4 Surprising Subscriptions Wealthy Families Actually Pay For
KEY TAKEAWAYS:
Many rich families use their money for luxury subscriptions
These subscriptions save time or provide exclusive access to something
Medicine, wine, fitness and private clubs are all involved
Wealthy families can afford plenty of luxuries, and a good chunk of that spending is in the form of small, recurring charges, paid monthly or annually. Some of these subscriptions buy back time while others pay for access to people, places or care.
Finance experts share four subscriptions that keep showing up on their high net-worth client statements over and over again.
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1. Concierge Medicine
Concierge practices charge patients a monthly or annual retainer that goes directly to a primary care doctor, rather than billing each visit. In return, members get same-day appointments, direct cell phone or email access to a doctor, and, in some cases, house calls.
Fees vary based on the level of practice. Entry-level concierge memberships tend to run between $1,500 and $2,500 a year, while executive and ultra-premium programs can be anywhere from $15,000 to $40,000 or more.
"The wealthy often recognize that 'health is wealth,' and they're willing to pay a premium for high-quality care that happens on their time," said Nathan Donohue, CEO and founder of Valence Wealth.
Since appointments happen quickly and often outside a traditional office, rich families avoid the multi-week waits and rushed visits of a standard practice.
2. Wine Collection Storage
"For wealthy families that have a passion for wine, they often run out of room in their home, even with a built-in wine cellar," Donohue said. That’s why they’re increasingly paying for climate-controlled storage facilities that can keep wine at a consistent temperature and humidity level that a home cellar can’t always promise.
Subscription rates depend on the market and locker size. It’s usually from around $20 to $30 per case per month at standard facilities to several hundred dollars a month at premium clubs that throw in lounges and tasting rooms, plus an initiation fee that can run into the thousands.
Many of these facilities also function as social spaces, allowing members to open and taste a bottle on the premises with friends.
3. Recovery-Focused Fitness Memberships
This isn’t a gym membership. Recovery clubs offer a package of services, and members pay for ongoing access rather than booking each service individually. Clubs that focus on recovery charge monthly membership fees between $150 and $275, but those that offer access to physio or IV therapy can cost even more.
"These are memberships to smaller training groups or clubs that bundle in cold plunge, sauna, IV drips, and sometimes an on-call physio," says Lisa Press, fractional CFO for tech and fintech companies at Lisa Press Consulting. "A few clients treat this the same way they treat their doctor retainer, as ongoing maintenance rather than something they only think about after an injury."
4. Private Clubs
Some wealthy families also purchase access to private clubs, whose main product is the people you can meet there. For example, Soho House membership costs around $3,000 a year, plus a one-time joining fee, to access more than 40 locations around the world.
“What people are actually paying for is being around a smaller, vetted group of people rather than the venue or event itself,” Press said.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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