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Lifestyles of the Rich and in Debt

Lifestyles of the Rich and in Debt

It must be hard to go from a 9-figure income to an 8-figure income due to global economic woes. Seriously, having to forego those $350 highlights every six weeks can be rough on a socialite's image. Not to mention the horror of flying coach. You mean we have to share the plane...with other people? For shame!

Puh-lease! Our hearts bleed for you, they really do.

These are the kinds of fears New York's wealthy (and the wealthy around the US, we're sure) have had since the economic downturn. Hedge-fund managers and bankers have admitted fears of their spouses leaving them because of a drop in income; many are putting on noticeable weight due to the stress. While their plight hardly musters much sympathy from the rest of us struggling just to pay our mortgage and fill the tank with gas to get to our middle-income jobs, it does give a very important lesson in how the economy affects everyone.

Even the rich are taking on debt in order to stay afloat, which seems ridiculous because they have more money than most of us will ever need—it seems the underlying problem of wealth is vanity. Social appearances are quite affecting. There is a reason, after all, that we are all compelled on some level to "keep up with the Joneses." The wealthy take out loans—subtly of course— to live the life they're used to, as long as their friends don't notice. One woman sold over $2 million in diamonds she rarely wore because her friends wouldn't notice (would have been too obvious to offload the Bentley, apparently).

So take heart, dear friends, because even the rich have money problems! Tell us, do you feel sorry for these guys, or do you
think they need a reality check? Are you finding it hard to live with less? [New York Times]

Posted: 6/3/08
martyso

It is VERY difficult for me to feel sorry for these people. I understand that they, like the rest of us, become use to their surroundings. Unfortunately, i feel that most of the reason for this economic downturn has to do with THEIR GREED and MISAPPROPRIATION OF FUNDS. Anyway, I'm sure they will do fine in the end. As they say : the rich get richer and the poor get poorer.