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What author Stephanie Kiser learned as a nanny for the ultra-rich

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2 years ago

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Stefanie Kiser Book: “Wanted: Toddler’s Personal Assistant”. Cover design by Jillian Rahn/Sourcebooks.

Courtesy: Stefanie Kiser

Stephanie Kiser came to New York City in 2014 as a new college graduate, hoping to become a screenwriter. Instead, she spent the next seven years as a nanny for wealthy families.

Kiser’s new memoir, “Wanted: Toddler’s Personal Assistant: How Nannying for the 1% Taught Me about the Myths of Equality, Motherhood, and Upward Mobility in America,” details her unexpected career detour.

Her seven years as a nanny saw her escorting one client’s daughter to $500-per-lesson literacy tutors on the Upper East Side, driving Porsches and Mercedes for everyday errands and sheltering in place at a family’s home in the Hamptons during the Covid-19 pandemic. Her clients included families with dynastic wealth as well as those with high-paying jobs such as doctors and lawyers.

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In Kiser’s first nannying job, she was paid $20 an hour, far more than the $14 an hour she estimates she would have made as a production assistant under a short-term contract. Plus, she often ended up working extra hours.

“It usually ended up being like $1,000 a week with everything that I was doing,” Kiser said.

That first job opened doors for higher-paid positions through nanny agencies. In Kiser’s final year as a nanny during the pandemic, she estimates she took home about $110,000.

“Even though I had the least respected job of my friends, I definitely was making the most,” said Kiser, who is now 32 and works at an ad-tech company in New York City.

CNBC spoke with Kiser about some of the financial lessons she learned during her time as a nanny, and why she ultimately left the role.

(This interview has been edited and condensed for clarity). 

No prospects for job growth: ‘I was very stationary’

Scarlett Johansson on Location for “The Nanny Diaries” on May 1, 2006 at Upper East Side in New York City, New York, United States.

James Devaney | Wireimage | Getty Images

Ana Teresa Solá: When I first saw this book, I thought of “The Nanny Diaries,” a novel published in the early 2000s and then adapted into a movie. What made you decide to turn your story into a memoir instead of a novel? 

Stephanie Kiser: I read “The Nanny Diaries” when I started my first job. It definitely hit home at the time, but I did feel like it was sort of a satire. I didn’t want to villainize the rich or the poor because I have people I love very dearly on both sides. 

The intention of my book was to make a social commentary. It was my hope that I could bridge this understanding a bit between the two sides because there’s this thought that poor people just aren’t working hard enough and rich people are just inherently bad. 

I don’t think that’s necessarily true, but I think that people who are wealthy, who are employing these people who really need these jobs, they do have privilege and an opportunity to either make someone’s life better or worse.

A contract as a nanny is important because there’s no HR.

ATS: You mention that you could not afford to work in a professional job in New York because the pay was much lower than you were making as a nanny. Did you feel trapped?

SK: When my last boss read this book, she felt sad and was like, ‘I didn’t realize you were so miserable doing the job.’ I said, ‘No, I wasn’t miserable doing the job. I loved your kids so much, but this was not the job I wanted.’

I did feel trapped. I felt like there’s nothing else I could possibly do, and it got a little bit worse as time went on.

All my friends were growing in these jobs and they were getting more experience in their resume, and I wasn’t. I was very stationary in this position.

It wasn’t a good feeling to feel like there’s nothing else I could possibly do. Now I have a different job and this is the first year that I’m earning more than I did nannying, which is great, but the first couple of years after nannying were definitely really hard financially, making that shift.

‘There’s no HR … the contract is really all you have’

ATS: A family offered you a salary of $125,000, plus full health and dental, a monthly metro card and an annual bonus. But you went with a different family for less pay. You mentioned you were waiting on a contract. Why is that so important in the business?

SK: A contract as a nanny is important because there’s no human resources; there’s no laws protecting you. Your employers are fully in charge of everything and they determine everything. [New York State does have a “Domestic Workers Bill of Rights” with a few protections.]

At a regular job, you can be like, ‘I worked 60 hours already this week, and I’m not going to work more.’ You can’t do that here [with a nanny position.]

The contract is really all you have, and to not get the contract was really worrisome. Your whole life was going to be a nanny for this family. And I was coming off of a job where that had been really tricky, feeling like I wasn’t really a person, and I didn’t want to accept a job where that was the case again. 

Stefanie Kiser Book: “Wanted: Toddler’s Personal Assistant”. Cover design by Jillian Rahn/Sourcebooks.

Courtesy: Stefanie Kiser

ATS: Can you describe the differences between an au pair and a nanny?

SK: An au pair is allowed to work a certain number of hours, like up to 30 hours a week or 40 hours a week, but there is a clear boundary because they often work for an agency. The agency that has sent them has told you very clearly they cannot work more than this.

They get a very small stipend, but they do get specific accommodations, maybe they have their own room. They have all their meals paid for, transportation. An au pair has more things in place to make sure that they’re not taken advantage of. Nannies often don’t have these protections.

Nannies who come from agencies are slightly more protected and those are typically the ones who get contracts. But these are the best of the best nannies; these are career nannies who have been doing this for 50 years; they’ve raised so many kids and they have amazing references. Or it’s a young nanny that just got here after graduating from a great university and has like 10 skills that they are able to offer. So this is a luxury, honestly.

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ATS: You also describe the uncertainty associated with this job. It seems like nannying work can have a low barrier to entry, with salary growth potential, but then there are all these other risks.

SK: I’ve known nannies who’ve gotten pregnant and they tell their boss. There’s no, ‘We’re going to pay you three months maternity.’ there’s no, ‘We’re gonna let you leave on month eight so you can rest.’ There’s none of that.

You can never really feel safe in the job. If you have a medical emergency, if anything goes wrong — I’m sure there’s exceptions, but for the most part, you’re sort of just out of luck. It is a really risky career in that sense. 

‘That’s how you know they’re wealthy’

ATS: According to the Pew Research Center, about 47% of childless adults under 50 in 2023 said they are unlikely to ever have children. What would that mean for nannies?

SK: I wonder if that applies to the sort of people that I’m writing about. I wonder if for them this is a decline we’ll see or if they’re sort of outliers.

If it is the case, I think it’s a really serious problem. There are a lot of people in New York who come here and they need something to get by, who babysit, maybe it’s their after work job and that’s how they do it. Or there’s people who don’t have papers that are really limited in what they can do, and a lot of times, housekeeping and nannying is the only option.

ATS:  At the end of the book, you write that you received an offer as a personal assistant for a CEO with a $90,000 salary and benefits. Was that starting point below what you had been earning as a nanny at the time?

SK: For sure. As a nanny, I had made $110,000 … So it was a significant decrease.

I had to work very quickly and very hard to get promoted. I was a personal assistant and I was an executive assistant, I changed companies last July and I became a senior assistant, and that was the role where I finally made more than I did nannying. And I don’t think I could have done this, made this transition, if my student loan payments weren’t paused because of Covid.

ATS: You write in your book that some families signal their wealth by having many children. I’m curious to hear more about that.

SK: I think about where I was born and where I came from, and anytime there was a family that had like five or six kids, it was sort of like, ‘Well that makes sense, because they weren’t wealthy.’ And then you come to New York and you see someone on Park Avenue that has five or six kids, and it’s like, ‘That’s how you know they’re wealthy.’

Here, if you do have three kids, you start sending them to preschool at $40,000 a year, and then they’re going to these elite schools from kindergarten to 12th grade that are $60,000 a year, and then you’re sending them to Harvard for four years.

And it’s not even just the schooling, it’s most of the time you’re sending three kids to this school, then you’re employing a full-time nanny after they have private guitar lessons.

ATS: What would you tell women in their 20s who are in the shoes you were in a few years ago? 

SK: Do things in parallel. I don’t think I would have been happy if I had done just the nannying. I couldn’t have survived on just writing, but I think that by doing this in parallel, things turned out exactly how they were supposed to be for me.

Nannying was so important for me because not only was I able to make money to live, but it allowed me to get a foundation. When I moved to New York, I had nothing. Now I have a fully furnished apartment, things that you need to be a fully functioning adult. I have a dog, I’m able to take care of him and I have a car. These are things that I couldn’t have done without being a nanny.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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7 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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