http://www.nytimes.com/2014/01/25/business/partner-in-a-prestigious-law-firm-and-bankrupt.html
Gregory Owens, a 55-year old M&A partner at major NYC law firm, is living like a pauper in a Harlem one-bedroom apartment and drained his retirement accounts because of onerous alimony and child support and legal fees from the divorce battle. He just filed for bankruptcy in a humiliating filing that was in the NYT, Washington Post, etc.
Also, his salary is maxed because he's a friendly lawyer with great technical skills and not a rainmaker / talker / sales guy. By some people's standards, he's an "alpha" -- but more like a 'paper alpha' (as Roissy/Heartiste said), because he's not a salesman rainmaker that brings in the clients, he's just a "service partner".
For all the "MPF" (money-power-fame) guys out there, here's some evidence that even $375,000 a year is not enough to keep a woman's affection. She just took what she could get -- $126k per year -- and left his ass in a Harlem squatter's pad.
Game matters as much as money!
EDIT: Imagine if our lawyer friend had spent a small fraction of that $10,500 per month on learning some Married Man Game! A teaspoon of dread game, a dash of leaving the office by 9 pm to hit the gym, a pinch of purposely having other women to flirt with him in front of the wife...... He could have had wife safely tucked away -- scared that her 50 year old ass would never have a shot with anyone better....
After spending minimal amounts on quality of life by NYC standards, he's $52 in the red every month:
How far does $375,000 a year go in New York City? Strip out estimated income taxes ($7,500 a month), domestic support ($10,517), insurance ($2,311), a mandatory contribution to his retirement plan ($5,900), and routine expenses for rent ($2,460 a month) transportation ($550) and food ($650) and Mr. Owens estimated that he was running a small monthly deficit of $52, according to his bankruptcy petition. He has gone back to court to get some relief from his divorce settlement, so far without any success.
He chewed through 30+ years of retirement savings for the divorce:
Legal fees from a divorce depleted his savings and resulted in a settlement under which he pays his former wife a steep $10,517 a month in alimony and support for their 11-year-old son.
He probably hasn't bought a new suit (which is useful for his work) in years and has a broken watch:
According to his petition, he had $400 in his checking account and $400 in savings. He lives in a rental apartment at 151st Street and Broadway. He owns clothing he estimated was worth $900 and his only jewelry is a Concord watch, which he described as “broken.”
Even in a high-profile (although "paper alpha") profession like being an attorney, you're not truly respected unless you're bringing in clients. Just having strong technical skills makes you expendable:
Thomas S. Clay, an expert on law firm management [said]: “For the past 40 years, you could just be a partner in a firm, do good work, coast, keep your nose clean, and you’d have a very nice career. That’s gone.”"
NYT admits that there are true alphas out there (a big fuck you shout-out to /r/feminism):
Former colleagues (none of whom would speak for attribution) uniformly described him as a highly competent lawyer in his specialty and, as several put it, “a lovely person” who relishes spending time with his son. But he does not seem to be the kind of alpha male — or female — who can generate revenue, bring in clients and are generally prized by large law firms.
monsieurhire2 11y ago
375K for a guy with a family in modern NYC is bubkes. Like the article said, taxes take a big chunk right off the bat. After 45% federal taxes, he has 206K left. If he pays his wife 126K, that leaves him 80K. NYC has a shitload of State and Municipal taxes on everything, so who knows how much more gets pissed away to government parasites. Rent is outrageous and what you get for it is a joke. Food is expensive. He was able to mitigate these costs somewhat because he lived with his family in one place, but now he's paying for a second place he never uses and food he never gets to eat. God that sucks.
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[deleted] 11y ago
I never agreed with the whole concept of "not getting married," that we have on this subreddit.
It keeps changing every day. I keep abhorring the legal system that rewards women to be whores. And it just repulses me to no end.
On a sidenote, I hear Germany's a good place to settle down, though.
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FortunateBum 11y ago
Guys, let this be a lesson. To women you are a target. They are the predator. You are the prey.
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nerdyfitnessguy 11y ago
If he committed suicide I'd completely understand.
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trplurker 11y ago
This is why you stay the fuck away from liberal hellholes like that. They encourage the women to financially rape you with the states support.
Now I don't know all the details but I bet you that he waited until his wife filed rather then being proactive and filing before she was ready to leave him. Also don't touch your retirement, the moment it looks like she's gonna drag shit out you need to move the money to a non-US bank account and evac the country to a cheap location. Let her have all the property and whatever she can get while you immediately quit your job (prior to the actual trial) and give up any previous lifestyle you had. It sucks but it's the only way to prevent the anal fucking that such a place will administer.
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