PROSPERITY: Good life

HOW MUCH DOES THE GOOD LIFE *REALLY* COST?

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
These are just some of the functions of a business manager. Not all do the same thing and not all are good. Before you have anyone handle your money, because hiring a business manager is like handing over the keys to you life and more, make sure you’re dealing with a reputable, discreet and talented organization or person. Like a fabulous hairdresser (but on a bigger scale), word of mouth is going to be key here. Using Google or letting your fingers do the old-school walking is NOT going to cut it. Be diligent, ask your peers and professional acquaintances, “Hey, who’s doing the best work these days?” Take meetings with these people and make sure you vibe with them professionally and even personally. Like a law firm or any other agency, the culture varies from office to office and you’ll want one that is either cut-throat so you don’t have to be; is very well-known and respected in the industry so you can work on your work rather than relationships; or has no bedside manner at all because they are too darn busy managing you (kidding here; remember, you have to work with these people and you’ll want someone that can extend a “Hope you had a nice holiday” here and there). If you’re not quite at a place where you’re outgoing expenses total over $500,000 per month, there’s no reason to not start thinking about a business manager; if you’re like me, maybe you work your way backwards by making it a goal to be in a place where you NEED a business manager. Take your small bites and get started on making an income worthy of someone else’s assistance to help you make more money! One last thing, and on a smaller scale — you could also think about hiring a book keeper part time to make your financial life that much better…especially if you’ve got that side-hustle going like we talked about! Keep me posted in the comments below on your thoughts and progress in your quest for the Good Life!  
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