in dignity" - who seek to extort money from the hospital in some way or another.

farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

### let me give you young people a tip about work: it's not worth it

QuoteOriginally posted by: mynetselfwould much rather be heavily taxed and "work for others" than consider myself a parasite of society. It's a matter of personality, I guess. And personal dignity.I see myself as more a jellyfish on your face. But if you see society as fat sheep, then the indignity is in not shearing them.