|
|
People who have
nothing to eat, no job, and are about to be tossed out of their homes in
foreclosure, really do not know what stress is.
To fully appreciate stress, please consider the sorry "plights" of
Andrew Schiff, marketing director for Euro Pacific Capital, Daniel Arbeeny, a Wall Street headhunter, and hedge-fund manager
Richard Scheiner.
Bloomberg describes the out-and-out horror stories of all three in Wall Street Bonus Withdrawal
Means Trading Aspen for Coupons
Andrew Schiff 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.
“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?”
Wall Street’s cash bonus pool fell by 14 percent last year to $19.7
billion, the lowest since 2008, according to projections by New York state
Comptroller Thomas DiNapoli.
“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.”
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.
$17,000 on Dogs
Richard Scheiner, 58, a real-estate investor and
hedge-fund manager, said most people on Wall Street don’t save.
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.
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.”
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?”
Summer Rentals
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.
“I wouldn’t want to whine,” Schiff said. “All I want
is the stuff that I always thought, growing up, that successful parents
had.”
Imagine
the Stress
·
Imagine the stress of renting a three-bedroom summer
home for only one month instead of four.
·
Imagine the stress of only making $350,000 pre-tax
·
Imagine the stress of making a mere $200,000 after
tax and IRA contributions, and having to wash dishes by hand
·
Imagine the stress of being able to send your kids
to the $32,000-a-year for the Poly Prep Country Day School in Brooklyn
Imagine the stress knowing full well that none of the above is enough, yet
not being able to whine about it.
“I wouldn’t want to whine,” Schiff said. “All I want
is the stuff that I always thought, growing up, that successful parents
had.”
This is more than nauseating, so if you need to excuse yourself to take care
of matters, please do so now.
|
|
