The Stress of Only Earning $350,000 per Year

I read this story yesterday and had to process it for 24 hours.  I just re-read it this morning.  This Bloomberg piece is a perfect example of how out-of-touch some people are.

Want an example?

“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?”

Yes, sure. People who are poor, have lost their homes, are working 3 part-time jobs, are living in their vehicles, or have had to move back with mom and dad just don’t understand the stress of these poor New Yorkers and Financial Industry workers who are faced with putting their kids in public school or foregoing trips to Aspen.

Bloomberg’s story describes the horrific plight of  three sorry souls in Wall Street Bonus Withdrawal Means Trading Aspen for Coupons.

 $17,000 on Dogs

Executive-search veterans who work with hedge funds and banks make about $500,000 in good years, said Arbeeny, managing principal at New York-based CMF Partners LLC, declining to discuss specifics about his own income. He said he no longer goes on annual ski trips to Whistler (WB), Tahoe or Aspen.

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.

Yes, even the wealthy “suffer”. Who said the rich were smart? Doesn’t appear so.