Oh Boo Hoo Hoo: “People who don’t have money don’t understand the stress”

[kpete]

Wall St. Bonus Drop Means Trading Aspen for Discount Cereal

..................

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?”…

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

[MinneapolisMatt]

1. WAAAAAAAAAAH

What a jerk.

[tanyev]

2. There are millions of people who can't imagine saying "I've got three kids in private school."

That's the part he really doesn't get.

[unblock]

3. any moron on wall street knows you're supposed to live on your "comparatively modest" salary

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]

4. or.. I got three kids who need to see a dentist, and need shoes without holes in them? nt

[hamsterjill]

35. Your perspective is a great one!

The rich don't get it. Good example!

[cindyperry2010]

5. REALLY WHAT

an utter fucking jerk off. imagine worryng about having enough food to eat this week then complain about kids out of private school

[Arkana]

6. Oh poor baby.

Here, let me play you a goddamn song on the world's SMALLEST FUCKING VIOLIN.

Fucking piece of shit.

[tularetom]

7. Oh the humanity

Are you sure this isn't really from the Onion?

[trumad]

18. My thoughts exactly.

[ScreamingMeemie]

21. I was going to post that... but you did it for me.

[HopeHoops]

8. My three are all top achievers - they get damn near everything in grants.

Without that, I wouldn't be able to send them to a state university.

[surrealAmerican]

9. Why would the kids' school be the first thing he would think of to cut expenses?

Most of us less wealthy types at least have some clue as to how to prioritize our expenses.

[onethatcares]

29. well hell yeah,

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]

10. Well, bless his heart. Maybe he should try raising 4 kids on less that $25K and then

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]

11. Well he sort of has a point

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]

40. If you don't have money, your life is totally consumed by stress ALL THE TIME...

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]

12. "I’m not eating dinner because it’s my brother’s turn tonight."

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]

22. +1 nt

[newspeak]

62. thank you!

I was thinking of the little child who was not eating that night because it wasn't his turn.

[hifiguy]

13. Someone give this shitheel a two-gallon enema

and send him on a ten-mile hike.

[yellowcanine]

14. He has to "think about" pulling his kids out of private school"

Ain't That A Shame lyrics
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]

15. Where's the DU compassion?

The Browning School costs 43K per year before the supplies, uniforms, field trips, and fundraising.

[GreenPartyVoter]

16. First world problems...

[Aerows]

17. Whine more, please

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]

48. Rich people's school = real education

Public education = poor folks education = Jeebus walked with dinosaurs

[Aerows]

54. Exactly

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]

19. "It's all about me, me, me!"

Cry me a river, asshole.

[Earth_First]

20. Send him some extra cash here:

C/O:

Aland Dlugash

622 Third Avenue
New York, NY 10017-6701
Phone: [phone]
Fax: [phone]

[e-mail]

[Enrique]

23. Mr. Dlugash is wrong

“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.”

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]

25. A $10,000 reduction in salary means that the electricity and heating bills are in jeopardy...

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]

42. A $10,000 reduction may mean the difference between paying a mortgage...

...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]

50. A $10K reduction would have seen me pay $6K to work.

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]

52. And he'll have to downgrade to streetwalkers instead of call girls.

Oh, the huge manatee!

[eShirl]

24. Then come join the stress-free ranks of the poor. Jackass.

[RedSpartan]

26. Yup. Mo money, mo problems.

[TalkingDog]

27. OH, THE HUMANITY!!!

[Ganja Ninja]

28. Welcome back baby to the poor side of town. n/t

[a kennedy]

30. Oh yah, wondering where you're going to sleep or what you're going to eat

oh no that isn't stress.

[renate]

31. the comments are great

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 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.

(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]

32. Let's take up a collection for the poor dear. I have a few spare pennies in wallet I can pitch in.

I may as well. It won't get me out of debt, or buy me medical insurance.

[arthritisR_US]

33. What an absolutely obtuse remark for him to make! Sheesh. n/t

[HughBeaumont]

34. Air Hammered. In. The. BALLS.

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]

47. I like the way you think, Hugh.

Air hammered in the balls, indeed.

[Lucky Luciano]

36. Downsizing severely sucks no matter your income.

Once you have expenses locked up and the rug gets pulled out from under you, things get complicated no matter what your income.

[renate]

37. I especially liked this comment:

So basically, this guy and his children are stressed out by having to endure a standard of living that they've always considered good enough for other people and their children.

[Initech]

38. Oh call me a whambulance. Try barely making enough to pay your bills then we'll talk.

Until then:

[JVS]

49. "Try barely making enough to pay your bills"

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]

51. It's called "living within your means".

$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]

53. The 350k was his all in comp. ie bonus included. nt

[hobbit709]

39. I made $7500 last year, so here's something for you

[GoCubsGo]

41. Yeah, I didn't do a whole lot better than you did.

I guess I'm just imagining all the stress I'm feeling because I have no fucking money. Silly me.

[Liberal_in_LA]

46. so you have little stress according to the jerk in the article.

[JHB]

43. How do you do that? One word: Yoink!

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]

44. Care for a little white whine?

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]

45. whaaaaaaaaaaaah

[YellowRubberDuckie]

55. You're worried about pulling your kids out of private school!?

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]

56. I'm appalled that some mook pulling a lousy 350k is called a 1%er

Sheesh, where have our nation's standards gone?

[Matariki]

57. These guys like to tell themselves they deserve more because they "work harder"

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]

58. Poor fellow. Please unburden yourself. I will gladly accept the "stress" of $350 grand.

Cash only please.

[Warren DeMontague]

59. Another Manhattan asshat complaining about being "poor" on less than 7 figures a year

God, I get tired of these cock-jobbers.

[Lucky Luciano]

60. Hah...try living here...we are searching for

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.

[smokey nj]

64. Doesn't even have to move as far as Chicago. He can cross the river to Jersey City and get a

cheaper apartment as well as a shorter commute.

[JHB]

69. But then he's in -- eeeeewwwww!!! -- Jersey City.

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]

63. Oops, I duped you

I scanned GD for titles but it didn't appear to me it was already posted.

Here is kick :kick:

[sarcasmo]

65. Pull the spoiled rich kids out of private school, that kind of stress is crazy!

Did I need the sarcasm tag?h

[fishwax]

66. sounds like he's auditioning for Romney's VP slot

or, at the least, angling for a spot in his administration.

What a clueless tool.

[meow2u3]

67. 17 grand a year for 2 dogs?! Get real, Schiffie!

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.

[Sedona]

68. He has a facebook page

http://www.facebook.com/home.php?#!/adlugash