Wall Street’s profits fell a whopping 51 percent last year, but compensation for those in the financial industry is only expected to drop by 14 percent, the New York Times reports. Nevertheless, the 1 percenters say they’re still feeling the pinch.
Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns is enough to put him in the country’s top 1 percent by income, but doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.
“I feel stuck,” Schiff said. “The New York that I wanted to have is still just beyond my reach”...
“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?”