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	<title>Moolah-Moolah &#187; Richistan</title>
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		<title>10 Status Symbols We Hope Disappear in the Recession</title>
		<link>http://www.moolah-moolah.com/10-status-symbols-we-hope-disappear-in-the-recession/</link>
		<comments>http://www.moolah-moolah.com/10-status-symbols-we-hope-disappear-in-the-recession/#comments</comments>
		<pubDate>Mon, 12 Jan 2009 07:30:37 +0000</pubDate>
		<dc:creator>bpaul</dc:creator>
				<category><![CDATA[Moolah Ramblings]]></category>
		<category><![CDATA[Arborists]]></category>
		<category><![CDATA[Bling]]></category>
		<category><![CDATA[Christina Aguilera]]></category>
		<category><![CDATA[Conspicuous Consumption]]></category>
		<category><![CDATA[Decline And Fall]]></category>
		<category><![CDATA[Diamond Encrusted Skull]]></category>
		<category><![CDATA[Excesses]]></category>
		<category><![CDATA[Financial Crisis]]></category>
		<category><![CDATA[Getty Images]]></category>
		<category><![CDATA[Gilded Age]]></category>
		<category><![CDATA[Gold Leaf]]></category>
		<category><![CDATA[Hummers]]></category>
		<category><![CDATA[Inspiration Thanks]]></category>
		<category><![CDATA[Louis Vuitton]]></category>
		<category><![CDATA[Paris Hilton]]></category>
		<category><![CDATA[Recession]]></category>
		<category><![CDATA[Relics]]></category>
		<category><![CDATA[Richistan]]></category>
		<category><![CDATA[Silver Lining]]></category>
		<category><![CDATA[Status Symbols]]></category>

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		<description><![CDATA[If the financial crisis has a silver lining it is the decline and fall of the overpriced, over-hyped status economy. Getty Images You know, the one built on bling and Hummers and Louis Vuitton for the masses. The past decade may have had its excesses, but none were as stupefying as the $300,000 watch that [...]]]></description>
			<content:encoded><![CDATA[<p>If the financial crisis has a silver lining it is the decline and fall of the overpriced, over-hyped status economy.</p>
<div style='width: 262px; float: right; margin-right: 8px; border: 0px solid #ff9933; margin-bottom: 8px'><img src="http://s.wsj.net/media/parishilton1210_DV_20081210154951.jpg" width="262" height="394" style="margin: 0px" alt="parishilton1210_DV_20081210154951.jpg"/><span class='medcrd' style='float: right'>Getty Images</span><br clear='all' /></p>
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<p>You know, the one built on <a href="http://en.wikipedia.org/wiki/Bling-bling">bling</a> and Hummers and Louis Vuitton for the masses. The past decade may have had its excesses, but none were as stupefying as the <a href="http://blogs.wsj.com/wealth/2008/04/25/the-300000-watch-that-doesnt-tell-time/">$300,000 watch that doesn?t tell time</a>.</p>
<p>So I have come up with a list of 10 symbols of conspicuous consumption that I hope will disappear in the coming Age of Thrift. Call them the Relics of <a href="http://www.amazon.com/Richistan-Journey-Through-American-Wealth/dp/0307341453/ref=ed_oe_p" target="_blank" >Richistan</a>.</p>
<p>We welcome your additional suggestions. (Inspiration thanks to my colleagues at Deal Journal).</p>
<p><strong>1.</strong> <a href="http://music.spreadit.org/christina-aguilera-sings-at-billionaire-84th-birthday-bash/">Live birthday performances by Christina Aguilera</a>.<br />
<strong><br />
2.</strong> <a href="http://blogs.wsj.com/wealth/2008/05/07/the-35-million-shadow-yacht/">Shadow Yachts</a></p>
<p><strong>3.</strong> <a href="http://blogs.wsj.com/wealth/2008/04/22/greenwich-mansion-planned-with-26-toilets/" target="_blank" >Homes with 26 toilets</a></p>
<p><strong>4.</strong> Oligarchs </p>
<p><strong>5.</strong> The <a href="http://www.diamondsnews.com/diamonds_skull.htm">$100 million, diamond-encrusted skull</a></p>
<p><strong>6.</strong> Paris Hilton </p>
<p><strong>7.</strong> The <a href="http://www.luxist.com/2007/10/11/the-hermes-helicopter/">Hermes helicopter</a></p>
<p><strong>8.</strong> <a href="http://www.nysun.com/arts/in-the-land-of-mammon/60539/">Personal arborists</a></p>
<p><strong>9.</strong> &#8220;Million dollar&#8221; <a href="http://www.virginmedia.com/money/features/the-most-expensive.php?ssid=8">cocktails with edible gold leaf</a></p>
<p><strong>10.</strong> The word &#8220;<a href="http://blogs.wsj.com/wealth/2008/01/17/luxury-isnt-dead-it-just-smells-funny/">luxury</a>.&#8221;</p>
<p>What other tarnished symbols of Gilded Age 2.0 could we add to the list?</p>
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		<title>Millionaires Lose 30% of Their Fortunes</title>
		<link>http://www.moolah-moolah.com/millionaires-lose-30-of-their-fortunes/</link>
		<comments>http://www.moolah-moolah.com/millionaires-lose-30-of-their-fortunes/#comments</comments>
		<pubDate>Thu, 08 Jan 2009 16:19:01 +0000</pubDate>
		<dc:creator>bpaul</dc:creator>
				<category><![CDATA[Wealth Building]]></category>
		<category><![CDATA[Economic Downturn]]></category>
		<category><![CDATA[Financial Advisers]]></category>
		<category><![CDATA[Financial Crisis]]></category>
		<category><![CDATA[Fortunes]]></category>
		<category><![CDATA[Households]]></category>
		<category><![CDATA[Investment Losses]]></category>
		<category><![CDATA[Lifestyles]]></category>
		<category><![CDATA[Managing Director]]></category>
		<category><![CDATA[Net Worth]]></category>
		<category><![CDATA[Retirement Plans]]></category>
		<category><![CDATA[Richistan]]></category>
		<category><![CDATA[Worth Investment]]></category>

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		<description><![CDATA[American millionaires have lost about a third of their wealth during the financial crisis, according to a new survey. Getty Images The study, by Spectrem Group, the Chicago-based wealth-research firm, found that households with a net worth of $1 million or more say their assets have declined 30% or more. Nearly one-fifth of millionaires have [...]]]></description>
			<content:encoded><![CDATA[<p>American millionaires have lost about a third of their wealth during the financial crisis, according to a new survey.</p>
<div style='width: 262px; float: left; margin-right: 8px; border: 0px solid #ff9933; margin-bottom: 8px'><img src="http://s.wsj.net/media/tape0106_DV_20090106144531.jpg" width="262" height="394" style="margin: 0px" alt="tape0106_DV_20090106144531.jpg"/><span class='medcrd' style='float: right'>Getty Images</span><br clear='all' /></p>
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<p>The study, by Spectrem Group, the Chicago-based wealth-research firm, found that households with a net worth of $1 million or more say their assets have declined 30% or more. Nearly one-fifth of millionaires have experienced declines of more than 40%. </p>
<p>Nearly all the millionaires surveyed (90%) fear a prolonged economic downturn.  Altogether, they believe it will last for another 22 months, and more than half (55%) are concerned they will not have sufficient assets to maintain their present lifestyles.</p>
<p>&#8220;The current financial crisis has had a dramatic impact on America?s millionaires, reducing their net worth substantially and threatening their ability to maintain both lifestyles and retirement plans,&#8221; said Catherine S. McBreen, Managing Director of Spectrem Group.</p>
<p>Spectrem?s measure of household assets doesn?t include primary real-estate but does include other real-estate, which has dropped precipitously. But for the households in Middle and Upper Richistan, where houses account for a smaller share of net worth, investment losses have been the main wealth killer. In keeping with my theme of the <a href="http://blogs.wsj.com/wealth/2008/09/30/wealthy-investors-stage-revolt-against-advisors/" target="_blank" >rich-investor revolt</a>, many of the wealthy are blaming their wealth advisers. </p>
<p>According to the Spectrem study, just 36% of millionaires feel their adviser performed well during the crisis and only 14% say they will increase their use of financial advisers in the future.</p>
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