“People who don’t have money don’t understand the stress” (payments, credit)
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I sort of understand their position but it'd probably be better to keep quiet on this topic if I were them.
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Wall Street Bonus Withdrawal Means Trading Aspen for Coupons
By Max Abelson - Feb 29, 2012
Andrew Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity.
I can understand that at ANY income level it would be difficult to make changes to a lifestyle you've become accustomed to. Every guy wants to provide a certain lifestyle to his family and when facing a big cut in pay, it's hard to tell you're family that they can't enjoy all the niceties of life that they've enjoyed to this point. Of the few people I know who have to make a dramatic change from a very comfortable/exclusive lifestyle to a more upper-middle class lifestyle, it's often the male of the family who feels he has somehow let his wife and children down by forcing them to cut back. It is sad, nobody wants to make their family downsize.
I just can't get over that somebody making $350K/ year lives in a 1200 sq ft duplex!! If I was making anywhere close to that amount, I'd build myself an estate overlooking one of our beautiful golf courses!
I can understand that at ANY income level it would be difficult to make changes to a lifestyle you've become accustomed to. Every guy wants to provide a certain lifestyle to his family and when facing a big cut in pay, it's hard to tell you're family that they can't enjoy all the niceties of life that they've enjoyed to this point. Of the few people I know who have to make a dramatic change from a very comfortable/exclusive lifestyle to a more upper-middle class lifestyle, it's often the male of the family who feels he has somehow let his wife and children down by forcing them to cut back. It is sad, nobody wants to make their family downsize.
I just can't get over that somebody making $350K/ year lives in a 1200 sq ft duplex!! If I was making anywhere close to that amount, I'd build myself an estate overlooking one of our beautiful golf courses!
The New York City - metro area is one of the most expensive real estate markets in the country, so what he is getting for his money is probably not out of line.
He probably could have done better moving to a wealthy suburb and commuting to work in the city, or cutting back on his vacations to afford a larger place. Living in the suburbs would also have allowed his kids to get a good education without expensive private schools.
Really though, as your income goes up it may make more sense to live in the suburbs of NYC. NYC has an income tax, but the suburbs only have a property tax.
What's galling is that so that so many of these hedge fund types are deluded into thinking that they do anything productive in the world.
Most of their money making (I wouldn't call it earning) just comes from the Federal Reserve's money printing and credit expansion policies. They should have taken the full hit in 2008 during the crash instead of socializing it on to the taxpayer; now there are very moderate regulations going into effect that will curtail their ability to leverage up.
A true correction to this situation would leave 90% of the people in the racket unemployed.
Well, the moral of the story is that no matter how much one makes, it is ALWAYS better to live BENEATH one's means.
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