How does one scrape by when the payout is only $350,000 per year? Like others, I've always been impressed with the compassion and humility on Wall Street. This article doesn't get into it, but deep down we all know how appreciative Wall Street is for being saving from crashing on the rocks. They all are thankful for having their lifestyle saved, even if they now have to clip coupons and send their kids to public schools. A few great excerpts by The Atlantic from the Bloomberg article about lifestyles of the down and out on Wall Street.
“I feel stuck,” [director of marketing for broker-dealer Euro Pacific Capital Inc. Andrew] Schiff said. “The New York that I wanted to have is still just beyond my reach.” How so? "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." “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?” “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.”Poor little lambs.