Read an interesting article in the New York Times about wealthy stay-at-home moms in New York City. The writer of the article, Wednesday Martin moved to the Upper East Side of New York City in 2004. She got to know a group of women she calls Glam SAHMs (glamorous stay-at-home moms). These Glam SAHM’s were college educated women married to very rich and powerful men who ran hedge funds or private equity funds. We’re talking very wealthy Wall Street folks.
A lot of these women doted on their children at every turn when it comes to school admissions and social status. I’ve read about wealthy New York City moms who were determined that their children were admitted into the right private schools and belonged to the right social clubs. These folks don’t play.
Ms. Martin also mentions something called a wife bonus.
A wife bonus, I was told, might be hammered out in a pre-nup or post-nup, and distributed on the basis of not only how well her husband’s fund had done but her own performance — how well she managed the home budget, whether the kids got into a “good” school — the same way their husbands were rewarded at investment banks. In turn these bonuses were a ticket to a modicum of financial independence and participation in a social sphere where you don’t just go to lunch, you buy a $10,000 table at the benefit luncheon a friend is hosting.
After reading this article I’m wondering what happens to these women when they get older. Do their husbands trade them in for younger Glam women? I’m sure this has happened to some of these women.
Check out the entire article here at the New York Times.