20 of the Most Useless Money-Saving Tips from the Top 1%

Are your weekend trips to Paris cutting into your budget for bottles of Dom Perignon and Cristal?

Wondering how you can encourage your stay-at-home trophy wife to earn her keep while you’re out making millions on Wall Street?

Then do I have some financial tips for you!


Yesterday, I stumbled across the Huffington Post’s recap of one of the most ridiculous money-saving personal finance article I’ve ever read. And I read a lot of crappy not-so good personal finance articles.

But this was just mind-blowing. Both mind-blowingly out of touch and mind-blowingly clueless.

eFinancialCareers posted a list of Twenty Money-Saving Tips straight from the most thrifty among us: elite, male bankers and hedge fund managers.

Needless to say, it’s a little… out of touch.

It’s worth reading the entire post (there is so much ridiculousness packed into one post), but here are some of my favorite money-saving tips from the top 1%:

  • Vacation with friends: “I went to the Maldives six times in a row. But last year we didn’t go to the Maldives… we went to stay with friends in New York.”
  • Iron your own shirts: “At Goldman [Sachs] there was a service in the basement where I dropped my shirts off for a fee, but now I ask Jane [my wife].”
  • Sell your second home: “The second home in the country is where you rack up the most serious costs. A lot of people I know are talking about ditching the country house. No one’s done it yet though.”

I know I’ve been wondering how to avoid those pesky shirt-ironing fees at work… sounds like I just need to find a willing and bored domestic partner.

So after you stop simultaneously laughing, fuming and shaking your head in disbelief, it’s impossible to not take something away from this abstract reality of the insanely wealthy:

  1. If the Occupy Wall Street movement didn’t already convince you, this article is as good of argument as any that the top 1% need a reality check and a financial slap in the face.
  2. Sure, it’s true that little purchases like eating out a few times a week add up over time. But it’s big things, the weekend ski trips and the business class flights across the Atlantic that make a serious dent in your finances. Make sure you limit your $10K+ travel expenses to four times a year.
  3. Finally, if you focus on earning a crap load of money, you too can be lucky enough to have to worry about whether you go to the Maldives or New York for vacation 🙂

Do you have any other first world problems that we should add to this list of financial woes of the top 1%?

Original Image: Arrested Development Wiki

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