Author Topic: CNN Article: Think being super rich is super cool? The cost of being super rich  (Read 9255 times)

blackomen

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http://money.cnn.com/infographic/luxury/the-cost-of-being-super-rich/?sr=twmoney0207costofbeingsuperrich1130aINT

Who says just because you make a lot then you need to spend a lot?  Nothing wrong with having a 1%-er income spending only $1000 a month.

SantaFeSteve

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http://money.cnn.com/infographic/luxury/the-cost-of-being-super-rich/?sr=twmoney0207costofbeingsuperrich1130aINT

Who says just because you make a lot then you need to spend a lot?  Nothing wrong with having a 1%-er income spending only $1000 a month.

Nothing wrong with having a 1%-er income and spending $10,000 a month either.

aschmidt2930

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I'm pretty sure the article is in jest of some 1%ers ridiculous lifestyles, not saying you "need" these things.

NykkiC

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It looks like its in relation to this article: http://money.cnn.com/2014/06/05/luxury/expensive-being-rich/index.html

Its actually not a bad look at how much it costs to live the ultra-rich, resource consuming lifestyle (though it presumes only defined spending and doesn't look at how much would be spent on expensive food (because why would you go home to your chef-prepared food when you could go to a restaurant?).

My one issue is the quote that "having a lot of money costs a lot of money". No, having a lot of money doesn't cost more than bank fees and charges when you invest it. The wealthy lifestyle costs a lot of money. Having a lot of money =/= having to live a wealthy lifestyle, but I'm just preaching to the choir here.

MgoSam

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Mo money mo problems....

MoneyCat

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I love the "Rich Kids of Instagram" blog.  One look at that blog and you lose all sympathy for 1%ers.

blackomen

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...

My one issue is the quote that "having a lot of money costs a lot of money". No, having a lot of money doesn't cost more than bank fees and charges when you invest it. The wealthy lifestyle costs a lot of money. Having a lot of money =/= having to live a wealthy lifestyle, but I'm just preaching to the choir here.

Exactly what I was trying to preach but worded more effectively.

Sid Hoffman

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It looks like its in relation to this article: http://money.cnn.com/2014/06/05/luxury/expensive-being-rich/index.html

Thank you, Nykki, although the article is sadly extremely thin on information.  Also, I think some of the figures are way off.  For example, they seem to be listing just employees, but not the cost of ownership of those things.  Further, I don't think those figures are very accurate.  In the case of the aircraft, it's way off.  $300,000 for a pilot?  Not even international jumbo jet pilots make that much!!

No, if you look at links like this one, hosted by an actual aircraft manufacturer you'll see that a private plane pilot should run you more like $65,000/year.  That's usually a pretty sweetheart deal, since they get to fly for a specific customer and as you see from the link, it could mean working about 200-400 flight hours a year, which is a lot less than the 600-1000 flight hours that commercial pilots often do per year.  I'm sure your schedule is a lot more irregular as a personal aircraft pilot, but still.

Either way, it's an absurd article from top to bottom and I don't even think those figures are accurate for any of those jobs.  They don't seem to line up with what I am finding online for a lot of this stuff.  Lastly, to be spending all the money they're talking about is more like the top 0.1% or 0.01%.  According to this article from 2014, to reach the top 1% of income earners requires an income of $521,000/year.  Clearly if you're making $500k/year, you're not spending $1.1 million on staff alone, not even counting the homes, boats, and airplanes implied by that staff.

Either way, useless article is both useless and frustrating.  It seems to serve little purpose other than to stir up hatred and loathing among the population towards a bogeyman they claim is the source of all the world's problems.  Still, thank you Nykki for finding the source article that went with it.

Cpa Cat

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Why does my penthouse housekeeper make $75,000, but my country estate housekeeper only makes $19,000. Seems a little unfair. I bet there's more to clean at my country estate.

dragoncar

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Why does my penthouse housekeeper make $75,000, but my country estate housekeeper only makes $19,000. Seems a little unfair. I bet there's more to clean at my country estate.

No way you're trusting your multi-million dollar yacht to a $20k/year captain, that's for sure. 

odput

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Why does my penthouse housekeeper make $75,000, but my country estate housekeeper only makes $19,000. Seems a little unfair. I bet there's more to clean at my country estate.

Also...why the fuck does the country estate caretaker also need a housekeeper?  [sarcasm]Lazy ass...[/sarcasm]

AlanStache

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I love the "Rich Kids of Instagram" blog.  One look at that blog and you lose all sympathy for 1%ers.

Thank you for that search term, had never thought to look for that before.  Those pics look 100% staged for the purpose of upload.

Cpa Cat

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Why does my penthouse housekeeper make $75,000, but my country estate housekeeper only makes $19,000. Seems a little unfair. I bet there's more to clean at my country estate.

No way you're trusting your multi-million dollar yacht to a $20k/year captain, that's for sure.

Not when I pay my personal chef $100,000 per year. Waitaminute... at $100,000 per year, I have to pay an additional $7,000 to have him come on yacht trips with me?!

And man... at $150,000/year, that flight attendant better be doing more than serving my drinks.

Where are the accountant and legal fees?! I pay 1.15M in wages for employees and you don't think I have a lawyer to keep those walking lawsuits in line? Pfft. Like that deckhand isn't going to "slip and fall" the moment he finds out that he makes $1000 less than the steward. And I'm going to need an accountant if I'm going to write off the depreciation on that plane as a "business expense."

dragoncar

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Why does my penthouse housekeeper make $75,000, but my country estate housekeeper only makes $19,000. Seems a little unfair. I bet there's more to clean at my country estate.

No way you're trusting your multi-million dollar yacht to a $20k/year captain, that's for sure.

Not when I pay my personal chef $100,000 per year. Waitaminute... at $100,000 per year, I have to pay an additional $7,000 to have him come on yacht trips with me?!

And man... at $150,000/year, that flight attendant better be doing more than serving my drinks.

Where are the accountant and legal fees?! I pay 1.15M in wages for employees and you don't think I have a lawyer to keep those walking lawsuits in line? Pfft. Like that deckhand isn't going to "slip and fall" the moment he finds out that he makes $1000 less than the steward. And I'm going to need an accountant if I'm going to write off the depreciation on that plane as a "business expense."

Obviously,accountants and lawyers are unbudgeted "surprises" that just happen to create a financial emergency every single year.  Same with boat maintenance

odput

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Same with boat maintenance

Yep...just absolutely no way to see that coming or prepare for it

MgoSam

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Same with boat maintenance

Yep...just absolutely no way to see that coming or prepare for it

YEAH! I can't possibly be expected to see that coming or prepare for it, how much for a guy that will do that for me?

Vertical Mode

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So I just looked up "Rich Kids of Instagram"...

...

...speechless. I guess no amount of money can buy these little shits class.

https://instagram.com/p/yNRtssD-Pa/?taken-by=richkidsofinstagram

^ This is the most pretentious thing I have ever seen. Barf.

dragoncar

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So I just looked up "Rich Kids of Instagram"...

...

...speechless. I guess no amount of money can buy these little shits class.

https://instagram.com/p/yNRtssD-Pa/?taken-by=richkidsofinstagram

^ This is the most pretentious thing I have ever seen. Barf.

99th percentile shoe size.  Big feet for the win

PencilThinStash

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Lastly, to be spending all the money they're talking about is more like the top 0.1% or 0.01%.  According to this article from 2014, to reach the top 1% of income earners requires an income of $521,000/year.

And if you break down the numbers by state, there are huge chunks of the country where a 250-350k range income will put you in the 1%

It's one of my biggest pet peeves when people bash the 1%. A buddy and I were arguing about it the other day, and when he realized just how low the threshold is (granted, it's significantly more than I make, so maybe I shouldn't say it's "low"), he paused, thought for a second, then asks "Wait, you mean my dad is a 1 percenter?"

Funny how his attitude immediately changed from "Screw the 1%" to having a certain level of pride about it.

MoneyCat

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So I just looked up "Rich Kids of Instagram"...

...

...speechless. I guess no amount of money can buy these little shits class.

https://instagram.com/p/yNRtssD-Pa/?taken-by=richkidsofinstagram

^ This is the most pretentious thing I have ever seen. Barf.

Yeah, "poor" isn't really a qualifying factor when it comes to categorizing "trash".  Prime example: Kim Kardashian.

zephyr911

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So I just looked up "Rich Kids of Instagram"...

...

...speechless. I guess no amount of money can buy these little shits class.

https://instagram.com/p/yNRtssD-Pa/?taken-by=richkidsofinstagram

^ This is the most pretentious thing I have ever seen. Barf.

Yeah, "poor" isn't really a qualifying factor when it comes to categorizing "trash".  Prime example: Kim Kardashian.
She looks so great. Fake, but still great. Why does she have to open her got-dam mouth and ruin everything?

libertarian4321

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The attached article ( http://money.cnn.com/2014/06/05/luxury/expensive-being-rich/index.html ) said:

Quote
Sonja Morgan, the famed Real Housewife of New York City, said she pays $1,400 in utilities per month for her 4,800-square-foot townhouse on New York's Upper East Side.
"Is that a lot?" she asked in an interview at her dining room table.

Knowing that a huge percentage of the high living "Real Housewives" ARE BROKE, I did a quick Google Search on this idiot and found:

Quote
Sonja Morgan is out of her house as 'Real Housewives' star seeks to pay off debts.  The reality-show performer is renting out her Upper East Side home for $25,000 a month after filing for bankrupcty in 2010.

Yup, it's expensive to "be rich" if you are a broke a$$ idiot just pretending to be "rich." 

Which pretty much sums up the entire "Real (broke) Housewives" series...
« Last Edit: March 31, 2015, 09:50:42 AM by libertarian4321 »

zephyr911

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I would rather literally punch myself in the face than ever watch that show.
I've never even seen it, and I pretty much deduced just from posters and ads that they were that kind of people, for whom I have a deep and lasting disdain. Fuck 'em all.

MgoSam

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I would rather literally punch myself in the face than ever watch that show.
I've never even seen it, and I pretty much deduced just from posters and ads that they were that kind of people, for whom I have a deep and lasting disdain. Fuck 'em all.

Bravo is on of the channels that is on in my gym, and occasionally I'll see it while on the treadmill, I have yet to see anything that doesn't make me want to vomit. There's this one show that I've seen from time to time about a million dollar matchmaker, whatever that means, but it does appear to be over the top.

BMEPhDinCO

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I get the alcohol, boats, and cars... but why so many watch pictures?! this "rich kids of social network" thing is a bit.. odd... and staged.  I'll take my real vacation and 13 year old watch instead!