Ah to be rich and carefree in New York, the City That Never Sleeps. You live the life of luxury, burn through money as you please and occupy your days with figuring out ways to outspend the other bigwigs throwing money around for fun.

Good news wealthy New Yorkers of the Upper East Side, a new status symbol has emerged and it’s time better spent than a weekend away at the Hamptons or a shopping trip to Bloomingdale. For the first nine months at least, until that tiny screaming human enters the world.

Yes the new way to publicly display your financial prosperity is to have yourself a stack of children, according to Primates of Park Avenue author Wednesday Martin (remember this wife bonus post?). Here’s Martin quoted on Business Insider:

I quickly became desensitized (sic) to massive families — they were everywhere…

Three was the new two, something you just did in this habitat. Four was the new three — previously conversation stopping, but now nothing unusual. Five was no longer crazy or religious — it just meant you were rich. And six was apparently the new town house — or Gulfstream.

There’s a good reason only the filthy rich can afford six children, with a recent study showing that the average cost of raising a child in Manhattan is $540 514 (R6,5 million). That is thanks in large part to the city’s top preschools charging around $40 000 (R480 000) per year, with that price increasing as the child enters grade school and higher.

The long and short of it? Whilst we don’t have to pay those rates the price of tuition in this country is also rising at a rapid rate. Planning for those little leeches to drain your funds needs to start now, but where to start?

The guys over at Consequence Private Wealth are the kings of financial planning made easy,  with their team of expert advisers there to assist you in growing your monetary empire.

Put simply the consequences of decisions made today will unfold over a lifetime based on the sound principles applied at their inception. If you intend to have children and want them educated in the hopes they can one day fend for themselves you might need to start that planning now.

Or have no children and buy a Gulfstream, it’s your money and you can do as you please.

[source:businessinsider]