Beyond The Ordinary Living
Ever notice how some people breeze through life? Money opens doors most of us didn't know existed. These luxuries that the elite see as everyday necessities paint a fascinating world of privilege. Let’s look into it.
Exclusive Memberships
Memberships in private clubs or organizations deliver social and networking opportunities that may be taken for granted by the rich. We have the Core Club in New York City, USA, with a $50,000 annual fee, plus an additional $115,000 yearly.
Exclusive Memberships (Cont.)
It is a hub for influential figures, including CEOs and financiers, featuring a gourmet restaurant, an art collection, a gym, a spa, and private screening rooms. The club emphasizes idea-sharing and business networking. These clubs serve as extensions of professional environments.
Luxury Home Features
Today, the integration of advanced smart home technology is becoming standard in luxury properties. Homeowners can control lighting, climate, security systems, and entertainment features through automated systems. Besides, you’ll find timeless architecture featuring clean lines, expansive windows, and open floor plans.
Luxury Home Features (Cont.)
Many luxury homes now include wellness facilities such as private gyms, yoga studios, and spa-like amenities that bring about a focus on health and well-being among such buyers. High-end properties also display private theaters, game rooms, and entertainment lounges.
Multiple Houses
Owning several properties in different locations is shared among the rich, which can obscure the reality of housing instability many others face. On average, ultra-high-net-worth people, defined as those with a net worth of at least $30 million, own approximately 3.6 homes globally.
Multiple Houses (Cont.)
It was reported in 2022 that there were approximately 6.5 million second homes in the U.S., accounting for about 4.6% of the total housing stock. Well, real estate is also usually viewed as a stable investment, as it provides potential appreciation in value and rental income.
Sirikarn Rinruesee, Shutterstock
Quality Healthcare
Wealthy folks are more likely to have comprehensive health insurance, which covers a broader range of services and reduces out-of-pocket costs. This leads to better access to necessary medical care compared to those with limited or no insurance coverage.
Summit Art Creations, Shutterstock
Quality Healthcare (Cont.)
Such individuals also tend to have easier access to specialists and advanced medical treatments. This access can result in earlier diagnoses and more effective treatment plans, contributing to better health outcomes, primarily through early detection of health issues.
Access To Exclusive Events
A couple of exclusive events, such as the Met Gala and Masters Golf Tournament, require invitations or proof of affiliation, making them accessible only to a select few. This exclusivity enhances the allure and prestige of the events being attended by high-net-worth individuals.
Access To Exclusive Events (Cont.)
Similarly, events like the La Scala Opera House Opening Night and Cannes Film Festival not only offer entertainment but also celebrate art and culture. This attracts influential figures from various fields, including fashion, film, and business, leading to collaborations.
Frequent Travel
If only we could catch a flight to the Maldives midweek. But again, it's not that easy. However, wealthy people often have the means to travel on a whim, arranging complex international trips at short notice. They can literally choose to fly first class or even private.
Frequent Travel (Cont.)
Especially those with tighter schedules or budgets. The trend among such travelers is shifting towards personalized accommodations, such as private villas and yachts, which offer exclusivity and customization that hotels cannot match. Some even blend business with pleasure, taking "workations”.
Private Education
One of the primary motivations for rich families to send their children to private schools is the networking potential. Private schools often attract families from similar socioeconomic backgrounds, allowing children to build connections that may benefit them in their future careers.
Private Education (Cont.)
Some parents even choose private education to steer clear of perceived dysfunctions in public schools, such as overcrowding, inadequate resources, or safety concerns. Besides, they offer a wide range of extracurricular activities, including arts, sports, and leadership programs.
High-End Insurance
This encompasses specialized policies designed to meet the unique needs of the wealthy, providing extensive coverage for high-value assets. Key types include high-value home insurance, which protects luxury properties with rebuild values exceeding $1 million and gives customizable liability coverage.
High-End Insurance (Cont.)
Additionally, there is luxury auto insurance that is tailored for high-end vehicles and includes features like agreed-value coverage. Fine art and collectibles insurance also safeguard valuable art, jewelry, and antiques with premiums of around 1% to 2% of the insured value.
Daily Help Staff
Hiring help for daily tasks is a common practice among them, as it allows them to delegate various responsibilities and free up their time for more important activities. Stealth Agents says that outsourcing can save up to 30% of work time.
Daily Help Staff (Cont.)
Also, hiring skilled professionals for specific tasks, such as bookkeeping, home maintenance, or event planning, ensures that these jobs are completed efficiently and to a high standard. For instance, virtual assistants can handle administrative tasks like email management.
Luxury Vehicles
The luxury vehicle market is experiencing crazy growth, driven by rising disposable incomes. Such cars are frequently viewed as symbols of wealth and status, representing conspicuous consumption where the primary motivation for purchase is to showcase one's wealth.
Luxury Vehicles (Cont.)
These individuals tend to gravitate towards brands such as Aston Martin, Bentley, and Rolls-Royce. For instance, the starting price is approximately $150,000 for models like the Aston Martin Vantage. Similarly, the Rolls-Royce Ghost begins at around $330,000.
Calreyn88, CC0, Wikimedia commons
Personal Trainers
Personal trainers work closely with clients to plan customized fitness programs according to their specific goals, whether it’s weight loss, muscle gain, or overall health improvement. They provide motivation, accountability, and expertise in exercise techniques.
Personal Trainers (Cont.)
When it comes to the cost, the average fee of hiring a personal trainer can vary based on experience and location. High-end trainers may charge around $900 per day for their services, while hourly rates can range from $65 to $150 depending on the qualifications and clientele.
Private Chefs
We all wish we had private chefs, but that would cost us a lot. These chefs prepare meals according to the dietary preferences and nutritional needs of their clients. They focus on healthy meal preparation, accommodating specific diets such as low-carb or gluten-free options.
Private Chefs (Cont.)
Apparently, the salary for a private chef is approximately $119,050 per year, with top earners making around $146,507 annually. Some may also charge by the meal or event, with fees potentially exceeding $1,000 per day, especially if they hold Michelin star credentials.
Luxury Fashion Items
As per reports, the global luxury fashion market was valued at approximately $253.3 billion in 2024 and is projected to reach $334.6 billion by 2033, growing at a CAGR of 3.05%. The growth of this market is attributed to rising disposable incomes among affluent consumers.
Luxury Fashion Items (Cont.)
Brands like Louis Vuitton, Gucci, Hermes, Prada, Chanel, and many others are synonymous with high-quality craftsmanship, exclusivity, and status. At Gucci, for example, handbags range from $1,200 to $3,000, with shoes and apparel starting around $600.
Art Investment
Collecting fine art has evolved from a passion project into a legitimate investment strategy, particularly among high-net-worth individuals. This shift brings about a growing recognition of art as an alternative asset class that offers unique benefits and potential returns.
Art Investment (Cont.)
Fine art is increasingly viewed as a means to diversify investment portfolios. Its value is generally not correlated with traditional financial assets like stocks and bonds, rendering it a valuable hedge against market volatility. Wealthy individuals can also leverage their art collections for liquidity.
Gourmet Food Experiences
Oh, come on. Dining at high-end restaurants is like an everyday thing for many extravagant folks. Fine dining mostly comes with a high price tag, which can range from hundreds to several thousand dollars per meal, especially at Michelin-starred establishments.
Gourmet Food Experiences (Cont.)
Anecdotes from restaurant staff reveal that such diners sometimes engage in ostentatious displays of wealth, such as ordering expensive champagne just to pour it out or making excessive demands during their meals. At an exquisite restaurant, a seven-course tasting menu might start at $150.
Luxury Pet Services
Gourmet diets and luxurious grooming are only two examples of high-end pet care services that people spend a lot of money on. Some pet owners even hire personal chefs to prepare gourmet meals for their loved ones. This can cost around $1,000 to $3,000 per month.
Luxury Pet Services (Cont.)
A couple of individuals even go to extremes by building custom pet homes equipped with air conditioning, hardwood floors, and luxury furnishings. Custom-made dog houses can run anywhere from $30,000 to more than $300,000, depending on the design and materials.
Retirement Security
Fortunate retirees usually have a bunch of income sources like pensions, personal savings, investments, and rental income. They are made to feel comfortable about their financial situation heading into retirement, with average financial assets over $320,000 and incomes topping $100,000 when they retire.
Retirement Security (Cont.)
It has been mentioned that the upper class usually has substantial retirement savings, with median figures reported at $400,000 to $500,000 for the upper 20% of earners. Besides, the top 10% of earners may have median retirement savings of around $900,000.
Avoiding Jury Duty
Those who are privileged often have access to legal counsel who can explain their options and rights when it comes to jury duty. This legal knowledge can help with exemptions or deferments for a number of reasons, including personal circumstances or conflicts of interest.
Avoiding Jury Duty (Cont.)
The perception that these people are "too important" or "too busy" to serve on a jury can play a role in how they approach jury summons. While some do fulfill their obligations, many are dismissed quickly due to their notoriety or potential biases linked with their public personas.
Childcare Or Private Nannies
Affording childcare or private nannies is quite a financial challenge for many parents, given the rising costs associated with these services. For infants, daycare costs around $650 to $1,500 per month, while toddler care costs average between $550 and $1,100.
Childcare Or Private Nannies (Cont.)
When it comes to employing a full-time nanny, that is 35-40 hours per week, it can cost between $2,300 and $4,300 per month. Besides, part-time nannies who work 20 hours per week tend to charge between $1,000 and $2,000 monthly.
Having A Chauffeur
Some of us could only dream of having a chauffeur who provides a level of convenience that allows individuals to focus on work, leisure, or relaxation during their commutes. This service happily eliminates the stress of tackling traffic, getting parking, or dealing with public transportation.
Having A Chauffeur (Cont.)
On average, private chauffeurs charge between $35 and $65 per hour. However, high-end chauffeurs serving wealthy clients may command rates upwards of $80 to $150 per hour, depending on their experience, specialized training, and the type of vehicle used.
Not Buying In Bulk
Believe it or not, not buying in bulk is a luxury that many people may not fully recognize as a privilege. Such people often prioritize convenience over cost savings. They may buy smaller quantities of products more frequently rather than purchasing in bulk, which can save money.
Not Buying In Bulk (Cont.)
This behavior allows them to enjoy fresh items without extensive storage or worrying about expiration dates. As luxury brands cater to affluent customers who prefer smaller, high-quality products, there is a growing market for premium single-serve or small-batch goods.
Vladyslav Starozhylov, Shutterstock
Setting Bills On AutoPay
Setting bills on autopay cuts out the hassle of remembering due dates and managing payments manually. But again, this is because they are confident they will not face declines. After all, such folks have more complex situations like multiple income streams and investments to deal with.
Setting Bills On AutoPay (Cont.)
So, for them, autopay simplifies financial management by automating regular expenses, making it easier to track cash flow and budget effectively. Plus, consistent, on-time payments through this method can help maintain a strong credit score.
