Y’all, I went into Nordstrom Rack today. You know I love my Neiman’s, but Nordstrom was right there. I had to go in and take a quick run through. If you haven’t been, Nordstrom Rack is all about the discount, BUT I’m tellin’ you, don’t go in there thinking you’re gonna get a super-duper, Macy’s kinda discount because the goodies are still high-end and high-end comes with a price. This leads me to the question of the day: When you’re trying to live the good life, how much does it REALLY cost? I have a friend who is a business manager for some high-end clients. I asked her point blank, “What is the average monthly output for your client’s day-to-day bills?” She shared a few things with me so that I could share with you; this is for a single person with an income my friend couldn’t disclose, but you can fill in the rest: Home Staff – Head of Household, Housekeeper(s), Grounds Keepers, Private Chef: salary, covered medical insurance, social security and medicare for all staff ($7000/week or $35,000+/month) Professional Staff : Assistant(s), Managers, Legal team (different lawyers for different purposes), Investment/Financial Team, Public Relations team ($110,000+/month)Car(s): monthly payments if not purchased outright, insurance, maintenance and service, detailing, washing, parking, storage, gas ($5000+/month) Home(s): home loans, window washing (supplies and labor fees), lawn care (supplies and minor labor fees), property repairs, remodels, furniture, paint, fire insurance, flood insurance, property insurance, art and jewelry insurance, cable, phone, internet, gas, water, ETC! ETC! ETC! ($60,000+/month) Pets: grooming, boarding, walking, medical/insurance, vet visits ($5,000+/month) Travel: private jet, private car service, airport concierge service, Uber’s and taxi’s ($300,000+/month) Taxes: personal and business; federal, state and local for both sides and for all owned entities and within jurisdictions of operation (Varies greatly) Simply knowing that there is all this expense with higher-end living is actually a benefit and not something to make you run for the hills or put your head in the sand. Knowledge is power, right? Since nothing happens overnight, including accumulating wealth AND incurring ALL of these expenses, you should know that one of your first steps to take to help you manage your finances will be to get a business manager. This service will be invaluable to you. A business manager is there to manage all of your financial needs. This can include:
- paying and managing personal and business expenses (accounting & bookkeeping)
- managing payroll
- managing your tax life from deductions to keeping you penalty free
- communicating with other members of your professional team and managing complex issues therein
- brokering creative and professional deals
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