Author Topic: $350 K and feels "trapped"!!  (Read 12455 times)

Offline chickchoc

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$350 K and feels "trapped"!!
« on: February 29, 2012, 03:13:53 PM »
Here's a slice of w(h)ine to go with the cheese---

http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html

I love how this man complains about having 3 kids in private school, a summer cottage in Connecticut and he doesn't make enough. 

Offline archer

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Re: $350 K and feels "trapped"!!
« Reply #1 on: February 29, 2012, 03:38:40 PM »
what a jackass!!!

Offline archer

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Re: $350 K and feels "trapped"!!
« Reply #2 on: February 29, 2012, 03:55:53 PM »
Want to email the guy in the article?
   Name:    Andrew Schiff    
     Title:    Director of Communications & Marketing    
     Company:    Euro Pacific Capital    
     Location:    New York City    
     Email:    aschiff@europac.net    
     Phone:    (800) 727-7922

Offline cdhm22

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Re: $350 K and feels "trapped"!!
« Reply #3 on: February 29, 2012, 03:56:23 PM »
I still believe no matter how much money you make you are the only person that makes you happy. As they go up in salary so does their spending habits. I know people at the factory I work at that are the exact same way. Just goes to show if you work hard to find your tenets and your own way of being happy without all that crap you can be happier just covering your expenses than making millions of dollars.

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Re: $350 K and feels "trapped"!!
« Reply #4 on: February 29, 2012, 03:57:52 PM »
You know, I get it and I don't get it.  On the one hand I get his point that $350k in New York is not enough to buy him the lifestyle he thought it would buy and that many things from his father's generation that were affordable, like a four bedroom house in Brooklyn and a good education that will get your kids into an Ivy League school, simply aren't affordable at that price anymore.  On the other hand, how out of touch do you have to be to go public with those feelings when you're basically a marketing consultant for your brother's company and basically just carelessly tossed a match on what is already a gasoline soaked landscape ready to ignite in class warfare?  Seriously, do you think Schiff's investors (folks who have millions to invest, not working folks with a 401k) are happy that this article is popping up everywhere in the blogosphere as a prime example of just how out of touch the rich are?

Piss-poor judgement, but a realistic observation that what was rich 20 years ago isn't rich anymore.  Everything he's talking about was completely affordable on $150k in 1990, but due to population growth, inflation and the bubbles in real estate and other assets, it's not affordable anymore at twice the price.

Offline Malamute

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Re: $350 K and feels "trapped"!!
« Reply #5 on: February 29, 2012, 04:08:17 PM »
He doesn't produce anything, nor is the "service" he's providing adding value for his customers.

He should feel grateful for making minimum wage, much less 350K.

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Re: $350 K and feels "trapped"!!
« Reply #6 on: February 29, 2012, 05:25:12 PM »
I get how he feels trapped. He's accumulated so much debt he is trapped in his job. The more you make, the more you spend, it's that simple. He isn't a jerk just because he earns more than you. He wasn't lucky or fortunate, he worked hard for what he's making and I don't envy him for that, he earned it.

Offline Morning Sunshine

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Re: $350 K and feels "trapped"!!
« Reply #7 on: February 29, 2012, 05:42:48 PM »
I pity him.  350k and he cannot make ends meet.  really, it is too bad.

he is trapped in the same consumer market as my brother who only makes 1/7 of that.  both have been consumer-ized to need a certain amount of stuff.  a certain kind of vehicle.  a certain amount of things - big tvs, activities and "educational opportunities" for the kids, matching dishes, entertainment.
the difference is the price of those things.  my brother would not be able to live on 350 a year either.  his "needs" would go up with the take home.

it is all about you, and being content with what you have, not what "they" say you should have.

Offline excaliber

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Re: $350 K and feels "trapped"!!
« Reply #8 on: February 29, 2012, 05:51:34 PM »
it's not what you make, it's what you spend,
 most people adjust to their income over time, you make more so you drive a new car, get a raise, buy a nicer home, and you end up living paycheck to paycheck.

you have to learn the discipline to be happy with yourself and what you have, this takes time, I'm still working on it.

Offline Cedar

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Re: $350 K and feels "trapped"!!
« Reply #9 on: February 29, 2012, 07:17:30 PM »
I pity him.  350k and he cannot make ends meet.  really, it is too bad.

Give me $350K year and I could do alot for alot of people and more. Oh.. wait... just $350K once. $350K a year is way more than I require.

Cedar

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Re: $350 K and feels "trapped"!!
« Reply #10 on: February 29, 2012, 09:44:50 PM »
I wonder what Peter Schiff (the libertarian-ish champion of Austrian Economics) thinks about his douche-bag brother vomiting up this kind of crap for all the world to see? 

Seriously, for people with his mindset no amount of income will keep up with their desires.  The guy needs to do some serious soul searching and quit trying to live up to perceived expectations.  Man-up and take the road less traveled, the scenery is a hell-of-a-lot better and you'll have less regret when you're gasping your last breath.


Offline chickchoc

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Re: $350 K and feels "trapped"!!
« Reply #11 on: March 02, 2012, 08:37:05 PM »
I noticed today that the man complained his comments were taken out of context by the reporter.   

Offline Morning Sunshine

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Re: $350 K and feels "trapped"!!
« Reply #12 on: March 03, 2012, 07:23:25 AM »
I noticed today that the man complained his comments were taken out of context by the reporter.

really?  this surprised him?  a MSM reporter taking comments out of context?   ::)  remind me to NEVER talk to reporters without my own camera running for a youtube video of my own.

the guy who shot his 15-yo laptop after a facebook posting was smart that way.  he refused to talk to the press, and answered any questions on his facebook page so nothing was taken "out of context"

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Re: $350 K and feels "trapped"!!
« Reply #13 on: March 03, 2012, 10:00:19 AM »
I noticed today that the man complained his comments were taken out of context by the reporter.

I'd be more inclined to believe that if his job title at EuroPacific Capital wasn't the "Director of Communications and Marketing,"  this guy deals with the media every day.

This tale of upper middle class frustration seems like a good example of Jack's downward class migration concept.

Offline Oil Lady

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Re: $350 K and feels "trapped"!!
« Reply #14 on: March 03, 2012, 10:16:39 AM »
Want to email the guy in the article?
   Name:    Andrew Schiff    
     Title:    Director of Communications & Marketing    
     Company:    Euro Pacific Capital    
     Location:    New York City    
     Email:    aschiff@europac.net    
     Phone:    (800) 727-7922

Is that Peter Schiff's son??   :o   Or maybe his brother??  :o

THE Peter Schiff??  :o :o :o



Peter Schiff was a consultant to Ron Paul for years! And yet this is what one of his relatives AND a company employee has to say??  :o :o :o :o :o :o


Offline cheryl1

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Re: $350 K and feels "trapped"!!
« Reply #15 on: March 03, 2012, 11:05:57 AM »
I can understand feeling trapped no matter how much you make. When we were still deep in debt, I felt trapped at $17,000 a year. Bump up the income to $80,000, increase the debt as well= still trapped. It's more of what you do with the money, rather than how much you have.

Offline Sister Wolf

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Re: $350 K and feels "trapped"!!
« Reply #16 on: March 03, 2012, 11:19:08 AM »
Peter Schiff was a consultant to Ron Paul for years! And yet this is what one of his relatives AND a company employee has to say??  :o :o :o :o :o :o

That means absolutely nothing. I'm a responsible prepper, who has the tenacity to do what it takes to get I want.

My brother is a complete douche who would rather look for answers in the bottom of a bottle, and blame his lack of funding on every other person on the planet than take any responsibility for his life.

Don't judge a man by how his idiot brother acts.

Offline Oil Lady

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Re: $350 K and feels "trapped"!!
« Reply #17 on: March 03, 2012, 11:36:58 AM »
Don't judge a man by how his idiot brother acts.

I'm just saying how could he work there and be so dumb?

I'm not judging Peter Schiff, I'm stunned that his brother even has a job there.


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Re: $350 K and feels "trapped"!!
« Reply #18 on: March 03, 2012, 01:05:53 PM »
That means absolutely nothing. I'm a responsible prepper, who has the tenacity to do what it takes to get I want.

My brother is a complete douche who would rather look for answers in the bottom of a bottle, and blame his lack of funding on every other person on the planet than take any responsibility for his life.

Don't judge a man by how his idiot brother acts.

True, we've all got family like that.  But would you hire your brother to be the director of marketing and communications for your company, like Peter Schiff did?

endurance

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Re: $350 K and feels "trapped"!!
« Reply #19 on: March 03, 2012, 02:45:01 PM »
True, we've all got family like that.  But would you hire your brother to be the director of marketing and communications for your company, like Peter Schiff did?
Well, if he felt trapped making $350k, think what he'll feel like when he's collecting unemployment after this stunt. ::)

Offline cheryl1

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Re: $350 K and feels "trapped"!!
« Reply #20 on: March 03, 2012, 03:39:36 PM »
Perhaps relief to be out of the rat race?

Offline P_Coltrane

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Re: $350 K and feels "trapped"!!
« Reply #21 on: March 03, 2012, 05:27:56 PM »
Perhaps I missed something key in the article, but why is there so much criticism for Andrew Schiff?  Where was he quoted  saying anything stupid or unreasonable?  From what I could discern from his statements, he is merely upset that his compensation on Wall St is not what he was expecting.

The scant details provided about his lifestyle do not indicate anything lavish or extravagant -- with the possible exception of the length of his vacation rental.


Offline Oil Lady

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Re: $350 K and feels "trapped"!!
« Reply #22 on: March 04, 2012, 05:27:25 AM »
Perhaps I missed something key in the article, but why is there so much criticism for Andrew Schiff?  Where was he quoted  saying anything stupid or unreasonable?  From what I could discern from his statements, he is merely upset that his compensation on Wall St is not what he was expecting.

The scant details provided about his lifestyle do not indicate anything lavish or extravagant -- with the possible exception of the length of his vacation rental.

Andrew Schiff is the opening interview of the article --an article which interviews SEVERAL Wall Street folks and which itemizes their many woe-is-me stories of financial "hardship" for people in the mid-six-digit salary range. Because he's the first guy to be quoted, he's going to take the brunt of the criticism. And the fact that his brother is famous around the world for financially sound advice just lends a dizzying degree of gob-smack-ed-ness to his own portion of the article.

The whole article showcases people whom I think it's very difficult to feel sorry for.

The "people just need to learn to live within their means" line has been trotted out these past three years with much finger wagging for middle class people who bought just ONE home. But when this guy claims he can barely hang on to TWO homes, that's not something to be sympathetic over. Sell the second home, dammit! Who cares if you take a loss on it. Just amputate that expense ASAP and save your primary residence and save your kids' educations.  But don't go crying poor when you own two homes.

Reduced bonuses seem to be the culprit here even though any financial adviser will tell you NOT to count on bonuses.  And yet in spiute of the fact that these guys are all money generators and numbder crunchers (and financial advisers themselves!), they are flouting that very sound advice against ever making bonuses into one's primary income. The sad reality is that if you structure your budget to where bonuses are essential to keep the budget balanced, you either need to reduce your expenses or find another job. Counting on commissions in one thing, but counting on bonuses just isn't wise.  That's why they are called "bonuses."

And if Wall Street has structured their employment models so that bonuses MUST be the primary source of income (not commissions but bonuses!), then Wall Street has allowed itself to go thoroughly FUBAR and so it likely needs a major overhauling. This current system of bonuses just needs to go and should NOT be rescued or "bailed out." It just needs to go.


« Last Edit: March 04, 2012, 05:36:19 AM by Oil Lady »

Offline Oil Lady

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Re: $350 K and feels "trapped"!!
« Reply #23 on: March 04, 2012, 05:47:28 AM »
Check out the Twitter comments.

http://twitter.com/#!/search?q=http%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fbonus-withdrawal-puts-bankers-malaise-050100338.html




Bonus Withdrawal Puts Bankers in "Malaise" - Yahoo! Finance http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html via @YahooFinance


not an onion article: http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html


My heart positively bleeds... "People who don't have money don't understand the stress" http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html via @piombo


Money's too tight to mention http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html


Wow. Reading this article you'd think it belonged in The Onion. But it's legit, sadly. http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html


Rich people make me laugh, check this Guy out >> http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html ..I hope that article was written for comedic purposes.


Discount salmon! Public school?! Missing your bro judge a sweet wet T-shirt contest! It's hard out there for a broker. http://yhoo.it/zUuyBn


Woe are the bankers! Bonus Withdrawal Puts Bankers in "Malaise" - Yahoo! Finance http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html via @YahooFinance


I had to check the date to make sure this wasn't an April Fool's story.


This reads like the Onion. But it's actually a Wall Street sympathy piece. http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html


Anyone in your life who really doesn't get the 1%/99% divide? Plz share this with them. http://yhoo.it/zUuyBn Then urge them to get involved!


The NYC he wants is still just out of reach! I can barely comprehend his personal tragedy.


Wanna hate a bunch of bankers even more? Here's an article where they whine about not making as much as they used to: http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html


Bonus Withdrawal Puts Bankers in "Malaise" http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html via @YahooFinance / $350k per year. Can't put child through private school.


"People who don't have $ don't understand the stress," said Alan Dlugash, a partner Marks Paneth & Shron http://yhoo.it/xJWbt5


as much as we get on athletes for their spending can we take a look at Wall Street please... http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html


"People who don't have money don't understand the stress" http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html (via @calebelston)


How tone deaf are these Wall Street people? They have no idea how obnoxious they sound: http://yhoo.it/xJWbt5


Yeah, not crying. RT @Dave_White Awwww, poor baby. Does this guy actually think we're going to have sympathy for him? http://yhoo.it/xJWbt5


Poor little uber-wealthy people->RT @onlinepastrychf: I promised I would try not to say anything mean. So, no comment. http://bit.ly/wIGG5d

cry me a river;

Offline Dainty

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Re: $350 K and feels "trapped"!!
« Reply #24 on: March 18, 2012, 02:17:04 PM »
The crux of the issue is mentioned in the article:

"Richard Scheiner, 58, a real-estate investor and hedge-fund manager, said most people on Wall Street don't save."

"Michael Sonnenfeldt said...most with a net worth of at least $10 million, have been forced to "reexamine lots of assumptions about how grand their life would be.""

That's it. They thought being rich meant a certain level of grandeur, and they're disappointed that isn't the case due to changing factors that are generally beyond the ken of those without millions.

I have to say I'm bothered reading some of these comments. It isn't that I don't understand people being frustrated when they're trying to put food on the table and read a piece where those who can afford lavish comforts are complaining they still don't have enough. I get it. At the same time, I tend to live by the principle that everyone struggles in one way or another and most of the time it's both unkind and inappropriate to weigh and compare logistics in order to invalidate another's sincere struggle.

If it isn't too off topic I'd like to use an example I'm most familiar with: health. I have extremely severe chronic health issues to a level beyond what most people realize is possible. When people begin to understand this, it starts to become very difficult for them to share their own struggles with me because I "have it so much worse" than they do. They also become hesitant to share about all the fun things they get to do as well because I can't relate to it so they feel guilty. Thus in order for me to have healthy relationships with people I've found it necessary to assure and reassure them that their suffering is just as valid as mine, and I honestly am not sitting there making comparisons I'm just listening to their hurt and sharing their burden. And that I want to hear all about the fun things they get to do because rather than resulting in envy it makes me happy to share in their joy and vicariously experience the world through their eyes. If ever I do find myself making comparisons or feeling pity then that's when I withdraw, get the support I need from those who can give it to me, and wait until I'm in a good place to engage with the world at large again. In other words I'm not above experiencing those things; I just manage them in a way that doesn't negatively impact others.

What would our culture look like if we actually applied this concept to financial means? Might those in different tax brackets actually *gasp* get along? I had a friend once whose family was quite wealthy, she was so hesitant to reveal this to me because she had experienced a lot of flak for it from bitter people. It was almost as if she expected me to reject her over it, as from her perspective it felt that our culture considers it acceptable to hate on people with money just because they're rich.

Yes, we can compare incomes and say those earning $350,000 a year have no room to complain because those with a lower income are struggling so much worse. And I could berate people for complaining over having a nasty cold. Instead I take a look at their life and realize that, for them, it's making a considerable negative impact and as I begin to understand what they're accustomed to it opens the door for empathy. Perhaps empathy is too much to ask in this case, but the mockery just doesn't sit right with me. :-\

Offline cheryl1

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Re: $350 K and feels "trapped"!!
« Reply #25 on: March 18, 2012, 02:25:55 PM »
No matter who you are, it hurts a little when that dollar leaves your hand. Or never gets there in the first place.

Offline monkeyboyf

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Re: $350 K and feels "trapped"!!
« Reply #26 on: March 18, 2012, 08:38:05 PM »
Dainty, just gave you a +1 for you wonderful post.   You lift me up everytime I read your profound insight on these issues.  Makes me ashamed for not counting my blessings and having more empathy for my fellow man.  You are an angel sent to remind us of our better nature.  We love you!

Offline pokeshell

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Re: $350 K and feels "trapped"!!
« Reply #27 on: March 18, 2012, 08:50:28 PM »

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Re: $350 K and feels "trapped"!!
« Reply #28 on: March 19, 2012, 07:36:58 AM »
And another + one for Dainty! A great balanced post...

Offline Adam B.

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Re: $350 K and feels "trapped"!!
« Reply #29 on: March 19, 2012, 08:57:42 AM »
Quote
He doesn't produce anything, nor is the "service" he's providing adding value for his customers.

He should feel grateful for making minimum wage, much less 350K.

LMFAO — I couldn't have said it better myself... +1 to that!