“People of the same kind stick together.” Often times, once people get some serious money, they like to take themselves out of the general traffic. How do you get admission as a consultant?
Old and new money have a complicated relationship between them. New money wants to be perceived as old money. Both groups include younger people, as old money is often cross-generational. You can lose all your money and still be accepted as old money as the category appears to have a grandfathering clause. People with little or no money strive to be accepted by new money. It’s complicated.
If you’re a consultant looking to break new ground, here are 10 approaches:
1. Private restaurants or cocktail clubs. WS, a private food and wine club in Hudson Yards, was founded in partnership with Wine Spectator. Roof, the private club at River House in New Hope, Pennsylvania, has a 600-person waiting list, even though membership is $ 1,000. according to to the New York Post.
2. Alumni Association. Fellow graduates continued to do great things. The alumni newsletter and the list of honorary degrees provide information. Some schools have physical club buildings in large cities. In New York there is the University Club. Most schools have alumni associations with local departments. People who succeed often stay focused on their school. College makes that possible.
3. Go to the correct gym. Working out is a great leveler. Everyone wears sweat. There are well-known fitness studios in big cities. They also have “sports clubs” which are private clubs with an emphasis on sports.
4. The expensive vacation. Has everyone heard the story of the advisor who built their book to take expensive vacations like safaris and make friends along the way? The rich like privacy. Most of the cruise lines you’ve heard of are in the “mass market” category. You’ve seen the smaller all-suite ships and the very high cruise fares.
5. Buy at auction. On March 21st, the New York Times published an article entitled “Bored Rich Spend Money”. The price of collectibles is rising rapidly. Large auction houses offer special auctions. Fine wine is a good example. The auction attracts people willing to spend big bucks to get what they want. In some cases, wine auctions are preceded by a receipt. When you become part of the crowd of auction participants, you often rub your shoulders with new money.
6. Collectors clubs. This one seems obvious. Porsche owners like to spend time with other Porsche owners. People often confuse a car with a rolling balance sheet, which means that certain interests can attract people with money. Here’s the difficulty: in order to play the game, you must own the game piece.
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