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Posts Tagged ‘affluence’

Why Do The Wealthy So Fascinate Us?

In behavior, business, culture, domestic life, entertainment, film, life, Media, Money, movies, television on January 17, 2011 at 2:24 pm
The Breakers, the summer home of Cornelius Van...

A Newport, RI, "cottage." Image via Wikipedia

I’ve been watching, and enjoying, Downton Abbey on television the past few weeks, the story of an impossibly wealthy British family trying to protect their home and inheritance.

Why do we care?

Sure, the production values are high — the home lovely, the clothing meticulously re-creating Edwardian elegance. The servants’ intrigues and gossip mimic that of their employers, but still, what do we find so fascinating about the wealthy?

In an era today that has come to resemble the Gilded Age in its income inequality, where CEOs outearn their lowest-paid minions by 400 percent, it’s so much less…annoying…to stare in awe and envy at their gleaming motorcars, 20,000 square foot homes, billion dollar yachts, jewels and furs and nannies and neuroses than face our own frustrations and challenges.

As the U.S. recession drags into another year, now its third and with no definitive end anywhere in sight, the rest of us seem to take perverse pleasure in gawping at the rich, with television shows like “The Housewives Of...” ever-popular. Not to mention this show, in which spoiled brat daughters suddenly have to…gasp!…work for their money.

One aspect of Downtown Abbey is its timelessness — the family who own it are patrons of a local hospital that bears their name; I live a 10-minute drive from a hospital also endowed by the Rockefellers, whose enormous estate covers thousands of acres just up the road from where I live.

Their wishes have so altered this suburban New York landscape that my apartment building was re-designed — to be lower and flatter — so as not to spoil their magnificent Hudson River views. They even managed to shut down a local train line because it was…too noisy.

I worked retail from 2007-2009, the subject of my forthcoming book, “Malled: My Unintentional Career in Retail” (Portfolio, April 2011).

My greatest challenge? The sense of entitlement the worst of the wealthy carry with them, like some separate form of life support. They slap down their AmEx black cards, snap their fingers in your face, pout and whine when you say “No” to them.

No one says no to them!

Better we should focus our energy and our attention on less amusing sights — like our own work, families and income. After the necessities are covered, our real wealth isn’t material.

The Scariest Couples Talk Of All – M-m-m-m-m-money

In Money on October 24, 2009 at 11:27 pm
A Chinese shopper looks at the US dollar bills...

Image by AFP/Getty Images via Daylife

Do you know what your partner, husband or wife earns, spends, saves and invests? Do you know their FICO score? (And vice versa)?

Really?

Today’s New York Times has a terrific column on the four issues every couple needs to grapple with before marriage or serious commitment: ancestry, credit, control and affluence. We all bring patterns of spending influenced by our families of origin. Credit is how many of us get through life, whether a car loan, college loan or mortgage, but you can’t get far with a lousy FICO score. Control is the toughest. I don’t want to tell my partner he can’t play a round of golf, but when a day’s outing at a decent public course where we live costs $100, I wince every time he reaches for the clubs. Not fair, not fun. Somehow, we have to figure it out so I, too, can have my amusements without asking permission for every one of them.

Affluence is another challenge to unpack, certainly in a recession where the lifestyle you thought you married can suddenly fly out the window with job loss, prolonged job searches and perhaps a new job at half the old salary. Living “for richer, for poorer” tests any marriage, but especially one where no one’s hopes or expectations have ever been explicitly acknowledged or discussed.
Talking frankly about money and what you want to do with it — whether blowing it on a pair (or five) of Jimmy Choos or a new set of clubs or saving up a six-month emergency fund — is rarely easy. People set up housekeeping every day with no idea what their partner really values most or knowing how to even initiate the conversation. So many of us avoid it. Bad idea. I was so deliberately, lazily ignorant while married to an M.D. I did not know who held our mortgage nor the amount nor the due date. He walked out, for good, the day it was due. Ooops.

This week has been a real financial come-to-Jesus moment at our house for two reasons; my sweetie’s newspaper employer suddenly announced the need to cut 100 jobs before Christmas, including buyouts. No pressure. And we’re hoping to refinance our mortgage, reducing the interest rate from a usurious 8 percent to 5 or thereabouts. That means — ugh — writing out all our assets and liabilities so the bank can shine a light into every imaginable orifice. Before the bank sees it, we’ve seen it. Shriek.

Have that talk. Today!

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