I am reading the book Uneasy Street: The Anxieties of Affluence. The author, Rachel Sherman, did in-depth interviews with 50 affluent New Yorkers about their lifestyles, attitudes towards money, consumption habits, child raising, and more. The interviewees were all wealthy. Some had inherited $5M, $10M or more. Others were corporate attorneys, bankers, and executives who earned $1M-$5M per year. Many had grown up in wealthy families, although a couple came from lower/middle class families.
I don’t like the author’s writing style. She uses far too many footnotes. Her chapters include snippets of many different interviews and do not flow well. Nonetheless, it provides a glimpse into the lives and thoughts of the 1%.
Almost all of the interviewees tried to downplay their wealth saying they “didn’t spend extravagantly” or
“didn’t have extreme wealth” like other people they knew. The business and social circles they inhabited in NYC meant they were surrounded by even wealthier people.
And yet, almost all:
- Owned multimillion dollar apartments in Manhattan that were renovated for a cost of $400K-$2M+
- Owned a second home for weekends/summers that they also renovated for similar costs
- Sent their kids to expensive private schools
- Many women were stay-at-home moms who employed full-time nanny’s, babysitters, private chefs, etc.
I won’t write about their anxieties and their attempts to raise “good kids”. The book covers this ad naseum.
What I will say is that it was no surprise that everyone justified their spending, their “entitlement” to their wealth and their lifestyles by talking about working hard, having a little luck being born into the right family, and being “good people.”
It was irritating to read the stay-at-home moms justifications and rationalizations for having hired help. Instead of their rationalizations, they would have been more honest had they explained, “I can afford it and I don’t want to cook, clean, take care of the kids, etc…”
It was just as irritating to hear the working partners (usually men), explain how long and hard they worked and their Ivy League educations as justifications for why they were entitled to their wealth.
Those who inherited large amounts of money often did not work or chose prestigious but lower paying work in nonprofits, on boards and in the arts. I considered them to be people who “played” at working for living while actually relying on their inheritance for their lifestyles.
Many of the interviewees talked a good game about racial equality, public schooling, ensuring their kids were exposed to diversity, contributing to charity, etc. But when it came to actions, they did what most people do – they took care of their own needs and wants.
The amount of money each couple donated to charity seemed pitifully low. All expressed concerns abou their own well being if the economy soured, guaranteeing security for their families and one even whined about potential healthcare costs of she got ill (she had over $5M in a trust fund and owned her home outright, I think).
Their rationalizations for spending and making lifestyle choices did not sound much different than people who aren’t extremely wealthy. They just had more money which gave them more (and more expensive) alternatives to choose from.
Sometimes when the headlines blast out the latest Mega Millions or Powerball Jackpot being over $500M, I think to myself, “What would I do if I had that much money?”
My answers are pretty pathetic.
I’d take care of a few people close to me – paying off their mortgages and debts. I’d eat better food and would not fret about inflation and price gouging raising my monthly grocery bill by 50%. I’d consider getting a condo in a warm weather location where I’d live during the cold winter months. I might try to join a club where I could have unlimited access to a pool on the days my city pools are closed. I would have my siding glass doors replaced with French doors. And perhaps, I might sell my current house and move to a single story ranch that had a giant garage.
And then, I think I’d figure out how to give the rest of it away.
When I had a family, my choices would have been much different. Disappointingly, I suspect they would be quite similar to the people interviewed for the book.