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Thread: "$350 K is not enough..."

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    SAINTSational Nica's Avatar Nica is offline
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    "$350 K is not enough..."

    Facing a sharp decline in revenue from banking and trading, many Wall Street firms have trimmed 2011 discretionary pay, according to a Bloomberg News report, and that has translated into shrinking paychecks and widespread unease.
    Wall Street types like Andrew Schiff, director of marketing for broker-dealer Euro Pacific Capital, are feeling the pain.

    Schiff told Bloomberg that his reduced bonus means his $350,000 salary doesn’t cover his family’s private-school tuition, a Kent, Conn., summer rental and the upgrade they would like for his 1,200-square- foot Brooklyn duplex.


    “I feel stuck,” Schiff told Bloomberg. “The New York that I wanted to have is still just beyond my reach.”
    Cue the tiny violins.

    Across Wall Street, smaller bonus checks are making upscale lifestyles harder to maintain, Bloomberg reports, based on interviews with bankers, accountants, therapists, advisers and headhunters.
    At Goldman Sachs and Barclays Capital, the cuts were at least 25 percent, Bloomberg said, while Morgan Stanley has capped cash bonuses at $125,000.

    However, Bloomberg also notes that 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 Blankfein’s $7 million restricted-stock bonus for 2011.

    Richard Scheiner, a 58 year-old real-estate investor and hedge-fund manager, told Bloomberg that he spends about $500 a month to park one of his two Audis in a garage and at least $7,500 a year each for memberships at the Trump National Golf Club and a gun club in upstate New York.

    He also pays $17,000 a year on food, health care, boarding and a daily dog-walker (who charges $17 each per outing) to look after a labradoodle named Zelda and a rescued bichon fries named Duke.

    But to make ends meet he has sold two motorcycles he doesn’t use and makes do with his Porsche 911 Carrera 4S Cabriolet, which he called “the Volkswagen of supercars,” Bloomberg said.
    Last edited by Nica; 03-02-2012 at 08:57 AM.
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    SAINTSational Nica's Avatar Nica is offline
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    Wall Street Bonus Withdrawal Means Trading Aspen for Coupons - Bloomberg


    Banker Bonuses: Wall Streeter With $350K Salary Responds To The Outrage Over His Comments



    After being cited in a Bloomberg article about the impact of falling Wall Street bonuses, Andrew Schiff is feeling the heat from Americans outraged that someone (anyone) who makes $350,000 a year could complain about their lot in life. The story has gone viral, sparked a boatload of copycat pieces and blogs, most of them highly critical of Schiff, who says he's received a torrent of vitriolic emails.
    "I never expected to become the poster child for venality and greed," says Schiff, who is director of marketing for Euro Pacific Capital, where his brother Peter is CEO.
    In the accompanying video, Schiff stresses he never complained to the Bloomberg reporter about his lifestyle, realizes he's one of the lucky ones and "understands why people feel bad reading about what I'm saying."
    The point Schiff says he was trying to make is twofold:
    First, living in New York City is incredibly expensive and $350,000 does not make you rich in Manhattan -- nor San Francisco or Boston or almost any major metropolitan area where Wall Street types tend to work and live.
    "What I thought I could've had at my [salary] level -- the reality is different; it's just not there," Schiff says, while conceding he doesn't have to live in New York. "It's a choice I'm making."
    Second, Schiff says it takes a lot more money to live a "middle class" lifestyle in NYC today than it did when he was growing up there in the 1970s.
    He recalls growing up in a "very nice two bedroom apartment" on the Upper East Side. "We went to summer camp, we took vacations," he says. "To match that kind of lifestyle now takes an absurd amount of money and more money that most people think. That was the point I was trying to make."
    Now "middle class" in NYC is not the same as middle class in most other parts of the country -- or even the state. But what Schiff is describing is something that almost all Americans can relate to, assuming they can get by the sticker shock of what it costs to live in NYC: The middle class is getting squeezed and the very definition of "middle class" is changing.
    In the Bloomberg story, for example, Schiff is cited as saying he has a summer rental in Kent, Conn. Not surprisingly, he's gotten a lot of flack from Americans who are taking "stay-cations" -- assuming they have a job to take time off from in the first place.
    But Schiff notes his grandfather, who was a carpenter -- "a working class guy" -- also had a summer house, "and no one was calling him 'Rockefeller'."
    This decline of living standards, even for those Americans with well-paying jobs, "should be part of the debate," he says. "But it's too vitriolic. Too black and white."
    Finally, Schiff says the original Bloomberg story was slanted. When he said "I feel stuck," Schiff says he was referring to a specific incident involving a major traffic jam, not a commentary about his bank account. That "inaccuracy" led to "further distortion in the copies and clones of the original article," he says, citing a piece on Gothamist as a prime example.
    Another bit of media critique: Schiff is a marketing guy. He's not an investment banker, trader, analyst, "titan of industry" or "master of the universe" in any sense of the term. Hanging a story about bonuses and lifestyles on someone who, by his own admission, is at the bottom of the Wall Street food chain is sloppy journalism, at best. All sense of proportion seems to have gotten lost as this story pinged around the Web, something else that's different about America today.
    Aaron Task is the host of The Daily Ticker. You can follow him on Twitter at @aarontask or email him at altask@yahoo.com

    Banker Bonuses: Wall Streeter With $350K Salary Responds To The Outrage Over His Comments | Daily Ticker - Yahoo! Finance
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    Weakness fuh Sweetness Yankee Doodle's Avatar Yankee Doodle is offline
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    And they say there isn't a disconnect....

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    It is I bhalistix's Avatar bhalistix is offline
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    ok, the man has established a life style which equates his salary (or just beyond it), so the lost in the extra incomes leave his struggling. What so impossible about that? Because he is making 350k a year he should be able to leave comfortably no matter what.
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    Insurgent Alpha Unit's Avatar Alpha Unit is offline
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    Quote Originally Posted by bhalistix View Post
    ok, the man has established a life style which equates his salary (or just beyond it), so the lost in the extra incomes leave his struggling. What so impossible about that? Because he is making 350k a year he should be able to leave comfortably no matter what.
    Honestly I see nothing wrong with what the man expressed. The original article may have been deceptively written or he might just be a convincing liar. To me he seems candid and sincere in what he's expressing so I believe him. And I can understand what he means considering that he would expect given his stature and salary that he would be able to do certain things that seem just out of reach in todays climate. What he is expressing is no different than a person who get's a new job that adds a substantial amount to their overall household income and no longer seem to be able to make do with what they did before. I have seen it play out with some of my friends far too often where they managing with less and when they get more they still somehow end up complaining as if what they now have is still not enough.
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    LB
    Peace Love n Pretty Tings LB is offline
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    350K is a lot if u dont make it cause I wouldnt sneeze at it. But say I do make 350K plus 5-6 figure bonuses each year and adjust my life style accordingly. And then over night that money is gone and I cant afford to pay my bills or keep my kid's in school. I dont have the right to be upset because everyone else makes less already?
    Whether you make 50K or 100K, we all live within that means which we are paid, so to have it suddenly dip, anyone is going to feel it. The person making 350K can definitely adjust better than the person making 50K since hopefully they were smart enough to save a lot of that disposable income but I cant fully fault someone being unhappy their income has changed.
    For better or for worse, that is what they were used to making. Now should they be making that in the first place in their industry is another discussion
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    Weakness fuh Sweetness Yankee Doodle's Avatar Yankee Doodle is offline
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    The article is written to start class warfare and is somewhat inflammatory.

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    Insurgent Alpha Unit's Avatar Alpha Unit is offline
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    Quote Originally Posted by Yankee Doodle View Post
    The article is written to start class warfare and is somewhat inflammatory.
    Indeed it is.
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  9. #9
    Black Madonna
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    i didnt read the article, but no one wants to take a dip in their lifestyle, no matter where the starting point was. Who in their right mind would want that after you've strived to reach a certain level of success and comfort. Shit if you are middle class and just bought a Camry and had to sell it to make ends meet, that would hurt your feelings too. Everybody gotta tighten their belt and it hurt the same way for everybody

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    where de crix Oneshot's Avatar Oneshot is offline
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    He also pays $17,000 a year on food, health care, boarding and a daily dog-walker (who charges $17 each per outing) to look after a labradoodle named Zelda and a rescued bichon fries named Duke.
    A couple jobs created right there.

  11. #11
    Gladiator
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    If this reduced bonus put him in such a stiff situation, then how comfortable was he really living. He just has to do like teh rest of society and adjust his budget. His prblems are not singular to just him, I know alot of Americans who have make adjustments
    Last edited by Gladiator; 03-02-2012 at 11:15 PM.

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    xxii jolie's Avatar jolie is offline
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    what kills me is that it's these bankers and investors who should know better. why would u live a lifestyle so close to the edge of your salary instead of SAVING half for a rainy day?

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    Who feels it knows it! Georgeflash's Avatar Georgeflash is offline
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    He needs a better tax accountant. Taking home 200K with a 350K salary?
    Probably paying too much for mortgage too.
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    Bamcee Connoisseur BostonG's Avatar BostonG is offline
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    Quote Originally Posted by jolie View Post
    what kills me is that it's these bankers and investors who should know better. why would u live a lifestyle so close to the edge of your salary instead of SAVING half for a rainy day?
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    Registered User Inquistive is offline
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    Quote Originally Posted by Big Bo$$ View Post
    Honestly I see nothing wrong with what the man expressed. The original article may have been deceptively written or he might just be a convincing liar. To me he seems candid and sincere in what he's expressing so I believe him. And I can understand what he means considering that he would expect given his stature and salary that he would be able to do certain things that seem just out of reach in todays climate. What he is expressing is no different than a person who get's a new job that adds a substantial amount to their overall household income and no longer seem to be able to make do with what they did before. I have seen it play out with some of my friends far too often where they managing with less and when they get more they still somehow end up complaining as if what they now have is still not enough.
    Sometimes, I wonder what inside you head. $350k allows anyone to do anything they want. Why does a person need more than that? To buy an extra Bentley? Steups

    With $350K, you can do anything you want and live comfortably. You don't have to worry about keeping the lights on and food on the table. Fxck, you don't even have to worry about travel expenses.

    I don't care if it's a decline in salary, you can still live the lavished lifestyle you were enduring when you made millions.

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