#Richkidsofinstagram Vs. Millennials: How Do Their Budgets Compare?
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The #richkidsofinstagram hashtag gained attention when a Tumblr user started aggregating Instagram photos of uber-wealthy 20-somethings doing what they do best: flying in private jets and helicopters, drinking champagne in hotel robes, going on endless shopping sprees, and partying in mansions and exotic locations.
The #richkidsofinstagram spurred a zeitgeist picked up by TV shows like Rich Kids of Beverly Hills, which features six friends from that famous Beverly Hills zip code (90210) who spend thousands on their fast-paced lifestyle. Calling themselves “funemployed,” these young adults make partying their chosen career path; the show gets an inside look at their privileged lifestyles, which includes wild spending on cars, vacations, clothing and entertainment.
The 20-something #richkidsofinstagram are far from the average millennial. What you might owe in student loans, they spend on one night of bottle service at the club. Your studio apartment is the size of their closets. They fly private jets around the world while you get a second job to pay for a plane ticket home for Thanksgiving.
We thought it would be interesting to compare the spending habits of the #richkidofinstagram to an average member of Generation Y. We broke down some of the classic budget categories and did a side-by-side view — here's how it played out. (Brace yourselves.)
Alcohol and Bars
The #richkidsofinstagram seem to really love their bubbly. I have never seen anything like the bottle of Moet & Chandon @alexandre_goossens (since deleted) has in his hands. Phil Burrows (@bpburrows) brought back this little souvenir from his trip to Vegas and I'm dying to know who this anonymous photo is from because “a little of this and a little of that” could have paid for my college degree.
- Moet & Chandon Golden Cage Champagne: $1,500
- Dom Perignon Rose: $350
- Table Service at a South Beach club: $57,190
- Drinking a moderately priced bottle of champagne from Trader Joe's: $9.99
- Dancing on your Ikea coffee table: Free
- Private Boeing 747: $100 million
- One week on a private yacht in Mykonos: $206,096 (155,000 Euros)
- Roundtrip ticket from Los Angeles to New York: Roughly $400 on Southwest — but you have to travel mid-week in February. Brrrr.
- Spring break vacation: You don't get one. You need to work to pay off those student loans.
Here's Chloe Bartoli (@chloebartoli) touching down in her helicopter. And Dorothy Wang (@dorothywang) said, “I love my new ride!!!” We can't tell you exactly what exact model that is or what it costs to paint it Pepto Bismol pink, but we do know it's a Rolls Royce and that it's probably out of your budget. That is, if you are even in the market for a car.
Car ownership has declined dramatically among millennials and many are opting instead for bikes, ride share programs or public transportation to get around. In fact, the portion of Americans age 16 to 24 who have driver's licenses fell to 67 percent in 2011, its lowest level in roughly a half-century, according to federal statistics cited in a report last year by the U.S. PIRG Educational Fund and the Frontier Group.
- Rolls Royce: $290,000
- Private helicopter: $1,000 for a short ride, depending on the company
- Transit pass: $110 a month or so, depending on your city
Don't feel bad about taking the bus; be thankful you won't have to bum rides from friends because “shot gun is for poors [sic].” You really dodged a bullet there.
Do you still put plain ol' milk on your Wheaties? Me too, but I guess champagne is the new breakfast of champions. I don't know, it seems a little out there, but who am I to judge? It could be delicious, but I'll probably never know.
The price of a gallon of milk is at its highest since 2011, but it's still pretty reasonable when you stack it up against one of the most iconic brands of champagne in the world.
- Cristal Champagne: $200
- Gallon of Milk: $3.67
Neither one eats this: One can't afford it and one wants to be bikini-ready for the Hamptons this summer.
- Beluga caviar: $6,800
- All you can eat shrimp at Red Lobster: $15.99
Nathaniel De Lorentis (@nathaniel_cashflow) has an impressive collection of Hermes bags. His Instagram profile says he's “just an average college boy on a budget.” Poor guy. It reminds me of the time I ate Top Ramen for dinner three weeks in a row until my FAFSA came in. Mae Sa (@maesaa), another not-so-struggling college student, has a closet the size of my apartment stacked with floor-to-ceiling Louboutins.
- Hermes bag: $12,000
- Louboutin heels: $1,075
- Knockoff Birkin Handbag: $44.99
- Classic Toms: $48 (heels are for the birds!)
Do you follow #richkidsofinstagram or watch Rich Kids of Beverly Hills? What do you think of their spending and how does your own personal budget compare? Let us know in the comments below.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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