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Posts Tagged ‘being rich’

Being rich and being happy don’t always go together

In behavior, children, Crime, domestic life, family, life, love, parenting on January 31, 2015 at 1:00 pm

By Caitlin Kelly

Would you be happy shopping all day?

Would you be happy shopping all day?

It’s a world so many people desperately aspire to, the one where you finally have, literally, millions or billions of dollars, where your car(s) and homes are costly and many — and your worries, one assumes, become small and few.

Like the couple who rent out their Paris apartment part-time as they jet between it and their other six homes worldwide. I sat in it recently and admired a lovely framed graphic on one wall, thinking it looked a lot like the enormous posters all over the Metro for the largest show by Sonia Delaunay in decades.

It was a Delaunay.

Here’s a sobering recent reminder of how toxic that world can be for some, a New York man who murdered his father, after being raised in a life of privilege and power.

From The New York Times:

They were alike in many ways, Thomas Strong Gilbert Sr. and the son to whom he gave his name and who, prosecutors say, would eventually kill him.

Graduates of elite boarding schools and Princeton University, the two men were handsome, gifted athletes who — on the surface at least — seemed to be navigating the exclusive glide path of wealth, social position and success that has long defined life inside America’s upper crust.

All this exploded, however, when, the police said, Thomas S. Gilbert Jr., 30, marched into his parents’ apartment this month and shot his father in the head — after asking his mother to run out and get him a sandwich and a soda.

The attack shocked not only those who knew the Gilberts but also many more who live in their rarefied and intertwined world of hedge funds, private clubs and opulent homes in Manhattan and the Hamptons.

The Times received 500 emails commenting on that story, many of whom — perhaps surprisingly, perhaps not for an upscale publication — expressed pity for the alleged killer.

I know someone whose partner recently became a millionaire after a decade of intense effort. He built his entire company from scratch, both of them sacrificing mightily to do so. But he hasn’t slowed down a bit and his partner is not, as I hoped, now lounging in hard-won luxury.

When more is never enough...

When more is never enough…

If you can handle a searing glimpse into the folkways of the wealthy — and have a strong stomach — you must read the Patrick Melrose novels. Written by Edward St. Aubyn, from an aristocratic English family, they reveal what lies behind some intimidatingly elegant and polished facades.

For years, people kept telling me these were astonishing books.

How good could they really be?

Amazing.

Gasp-inducing.

And, for some of us, far too close for comfort.

Here’s a bit from a long and fascinating interview with him from The New Yorker:

The irony in the title of St. Aubyn’s third Melrose novel, “Some Hope,” published in 1994, points both to a career-long interest in the idea of psychological deliverance and to a desire not to be mistaken for an artless writer. To read the novels is to watch a high intelligence outsmart cliché (or, to use a more Melrosian word, vulgarity), and so protect his protagonist’s literary distinction. Similarly, St. Aubyn has been careful to protect his own life from the dull tarnish of remembrance-and-release; it would pain him if readers mistook a twenty-year literary project for a therapeutic one. “What he wanted was a very pure success,” Oliver James, an old friend of St. Aubyn’s, and a clinical psychologist, told me.

But the awkward fact is that writing saved St. Aubyn’s life. Years of psychoanalysis, and the controlled fiction that followed, deferred the threat of suicide. St. Aubyn describes Patrick as an alter ego, though there are some differences. Patrick ends up with a day job—he’s a barrister—which St. Aubyn, with a seeming shrug of privileged incomprehension, barely makes convincing. More important, Patrick has no experience of therapy, beyond a group meeting or two in rehab. Instead, he ruminates, and makes sour, studied jokes. The novels enact, and describe, therapeutic progress, but St. Aubyn, led by a literary taste for compression, and by the desire to create “vivid and intense and non-boring” fiction, left out much of the process that helped him survive to midlife.

I read the Melrose novels finally a year or so ago.

It felt as though my own life had been X-rayed and thrown up onto a large white lightbox.

The cashmere and jewels and lovely homes. The literary and cultural references. The shrugging assumption that everyone lives a life of privilege and ease — or should.

Or could if they just did things right.

Oh, but you’re struggling?

To some ears, it’s a foreign language. They try to understand a few words, but it doesn’t really register and just isn’t very interesting.

Other Melrose-isms rang true:

The sycophants and hangers-on, skilled in the art of flattery.

Those slickly determined to displace children in the eyes of their own parents, able to remain so much more amusing and so much less demanding than flesh and blood.

The ability to find almost everything in the world worthy of intense interest, except your own children.

The missed holidays and birthdays and celebrations.

There are, of course, many people with a lot of money who have terrific relationships with their families.

But there are also some unimaginable darknesses behind the glittering veneer and the-stuff-we-all-want-so-badly — the Benchleys and Goyard handbags, the Dassault Falcons waiting on the tarmac at Teterborough.

I recently met a couple a decade older than I; she, smooth and assured, he a tenured professor secure in his stature.

We talked about my family and, she, probing far more deeply and quickly than I was used to, elicited far more of my candor than usual — and, later, that would leave me feeling regretful and queasy.

It’s not a fun tale in some respects.

And then he asked:

“Have you read the Patrick Melrose novels?”

I had.

“I could barely get through two of them,” he said.

Indeed.

$250,000 Isn’t Rich? Riiiiight!

In behavior, business, culture, Money, news on September 22, 2010 at 3:41 pm
Without money
Image by Toban Black via Flickr

Here’s a recent blog post that makes me want to throw a chair:

But for all the moral outrage one can level at a person bitching about making “only” $250K, know that $250K per annum is much closer to the minimum starting point you need to bank in order to have a shot at “making it” in the expensive cities of America. Living the dream requires a whole hell of a lot more…. if you are earning $50,000 a year, the prospect of earning $250,000 a year probably seems like a panacea. Think about it: you’d be earning five times as much! I’ve yet to meet the person who wouldn’t love to quintuple his or her salary. From the perspective of a person making $50,000 a year or less (the subset could also be called “most Americans”), the person or family making $250,000 a year is rich.

Except he’s not…

In fact, most people who make $250K aren’t even sitting there thinking: “Ooh, if I bust my ass and play my cards right, being ‘rich’ is just around the corner for me and my family.” If, God forbid, $250K also represents all you have, being truly rich is probably not even an option for you. You can’t “invest” in anything with the piddling savings you’ve stowed away. You can’t “buy” anything, other then maybe a family home and a some consumer assets that will start to depreciate the minute you breathe on them…

No, if you are making $250K a year, what gets you out of bed every morning isn’t even the desire to become rich. Instead, you’re motivated by the white-knuckle fear that something will go wrong and you’ll be cast back down with the sodomites who struggle valiantly to eke out an existence on $50K or less. You are certainly not rich, but you are terrified of becoming poor.

This is why living in New York City, and its self-regarding suburbs, makes for such delicious comedy. On a combined income of $250,000, it’s true — that a $5 million home is out of reach.

Boo hoo.

There is nothing more terrifying to the better-off, (as the writer, a Harvard-educated attorney at least admits), than the notion you might slide back down that greasy pole.

Then what? A cardboard box under a bridge?

Our household income, with no kids, is less than half this amount. That’s still a fortune to many people in this country.

In downstate New York, sadly, it’s a bit of a joke. Crossing any bridge costs $3 to $9 in tolls, one-way. Two hours’ parking in a Manhattan garage can easily run $20-40. My sweetie takes a commuter train to work — at an annual cost of almost $3,000, none of it tax-deductible. The maintenance on our one-bedroom suburban apartment is now almost $900 a month, with three increases in the past three years. No choice in the matter; if we don’t like it, sell and move!

We own one vehicle, paid off, nine years old. My income is less than half what I made in my last staff job. Good thing I didn’t buy a bigger home or take out huge loans…

The problem of talking about money is that it’s rarely just about money. It’s really about entitlement. It’s about Who You Think You Are. The gut-grinding knowledge that all that Ivy League striving may leave you owning only one home (not the two or three or four owned by the people you attended school with and, for many of the strivers I know, spend their entire lives comparing themselves with.)

Keeping up with the Jones — certainly when, as one attorney I know is doing, schooling four children privately ($100,000 a year in tuition alone) — can kill you.

I wake up daily deeply grateful for: safe, clean housing, healthy food, caring neighbors, my health, a functioning, insured vehicle, health insurance, some savings. It’s a lot.

It’s enough.

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