If you want to live like the 1%, it is going to cost you. Living in the lap of luxury is not cheap, but it might be worth it if your bank account is large enough. Hiring professionals to help you manage everything from your kids to your wardrobe can save you one of your most valuable assets: time.
For the ultra rich, time is usually priceless. Many opt to pay someone to do the job for them so they can focus on their careers or their passions. After all, even people without off-shore accounts and houses on each coast can agree that paying for convenience might be worth it.
While most of us spend a little extra to have our food delivered, the world’s wealthiest fork over large sums of money to ensure that their lives run like well-oiled machines. Here’s exactly how much it costs to live a pampered life.
Finding the time and energy to cook seven nights a week is hard for any family, let alone an A-list celebrity or fashion mogul. Instead of ordering in, the ultra rich bring the chefs to their kitchens. According to Hire Society, a personal and corporate placement agency, the average salary for a private chef is around $110,000 to $225,000.
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In addition to the six-figure price tag, you’ll need to budget for food, including high-end ingredients. Some chefs might also charge extra if they have to cook for a large party or for particularly restrictive diets.
Butlers or house managers are responsible for a wide range of tasks and often take on leadership roles within estates. They may do everything from acting as chauffeurs to setting up dinner parties.
As noted by The Pricer, a full-time butler can run you anywhere from $40,000 to $200,000 per year. If you go through an agency or butler school, you will need to set aside funds for the placement costs.
Sitting in a classroom just isn’t a reality for young stars or the offspring of the super rich. When an elite private school won’t cut it, the wealthy turn to private tutors. Tutor.com notes that the average price for a private tutor is a palatable $25 to $80 per hour. However, if you are looking for a full-time “education specialist,” Hire society says you’ll need to budget a much larger sum, around $80,000 to $150,000 per year.
A personal assistant for a wealthy employer can make up to $250,000 per year.
If you are a person of high net worth and want your personal assistant to be by your side 24/7, you’ll need to factor in additional money for travel costs, like food and accommodations.
To keep their homes photoshoot ready, many of the world’s richest employ executive housekeepers. Now this isn’t your average cleaner who comes in every other week for an hour or two. An executive housekeeper usually offers full-service hospitality, including laundry and organizing.
The compensation for a fully trained exec is somewhere between $68,000 and $120,000, as reported by British American Household Staffing. Above and beyond their salary, you’ll need to budget for living expenses and health benefits.
If you’ve ever wondered how the rich and famous stay in great shape, just remember two words: personal trainer. Personal trainers help those with little time but a lot of money stay fit and fabulous.
Up Journey notes that they charge anywhere from $10 to $250 per hour, depending on their experience and the location. Also, you’ll pay more if you want them to come to you or if you need special equipment and training.
Of all of the luxuries that money can afford, a driver may be at the top of most people’s lists. For people living in congested areas, letting someone else take the wheel during stop-and-go traffic sounds like a dream. I Drive Your Car reports that a full-time personal driver will cost you around $35,000 to $120,000 per year. What’s not included in that fee? Gas, benefits and vehicle maintenance.
What about the children? Most parents are willing to spend their life savings to ensure that their kids are well taken care of. Care.com says you can expect to pay a live-in nanny around $15 to $30 per hour, depending on where you live, their experience and expected duties. You’ll also need to factor in room and board, health benefits, overtime, cell phone costs, transportation and more. But the peace of mind you’ll get knowing your kid is in good hands is priceless.
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