In today's economic turmoil, won't someone please think of all the Wall Street wives?
There's a little (okay a lot) of schadenfreude going on about Wall Street, but I still find this article by Geraldine Baum for the Los Angeles Times about dashed dreams of Wall Street wives very interesting:
Fran Alvarez rarely spent lavishly, as she describes it, during the five years her husband, Carlos, 43, was making $250,000 writing software programs for Credit Suisse. He will be earning half that in his new job away from Wall Street. It was either that or sell the house with its $3,000 monthly mortgage.
At 41, Fran is the caretaker of their daughters, Gabriella, 6, and Isabella, 4. In the last five months she has gone back to her daughter-of-a-mechanic mentality. She canceled magazine subscriptions and expensive cable -- and stopped buying soft toilet paper.
"Growing up, my mom used to buy the scratchiest toilet paper, and when we complained she would say, "When you get your own job, you buy the expensive type,' " Fran says. "Well, we're back to the scratchy stuff."
(Photo: Carolyn Cole / LA Times)
Sniff, sniff.
O noez.
My parents BOTH work, as LAWYERS (supposedly the rich bastards right?) and together they don't make $200,000... I don't think they even make $150,000. We consider ourselves well-off... really well-off.
People suck. This is what I've decided.
::stunned::
I've always wondered why no one ever seems to sincerely believe that economies will go down or crash eventually. It doesn't take much of a look over history to notice that little pattern.
It is the American dream to succeed, but you have to actually succeed before you can afford all your stuff. If you risk everything with credit, don't complain when it doesn't pan out. We believe in rewarding hard work and risk-taking, but we don't guarantee anything. (Unless our government decides to put its big, clumsy hands in to save the stupid.)
"Chicken one day, feathers the next."
Although, $125,000 still buys a lot of chicken!
The people in this article threw money around. The Monds obviously felt some need to impress everyone with their money. The Alvarezs obviously have no clue as to what is a necessity and what isn't. Instead of focusing on the essentials (place to live, food, children's needs), they whine about the luxuries they don't have anymore, and the inability to just buy whatever they want.
Bummer. Welcome to the real world. Sucks, doesn't it.
Fuck you, you rich, rich, rich idiot. You STILL make more money than most people in America. You don't have to buy scratchy toilet paper. You just need to stop buying things without thinking about them. Quit acting like you're poor. You're still very rich.
Sincerely,
Everyone who makes like 1/4 of what your husband currently makes, but still buys nice toilet paper
They still are whiny brats.
At least her husband still has a job when there are so many that don't.
grrrrr
I wonder if the wives will cheat on the husbands now that their reason for marrying him (wealth) is gone.
(and i'n not saying all women do that, but the ones who marry high paid software techs? yeah... and that's speaking as a software geek - although not a high paid one. :( ).
I'm a college educated citizen working part-time no benefits at a grocery store and taking my time not working to hit the pavement to apply for jobs hundreds of others are applying for. I barely have money to feed myself but I'm still not the worst nor should I be pitied..I'm not a single parent. You on the other hand, wow. SHUT. UP.
Whiners.
My friend is a single mom, lost her home and belongings in the flood and got hit with colon cancer two months afterward. And she still has a positive outlook on life. More power to people like her! Like twoeightnine, thank you that there are people out there that are GRATEFUL (yes, I'm shouting) for what they have, not whining about what they don't.
I take it, thank you.
The 6 figures as a professionnal / life style achievement looks to me as an essential American value. So I guess I understand why people would go upset loosing that number 6.
Poverty is in the eye of the beholder.
When we were young tweeners and teens we would change twice a day and go thru towels like we lived in a hotel. Mom would go ballistic about it.
Now an old fart I hang that puppy and try for 4 days usage.
Even in the outer boroughs such as Brooklyn, the average 2 bedroom (between 1000-1200 sq feet) can average approx. 500K.
In terms of rental, a $2000- $3000/month equals a decent 800 sq feet apartment with a flushable working bathroom.
One reason why prices are so high is because, the best jobs are concentrated in Manhattan. As a result everyone tries to live really close to Manhattan to ensure a reasonable commute. Given the fact that many New Yorkers (Wall Streeters and non-Wall Streeters) work 60-80 hour weeks, the commuting time becomes extremely important. When you're burning the midnight oil, the last thing you want is a 2 hour drive home.
Also, because the U.S. dollar was so low, many Europeans sought to buy up real estate in New York, keeping the prices very high.
So yes, a six figure salary looks like a lot of money on paper, but in reality, it really depends on where you live. A six figure salary may buy you a lot of nice things in one place, but in NYC, it can buy you a lot of scratchy toilet paper.
Hey, but it's better than being in London, where 2 movie tickets cost $30-40.
Ivy