How can you afford the condos in Chicago (Mark: rent, home)

[coldwine]

Originally Posted by j33

I realize that you've lived a charmed life, in which you went to the University of Chicago almost for free, travel the world, and make money hand-over-fist, are able to walk comfortably in the snow wearing stiletto heels, and have never suffered any unexpected financial setbacks, but that isn't quite how it works out for everyone ya know.

Oh j33, as I've said so often in this situation...

You wanna judge, get your sorry ass down here and start putting in 90 hour billable weeks. You have six tax treaties between seventeen nations to read up on, eleven years' worth of transfer taxes to assess and that's just for tonight. We haven't even discussed what we're going to do if corporations have to restructure to deal with Obama's inability to discern between "Tax deferral" and "tax evasion".

I could always use the help

[Lookout Kid]

Originally Posted by coldwine

Oh j33, as I've said so often in this situation...

You wanna judge, get your sorry ass down here and start putting in 90 hour billable weeks. You have six tax treaties between seventeen nations to read up on, eleven years' worth of transfer taxes to assess and that's just for tonight. We haven't even discussed what we're going to do if corporations have to restructure to deal with Obama's inability to discern between "Tax deferral" and "tax evasion".

I could always use the help

It's amazing to me how advanced education and career achievement can be traps. After a while you feel like you have so much invested in your education and career that you can't possibly change trajectories. I'm in that boat now, and the crowbar of being laid off has sort of freed me from the rat race in a strange way. I'm not going to drop out and buy a Bed n' Breakfast in Maine or anything like that... But I am exploring possibilities that I wouldn't have even considered a few months ago, and it's a nice feeling of freedom.

[LosAngelesNightmare]

300-400 k sounds cheap to me...Chic here i come

[oakparkdude]

Originally Posted by coldwine

Oh j33, as I've said so often in this situation...

You wanna judge, get your sorry ass down here and start putting in 90 hour billable weeks. You have six tax treaties between seventeen nations to read up on, eleven years' worth of transfer taxes to assess and that's just for tonight. We haven't even discussed what we're going to do if corporations have to restructure to deal with Obama's inability to discern between "Tax deferral" and "tax evasion".

I could always use the help

You do understand, that not everybody has the opportunity to work 90 billable hours, right?

[coldwine]

Originally Posted by sukwoo

You do understand, that not everybody has the opportunity to work 90 billable hours, right?

And what is the corresponding compensation for their sacrifice?

Lookout: As soon as I get home (it's been a week since I've seen my apartment) I'm going to type a longer response. Just wanted to let you know I didn't skip over what you wrote, and I think it has discussion value

[GoCUBS1]

Originally Posted by coldwine

And what is the corresponding compensation for their sacrifice?

Lookout: As soon as I get home (it's been a week since I've seen my apartment) I'm going to type a longer response. Just wanted to let you know I didn't skip over what you wrote, and I think it has discussion value

Coldwine, you are working your arse off... But what is your compensation for your sacrifice? Is it just the money (and the shoes )? I'm just curious because I think I've been "in your shoes" and I do have empathy for you. I also worked 90+ hr work weeks to prove myself in an international (and male-dominated) field. I saved up enough $ (and, yes, used leverage to my advantage) to buy real estate and start my own business. It was the best decision I ever made. Even if I made half the money, I'd do it all over again as the freedom is the best compensation for me.

I have friends approaching mid-life now calling me for jobs. I have friends who have had the carrot of a partnership/ownership stake placed in front of them for years and it never happens. They've put up with company sh*t (major travel, political backstabbing, long hrs, etc.) for years and are now being passed over for executive/partnership positions in favor of the younger, or European, or better connected, etc. Or, their company just downsizes and gives them the severance package.

Coldwine and Lookout, have you ever considered going into business for yourself and putting in all those long hours for your own company - instead of for someone else? Or maybe you're already doing this?

Lookout, I know it sounds cliche and I mean no offense, but being laid off could end up being one of the best things for your career (I've seen it happen many times)....

[coldwine]

Originally Posted by GoCUBS1

Coldwine, you are working your arse off... But what is your compensation for your sacrifice? Is it just the money (and the shoes )? I'm just curious because I think I've been "in your shoes" and I do have empathy for you. I also worked 90+ hr work weeks to prove myself in an international (and male-dominated) field. I saved up enough $ (and, yes, used leverage to my advantage) to buy real estate and start my own business. It was the best decision I ever made. Even if I made half the money, I'd do it all over again as the freedom is the best compensation for me.

I have friends approaching mid-life now calling me for jobs. I have friends who have had the carrot of a partnership/ownership stake placed in front of them for years and it never happens. They've put up with company sh*t (major travel, political backstabbing, long hrs, etc.) for years and are now being passed over for executive/partnership positions in favor of the younger, or European, or better connected, etc. Or, their company just downsizes and gives them the severance package.

In my business, knowledge is key. It's very hard to replace someone who knows what they're doing and can turn a dollar-- that's what really counts.

My compensation for moving to another continent was a capital equity account I didn't have to buy As pay for my services, the firm had to make me a senior partner. I did it before 30, so I'm happy with myself. All of my money is stashed away; it's not like I have any time to spend it. I'm not sure what I'll do when I leave, but I'm definitely going to ride this gravy train out until the last moment.

The hours are very long, but I get paid a lot for them, and right now that means much to me. Bonuses at year end are nothing short of breath taking. But what I've wanted out of this profession is acknowledgment for expertise, and I have that. I'm the person to call right now if you have highly complex problems, and I'm actually solving them. That's what I wanted: respect. Professionalism. Achievement. I killed myself for those three things, and it happened to come with a sizable paycheck at a time when most of my colleagues are being fired.

Coldwine and Lookout, have you ever considered going into business for yourself and putting in all those long hours for your own company - instead of for someone else? Or maybe you're already doing this?

If I ever retired, I would simply stop working completely. I don't know that I would want to do anything else. It's been the work of three lifetimes, sometimes with success and sometimes not. I would return to the United States and take at minimum two years' reprieve from working.

Ideally I'd like to return to the USA and simply coast Use my connections to rebuild a network throughout the country and move into another sector or augment my success here. It's most definitely doable. I've always been able to drum up business (which is why I am where I am right now). I've invested in a partnership with a few other attorneys, and we're buying large rental units throughout the north. The returns on that are pretty good, too. I love rental real estate Whatever else happens, I just don't ever want to have to do this again.

[Anthera]

Originally Posted by j33

I realize that you've lived a charmed life, in which you went to the University of Chicago almost for free, travel the world, and make money hand-over-fist, are able to walk comfortably in the snow wearing stiletto heels, and have never suffered any unexpected financial setbacks, but that isn't quite how it works out for everyone ya know.

Hard work doesn't always mean a successful career, but a successful career rarely is just result of being lucky or having a charmed life.

[j33]

Originally Posted by Anthera

Hard work doesn't always mean a successful career, but a successful career rarely is just result of being lucky or having a charmed life.

I agree with that. My post was more of a comment on coldwine's internet persona than a statement of how I feel one gains career success.

[PokerPlayer1]

Originally Posted by coldwine

I'm going to say something that will shock a lot of people, but here goes.

You can save money.

No, really. You can actually not spend it. You can just put it away. Often times, it even grows. Crazy, right? But true.

I made about $50k a year as an accountant, and I was able to actually save about $12,000 a year. Even more. After five years, that's a whopping $60,000. I put it all down (I had about $72,000 by that point) on a studio that was about $126,000 in the Gold Coast. I then saved up again, paid off the mortgage, rented out my parking space I never used and rented out the studio. I used that income to finance another mortgage for a one bedroom... and so on.

Financial planning is so much easier than what people believe. You just have to be willing to suffer.

I'm really torn. I don't know I want people to get less stupid for the benefit us all, or if I want them to remain as stupid as they already are, given that their folly makes it insanely easy for people who aren't that dumb, reckless and irresponsible to get ahead.

I agree that the inability of most people to defer gratification (aka- buying stuff you can actually afford) is the very root cause of most all personal financial crises. String together personal financial crises and you suddenly have a national one. Such is the cost of a society that emphasizes consumerism, I guess. In the mean time, I'll keep driving 10 year old cars, buying generic, buying used from garage sales, flea markets and craigslist and let everyone think I'm "poor" while my savings and portfolio grows.