Annual Household Income

[tacom]

iheartthe90s that lifestyle sounds way better. are they hiring?? lol. let me know if you want me to delete this response!

PDQ
(it might be the seniority factor) but before the pandemic MH was traveling about 40% of the time, no remote work. I'd say he works about 70 hours a week. It's hard to quantify since he's "on" so much - checking on Europe and emails at 2am, then back to sleep. It's ... not healthy and I don't think he could make it to 50 even.

[wanderingback]

I still have no clue what exactly a hedge fund manager is or what it means to get paid in stock or whatever, lol.

I'm always fascinated by jobs that I've never heard of or didn't realize were an actual job!
My partner is a musician, but does a ton of other things. He's a composer and has composed a few pieces for orchestras. I can't even think of the correct name right now, but little did I know that it's someone's job to format how he writes the notes in a specific manner for the orchestra players and put it on specific size of paper in the correct format. I guess kind of like a copy editor, but specifically for orchestra pieces. I was like, huh? You can't just write the music and they read it? Mind blown! So many jobs within the music industry that I had no clue about.

[beachdweller]

This is all so interesting. I been following this board on and off from the nest/knot days (mostly lurker; occasional poster)back in 05/06. PDQ - My DH and I are in the 650k range (350k me; 300 k him). I'm GC at a smallish company ($500M revenue) and DH is a partner a mid-size law firm. We live in a small town near the beach. I feel like we both got to good places being able to take some risks because the other partner had a stable income. When I left private practice life after 9 years of big firm life (and salary) to go in-house 10 years ago, I took a 65% pay cut but knew I had decent growth opportunity and hopefully work/life balance at my in-house gig. I was promoted a couple of times and have more than tripled my salary. My DH is doing well now, but had his prior firm implode and had to essentially start over at about 50% his regular pay 5 years ago, but by that time, I had been promoted so we didn't really feel the money pinch. Now, like some PPs, we are trying to sock away as much as we can in retirement and 529s because we know either of us could need to do a "start over" at any time. We do spend 100k+ on a full-time nanny, housekeeper, lawn service, meal service, etc. to be able to have some decent time with our kids when we aren't working.

[HoneySpider]

I can tell you that starting/running a small nonprofit is NOT the way to make a lot of money, lol.

My husband makes a modest salary so combined we are well under $100k in a HCOL area but we are doing just fine.

[starburst604]

tacom my H’s cousin essentially retired at 38 after working in hedge funds, I think as a senior managing director in NYC. Like you said, the burnout. He felt like he was missing his kids growing up and definitely didn’t “need” to make more money, plus his wife has a very lucrative but less intense job. They moved away from the rat race to Montana where she works remotely and I think he does some consulting to keep busy as well as philanthropic work. Seems like in that field knowing when to get out is key.

[Velar Fricative]

Mar 17, 2021 17:32:50 GMT -5 wanderingback said:

I still have no clue what exactly a hedge fund manager is or what it means to get paid in stock or whatever, lol.

Yup, same. I’ve looked it up multiple times and still don’t get it. Public sector for life lol.

[fryjack2]

scout8--- I tell her alllllll the time that her stress level is stupid and unnecessary due to her financial picture. But she has career goals that she hasn't achieved yet so won't stop.

I would have been gone after the first 8 figure year. Ha.

As a VC, you buy and sell companies. Depending on your niche, you could be researching medical supply companies or IT companies, etc. You then decide if its worth attempting to raise capital to buy. You try to get it to grow and/or then sell it for a bigger profit. Your portfolio may have 3 companies or many many companies that you are responsible for. You help guide their investments and sit on their board, etc. How well you do depends on how well your portfolio performs, which you control some of.

My brother is a partner at a real estate VC. I hope my kids are written in his will somewhere

[fryjack2]

Mar 17, 2021 17:32:50 GMT -5 wanderingback said:

I still have no clue what exactly a hedge fund manager is or what it means to get paid in stock or whatever, lol.

If you ever leave direct patient care and move to industry, you will learn what that means  

[ohgillian]

I finally figured out that VC stands for venture capitalist, right? So that's about my level of awareness.

:: Sits down on the Public Sector bench next to Velar Fricative ::

[wanderingback]

Mar 19, 2021 9:33:55 GMT -5 fryjack2 said:

Mar 17, 2021 17:32:50 GMT -5 wanderingback said:

I still have no clue what exactly a hedge fund manager is or what it means to get paid in stock or whatever, lol.

If you ever leave direct patient care and move to industry, you will learn what that means  

See I don't even know what "moving to industry" means, lol.
I do some work that isn't direct patient care. I guess it's more considered advocacy and non-profit work? I also do some stuff where I guess I'd be considered a consultant. 
Never heard the term "industry" for anything I do though! Thanks for the info  

[fryjack2]

wanderingback. Industry when used in reference to healthcare essentially means moving to a career with a drug company. Many doctors, especially MD PHDs, move over there for many reasons-

-funding for research
-not a lot of patient care
-different work/life balance
-much higher pay depending on what your specialty was
- stock options 😜

H has turned down many industry job opportunities because he is a clinician through and through, founded his program, and has a healthy research budget. But he did consider one offer seriously because being involved in a particular drug’s development would have helped more people than he ever will as a physician.

[pinkdutchtulips]

Late to the party but as a single parent, I feel pretty lucky to have finally hit the 90k bracket. 8 years ago my salary was 30K less than what it is now. I'm hoping that in 2021 between salary and bonus, I crack 100K.