Monday, December 10, 2007

Making $1.8 million a day

Michel Nelson's December newsletter is depressing me.

The senior vice president at Iowa Savings Bank in Carroll tells his readers that the 20 top hedge fund managers have average annual earning of $657 million.

Quoting financial planning superstar Harold Evensky, Nelson breaks that down into hours and minutes. If you made $657 million a year it would work out to:

$20.83 per second
$1,250 per minute
$75,000 per hour
$1.8 million per day

"I'm going to volunteer to take over for one of the hedge fund managers on Christmas Day so they can spend time with their family, provided they let me keep a chunk of the day's 1.8 million haul," Nelson joked.

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