March 1, 2012
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Part of the 1%, but not really
There was an article in the WSJ yesterday titled, “Struggling on $350,000 a year” (javascript:mctmp(0);) referring to a guy who makes $350k and doesn’t think he makes enough to live comfortably in NYC. While it’s true that his salary may put him in the 1% category, he’s nowhere near “rich” (in our opinion), but many would disagree.
It’s not my place to criticize how he spends his money, but it’s more about choices than actual $ value. My parents made a combined like $40k a year and were able to raise two “successful” children in NYC. They were able to purchase their own home and cars. Obviously, they couldn’t send either me or my sister to a $32k/yr private school, but who knows if my parents would have if they could? I think my parents tried to make the most with their money and if they could afford to send their children to a top school so that they can have a better education, then why not?
While that’s rational, articles like that really cause bigger disparities between the 1% and 99%. Personally, I don’t really understand the OWS movement. Why did they protest banks when they should be protesting the politicians who are being lobbied by the banks? A lot of them talk about redistribution of wealth, but that’s communism and when confronted, mention that they “only want what’s fair.” But what’s fair? I think there are a ton of jobs out there and if you’re not motivated to work, then you’re never going to get anywhere.
The reality is that I’m positive an overwhelming majority of those in the 99% want to be part of that 1%, so it’s redundant to protest against a group they aspire to be. I’m sort of off a tangent on this, but the point I’m making is that everyone wants to make more and a lot of critics against the man in the article are just haters. At the end of the day, we all want to make more money.
What are your thoughts on the article? Do you think $350k a year should be more than enough and he’s just whining?
Comments (21)
Hahhaha, I read this article too.
I mean, for me–350k is more than enough. But it really does depend on the person I guess. It depends on what kind of lifestyle he’s leading, the things he’s spending on, the “necessities” he has. And of course, let’s not forget the taxes the rich have to pay. I’m not sympathizing with him, but before reading the article, I definitely thought these things.
Then I read the article and I was so annoyed. I remember one thing I read really clearly, “we have to wash our dishes by hand” or something like that. What a joke. Seriously!?!? As if washing dishes would kill a person. It really does sound like he is a whining. He needs to get over himself and start spending more wisely. Does he really need that summer rental? Does he daughter really have to be in a private school in NYC?!
In the end, I just think that if you’re complaining that you aren’t making enough–either get a new job or relocate to a place you can afford. If housing and education are priced for the wealthy, then I surely do not belong here–BUT I’m here, and I’m doing fine with my 5-digit salary.
http://blogs.wsj.com/wealth/2012/02/29/the-new-poster-child-for-class-warfare/
hahahaha i just logged into xanga to write about this article, and saw yours!
Hey Jigg. Just read the article. You know, when I read your post I was totally thinking this guy was a D-bag, but then I read his post and I’m going to have to kinda sorta see where he’s coming from. It’s the age old adage “more money, more problems.”
I think it’s easy for us to judge, because it’s not easy to fall into the 1% category and know what its like for the life of those people. And of course when you compare those people and their lifestyle to someone who’s making 60k a year and renting a measly studio somewhere in outskirts it looks liek they are living the life. But the issue is, his money problems are very real to him and what he’s used to. It might not be our reality, morel ike our fantasy, but it is his. And if he’s worked hard for it, I’m not going to knock the dude for complaining.
When I considered quitting or going part time to stay home with our daughter. One of the things we needed was healthcare. It’s soo expensive to get decent coverage for a family, meanwhile so many people who make less can at least get some coverage from the government. Then we had to factor in our mortgage, and our home is modest, saving for the little one’s college fund. The money gets absorbed very fast and we’re not going to apologize for the things we hvae because like I said, we worked for them. The government takes half and straight up wastes it.
Our parents did a lot with less, but these are the times we live in. Life is short, I don’t want to just survive. I don’t want to just work, eat and breathe then die and call it a life. I want to enjoy it and feel that I got the life I worked hard for. For that I can understand his gripe.
@souxie - Let me know when you finish your entry so I can read your thoughts!
-ray leeeeeeeeeeeeeeeeeeee
@LolliPooP - I agree and I totally understand his point. I just think that a lot of people will be sending him hate mail when the reality is that they just need to work harder or find a way to make more instead of caring about how much someone else is making.
-ray leeeeeeeeeeeeeeeeeeee
I think that guy is a perfect example of “nothing being good enough.” Even if he made 7 figures I’m sure he’ll compare himself to the 8 figured salaries and complain that he’s struggling.
It’s a pointless article.
Nothing is mentioned of the said individual’s background, upbringing, parental income, education level, or overall lifestyle in general. To some degree I agree with your notion; everyone wants to make more money. I wouldn’t say the 99% want to be in the 1%, but that’s based on my personal outlook, more than anything. It’s based on the notion that 1% is so small, when considering how many ppl are in this world. We could talk semantics, or possible ways to fix world-suck, but I’m trying to stay focused on the topic. lol
There is so much to consider; I live in FL for example. One thing you see here if your eyes are adjusted correctly, is large groups of ppl living together. Mexicans, college students, post-grad students that don’t have families. Since jobs are hard to find here, (or you’ve just “gotten” here from Mexico) it’s the most intelligent and frugal way of living. Overall, I think it’s intelligent period, if you’re not immediately trying to start a family. Gauging one’s spending should be based on how much it costs per individual to survive alone in the said environment, and whether or not they make enough to live in such a way. Ppl talk so much about how expensive things are, and yet are active in so many comfort-buys, or lifestyles based on what can’t be individually afforded.
@jigg - i also agree with what lollipoop is saying too. i just now read all the comments from that article and started getting annoyed. one guy claimed he was doing fine paying for a house with his 45k a year… in TENNESSEE! I’d like to see that guy take that salary and see how well he does in ny. or i’d like to see him try to pay for everything on 30k a year. I’d bet anything that he wouldn’t be too happy about it.
i think 350K/year is comfortable, and 1200 sq feet apartment is nothing to laugh at in NYC and he really doesnt need a summer rental. however, i DO agree with him when he says that NYC is now priced for the very wealthy. Do you know that private school tuitions are going up to 40K/year now? and yes, we dont NEED to send our kids to private school, but the only good public schools are over-crowded and they are rezoning all the time to manage the size. rents are high, and daycares/nannies are so expensive. so i can understand what he is saying….
The only thing that makes me feel bad for this guy is that he has kids and wants to send them to a good (and expensive) school.
I imagine that it’s tough to be a parent, having your kid look up to you as their hero and not being able to provide for them – especially if you make a lot of money; it won’t make sense to a lot of people (like your children) and that can’t be a good feeling.
it doesn’t matter if you’re making 35k a year or 350k a year. it’s all about managing. obviously, the more money you make, the more you consume, but if you keep yourself in check, you can be “rich.”
my sis is a stay-at-home-mom and her husband makes really good money, wayy more than what jason’s making, but i can confidently say that we’re “richer” than they are, and it’s NOT coz they have kids and we don’t. i can guarantee that we will still be richer when we, too, have kids.
so yes, the dude making 350k needs to stop bitching and start managing better.
Maybe he needs to go on one of those Trading Places shows.
@souxie – you know what I love, I love when I watch shows like house hunters and ppl are going around looking at homes in wisconsin or something and complaining that $90k for their 2000 sq ft, home is overpriced. It makes me wonder what kind of sticker shock they will face when they come to NYC and see that 90k doesn’t even get you the size of their shed over there. It makes me and my husband hug each and want to cry!
I agree. Articles like these just shock the public into thinking the rich are out to get the poor when really… We’re all human trying to look after our own. I’ll admit to NOT being a saint–that I want to be a part of that 1% and honestly, I can care a little less whether or not my peers rise to that level with me. Here’s the kicker–I’m not the only one who feels that way regardless of how many people would admit it to each other or themselves. EVERYONE wants more money… For themselves. As long as they get theirs, most people don’t care about what others get. Most people don’t fight for the rights of others alone. Rather, people fight for the “rights” they feel they are entitled to (first and foremost) and if it just so happens to have a positive affect on others, they can give themselves a pat on the back. Think about that. Also, I make 7% of what that guy makes but I still don’t think he makes that much.
it’s definitely all relative. you can certainly live comfortably in NY with 350K by managing/staying within your budgets, figuring out your priorities and cutting back on superfluous costs (e.g., summer home, altho he prob can’t sell it for a good price right now anyway). there’s always a way. and people need to live with their choices or be proactive enough to make some changes.
Is 350k enough? Really depends on the lifestyle. It might also depend on what his peers with a comparable job make. In the end, it’s about managing one’s money I guess.
i definitely can relate – but these people sound so horrible, I guess we all just need to think about the big picture before whining too much about the details (at least in public
).
I haven’t quite followed the OWS movement in recent times, but I do recall that one of the reasons why the OWS movement failed to make any significant change was that they failed to reach a platform. There were these large protests across the country, yet when asked about what they wanted, they rarely had a clear answer.
Pretty soon the whole movement dissolved into appearing that a bunch of unemployed people were angry because they were unemployed.
2 things:
1. NYC has a high cost of living.
2. NYC has a high standard of living.
Unfortunately for this guy, cause of his income, he probably hangs with wealthy people only. And of those wealthy people, there’s got to be a bunch of wild stock brokers who buy the nicest apartments, drive the sexiest sport cars, and have the hottest girlfriends. Being smart about his money and not splurging, he probably feels like a chump!
Well there’s a difference between communism and a extreme between, for example, 1% having 99% (not saying this is the case in USA)… there’s a middle ground that’s the sweet spot, I think. Probably it’s better if there’s some variation so that people with ambition and talent and ability can move up, but not so much that the rest of the people are living on food stamps. Also a society with a wide income disparity can lead to social unrest and such, so it’s probably more just about addressing the growing disparity rather than arguing for communism per se.
funny thing is that we dont know what it’s like to be the 1% while they dont know what it’s like to be the 99%.
in econ, i learned about conspicuous consumption, the kind of spending that involves spending money to showcase wealth through materialism and living up to the high standard that none of us, commoners, could imagine. i guess keeping up with joneses is quite a troublesome.