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?”


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.

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.

http://www.bloomberg.com/news/2012-02-29/wall-street-bonus-withdrawal-means-trading-aspen-for-cheap-chex.html

this douche went on the record LOL.

 

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I want to pee on his face.

 

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tits or gtfo

 

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Over-paid schmuck with an over-inflated sense of self-worth.

what could you possibly want/need that costs more than 350k a year? I mean seriously. I think most people who live within their means could survive and I would dare say thrive on that kind of salary.

OH GOODNESS MY CHILD HAS TO GO TO PUBLIC SCHOOL WITH THE REST OF THE CHILDREN OH NOES!

I CANT GO TO THE COUNTRY CLUB. WHAT WILL I DO!

GTFO with your effin rich elitist first world problems.

 

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To be fair, it's about $175,000 after taxes in New York. $175k can be spent pretty fast.

If I was that rich, I'd consider it an imposition to have to live in New York. Surrounded by high rises, congestion, overpopulation and a concrete jungle? I'd go crazy.

Do like Mike Corleone did and move to Nevada. Get yourself a posh mansion in some picturesque mountain resort.

 

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175k is a down payment even in nyc for very experiences place. just entitle bitches spending their money like crack whores.

 

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if you live beyond your means yeah 175k could go really quick but if you plan just alittle and save that much is way more than enough.

thats also probably just his base salary not counting all the perks he gets like health care, company car, expense accounts etc. Its still rich elitist first world problems.

 

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