2009 New Year's Resolutions for Greenwich, Connecticut

Known around the world for old money, tony country clubs and sprawling stone-walled estates, the once sleepy suburb of Greenwich, Connecticut, is practically synonymous with wealth and power. Dining at exclusive private clubs in Greenwich, one encounters a mix of descendants of robber barons and new money vulture capitalists. Multimillion dollar baubles grace the fingers of the ladies who lunch. Or at least they did.

One of the area yacht clubs saw a dramatic drop in large watercraft traffic this past summer, owing largely to the sky high fuel prices that greeted the residents of Greenwich in 2008. The once posh and bustling downtown retail strip, Greenwich Avenue, has seen many retailers close their doors in response to a sharp drop in sales. Luxury SUVs sit unsold beneath a layer of snow and ice at local car dealerships.

The stock market crash, global credit crunch and receding economy mean belt tightening measures are in order. Economic Darwinism requires the residents of Greenwich to adapt or die in the face of harsh, new financial realities. To that end, here are my top ten 2009 New Year's resolutions for Greenwich:

Stop Buying Bentleys

In the song "Welcome to Miami", Will Smith observes, "Hundred thousand dollar cars/Everybody's got 'em." The same can be said for Greenwich. Granted, many luxury automobiles are likely leased in the land of the over-leveraged, but the monthly lease payments on these cars exceed what many people in the U.S. spend on rent or mortgage payments. Smaller, less expensive cars are already gaining a foothold. A Cooper Mini is still essentially a BMW.

No More McMansions

Local zoning codes allow for building homes with maximum footprints and minimal property line setbacks. The houses look like the sweaty, overweight guy in the seat next to you on the airplane: uncomfortable from a lack of breathing room. Furthermore, real estate speculation has made sure there is no shortage of these heavy guys on the market, who are clearly not moving quickly enough.

Forget About Keeping Up With The Joneses

There will always be those who have more than you do, and those who have less. In fact, most people in the United States have less than you do. A lot less. You don't really need the sixty four inch plasma television, do you?

Never Pay Full Price

"If you have to ask, you can't afford it" no longer applies. Retailers and service businesses are desperate, too, so there are deals to be had everywhere, from supermarkets to salons. A little research and negotiation goes a long way. Even in "Green Rich."

Buy In Bulk

That avocado bought at the super pricey market downtown can be had for much less. The club stores like Costco, Sam's Club and BJ's Wholesale Club offer substantial savings on a wide range of everyday consumables. Storing bulk purchases shouldn't be a problem in a 10,000 square foot house, but if space becomes tight, look to the fourth garage bay.

Cancel The Reservations

It's time to dirty the commercial grade, stainless steel six burner in the the cooking museum. You know the room. The one that was renovated at great expense where the help, assuming they are still on the payroll, do lord-knows-what. Take some of the savings from dining in and invest in Tupperware (the product, not the stock) for added benefit.

Don't Be Greedy

Some Greenwich residents previously boasted about investments generating annual returns of as much as 40%. This may be a bit of an exaggeration. Just the same, if it seems to good to be true, it probably is. Or it may be illegal. Just ask Fairfield Greenwich Group, which faces a potential loss of $7.5 billion in what is alleged to be the greatest ponzi scheme in history. Caveat investor.

Cut Up The Cards

Why pay interest on arugula? Besides, many credit card agreements will hit your wallet hard if you make a late payment. In addition to late fees, most card agreements allow for a further spanking: decreased credit limits and increased interest rates. Pay the balance down and use cash for day-to-day purchases. Keep the cards in a drawer for emergencies like Botox and pilates classes.

Don't Bet The Farm

Robust real estate values led many to pull equity from their homes in order to invest it elsewhere, like the stock market. Today, foreclosures are at an all time high and look like they will continue to climb until the new administration can implement a plan to provide relief to over-mortgaged home owners. "Homeless" and "Greenwich" don't seem to belong in the same paragraph, let alone the same sentence.

Be Thankful

No one enjoys being downgraded. Or being unemployed. Or watching the majority of their net worth evaporate overnight. The truth is, stuff happens. And now it's happening to Greenwich. Hopefully, breeding and dignity will prevail. As well as the realization that, as bad as things may seem at the moment, there are plenty of Americans with far less who remain hopeful about the future. And they only have two car garages.