Have a Heart
To those that want to cut top corporate executives pay, I challenge you to live a day in their shoes. In a recent post, I challenged GM executives to not raise their pay or receive bonuses amidst layoffs. However, I now realize the errors in my thinking. Do you think their lifestyle is easy or that it comes in the clearance bin at Wal-Mart? Cue the clichéd sympathy-violin music.
Well, according to a recent MSN Money article, expenses for New York City’s upper echelon of executives can add up. Fast.
Think a mortgage for a $10-million dollar co-op apartment with half-down is cheap? Think again. Mortgage amounts for such a place often cost $35,000 a month and when you tack on $7,000 a month maintenance fees, you’re talking serious money.
To those that think these expenses are solely limited to the wealthy-elite, just ask YOUR next door neighbor (their house is pictured to the left). Creative mortgages put people in more house than they could afford and interest rates were so attractive that EVERYBODY had to refinance in order to add a 3 car garage, a marble bathroom with a jacuzzi tub, and granite kitchen countertops with oak cabinets and top-of-the-line stainless steel appliances. That very couple that lives next door where the guy works at Target as a cashier and the lady is a stay at home mom more than likely has a mortgage that mimics New York City’s well-to-do. Just ask them about expensive mortgage payments and what type of income is necessary to maintain such a lifestyle (hint: not a Target cashier). However, one need not worry as Obama the Magnificent is likely to buy their houses for them with my tax money while I live in a crummy apartment because I actually will wait until I can do that old-fashioned thing of buying a home when I can actually afford it.
But I digress. Add on $40,000 a year for a live-in housekeeper and $1,000 plate charity galas and you better be making a pretty penny to keep up with these Jones’. I also forgot to mention the $100,000 initiation fee and $25,000 a year membership fee for a 24-hour concierge/travel planning service.
Living in their shoes must be tougher than searching for a job!