'Succession’ Characters’ Finances, Analyzed by a Money Expert | WSJ As Spent on TV

HBO’s Succession depicts a wealthy family fighting for control over their international media conglomerate, Waystar Royco. But what do the finances look like for characters in the family like Cousin Greg, Kendall and Logan Roy?
And is a $40,000 watch a good investment for Greg? How much does Tom and Shiv’s apartment cost? WSJ asked a certified financial planner to demystify some of the Roy family’s finances and give his expert opinion on their money habits.
0:00 Meet Douglas Boneparth, a financial planner
0:15 Cousin Greg
1:54 Tom and Shiv
5:04 Logan
6:45 Kendall and Roman
#Succession #PersonalFinance #WSJ

[@loonabloo]

That one scene where Shiv and Kendall decide to round up to the next billion on their offer price just to make it sound better and Roman is the only one to recognize that that's still hundreds of millions of dollars they could put to use on other things in a super significant way

[@ThecrazyJH96]

And he only wears a date just most the show compared to someone like Kendall

[@curryboyftw]

@@ThecrazyJH96little theory of mine, is if you look at what Tom has on his wrist, he essentially upgrades every season.

[@Great_PatBingsoo]

@@curryboyftwthat’s literally by design… most obvious character progression is seen through Greg, who sort of ends up where Tom begins.

[@jacobcolman5423]

"Can't do anything with five Greg, fives a nightmare" - never wanted a nightmare so bad :(

[@jasonshatkin8606]

no he is right. You hear of people all the time who won lotto with 5 million dollars. A young guy like Greg would probably be broke in 10 years.

[@jdrancho1864]

@@jasonshatkin8606 well, he is right, but not for that reason. Lotto winners usually don't have champagne life styles even before they win the lottery, but this guy is used to spending money in a big way. He'll be eating his seed corn before five years are up.

[@KaiayaRules]

In this economy, 5 Million would buy you an apartment in New York and that’s it 😅 Back to work he goes

[@maxzett]

​@@KaiayaRulesnoone needs or wants a fkn new York apartment tho. That's smth you get once you already have 2-3 20million dollar estates somewhere where it's actually nice.

[@maxzett]

True. 5mil would allow me to never work again, buy a house for about a million, invest 3 million (to live off) and then do whatever I want with the last million

[@istvanpalanki5316]

I think Kendall also has a real estate portfolio, he casually mentions he bought a few units in the building (maybe the whole building?) when he gives one of them to Greg, so it's expected that he has a decent amount he keeps adding new homes

[@dumblecore]

Yeah 'his guy flips them'. One of my friends knows a multi millionaire and that's what he'd do. He'd get a guy, get the guy to buy a whole apartment block and ask him 'how much rent can I catch for this?'

[@lemiath]

you're close to being a mini greg @@dumblecore

[@NymeriaDT]

The way the Roys spend money in this show tells me they have an OBSCENE amount of money. For Kendall to casually brush off he would walk off with $2 billion from the sale of the company is astonishing alone.

[@noble_experiment]

What’s even astonishing is it’s not _only 2 billion_ , there are probably a few billions lying around and also extra from his dad’s inheritance.

[@afonsopires2315]

@@noble_experiment That scene was from early on, not season 4 I believe. So with the gojo deal he made 190$ a share.

[@llamapartyy]

it's closer to 8 bill

[@azc261]

@@llamapartyy how? It’s about 2.45 bil at 190

[@noble_experiment]

@@afonsopires2315 yeah I was commenting on his net worth and how it's not only coming from those 2 billion.

[@jealva]

Interesting analysis except I think you are wrong about the art. The reason no one has ever seen the art pieces that Roman referenced is because they are likely in a freeport, not because they are excluded from the estate.

[@scottmckelvey]

Better check in on those paintings guys, I saw footage of a guy moonwalking out of an explosion at a Freeport in Oslo the other day

[@antoniocardona6789]

@@scottmckelvey Tenet 😂

[@paulinalopezsf]

In shopping money, Trainers’ Chavacannes, BACK .

[@paulinalopezsf]

Pakinig pakingganda

[@paulinalopezsf]

Boyet matas’ MATA MATA THE PAINTING IS MY WORK AND MADE FORTH ONE ESPECIALLY JUANICONERTISSE “no prob “

[@harmlessheartbreak]

Logan doesn’t own the castle. It was from his ex-wife’s family. They make a point to say that Caroline was bitter about the fact that it passed to one of her relatives and not her.

[@malevolentsloth]

honestly 19k for that wedding venue doesnt seem that bad

[@NathanielSnider1017]

it's 24k but that's still not terrible

[@zamo9266]

Remember in the show it was owned by Logan

[@SA-oq5lz]

​@@NathanielSnider1017 especially for a billionaire... it's literally nothing

[@elongated2761]

@@zamo9266Not by logan but Logan's second wife who's the children's mother. They say in the show she inherited the property.

[@headwinded1948]

I kind of laughed when they said that Greg made 200k per year. In Manhattan, that isn't a terribly large sum of money, especially given the people he's hanging out with, the clothing he wears, and to the video's point, the idea that he did purchase that watch (though it was very much a blatant pressure sale). If he's still squatting in Kendall's extra apartment that changes things I guess.

[@ClapBoomBoom]

Tom was making a big deal about the 200k because Greg was just an assistant. That's why he said he was the "highest paid assistant in the world".

[@dennistennis2225]

He is saying "secession" and not "succession". They are different.

[@dinkyvision]

I noticed that too. Weird. Totally different meaning.

[@kaustubhnarkar9820]

What an eye opener , most of the time we are playing close attention to the main plot and sidelining these dialogues about the paintings , money , estates . But when WSJ breaks them down you can see how it actually facilitates the main plot .

[@leibhagwani]

Secession? I thought the show was called Succession 😅

[@freddyromeroiii]

My thoughts exactly 😂

[@Akshay-jm4hs]

and I thought if he says it then he must be correct and I am wrong from many years

[@Gabriel-br4qe]

well the Roys have some internal civil wars sometimes so it might as well be Secession

[@ashleyguiamel9587]

i mean season 3 ep 1 was titiled "seccession" hahaha

[@dimitriantanov3150]

I wonder if this guy watched the show before he was brought in to do the video.

[@heypiffy]

There's an error in the video - Eastnor Castle lists their weekend wedding price as 19,000 British POUNDS. That's just over $24,000 USD.

[@VBoo459]

Tbf my wedding venue cost £16,000….for 12 hours…..but that included food and alcohol I guess.

[@peterb3842]

$600 suits would not be worn by anyone in Succession. Figure 50% higher for Brooks Brothers, J Press, maybe Brioni. Double it for a made-to-measure suit….

[@AmandaVieiraMamaesouCult]

Even their caps are by Loro Piana or Brunello. They're like 4k-6k each.

[@olivierporte]

Neither would Brooks Brothers or J Press be worn by anyone in Succession. Brioni is plausible, but most Anglo-American billionaires prefer English over Italian, so most likely Saville Row (e.g. Gieves & Hawkes)

[@roylawrence3679]

I made the mistake of wandering into a Loro Piana store a couple weeks ago and found a jacket I’m sure I’ve seen Tom wearing for $4.8k

[@merrywalsh2809]

There is a reason the richest man in the world sits atop a luxury clothing and accessory empire. We should all be selling to the rich

[@JetSetRadio774]

@@merrywalsh2809 which man are you referring to?

[@ProbationCoach]

Greg was buying the Sub from a grey market dealer, not an authorized dealer (retail). Certain styles of Subs can easily go for $40k in the secondary market - especially in 2020-2021. Tom’s suits are far more expensive than $600

[@johnr1350]

A standard and not rare black dial stainless sub date is somewhere around $11,00 - $15,000 on the grey market. The variance depends on quality, vintage, box and papers. Again, this is for a standard sub, not a rare version. A gold sub can easily run up to and north of $40k.

[@ProbationCoach]

@@johnr1350 consider the time period as well - black subs were going for well over 20k during peak easy money (when this was being filmed)

[@beerkegaard]

​@@ProbationCoach nah, basic submariners were never worth more than like $16k even at the peak of the market. greg got ripped off and that is in line with his character.

[@matthewmachanda9390]

Tom also rocks an AP Chrono.

[@LMGLUDA]

There was NEVER a steel ceramic Submariner worth 40K. Way under 20K for just regular steel, and around that for an LV on the top of the market moment. 40K would be a gold Submariner at peak market, and that was not a gold one.

[@eddiemalvin]

Kendall wouldn't sell his shares and pay capital gains. He'd simply borrow against their value.

[@YouTubeKnight]

Something tells me Tom will be fine.

[@tiglunmy]

You were right, Tom of all people. I was so focused on Cousin Greg that I never saw this coming! But then it makes a perfect sense after all!

[@mukunimulundika5359]

Succession not cessation.... And the wedding venue was the Collingwood estate belonging to Caroline's family, not owned by Logan. Research!

[@christianbalmer2155]

Secession, the show about a group of siblings who, despite their union-leaning views, fight to obtain control of the leading confederate printing press from its owner, their all-powerful slaver-I mean…father.

[@julesdrums6167]

el em f AYYY oh

[@mattpalmer152]

Theyre not union leaning are you insane

[@mrmovieguy1000]

@@mattpalmer152 It's a joke on how the guy pronounced succession like secession (which has to do with politics)

[@stormzybanksy]

@@mattpalmer152 missed the joke entirely.

[@captainmerca341]

Didn't know the show took place in the 1700's🤔

[@mitochondria3873]

As Brian Cox says in interviews: "Its pronounced Suck Session."

[@VBoo459]

That’s actually how you pronounce it tbh suc-cession

[@4rch13]

I mean… it’s a word, it’s not up for debate or for someone to say how it is pronounced

[@danh5637]

He’s a perfect example. Financial planners always bitter about having to deal with bundles of money way bigger than they will ever make and hating every minute of it. 😂

[@maximrobertjacolino7745]

Spot on!

[@bigboymamba]

en.wikipedia.org/wiki/Psychological_projection

[@FinancialShinanigan]

He sure dresses like a money expert

[@jtgd]

His last name sounds like Bonaparte

[@recursion.]

He looks like a gay matchmaker, what are you on about?

[@JoJoJoker]

@2:45 this castle is not Logan’s, it belongs to the family of his ex-wife.

[@jtgd]

Which one? If it’s the first, then he may actually own it

[@JoJoJoker]

@@jtgd the wedding venue.

[@similarrose5811]

@@jtgd Shiv’s mother obviously

[@RutmansProductie]

Close your eyes and it feels like Jesse Pinkman is enlightening you on business finances

[@hijklmnop42]

Ha! From someone who is watching Breaking Bad for the first time right now... I agree! He totally has the same broad American bro-speak style!

[@onfingertips]

Haha

[@JK8]

1:12 it’s not a penthouse, it’s a townhouse/mansion. The interior is a set but the exterior shots are of 991 5th Ave, which is a single family townhouse mansion. Currently occupied by the Irish American Historical Society

[@heldersimoes1124]

wow this analysis sure gives a better prespective as to how much thought was put into the show

[@kli9005]

Yeah I noticed that money guys LOVE this show.

[@TheBryFun]

I like this guy. He should do the rest of season 4 pls

[@JeffreyGillespie]

This video was really fun to watch. 😊

[@shenlaw]

Great job, Doug!

[@carolynmaynard3694]

This was pretty interesting. Thanks!❤

[@nanky432]

You know this is why you should probably not let your kids or family members inherit the family business, and should simply just sell it before you die. It brings up way to many conflicts of interest and leaves everyone with a bad taste in their mouth. Just leave them with an inheritance of cash equally divided after ALL assets are sold at public auction. Let the tax man take their cut and then just let everyone do what they want with their own money. It’s also best if they started their own business with the knowledge they gained.

[@80teg]

I can tell you dont have money by this comment. You have no idea what a golden goose looks like. Not even a little bit.

[@nategray4989]

You Sound mad bitter bro

[@jnac216]

Doug, well said!

[@makhangel]

This is soooo interesting!!! More please! You could do EMPIRE, or even a show like SHAMELESS - why are they so poor? When that character had that $100 and spent it on __________, what could they have spent it on instead?! This is very excellent and usable content.

[@freedomm]

I wonder how Logan's property upstate and Connor's ranch in New Mexico cost.

[@JJ_ON_YOUTUBE]

very interesting content

[@whatever_user]

That apartment is not 5.8m lol, it’s a triplex

[@ShaizaShamim]

I really like Douglas's suit, super stylish and he wears it well.

[@Anna-vz5jl]

So interesting thank you for breaking everything down 🎥🎬💵💵💵💵

[@michaelchavez9094]

He keeps saying secession and not succession. Money can't buy everything....

[@alqamahasnain6428]

More of this please

[@antarjones7888]

I am pretty sure it wasn’t a codicil because it wasn’t executed before two witnesses. Instead it was just a writing.

[@PassiveAgressive319]

More pleeaassse!

[@AeyGee]

This guy looks like a more mature version of John Krasinski!

[@jdrancho1864]

Couple of things you have to realize: Going from millionaire status to having billions is not a straight line, it's a geometric progression. If she is getting paid $250 000 or even more as an attorney, that is to Logan like it is to me paying a gardener $50 a month to mow my lawn. Similarly, spending $4500 on a helicopter ride - keep in mind that cost is split among four people - is like me buying a ticket on the subway. Not having to put up with the unwashed masses and the crazies on mass transit : priceless. Why these shows still cling to trope of "a will" I don't understand. That is so Agatha Christie. A will is probably the worst instrument there is for intergenerational wealth transfer. With this much money at stake, and having their fingers in so many different pies, all of them baked to different recipes ( LLCs, Corporations, holding companies, preferred and voting and non-voting shares), a successful succession plan cannot depend on a will where the reader is not sure about an underline or an strike-out.

[@leowzhilin]

Interesting. What other instruments are there for intergenerational wealth transfer? If not a will, how would u go abt a succession plan as complicated as this?

[@jdrancho1864]

@@leowzhilin First, let me say I'm just an interested amateur, not a professional in these matters. A situation as depicted in "Succession" is complicated, so I wouldn't presume to offer up anything like a legal road map. But there are three facts that make a will unsuitable as the desired instrument. First, it is a public document. Any will that's ever been filed with a court can be viewed by anybody who wants to. If you have a desire for privacy, that is reason right there not to use a will. Second, it requires an executor. That would be a thankless and unpaid task I wouldn't want to take on with a company as large and a family as dysfunctional as the Logans. Third, there is a number of ways a will can be contested in court during the will's probate. Even if the court eventually agrees with all the provisions in it, which is a big "if", the delay in its implementation can drag on for months and years, bringing corporate operations to a near-standstill and promoting uncertainty at a time when a clear corporate course is needed. Hope this helps. A bit lengthy, but I hope worth the read.

[@leowzhilin]

@@jdrancho1864 wow, thx for the lengthy reply! I apologize I'm not very savvy with these estate planning things. I just thought it's customary for everyone when they pass, to have a clear, structured will, with clear directions to who gets what. Otherwise it would be a huge contested mess in court. Surely, having a will & some structure to wealth transfer is better than leaving it to the courts? Would the other alternative be hiring a trusted estate planner to distribute the assets? Are there other ways to leave behind your stuff? U can put it in a separate trust for each kid I assume. But u'd still need a will?

[@Dafty2k]

@@jdrancho1864lol exactly all these things exist in the series😭😭

[@0FFICERPROBLEM]

The document was just something extra they found, a draft Logan had never showed anyone. Implicitly there was a lot more going on to the family's wealth transfer there

[@ThisIsTheInternet]

0:12 Did he call the show "Secession"?

[@Alookatportland]

1:48 no, it will tell the time.

[@villads5862]

So funny that this video was made by wall street journal who is owned by Rupert Murdoch A/K/A Logan Roy irl 😂

[@God-yb7rr]

WOW a CHEVY SUBURBAN..... Very fancyyyyyy

[@tylttran]

Does anyone know the name of the financial planner? Does he have a channel?

[@robertsoto5713]

Dudes hair is epic.

[@lindseysloan8735]

Reminds me of laffy taffy

[@michaelmangraviti6772]

Also the “Tom likes his suits he probably spent $1000” is insane any Loro Piana will have a blazer for at least thrice that price

[@b_to_the_b]

Why does his hair remind my of that scene from movie “There's Something About Mary”

[@abhiudai]

Only if they spent half the time and energy they spent on fighting each other into uniting and fixing their relationships, they would've ultimately been in a much better position, they were divided by the big shots, and that's how they got conqured.

[@cammy11]

wish this featured Roman's LA house

[@aishwaryasivakumar8525]

the way he pronounced succession, i thought i was tripping and had to do a google search

[@richardyoung871]

In this video what he actually is talking about money, and I talked to my father about it many years ago and he pointed out to me the difference between me and my twin brother, very different even my next door father, pointed that out,and my father taught me about money,as I have taught my circumstances and to my children save for a rainy DAY,as in the 1929 CRASH

[@BrianLoks]

my guy rich rich

[@mattandreana6501]

That hair is outrageous

[@spotnag6854]

Never heard of the 3% rule? I believe it's the 4% rule.

[@mrmovieguy1000]

Why does a fan of the show & literate man keep calling "succession" "secession"?

[@ginao6810]

I can’t help but question this guy’s credentials if he is unclear on the difference between “succession” and “secession”. Shouldn’t the team at the Wall Street Journal at least be clear on the difference?

[@WarKrieg]

Or that he believes Tom, an executive who hangs out with billionaires and is married to one, would ever come near a $600 suit 😂

[@AndrewMutieMulandi-ge8dm]

Money 🤑 is power 😊

[@yyrurh]

that dude's hair is financing more than finance itself

[@Linck192]

such a nice format and guest to be rushed into an 8min video

[@rentedthriftedreal]

Everyone wanted to know about Jess! I guessed 150K with a 24/7 req

[@richardpalmer8478]

I only watched this show because of Brian Cox.

[@Ari-vv3ur]

Cool last name. Very cool last name.

[@Erox006]

may our finances rise high as his hair

[@whoareyouyouareclearlylost323]

Tom took the biggest dub in the show, Tom and Greg tbh.

[@JCif92]

Long term capital gains are taxed at 20% not 1/3 for the tax man. Figured someone in his industry would realize that lol.

[@UrsaMusic]

Where you getting this nice $600 suit bro, link me up

[@dcoughla681]

The taxes you pay depend on multiple factors. Nationality being one.

[@Onlybanker369]

😊it may be possible.

[@clayfoster8234]

The idea that someone worth 2 billion dollars has to actually pay taxes is laughable. Taxes are for little ppl…

[@kilianschattauer5625]

I swear the watch was a deep sea seadweller

[@antoncabatingan]

Why would he raise his voice mid-sentence? 😅

[@ehsansharif2296]

No spoiler alert and you spoiled the most important thing in season 4 for me. Real professional! Thanks

[@pixeltx3364]

at this point make a movie tv reviews already

[@454ffv]

i doubt a highly respected attorney only makes $250k

[@jackster1033]

I have joined >:)

[@olivier3516]

Secession

[@v-22]

"Susession" 😂

[@jep98]

How much does Logan pay Colin? He knows a lot of their secrets and is super loyal to Logan.

[@Robert-jp4oi]

Where's the maxwell list

[@captainmerca341]

Rich men north of Richmond.....nuf said.

[@jonathandiaz4997]

3 months ago 😮

[@TheBankman18]

Inheritance is not tax free.... Thats why people set up trusts

[@alextkachuk5240]

Should have put a spoiler alert. Finding out about season 4 outcome wasn't cool haha

[@rafeeqwarfield9690]

this guy's outfit is atrocious

[@Anthony-tu7vw]

His hair is so tall

[@pablobenz7734]

Mr. Douglas’ hair reminds me of a Dilophosaurus. 🤭🤭

[@_Marsh]

"Sus Session" - this guy

[@AddyGoesPlaces]

Once again, the Eldest Son is forgotten.

[@Cmass9]

Homie thinks the show is called Secession

[@costafilh0]

And that's why most fortunes don't last more than 2 or 3 generations.

[@Monix_7]

He had cool hair

[@bridgetkaufman1]

why do I feel like this guy doesn't watch the show at all. Secession?? Logan wanted the kids to take over?? (never seemed like it to me lol)

[@benjaminlehman3221]

What is succession about?

[@nabilahuda3447]

Family

[@JJdakilla]

180-250k a year is what entry level associates are paid in law firms 😂 if Tom‘s mom is a Partner in a good firm she‘ll make north of 700k a year EASY (for reference the median payout for Kirkland partners last year was 7 million USD) This guy has no clue about the legal world

[@djwoosie98]

Is that for the Midwest though? She might not be at a top law firm.

[@Adri2sheisty]

Jackson fashoo

[@Admiralanchovie]

Anyone got how much a relationship with Willa would cost me?