No Bonus Equals No Private School

March 7, 2012 - PRLog -- Many people worry about job security, the ability to pay their bills, and the challenge in finding gainful employment. Few of these people make $350,000 a year.

But in an interview with Andrew Schiff, the marketing director for Euro Pacific Capital Inc. (a broker-dealer), Bloomberg (http://www.bloomberg.com/news/2012-02-29/wall-street-bonus-withdrawal-means-trading-aspen-for-cheap-chex.html) discovered that there are some high earners who are equally worried about the aforementioned concerns. They just happen to fall into a different category.

For example, Schiff is being hit hard by the smaller bonus checks (http://streetid.com/newsblog/?p=894) that are being handed out by many Wall Street corporations. Schiff counted on the bonus to pay for luxuries that go well beyond his annual salary, such as a summer rental home and the tuition for his children’s private school.

Schiff is far from the only high earner who’s in trouble. Bloomberg profiled a number of financial professionals who are struggling (in their eyes, at least), including a managing principal at CMF Partners LLC who stopped taking annual skiing trips to Aspen, Whistler, and Tahoe.

Alan Dlugash, a financial planner for wealthy individuals, even went as far as to tell Bloomberg that people who don’t have money “don’t understand the stress” rich people are going through during these tough economic times.

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