Some Wall Streeters facing tough times on just $350,000 a year

[wvit1001]

Facing a sharp decline in revenue from banking and [HIGHLIGHT=#NaNNaNNaN]trading[/HIGHLIGHT][/SIZE][/URL], many Wall Street firms have trimmed 2011 discretionary pay, according to a Bloomberg News report, and that has translated into shrinking paychecks and widespread unease.
 
Wall Street types like Andrew Schiff, director of marketing for broker-dealer Euro Pacific Capital, are feeling the pain.
 
Schiff told Bloomberg that his reduced bonus means his $350,000 salary doesn’t cover his family’s private-school tuition, a Kent, Conn., summer rental and the upgrade they would like for his 1,200-square- foot Brooklyn duplex.
 
“I feel stuck,” Schiff told Bloomberg. “The New York that I wanted to have is still just beyond my reach.”
 
Richard Scheiner, a 58 year-old real-estate [HIGHLIGHT=#NaNNaNNaN]investor[/HIGHLIGHT][/SIZE][/URL] and hedge-fund manager, told Bloomberg that 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 and a gun club in upstate New York.
 
He also pays $17,000 a year on food, health care, boarding and a daily dog-walker (who charges $17 each per outing) to look after a labradoodle named Zelda and a rescued bichon fries named Duke.
 
But to make ends meet he has sold two motorcycles he doesn’t use and makes do with his Porsche 911 Carrera 4S Cabriolet, which he called “the Volkswagen of supercars,” Bloomberg said.
 
Cue the tiny violins.
 
 
http://bottomline.msnbc.msn.com/_news/2012/03/01/10548400-some-wall-streeters-facing-tough-times-on-just-350000-a-year

[lluke47]

The majority only make $154,000 a year, how much does the turd in the WH make for ruining this nation from socialist incompetence

[D2D]

As expected when $180,000 of that $350,000 goes away in taxes!
 
Try living in New York on $170,000!

[Thomasj_tx]

wvit, your hate and envy is going to eat you alive.

[Dardmex]

Thomasj --- Political-progressives like myself and wvit1001 have NO HATRED.  We are filled with tolerance and diversity.  It is Republicans like Rick Santorum and Mitt Romney who go around hating people.  How I hate them!
 
http://www.thedailykos.com ......... http://www.MoveOn.org



Low IQ? Socially conservative? You might be prejudiced, study says!

[wvit1001]

I lived in NYC for 3.5 years for a lot less than that back in the late 80's.  But then I didn't drive a Porsche or have a dog walker.

I would have felt rich with anywhere near $180,000 in cash a year after taxes, that's $15,000 cash a month or almost $4,000 per week.  I think I probably had somewhere around $30,000 after taxes then.

[D2D]

Wvit, allot less in the 1980s is allot more in  2012!

[Dardmex]

wvit1001 --- AND you regularly vote a straight Democrat ticket because you believe that paying higher taxes is patriotic!

Don't leave that out!  It's important!

http://www.thedailykos.com ......... http://www.MoveOn.org



Low IQ? Socially conservative? You might be prejudiced, study says!

[wvit1001]

I don't think it's changed much.  The property values aren't much different now than they were then and the rents aren't that much more.

If you can't have a good life on $4,000 cash a week then how would you expect the rest of people there to even survive?

Median household income 2006-2010 <!-- INC110210 -->

$55,603

$51,914

http://quickfacts.census.gov/qfd/states/36000.html

[wvit1001]

AreaMedian House- hold Income Mean House- hold Income Percent- age in Poverty
Bronx	$34,156	$46,298	27.1%
Brooklyn	$41,406	$60,020	21.9%
Manhattan	$64,217	$121,549	17.6%
Queens	$53,171	$67,027	12.0%
Staten Island	$66,985	$81,498	9.8%
New York City	$48,631	$75,809	18.5%
New York State	$53,514	$77,865	13.7%
United States	$50,140	$69,193	13.0%

http://en.wikipedia.org/wiki/Demographics_of_New_York_City#Income

[Dardmex]

wvit1001 --- If we can only get the rich to pay higher taxes we'll be able to fund more federal entitlements, including free contraceptives for struggling college students.
 
That's what makes for a great country, wvit!
 
http://www.thedailykos.com ......... http://www.MoveOn.org



Low IQ? Socially conservative? You might be prejudiced, study says!

[sweetwater5s9]

Let's be fair and use a federal consumption tax on everyone.   The wealthy will be hit the hardest which should please the far left.  Fairness is Obama's game and as he says, everyone should contribute...