Hoo boy! According to The New York Times, it’s also tough going for Thurston Howell III and his ilk.
In a Saturday business feature, the Times reports that even the richest Americans are scaling back during the Great Recession. Worse, mummy and pater are finding themselves in the most difficult situation of having to explain to their kids why– heaven forbid– they might have to settle for a less expensive car to drive to high school in these economically-troubled times.
The article quotes a financial adviser whose clients have an average account size of $30 million. He tells wealthy parents not to feel guilty when they have to deliver such oh-so-disappointing news to their silver-spooned spawn.
“They say, ‘My teenager isn’t driving a BMW; she has to drive a Ford Focus,’ ” the adviser relates. “I tell them not to worry about it. The need is the car. The desire is the BMW.”
As the owner of an unstylish and relatively inexpensive 2006 Ford Focus, I was particularly amused by that. It may well be the quote of the week.