Current Events > Wealthy couples in NYC need $190 million to keep their heads above water

(+) Yeah! (+)

http://www.businessinsider.com/how-much-money-to-be-rich-2017-11

Even rich people think wealth is elusive.

About 5% of Americans are millionaires. The vast majority of them, about 95% according to a report by Wealth Engine, have between $1 million and $5 million and many think that's just not enough.

"Many people believe that, along with tangible assets and services, having it all means having some wiggle room money to cover a major splurge or setback, and more on top of that," writes Norman Vanamee in Town & Country magazine.

Vanamee consulted experts to estimate the "happiness number" for a hypothetical, wealthy, non-working couple in their forties with two teenage kids in an expensive private school in New York City. They live in a park-side Fifth Avenue apartment, buy art, take private jets, donate to charity, and have a household staff a chef, driver, and housekeeper plus two vacation homes. They're also setting aside $25 million for each child to inherit.

An analyst from U.S. Trust estimated the hypothetical couple would need to have a net worth of $190 million to sustain this lifestyle.

Here are some of the costs considered in the estimate:

- Real estate: $18 million apartment on Fifth Avenue facing Central Park, $2 million for furniture and decor, $20 million for a weekend home in the Hamptons and a vacation spot in the Caribbean.
- Education: $1.7 million per child for a "no-expense-spared educational strategy" which includes private school and tutors, music lessons, sports, trips abroad, and four-year Ivy League tuition.
- Philanthropy: $25,000 annually to sit on the board of a New York City Museum, $15,000 per table at annual charity event.
- Staff: $150,000 annually for a driver, a chef, and a housekeeper.
- Art: $20 million to $100 million per piece, in a seven or eight piece collection, or about $1 million annually.
- Health and beauty: $150,000 annually for wardrobe, grooming, trainers, and cosmetic procedures.

Other experts peg the happiness number at around $100 million.

"[Billionaires] view $100 million as the starting point for real money. They call it a hundy. Like, 'Oh, they made it, they have a hundy,'" Richard Kirshenbaum, New York Observer columnist and author of "Isn't That Rich? Life Among the 1%," told Town & Country. Kirshenbaum says the estimate isn't his own, but came from several billionaires he's interviewed.

But Robert Frank, wealth editor at CNBC and host of "Secret Lives of the Super Rich," said "the number is less relevant than how you earned it and what you're doing with it."

Still, having money doesn't alleviate all anxieties. In fact, it often gives way to new anxieties and worries that are unique to those flush with cash.

"I still feel, to some extent, that I don't have enough money," said Thomas Gallagher, a multimillionaire quoted by The New York Times. "Emotionally, I don't come from money; I got very lucky on Wall Street. I've been dealing with a myriad of psychological issues since I retired. I have more money than I had ever imagined, but I still worry do I have enough, if I live longer than I thought?"

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Lol
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Holy shit, $1.7 million per child and just for education?
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Sounds like they should put down the iPhones and avocado toast.
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Lmfao
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Vanamee consulted experts to estimate the "happiness number" for a hypothetical, wealthy, non-working couple in their forties with two teenage kids in an expensive private school in New York City. They live in a park-side Fifth Avenue apartment, buy art, take private jets, donate to charity, and have a household staff a chef, driver, and housekeeper plus two vacation homes. They're also setting aside $25 million for each child to inherit.

Well yeah this is basically how much money do I need to live an extravagant lifestyle while having zero income from working.
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It's great how many of these wealthy people made it but how do they not realize how messed up in the head they are and that they are living in a bubble. You'd think this article would be from a joke website but these wealthy people that feel that they are going to starve is completely bizarre.
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SK8T3R215 posted...

Vanamee consulted experts to estimate the "happiness number" for a hypothetical, wealthy, non-working couple in their forties with two teenage kids in an expensive private school in New York City. They live in a park-side Fifth Avenue apartment, buy art, take private jets, donate to charity, and have a household staff a chef, driver, and housekeeper plus two vacation homes. They're also setting aside $25 million for each child to inherit.

Well yeah this is basically how much money do I need to live an extravagant lifestyle while having zero income from working.

maybe they mean non working as in getting money from investments somewhere. because everybody with a brain knows that you have to be a half billionaire to live the millionaire lifestyle. but wow how do these people function right now and how would they react if the world just shut down the way it is right now for even a week.
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Antifar posted...

[Billionaires] view $100 million as the starting point for real money. They call it a hundy. Like, 'Oh, they made it, they have a hundy,'

ho ho ho ho! Did you hear Theodore? Mr. Pewterschmitd made his first hundy! ho-ho-ho but Eleanore, we must call the servants, organize the supper, for we must welcome Mr. Petwerschmidt into to club! Be right back love, I have to go hunting foxes with my hounds, they need the exercise!

*barfs*

I remember an article saying how many rich couples were living "paycheck to paycheck" because they didn't have much leftover after spending $50k/year on vacations, saving more than the average worker earns in a year, and hiring people to take care of their house.

e: oh yeah and spending a couple thousand every year on clothing for a family of 4
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But how are they going to keep their heads out of the guillotine?
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Fuck nyc
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Antifar posted...

- Art: $20 million to $100 million per piece, in a seven or eight piece collection, or about $1 million annually.

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hahahahahahaha
fuck off
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Intro2Logic posted...

But how are they going to keep their heads out of the guillotine?

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It kinda freaks me out that people like this exist
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Genteel poor
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Antifar posted...

- Education: $1.7 million per child for a "no-expense-spared educational strategy" which includes private school and tutors, music lessons, sports, trips abroad, and four-year Ivy League tuition.

That is probably the best investment of the list.
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oh booo hoo
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Lmaoooooo
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