Feb 29 - Wall street banker cant survive on $350,000 Salary

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 6 years ago '04        #1
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Striker1415 69 heat pts69
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Feb 29 - Wall street banker cant survive on $350,000 Salary
 

 
image $350,000 a year image $29,166 a month image $7,291 a week this guy is out of touch with reality......image


Andrew Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity. "I'm not Zen at all, and when I'm freaking out about the situation, where I'm stuck like a rat in a trap on a highway with no way to get out, it's very hard," Schiff, director of marketing for broker-dealer Euro Pacific Capital Inc., said in an interview.
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 country's top 1 percent by income, doesn't cover his family's 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 don't have money don't 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 it's like to say I got three kids in private school, I have to think about pulling them out? How do you do that?"

Bonus Caps
Facing a slump in revenue from investment banking and trading, Wall Street firms have trimmed 2011 discretionary pay. At Goldman Sachs Group Inc. (GS) and Barclays Capital, the cuts were at least 25 percent. Morgan Stanley (MS) capped cash bonuses at $125,000, and Deutsche Bank AG (DBK) increased the percentage of deferred pay.
"It's a disaster," said Ilana Weinstein, chief executive officer of New York-based search firm IDW Group LLC. "The entire construct of compensation has changed."
Most people can only dream of Wall Street's 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 Blankfein's $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.

House of Mirth
Comfortable New Yorkers a.ssessing their discomforts is at least as old as Edith Wharton's 1905 novel "The House of Mirth," whose heroine Lily Bart said "the only way not to think about money is to have a great deal of it."
Wall Street headhunter Daniel Arbeeny said his "income has gone down tremendously." On a recent Sunday, he drove to Fairway Market in the Red Hook section of Brooklyn to buy discounted salmon for $5.99 a pound.
"They have a circular that they leave in front of the buildings in our neighborhood," said Arbeeny, 49, who lives in nearby Cobble Hill, namesake for a line of pebbled-leather Kate Spade handbags. "We sit there, and I look through all of them to find out where it's worth going."
Executive-search veterans who work with hedge funds and banks make about $500,000 in good years, said Arbeeny, managing principal at New York-based CMF Partners LLC, declining to discuss specifics about his own income. He said he no longer goes on annual ski trips to Whistler (WB), Tahoe or Aspen.
He reads other supermarket circulars to find good prices for his favorite cereal, Wheat Chex.
"Wow, did I waste a lot of money," Arbeeny said.

$17,000 on Dogs

Richard Scheiner, 58, a real-estate investor and hedge-fund manager, said most people on Wall Street don't save.
"When their means are cut, they're stuck," said Scheiner, whose New York-based hedge fund, Lane Gate Partners LLC, was down about 15 percent last year. "Not so much an issue for me and my wife because we've always saved."
Scheiner said 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 in Westchester and a gun club in upstate New York. A labradoodle named Zelda and a rescued bichon frise, Duke, cost $17,000 a year, including food, health care, boarding and a daily dog-walker who charges $17 each per outing, he said.
Still, he sold two motorcycles he didn't use and called his Porsche 911 Carrera 4S Cabriolet "the Volkswagen of supercars." He and his wife have given more than $100,000 to a nonprofit she founded that promotes employment for people with Asperger syndrome, he said.

'Crushing Setback'

Scheiner pays $30,000 a year to be part of a New York-based peer-learning group for investors called Tiger 21. Founder Michael Sonnenfeldt said members, most with a net worth of at least $10 million, have been forced to "reexamine lots of a.ssumptions about how grand their life would be."
While they aren't asking for sympathy, "at their level, in a different way but in the same way, the rug got pulled out," said Sonnenfeldt, 56. "For many people of wealth, they've had a crushing setback as well."
He described a feeling of "malaise" and a "paralysis that does not allow one to believe that generally things are going to get better," listing geopolitical hot spots such as Iran and low interest rates that have been "artificially manipulated" by the Federal Reserve.

Poly Prep

The malaise is shared by Schiff, the New York-based marketing director for Euro Pacific Capital, where his brother is CEO. His family rents the lower duplex of a brownstone in Cobble Hill, where his two children share a room. His 10-year- old daughter is a student at $32,000-a-year Poly Prep Country Day School in Brooklyn. His son, 7, will apply in a few years.
"I can't imagine what I'm going to do," Schiff said. "I'm crammed into 1,200 square feet. I don't have a dishwasher. We do all our dishes by hand."

[Also see: The Warren Buffett Haters Club]
He wants 1,800 square feet -- "a room for each kid, three bedrooms, maybe four," he said. "Imagine four bedrooms. You have the luxury of a guest room, how crazy is that?"
The family rents a three-bedroom summer house in Connecticut and will go there again this year for one month instead of four. Schiff said he brings home less than $200,000 after taxes, health-insurance and 401(k) contributions. The closing costs, renovation and down payment on one of the $1.5 million 17-foot-wide row houses nearby, what he called "the low rung on the brownstone ladder," would consume "every dime" of the family's savings, he said.
"I wouldn't want to whine," Schiff said. "All I want is the stuff that I always thought, growing up, that successful parents had."

Vegas, Ibiza

Hans Kullberg, 27, a trader at Wyckoff, New Jersey-based hedge fund Falcon Management Corp. who said he earns about $150,000 a year, is adjusting his sights, too.
After graduating from the Wharton School of the University of Pennsylvania in 2006, he spent a $10,000 signing bonus from Citigroup Inc. (C) on a six-week trip to South America. He worked on an emerging-markets team at the bank that traded and marketed synthetic collateralized debt obligations.
His tastes for travel got "a little bit more lavish," he said. Kullberg, a triathlete, went to a bachelor party in Las Vegas in January after renting a four-bedroom ski cabin at Bear Mountain in California as a Christmas gift to his parents. He went to Ibiza for another bachelor party in August, spending $3,000 on a three-day trip, including a 15-minute ride from the airport that cost $100. In May he spent 10 days in India.

Wet T-Shirt

Earlier this month, a friend invited him on a trip to Mardi Gras in New Orleans. The friend was going to be a judge in a wet T-shirt contest, Kullberg said. He turned down the offer.
It wouldn't have been "the most financially prudent thing to do," he said. "I'm not totally sure about what I'm going to get paid this year, how I'm going to be doing."
He thinks more about the long term, he said, and plans to buy a foreclosed two-bedroom house in Charlotte, North Carolina, for $50,000 next month.

[Also see: Annoying Things Bosses Ask of Employees]
M. Todd Henderson, a University of Chicago law professor who's teaching a seminar on executive compensation, said the suffering is relative and real. He wrote two years ago that his family was "just getting by" on more than $250,000 a year, setting off what he called a firestorm of criticism.
"Yes, terminal diseases are worse than getting the flu," he said. "But you suffer when you get the flu."

'Have to Cut'

Dlugash, the accountant, said he's spending more time talking with Wall Street clients about their expenses.
"You don't necessarily have to cut that -- but if you don't cut that, then you've got to cut this," he said. "They say, ‘But I can't.' And I say, ‘But you must.'"
One banker who owes Dlugash $20,000 gained the accountant's sympathy despite his six-figure pay.
"If you're making $50,000 and your salary gets down to $40,000 and you have to cut, it's very severe to you," Dlugash said. "But it's no less severe to these other people with these big numbers."
A Wall Street executive who made 10 times that amount and now has declining income along with a divorce, private school tuitions and elderly parents also suffers, he said.
"These people never dreamed they'd be making $500,000 a year," he said, "and dreamed even less that they'd be broke."
To contact the reporter on this story: Max Abelson in New York at mabelson@bloomberg.net.
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


[pic - click to view]

 Bonus Withdrawal Puts Bankers in "Malaise" - Yahoo! Finance

81 comments for "Feb 29 - Wall street banker cant survive on $350,000 Salary"

 6 years ago '08        #2
supervillain 244 heat pts244
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I refuse to read this bullsh*t. It's only gonna get me pissed...thanks for posting tho. fu*k him and his lack of appreciation of $350,000 year.
 03-01-2012, 07:48 AM         #3
Dos-effect 
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he is right though in his field of colleagues this is chump change....spoiled f*ggots
 03-01-2012, 09:58 AM         #4
drumgangP 
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I live in Georgia. Outside the the city of Atlanta, that 500 bucks a month hes paying to park his car is what most people pay for rent. This guy pays 30 grand a year to be apart of some swank "learning group" thats really a Wall Street Country Club. His kids education at that private school is 32 grand.

In otherwords if he left the golf course and country club alone, he could put his kid through school while still making more money and affording a better lifestyle than damn near 95% of the country.

I watched my mother f!ght to raise my brother and I off 40K a year, working 10 hour days, while f!ghting brea$t cancer and they want me to feel sorry for a guy who spends 500 dollars a month on just parking his car? And hes talking about he cant afford a home in New York thats large enough for his family ...Alot of people who work Wall Street, and i'll bet even his superiors, live outside the city in Northern New York and such and travel into the city for work.


Sorry, but someone needs to notify the writers of this article or this website that its impossible to give 2 fu*ks about a guy when I know people that im helping/supporting that are trying to survive on less than 700 a month. If he came to just one of the food drives/charities that we get out and work with he would realize that anyone would love to have his problems.
 6 years ago '07        #5
Damagegadget 492 heat pts492
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tell him give me 100 thou..Ill turn it into another 3 for him
 6 years ago '07        #6
CadillacVyse 944 heat pts944
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Ppl love to make fun of athletes for blowing all their cash. But fact is in modern culture ppl spend as much as we make regardless of income. The wealthy are able to do it a little more.

Quote fro. The article...

Richard Scheiner, 58, a real-estate investor and hedge-fund manager, said most people on Wall Street don't save.
 6 years ago '07        #7
CadillacVyse 944 heat pts944
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People who don't have money don't 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 it's like to say I got three kids in private school, I have to think about pulling them out? How do you do that?"


Joke?
 03-01-2012, 10:32 AM         #8
Dos-effect 
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 CadillacVyse said:
People who don't have money don't 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 it's like to say I got three kids in private school, I have to think about pulling them out? How do you do that?"


Joke?
Its more like.......k!ll yourself...........these guys are so fu*king laughable its ridiculous
 03-01-2012, 10:35 AM         #9
drumgangP 
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 CadillacVyse said:
People who don't have money don't 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 it's like to say I got three kids in private school, I have to think about pulling them out? How do you do that?"


Joke?
Someone shouldve asked him if he knew what it was like having 2 kids being homeless trying to shelter them.
 6 years ago '04        #10
DIGI 116 heat pts116
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This further delineates the fact that while everyone has problems, those with money are usually the architects of their own issues.
 6 years ago '08        #11
_JAY_ 3 heat pts
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someone should rob this guy. show him how hungry people are.

here's his work email:
 03-01-2012, 03:41 PM         #12
OOps 
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He needs to come to the hood and get his a.ss tore the fu*k up and maybe then he will appreciate his fu*king salary. No wonder this country is going to sh*t, all these rich mofos out of touch with Reality. fu*k everyone on Wallstreet.
 6 years ago '10        #13
Alixix 27 heat pts27
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 _JAY_ said:
someone should rob this guy. show him how hungry people are.

here's his work email:
i'd ask for 5 gs
 6 years ago '05        #14
bobbysteels18 663 heat pts663
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sh*t give me 350,000 a year I'll be living like a king...
 6 years ago '04        #15
HarlemzBishopJ 3 heat pts
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I feel sorry for the big homie, I know how it feels to go from flying to the xgames every year and

riding in different cars everyday of the week to just fuxking enjoying the weekends like a regular.
 6 years ago '10        #16
El Perix 20 heat pts20
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didnt read most of it. cuz im getting pissed. fu*k em. i dont think most of these ppl really know what it means to be in a financial struggle.
 03-01-2012, 04:32 PM         #17
twentythree 
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while reading this all I can think about is that crack party this n*gga threw.


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 6 years ago '11        #18
PTC 138 heat pts138
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What people don't realize is, he's not "being unappreciative", technically all you fu*kheads are being unappreciative because you make more than most the people in the rest of the world, and you have food, water, shelter, good/decent weather, medical access..etc.. (well some you people, I know a lot are kids in high school that camp out for sh*t)

It's just that, everyone has similar problems no matter what income... and that's spending all your money.
 6 years ago '12        #19
Prostyle 2 heat pts
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I feel him, yall quick too hate on the man, but he feels hes worth more, and is used to more.
 6 years ago '10        #20
Cashis Clay 25 heat pts25
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Fuk it man...

Get down or lay down
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