How Much Does the "Good Life" Cost? - NBC New York

How Much Does the "Good Life" Cost?

Expenses for New York's upper echelons can add up

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    How Much Does the "Good Life" Cost?
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    How much does it cost to live the life of a Wall Street executive?

    A Christmas getaway, complete with golf lessons with a pro, can cost a family hundreds of thousands of dollars.
        
    And for New York's upper echelons, there's nothing basic about necessities such as housing.
        
    A mortgage on a $10 million co-op apartment, with half covered by the down payment, can run $35,000 a month, plus $7,000 and up for maintenance payments. A moderate summer rental in the Hamptons can easily run $30,000 a month, plus $5,000 in maintenance.
        
    Full-time help starts at $40,000 a year -- with more employees necessary for large or multiple homes, said Jonathan Frye, president of The Lindquist Group, which has been providing household staff in New York since 1890.
        
    Add to that private school tuition, which can easily run $33,000 per child. A nanny costs at least $40,000 in salary, and families also pay for staff benefits, travel costs, and provide a car designated for staff.
        
    Elite country club memberships routinely cost tens of thousands of dollars. At Sebonack Golf Club in Southampton, for example, initiation fees reportedly start at $500,000, with $12,000 annual fees.