Man says that he cant make ends meet earning $350,000 a year.

Stealhead · 03-01-12, 02:29 AM

http://finance.yahoo.com/news/bonus-...050100338.html

Are we supposed to feel sorry for this chump?

Reece · 03-01-12, 02:41 AM

People like that just make me sick!!

Herr-Berbunch · 03-01-12, 03:11 AM

There are a few choice words I'd like to use...!

Diopos · 03-01-12, 04:40 AM

He is Greek, obviously eh!

No ?

.

BossMark · 03-01-12, 06:04 AM

Quote:

Originally Posted by Herr-Berbunch

There are a few choice words I'd like to use...!

Starting with F and ending in F by any chance

kraznyi_oktjabr · 03-01-12, 06:41 AM

$350,000 per year? I estimated that would I still have my job it would take about 25 years from me to earn that amount of money.

GoldenRivet · 03-01-12, 06:58 AM

Who in the hell does this guy think he is?

Herr-Berbunch · 03-01-12, 07:55 AM

Quote:

Originally Posted by kraznyi_oktjabr

$350,000 per year? I estimated that would I still have my job it would take about 25 years from me to earn that amount of money.

Only 20 years for me, and in that time he'll have earnt only $7m

Quote:

Schiff, the New York-based marketing director for Euro Pacific Capital, where his brother is CEO.

Surely time to pull in a favour.

Those school fees - $32,000 is only for one child.

These guys need to get some serious perspective on life.

And BossMark - maybe a couple of the choice words began and ended with F, but there's a whole range of other letters swiftly following too.

em2nought · 03-01-12, 04:15 PM

"People who don't have money don't understand the stress," LMAO

vienna · 03-01-12, 04:45 PM

Somebody, quick! Find Frau Kaleun's tiny violin gif!...

You hear all the time about the 1% vs the 99%; this is a prime example of why we, as a nation, are in the mess we now find ourselves. This is the attitude of the vast majority of the 1% that "makes the rules" for the other 99%. Consider this: 1% of the $350,000 he bitches about is $3,500, which would make for a decent enough monthly salary for most families or $42,000/yr (btw, this is $8,000 below the 'median' U.S. family income of $50,000/yr). His 'unlivable' $350,000/yr is 7 times the U.S. median family income; on his 'paltry' amount, 7 median families can live for 1 year or 1 median family can live for 7 years...

Also, I would be interested in knowing his full federal tax burden; what loopholes. exemptions, deferrals, etc. is he eligible for since he is in a high income bracket. Is he paying the approximately 38% of Joe Median of is he a Romney-esque 14.5%? Inquiring minds want to know...

mookiemookie · 03-01-12, 04:50 PM

Quote:

Originally Posted by vienna

Also, I would be interested in knowing his full federal tax burden; what loopholes. exemptions, deferrals, etc. is he eligible for since he is in a high income bracket. Is he paying the approximately 38% of Joe Median of is he a Romney-esque 14.5%? Inquiring minds want to know...

If he's truly taking home $200,000 out of a $350,000 salary, he's got some horrible tax planning going on. He should fire his accountant.

vienna · 03-01-12, 04:58 PM

Quote:

If he's truly taking home $200,000 out of a $350,000 salary, he's got some horrible tax planning going on. He should fire his accountant.

At an effective rate of about 43%, yes. he should; however, given his overall attitude, I have doubt about his claim of a $200,000 take home. To me it smacks of the John Fogerty song, "Fortunate Son":

Some folks are born silver spoon in hand,
Lord, don't they help themselves, oh.
But when the taxman comes to the door,
Lord, the house looks like a rummage sale, yes

...

Platapus · 03-01-12, 05:09 PM

Quote:

"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?"

WTF?

We have people in this country who don't know how they are going to feed their children next week and this guy has the balls to say that people who don't have money don't understand the stress?

How about moving your kids to a less trendy and expensive private school? Naturally, it can't be expected to expose your children to the riff-raff of ordinary people. That's simply not done. But I am sure you can find a less expensive but equally snobby school that you can afford.

Here is a suggestion: If you earn $350.000 keep your big mouth shut and enjoy life. You are luckier than most people in this country.

And people like this vote.

tater · 03-01-12, 05:18 PM

Quote:

Originally Posted by mookiemookie

If he's truly taking home $200,000 out of a $350,000 salary, he's got some horrible tax planning going on. He should fire his accountant.

The article says that's after taxes, 401k contributions, and insurance for a family of 5. He should be paying an effective income tax rate closer to 27%, right? NY income tax is just under 7% for everything over 20k. That's 34% right there. Add in a little over 2% for FICA. 36% taxes, not counting property taxes in NYC, which are no doubt non-trivial.

Insurance? 10k? (2.85%). We're at 38% or so. 401k is over 15k now, right? That's another 4%. We're at 42% just spitballing. The 43% figure is not unreasonable.

I think the idiot is living way beyond his means, mind you, but 200k is chump change in NYC. We watch that "selling ny" show, and what we've learned aside from the fact we can't stand anyone on the program (agents or customers), is that we'd not be able to find a place we'd consider decent for under maybe 2-3 million. And that would be for a huge cut in space compared to Nuevo Mexico

. I think the issue (aside from this guy's stupidity) is that they count on his "bonus" income instead of him getting paid a salary that actually shows what he is worth. As a result, an unexpected cut nukes them. They are living a lifestyle based on 350k PLUS some substantial amount, maybe even a multiple of 350k. Didn't see what this guy's usual bonus was.

A guy on another forum is a cabinet maker in nyc and will likely be hurt because of this. Guy's blowing their "bonus" are a large source of his income.

krashkart · 03-02-12, 03:00 PM

Quote:

Originally Posted by Stealhead

http://finance.yahoo.com/news/bonus-...050100338.html

Are we supposed to feel sorry for this chump?

No, I don't. With that kind of money he should have done a better job protecting it. Now he gets to live like a poor person. That'll learn 'im.

Why should I even care about this, anyway? People go under all the time and make it through. You'd think it was the end of the world that someone with money is having problems.

03-01-12, 02:29 AM	#1
Stealhead Navy Seal Join Date: Feb 2009 Location: Kentucky Posts: 5,421 Downloads: 85 Uploads: 0	Man says that he cant make ends meet earning $350,000 a year. http://finance.yahoo.com/news/bonus-...050100338.html Are we supposed to feel sorry for this chump?

03-01-12, 02:41 AM	#2
Reece CINC Pacific Fleet Join Date: Sep 2003 Location: Down Under Posts: 34,732 Downloads: 171 Uploads: 0	People like that just make me sick!! __________________ *Sub captains go down with their ship!*

03-01-12, 03:11 AM	#3
Herr-Berbunch Kaiser Bill's batman Join Date: May 2010 Location: AN72 Posts: 13,203 Downloads: 76 Uploads: 0	There are a few choice words I'd like to use...! __________________

03-01-12, 04:40 AM	#4
Diopos Ace of the Deep Join Date: Jul 2008 Location: Athens, the original one. Posts: 1,226 Downloads: 9 Uploads: 0	He is Greek, obviously eh! No ? . __________________ - Oh God! They're all over the place! CRASH DIVE!!! - Ehm... we can't honey. We're in the car right now. - What?... er right... Doesn't matter! We'll give it a try anyway!

03-01-12, 06:41 AM	#6
kraznyi_oktjabr Sea Lord Join Date: Mar 2010 Location: Republiken Finland Posts: 1,803 Downloads: 8 Uploads: 0	$350,000 per year? I estimated that would I still have my job it would take about 25 years from me to earn that amount of money. __________________ You talk to God, you're religious. God talks to you, you're psychotic. - Dr. House

03-01-12, 06:58 AM	#7
GoldenRivet Subsim Aviator Join Date: Mar 2007 Location: Texas Posts: 8,726 Downloads: 146 Uploads: 0	Who in the hell does this guy think he is? __________________

03-01-12, 04:15 PM	#9
em2nought Ocean Warrior Join Date: Mar 2004 Posts: 3,485 Downloads: 0 Uploads: 0	"People who don't have money don't understand the stress," LMAO __________________ em2nought is ecstatic garbage!

03-01-12, 04:45 PM	#10
vienna Navy Seal Join Date: Jun 2005 Location: Anywhere but the here & now... Posts: 7,718 Downloads: 85 Uploads: 0	Somebody, quick! Find Frau Kaleun's tiny violin gif!... You hear all the time about the 1% vs the 99%; this is a prime example of why we, as a nation, are in the mess we now find ourselves. This is the attitude of the vast majority of the 1% that "makes the rules" for the other 99%. Consider this: 1% of the $350,000 he bitches about is $3,500, which would make for a decent enough monthly salary for most families or $42,000/yr (btw, this is $8,000 below the 'median' U.S. family income of $50,000/yr). His 'unlivable' $350,000/yr is 7 times the U.S. median family income; on his 'paltry' amount, 7 median families can live for 1 year or 1 median family can live for 7 years... Also, I would be interested in knowing his full federal tax burden; what loopholes. exemptions, deferrals, etc. is he eligible for since he is in a high income bracket. Is he paying the approximately 38% of Joe Median of is he a Romney-esque 14.5%? Inquiring minds want to know...