Considering the fees billed by lawyers including those in litigation and Corp practice, the Crème de la crème can surely afford to or have to flaunt their lifestyle.
I understand this isn't a typical or arguably a relevant question, but those starting their career would definitely be curious as to how those at the top of the food chain live/carry themselves.
Lawyers who have money because of their own talent - it doesn't matter be it first generation or second or so and so forth, you would find them working 24*7. That's the long and short of their life. Lawyers who are rich because of their parents, everything about them is rich including style.
Hi, Rich Lawyer here. Spending money or flaunting our lifestyle only impresses people who don't have money. If you want to impress people who already have money, you need to do things that fall under IYKYK. Since I'm generous, I'm giving you some tips.
Customized watches, customized single malt bottles, customized cars. Not spilling secrets, but a good wealth manager / private concierge will get you these. They'll also get you access to private art, polo, yacht and book events.
Casual copies of Economist, your foreign club newsletter, and Met Journal strewn around at home. You should also have one shelf with signed copies of books. Do a mix of Indian authors like Raghu, Nandan or Romila Aunty, and foreign authors like Acemoglu, Atwood and Pamuk.
Long term golden visa in at least 2-3 destinations.
Membership at 2-3 clubs. (Chambers? lol).
Some good art at home. Buy directly from the artist, or at least get a certificate of authenticity from them. If it's lesser known artists, dont buy dead ones, they can be faked.
Clothes tailored at Henry Poole or Chittleborough (Hong Kong? lol).
Shoes at Meccariellos. If you can only shop at London, then Lobbs or Cleverley.
Lots of other little things, really. When people come home, keep a couple of boxes of munchies from Fortnums close by. Some little things from Belize or Patagonia to serve as conversation starters (but be prepared to discuss them at some length, Old Money can smell fakes a mile away).
I went overboard and bought some houses when my stock vested. Luckily, it worked out from a financial perspective. My normal expenses (household, holidays, car every 4-5 years, some mid-range paintings) are now covered by rental income (without needing to touch my financial investments). Not giving specific numbers, but its a few lakhs a month.
I also spend one week each year with my financial advisor, and review all my investments. It's mostly a combination of equity and debt. I've been able to comfortably grow by 15% CAGR over the last few years. I took some money out and bought a place overseas, but there is still a large and growing corpus that I don't need to touch for a long time.
Honestly, once you have this kind of wealth, you don't need that much money. It's mostly about who you know and what places you have access to. I don't lead a very flashy lifestyle and I've already done the basic spending (nice house, nice cars, nice concierge), so I am on cruise control from here.
EP now at a T1. I donβt earn anywhere near what top senior counsels earn, but Iβm now in the 8-9 digit annual income level (depending on the year). I am self-made, my parents were sold middle class in a tier-2 town.
I now own 3 residences (main 4BHK in the city, a spare 3BHK in the city that I have passive income from, and a weekend getaway villa that I occasionally rent out). I have 3 cars, a luxury German sedan, a solid SUV and an electric nexon for city zipping). I take 2-3 foreign holidays a year (this year, itβs Malta and Tanzania). I own a few luxury watches.
Where do you generally dine in India? How large is your household staff and how much do you pay them? What is your favorite watch from your collection? When you go on holidays, how much do you pay for the room on average per night?
Thanks for the honest invite to ask things, would love the insight.
Regular dineout is usual hotspots/bars/cafes in the city. Where I make a modicum of effort, its usually at the leading restaurants in five star hotels. I have 2 drivers, 1 cook, and 1 domestic helper. All in all, household staff expenditure is around 50k a month. On holiday, it really depends. Sometimes I prefer a Four Seasons sort of resort, otherwise a more hip and happening city hotel (like a W or the Dubai Armani).
Not sure one can get 2 drivers + 1 cook + 1 domestic help for 50K salary/month aggregate. Perhaps you meant salary of 1 cook + 1 domestic help is 50K/month?
I understand this isn't a typical or arguably a relevant question, but those starting their career would definitely be curious as to how those at the top of the food chain live/carry themselves.
Customized watches, customized single malt bottles, customized cars. Not spilling secrets, but a good wealth manager / private concierge will get you these. They'll also get you access to private art, polo, yacht and book events.
Casual copies of Economist, your foreign club newsletter, and Met Journal strewn around at home. You should also have one shelf with signed copies of books. Do a mix of Indian authors like Raghu, Nandan or Romila Aunty, and foreign authors like Acemoglu, Atwood and Pamuk.
Long term golden visa in at least 2-3 destinations.
Membership at 2-3 clubs. (Chambers? lol).
Some good art at home. Buy directly from the artist, or at least get a certificate of authenticity from them. If it's lesser known artists, dont buy dead ones, they can be faked.
Clothes tailored at Henry Poole or Chittleborough (Hong Kong? lol).
Shoes at Meccariellos. If you can only shop at London, then Lobbs or Cleverley.
Lots of other little things, really. When people come home, keep a couple of boxes of munchies from Fortnums close by. Some little things from Belize or Patagonia to serve as conversation starters (but be prepared to discuss them at some length, Old Money can smell fakes a mile away).
I also spend one week each year with my financial advisor, and review all my investments. It's mostly a combination of equity and debt. I've been able to comfortably grow by 15% CAGR over the last few years. I took some money out and bought a place overseas, but there is still a large and growing corpus that I don't need to touch for a long time.
Honestly, once you have this kind of wealth, you don't need that much money. It's mostly about who you know and what places you have access to. I don't lead a very flashy lifestyle and I've already done the basic spending (nice house, nice cars, nice concierge), so I am on cruise control from here.
I now own 3 residences (main 4BHK in the city, a spare 3BHK in the city that I have passive income from, and a weekend getaway villa that I occasionally rent out). I have 3 cars, a luxury German sedan, a solid SUV and an electric nexon for city zipping). I take 2-3 foreign holidays a year (this year, itβs Malta and Tanzania). I own a few luxury watches.
Anything else, feel free to ask.
Thanks for the honest invite to ask things, would love the insight.
If yes, please mention your email/throw away email for me to be able to connect further.
Many thanks,
User-02