The Big Apple is one of the most expensive places to live in the United States. How much money does it take to live like a Real Housewife of New York? And do the old and new housewives have what it takes to keep their status as socialites? Keeping reading to find out! As stated earlier, in this traditional approach all these writings emphasized the finan-cial problems from the outsiders’ point of view instead of looking into the problems from managements, point of view. It over emphasized long-term financing lacked in analytical content and placed heavy emphasis on descriptive material. Thus, the traditional approach omits the discussion on the important aspects like cost of the capital, optimum capital structure, valuation of firm, etc. In the absence of these crucial aspects in the finance function, the traditional approach implied a very narrow scope of financial management. The modern or new approach provides a solution to all these aspects of financial management.