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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsOh Boo Hoo Hoo: “People who don’t have money don’t understand the stress”
Wall St. Bonus Drop Means Trading Aspen for Discount Cereal
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Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the countrys top 1 percent by income, doesnt cover his familys private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square-foot Brooklyn duplex.
I feel stuck, Schiff said. The New York that I wanted to have is still just beyond my reach.
The smaller bonus checks that hit accounts across the financial-services industry this month are making it difficult to maintain the lifestyles that Wall Street workers expect, according to interviews with bankers and their accountants, therapists, advisers and headhunters.
People who dont have money dont understand the stress, said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. Could you imagine what its like to say I got three kids in private school, I have to think about pulling them out? How do you do that?
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http://www.bloomberg.com/news/2012-02-29/wall-street-bonus-withdrawal-means-trading-aspen-for-cheap-chex.html
MinneapolisMatt
(1,550 posts)What a jerk.
tanyev
(42,677 posts)That's the part he really doesn't get.
unblock
(52,503 posts)and plan as if your bonus is zero until it actually shows up in your bank account.
after all, they can fire you the day before they hand out the checks.
granted, many wall streeters do anticipate some level of bonus, but newbies on wall street are invariably told how they're supposed to handle the bonus concept, so it's all on them if they handle their own finances poorly.
G_j
(40,372 posts)hamsterjill
(15,224 posts)The rich don't get it. Good example!
cindyperry2010
(846 posts)an utter fucking jerk off. imagine worryng about having enough food to eat this week then complain about kids out of private school
Arkana
(24,347 posts)Here, let me play you a goddamn song on the world's SMALLEST FUCKING VIOLIN.
Fucking piece of shit.
tularetom
(23,664 posts)Are you sure this isn't really from the Onion?
trumad
(41,692 posts)ScreamingMeemie
(68,918 posts)HopeHoops
(47,675 posts)Without that, I wouldn't be able to send them to a state university.
surrealAmerican
(11,369 posts)Most of us less wealthy types at least have some clue as to how to prioritize our expenses.
onethatcares
(16,211 posts)can't cut the wifes plastic surgery, or the jewelry or the lavish parties and an Audi or two.
Screw the kids, they're freeloading anyway.
Arkansas Granny
(31,543 posts)maybe he'll understand stress.
I realize that people who have never been poor don't really get what it's like, but surely they have to know how offensive it is for the 1% to complain about what they can't afford.
pipi_k
(21,020 posts)If you don't have money, your life isn't consumed with worry about losing it, or having to live up to the standards of the neighbors.
So yeah...I can see where he's coming from.
That having been said, however...
that doesn't mean I have a shred of sympathy for his plight.
maybe if he downsized a little...gave away some of his money and lived like the majority of us...there wouldn't be that much "stress"
Withywindle
(9,988 posts)how you're going to eat, how you're going to pay the bills, where would you go if you can't make rent anymore, how would you get to work if your old beater car needs a repair you can't afford, what happens if you get sick...
Earth_First
(14,910 posts)Can you imagine what it's like for one of your kids to have to utter these words, Mr. Dlugash...?
Two words for you: "FUCK YOU!
lumberjack_jeff
(33,224 posts)newspeak
(4,847 posts)I was thinking of the little child who was not eating that night because it wasn't his turn.
hifiguy
(33,688 posts)and send him on a ten-mile hike.
yellowcanine
(35,705 posts)You made me cry when you said good-bye
Ain't that a shame my tears fall like rain
Ain't that a shame your the one to blame
You broke my heart now we're apart
Ain't that a shame my tears fall like rain
Ain't that a shame your the one to blame
So long good-bye although I cry
Ain't that a shame my tears fall like rain
Ain't that a shame your the one to blame
You made me cry when you said good-bye
Ain't that a shame my tears fall like rain
Ain't that a shame your the one to blame
You made me cry when you said good-bye
Ain't that a shame my tears fall like rain
Ain't that a shame your the one to blame
aikoaiko
(34,186 posts)The Browning School costs 43K per year before the supplies, uniforms, field trips, and fundraising.
GreenPartyVoter
(72,388 posts)Aerows
(39,961 posts)I am delighted when I hear those who call people who are working their asses off to support their families "whiners" when they want things like affordable health care and education.
If you don't have affordable education, maybe it is because you and your ilk are attempting to defund it. You don't want your children being taught by those horrible people that teach such things as "science" and "mathematics". You'd rather they be taught that Jesus was a rail-gun wielding commando instead of a peaceful, loving man. You'd prefer that your children be taught that the Earth is only 6000 years old, and that mankind is stupid enough to believe in your fairy tales, so you go on to keep telling them through your children.
That's the issue right there.
Mopar151
(10,014 posts)Public education = poor folks education = Jeebus walked with dinosaurs
This is an effort to dumb down our citizens. Heaven forbid we are educated, intelligent and principled. The right wants to squash intelligent people.
deutsey
(20,166 posts)Cry me a river, asshole.
Earth_First
(14,910 posts)C/O:
Aland Dlugash
622 Third Avenue
New York, NY 10017-6701
Phone: (212) 503-6360
Fax: (212) 503-6359
adlugash@markspaneth.com
Enrique
(27,461 posts)No, Mr. Dlugash, you have no clue. These people's problems ARE less severe. A lot less severe, so much less severe that people are laughing at all of you complaining about it.
Earth_First
(14,910 posts)A smaller BONUS to these folks means that the Swarovski Crystal doorknob upgrades to the closet doors are in jeopardy...
COMPLETELY relevant to one another
JHB
(37,166 posts)...and defaulting on the one house where your family lives, not a vacation cottage.
That's a bot more stressful than taking your kids out of private school.
The last time I heard such petulant, clueless whining, the whiner's laptop got shot. It's raging-teenage-myopia level cluelessness.
sofa king
(10,857 posts)But fortunately I'm now in a position where I can take an infinity percent reduction in pay and nothing changes.
Because I'm unemployed and broke.
Ikonoklast
(23,973 posts)Oh, the huge manatee!
eShirl
(18,509 posts)RedSpartan
(1,693 posts)TalkingDog
(9,001 posts)Ganja Ninja
(15,953 posts)a kennedy
(29,779 posts)oh no that isn't stress.
renate
(13,776 posts)There's one that probably won't be there long that includes a mention of lube. Normally not my kind of humor but it's funny to see it on bloomberg.com.
Some people are criticizing the author, but I don't think he's the one asking us to pity the millionaire, since he provides some perspective (plus he's a journalist himself and certainly can't be feeling too sorry for these guys):
Most people can only dream of Wall Streets shrinking paychecks. Median household income in 2010 was $49,445, according to the U.S. Census Bureau, lower than the previous year and less than 1 percent of Goldman Sachs CEO Lloyd Blankfeins $7 million restricted-stock bonus for 2011. The percentage of Americans living in poverty climbed to 15.1 percent, the highest in almost two decades.
(Edited to take out "only" before "a journalist" since that accidentally sounded like he's a less accomplished person than these financial "experts" who don't know how to live on a budget or save for a rainy day.)
kestrel91316
(51,666 posts)I may as well. It won't get me out of debt, or buy me medical insurance.
arthritisR_US
(7,303 posts)HughBeaumont
(24,461 posts)You gotta wonder what kind of thought process goes into saying completely insensititve bullshit like this, which appears to be more common as time passes. Does nothing at all sound like a bad idea to them? Does nothing resembling "this might rub people the wrong way" or "this is going to sound incredibly callous" or "maybe I should be grateful for what I have instead of sounding like a completely unappreciative greedbag asshole" cross their puny minds? Did they get every trait of empathy removed after their first $250,000/year?
hifiguy
(33,688 posts)Air hammered in the balls, indeed.
Lucky Luciano
(11,267 posts)Once you have expenses locked up and the rug gets pulled out from under you, things get complicated no matter what your income.
renate
(13,776 posts)Initech
(100,149 posts)Until then:
JVS
(61,935 posts)But that's the problem. This guy can barely pay his bills because the bills for his extravagant lifestyle demand an even more extravagant income than he has now.
Initech
(100,149 posts)$350K / year plus bonuses and options is definitely upper class. He can certainly get by on that. I'm talking people like me who just barely make over minimum wage and sometimes dont get enough hours to cover health insurance. That's what I'm talking about. He can sacrifice the maid and expensive vacations to pay the bills.
Lucky Luciano
(11,267 posts)hobbit709
(41,694 posts)GoCubsGo
(32,103 posts)I guess I'm just imagining all the stress I'm feeling because I have no fucking money. Silly me.
Liberal_in_LA
(44,397 posts)JHB
(37,166 posts)Also, don't rent the summer rental, forget the upgrade entirely, sell the duplex, and move someplace cheaper. (Ok, that's another guy, but the principle remains)
Frankly, pal, this is about financial planning. If you can't do it for yourself, why do you have a job? Who in their right mind can trust your judgment? Can I have your gig? I'm sure I can do it for less.
calimary
(81,608 posts)Cry me a freakin' river. Some people are worried about how they'll EAT today. I know people who worry about whether they'll even make their rent next month.
Maybe these guys will have to do without one of their two Cadillacs or something...
Liberal_in_LA
(44,397 posts)YellowRubberDuckie
(19,736 posts)There are people who can't FEED their children, you simple idiot. Someone needs to slap you. Come spend a week in my house. I cook my meals. I clean my own house, including the toilet and when my dogs have accidents. That idiot needs to live through THAT then call me. Son of a...
Bruce Wayne
(692 posts)Sheesh, where have our nation's standards gone?
Matariki
(18,775 posts)What a joke. I wish every one of them could reincarnate for a while as a single mother who needs two jobs just to feed those three kids. That would sort out the "private school" problem for them real fast.
Tierra_y_Libertad
(50,414 posts)Cash only please.
Warren DeMontague
(80,708 posts)God, I get tired of these cock-jobbers.
Lucky Luciano
(11,267 posts)a two bedroom since we are having our first child. $4,800 per month is what our current building would charge - which is low because we are all the way up at 96th street. The prime neighborhoods have two bedrooms going for $7-8,000 per month. I have seen $3,800, but those are for 10x10 bedrooms near me. You have to have make fuckloads of money to live in Manhattan, but if you pull it off, you can leave your job with good savings to live in a cheaper environment.
Response to Lucky Luciano (Reply #60)
Warren DeMontague This message was self-deleted by its author.
smokey nj
(43,853 posts)cheaper apartment as well as a shorter commute.
JHB
(37,166 posts)Personally, I think he should go for one of those waterfront condos tailor-made for people who don't understand the concept of flooding... especially depending on sea-level rises due to climate change.
JonLP24
(29,322 posts)I scanned GD for titles but it didn't appear to me it was already posted.
Here is kick :kick:
sarcasmo
(23,968 posts)Did I need the sarcasm tag?h
fishwax
(29,152 posts)or, at the least, angling for a spot in his administration.
What a clueless tool.
meow2u3
(24,776 posts)If I had $17K extra a year to spend on animals, I'd adopt the maximum allowable by law from the shelter! With that extra money, I'd provide the best vet care, food, and love for those furkids. Plus, I'd have about 10 grand left over.
This guy just can't handle money.