The smaller bonus checks hitting accounts across the financial services industry this month are...


The smaller bonus checks hitting accounts across the financial services industry this month are making it difficult to maintain the lifestyles that Wall Streeters expect, as they're forced to give up things like ski trips to Tahoe or Aspen. “People who don’t have money don’t understand the stress,” says a financial planner for the wealthy.
Comments (10)
  • davidingeorgia
    , contributor
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    My heart bleeds for them. Really.
    29 Feb 2012, 10:45 AM Reply Like
  • Tony Petroski
    , contributor
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    davidingeorgia. Don't be distressed. Mrs Obama (and her entourage) enjoyed a vacation in Vail. Or was that Tahoe or Aspen?

     

    This blurb is boob bait for those who used to snatch on to the daily Krugman quote.
    29 Feb 2012, 11:11 AM Reply Like
  • davidingeorgia
    , contributor
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    Don't get much sarcasm where you're from, eh?

     

    They're all the same, as far as I'm concerned...Marie Antoinette Obama and the jerks on Wall Street who helped elect her sorry, good-for-nothing husband...all of them think rules - and sacrifice - are for the "little people" not them. Every one of them is cut from the same sorry piece of cloth.
    29 Feb 2012, 11:27 AM Reply Like
  • Cautiously Returning
    , contributor
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    Haha, I hope that financial planner is being facetious.
    29 Feb 2012, 10:46 AM Reply Like
  • IgnisFatuus
    , contributor
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    Sadly, I believe him to be as serious as a heart attack.
    29 Feb 2012, 10:54 AM Reply Like
  • wyostocks
    , contributor
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    You can't be serious with this story
    Next we'll hear they have to pull their kids out of private schools and their wives will be waitressing at the local diner.
    29 Feb 2012, 10:51 AM Reply Like
  • TheRenegade
    , contributor
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    I needed a good laugh this morning... that was great...
    29 Feb 2012, 10:53 AM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
     
    but they are the Elite...they deserve to be the leaders...the winners....to have it all....they went to the fancy schools and are so much smarter than we are...
    29 Feb 2012, 11:02 AM Reply Like
  • FencePost Capital
    , contributor
    Comments (6) | Send Message
     
    People who don't have money have different stress. These folks can learn to live on less income.
    29 Feb 2012, 11:16 AM Reply Like
  • Conventional Wisdumb
    , contributor
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    I know the type of person who is profiled in this story having worked alongside them in my brief stint on the Wallstreet high-net worth advisory side of wealth management.

     

    Every single bit of whining in this story would apply to the archetype. You have to actually be in this industry to understand how insular and out of touch they are with Mainstreet America. I couldn't stand the arrogance, the lack of humility, the nasty personalities, and the my s**t doesn't smell attitude of this primarily male industry. They actually think they are better than everyone else simply because they made so much money. There are exceptions of course, I am just commenting on the average stereotypical Wallstreeter.

     

    They don't quite get the fact that when you earn $2.5 million dollars a year as a glorified sales manager (Senior MD) that you are not really contributing enough to society to justify that payment. They don't understand that being "forced" to live on a $1 million a year when you are used to making twice that is not a punishment. The fact that they might have to sell a couple of the six or seven $100k cars they own isn't the equivalent of filling a gas tank and buying food for the family.

     

    This story proves that it is much, much harder to decrease your lifestyle and remain happy than it is to maintain a simpler life and avoid the emotional stress that comes along with keeping up the Tiger 21s of the world. It is much easier to go up but as you go up the marginal enjoyment you get from all the new toys starts to diminish - you just don't get the same impact. However, the reverse is asymmetrical, going down is far more painful than the joy on the way up. Kind of violates the tenets of Economic Theory but it's the truth. Ask anyone.
    29 Feb 2012, 12:14 PM Reply Like
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