<p>My DD is another one of those law students that will be paid in the 3100/wk range and they are also throwing in housing with maid service. I too am in the club of my kid making more than me (plus no maid) :-)</p>
<p>While my S isn’t in this league, we are really happy with his internship. MechE major- summer internship with a large transportation corporation. He will earn $25 an hour for ten 40 hour weeks, paid housing and transportation. </p>
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<p>It’s not bad… About $4400 a month. Wouldn’t make it on the list but it’s just below. </p>
<p>He is getting housing and transportation. Housing could be 1500/mon and transportation 1-300/mon. I think that’s a good deal.</p>
<p>I’ve heard that some students are opting to intern at tech companies instead of finance because of the changes in the finance sector. Finance reform laws and lower bonuses have supposedly scared off top students. But the finance internships still pay very well, as oldfort said. Between $6500-7000/month.</p>
<p>I know someone who is not even four years out of college, just turned 26 and will earn $470,000 this year working in finance. Not a bad income!</p>
<p>morrismm, Is he the son/grandson of owner of a boutique firm? Honestly, that amount of $$$$ is astounding. what makes this young man so amazing?</p>
<p>Can we not call someone amazing for making money?</p>
<p>Is this big money in the finance young people are making typical ib the industry or are we hearing about exceptional examples? If typical, how did the survey miss it? </p>
<p>morrismm could very well be referring to her D, not necessary a young man. If one is trading high risk derivatives and the desk had a very good year then paying a junior trader 2-300K bonus is not a stretch. The flip side is it could very easily go the other way too. A lot of them live the fear of their firm may just decide to close their desk. If that should happen, it is most likely other firms are also not hiring for that desk either. Unfortunately, a lot of young people think their bonus should continue to go up and they spend accordingly. One MD used to tell me that he always encouraged his associates to buy a second home (in the Hampton) so they would have more of a hunger to make money. </p>
<p>D1 had a good year, but no where close to what morrismm posted. I told her to put it away, and live within her base salary, so she wouldn’t be trapped if she should ever want to move on.</p>
<p>The smart people on Wall Street live well below their incomes. </p>
<p>I used to hear the apocryphal story about wanting the young people to be extended as it related to Wall Street Law firms. I don’t think it is true. But it is accurate that senior people at law and finance firms want their junior people to be highly motivated. </p>
<p>^Do I sense a bit of money worship? Some of living below their incomes may come from their excessive income and lack of time to spend not necessarily from modesty, smart or wisdom. The one time I hired a lawyer, an expensive one, they didn’t help much. On my particular issue, I was better informed after months of reserach. I believe money motivates people but I doubt it motivates more than intellectual curioty in academics or tech sector.</p>
<p>People in tech sector are just as motivated by money.<br>
Please read the subject heading for this thread.</p>
<p>Yes, a good rule of thumb is to live on your base salary and bank all your bonuses. That’s why my S put 40% as a down payment on his apt so his monthly payments are very manageable.</p>
<p>The person I was talking about can and does live within their base salary. They may have more saved for retirement at this point than many baby boomers. Haha!!</p>
<p>But when you are earning $470,000 when you are in your middle 20’s you have to gave some fun. This person also does a lot of social service, including committing to be a mentor to a high potential /high risk high school student for four years, working on Sandy what ever is needed, and running for breast cancer, as am example. Many $'s donated or donated in kind.</p>
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<p>Advise every new grad should listen to…many of their parents also!</p>