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Old 07-26-2016, 11:22 AM   #21
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BTW, most flyers in First or Business Class these days are using upgrades from their FF account or are on business and the Company or client is paying for the seat.
Very true. On our last few trans Atlantic flights, I used my BA miles and companion tickets to fly Business Class.
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Old 07-26-2016, 11:23 AM   #22
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I'm cool with spending but to me wealth is not having to work.
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Old 07-26-2016, 11:25 AM   #23
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A few "tiers" I thought up past week in terms of spending levels, each builds on the next one:
  • Having buffer against mishaps: 10k in the bank
  • Paid off home, or rent covered ad infinitum
  • Not having to work: spend level 1k / month
  • Loose purse budget: +500 / month
  • Travel unlimited, budget: +1k / month
  • Second home, snowbird:+1k / month
  • Having my own local plane: +1k / month
And the last tier (big jump): having your own intercontinental capable plane (netjets style actually). Beyond that I'd be thinking about VC play money and change-the-world-for-the-better money.



That's it in terms of financial wealth. Happiness (personal wealth) is a different dimension.
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Old 07-26-2016, 11:33 AM   #24
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Old 07-26-2016, 11:50 AM   #25
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whoah there, big fella. You'll never achieve FIRE spending your dough like that!



Unless you have a Groupon for 40% off or something.

Not a problem. They give a 5% discount for paying cash. More than makes up the cheddar surcharge. On the other hand, That does cut into the airline mile accumulation though.
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Old 07-26-2016, 11:51 AM   #26
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My chauffeur drives me to Denny's for the AARP discount.
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Old 07-26-2016, 11:58 AM   #27
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Thanks for the replies everyone!

TLR. Maybe I needed to be more specific. If you fall into category 3 below, what are some of the indicators that reflect that stage of wealth?


It was probably inevitable that some of the replies would at least allude to wealth vs happiness which I didn't really intend. I think that poor, middle, and upper income/wealth people can all be happy (or not). I only wanted to identify some of those things that wealthy people tend to do that others don't.

I would generally categorize rich/wealthy into 3 groups which also seem to be reflected in your replies:

1) The Bill Gates or Jay Leno with the resources to have the yacht with the submarine and dual helicopter pads. I think we all get the concept there. You literally have NO financial constraints to do anything. As @starry night pointed out, you are also unlimited in the ability to give.

2) The overly frugal millionaire next door. We all know the stories (and actually know a few of these people) who are "rich" or "wealthy" because, if they go out for dinner at all, would go to the Sizzler. Only on their 50th birthday would they go to Outback - if someone else were paying. They would not be caught DEAD in a Chart House or Ruth's Chris. There is NO way the air conditioner would be set to 72 on a hot summer day. Probably would not even be turned on, but at best 80 degrees.

For me, I just don't see the point. To die with the biggest bank account number possible? Contrary to what @Options said, I do equate some degree of wealth with spending. Perhaps I'm not using the right terminology, but many of these frugal people with lots of money might not have "financial" constraints on activities, but rather have mental ones.

Lets face it, no one has ever had a meal at Denny's and thought, "Man, that was awesome. I'm coming back tomorrow and having that again." That is not to knock Denny's. It is what it is. Of course I fall into the "live to eat" vs. "eat to live" category. Would I go to Denny's in a Hurricane evacuation (been through a couple myself)....sure.


3) The kind of person I'm talking about. One who has enough and will judiciously spend a portion of it. The person who will opt for the $3500 business class seat to Europe instead of the $1200 cattle class. This person knows what it means to spend the extra $2300 and actually thinks that it is a lot of money (it is!). He still chooses to spend it because he has enough and the comfort is worth it. This same person doesn't fret over spending an extra $1000 on a sunroof for his new Toyota 4Runner. Heck, not much difference between $37K and $38K anyway.


Again, maybe the wrong terminology, but to me wealth has a certain component of attitude. @WR2 makes a lot of good points, especially just having enough!
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Old 07-26-2016, 12:06 PM   #28
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Lets face it, no one has ever had a meal at Denny's and thought, "Man, that was awesome. I'm coming back tomorrow and having that again."
You've never met my husband then!
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Old 07-26-2016, 12:07 PM   #29
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None of the above. It is a mistake to equate "wealth" with spending. In fact, spending has nothing to do with wealth. Spending only has to do with....spending.
+1

This thread will go nowhere fast
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Old 07-26-2016, 12:09 PM   #30
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Well, good luck on this thread. We had a similar one on another forum and it just ended up being a big bashing of people who spent too much money on frivolous things because they must be up to their neck in debt, all the truly wealthy people were frugal and never talked about their money or displayed their wealth, true wealth was being happy and with family, blah, blah, blah. Anyone who played along was accused of being superficial. Sort of like bling.
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Old 07-26-2016, 12:10 PM   #31
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I'm a number 3 and don't want to die rich. So I'm learning how to blow more dough. Yes, I said learning as it is not easy to do after being frugal so long.

So, I'm blowing more dough on the stuff I like. And I'm still not spending enough as my stack keeps getting bigger.


I'll add;

Caviar and seafood shipped overnight
A brand new BMW R1200RT
Concert tickets at $300 a pop
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Old 07-26-2016, 12:22 PM   #32
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A fine line imo using the above qualifiers between wealthy and being a snob. Only a snob would care if someone likes to eat at Denny's, again imo.
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Old 07-26-2016, 12:28 PM   #33
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I know there are all kinds of definitions for being wealthy. Things like being in the top 1% (or .01%), or having a certain net worth, or income level. Personally, I like the link to having "no financial constraints on activities." So, what are some specific activities that might indicate a person is wealthy? Some of mine include:

1) Purchase international business class tickets (even if you hunt for the cheaper ones) without hesitation.
2) Never even consider going to Denny's, Sizzler, etc.
3) Never consider staying at Motel 6 or Super 8.
4) Spending $100-$200 on a whim. Want that new Amazon Echo? Just buy it and if it doesn't work out...who cares. It was only $200.

What are some of your indicators?
None of the above.
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Old 07-26-2016, 12:34 PM   #34
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I used to eat at Denny's (breakfast) but stopped as a Nations Giant Hamburgers was built right next door.

2 eggs over easy with bacon and hashbrowns please. Cheaper and better than Denny's. Sounds good too, think I'll have it for lunch today -
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Old 07-26-2016, 12:37 PM   #35
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None of the above. It is a mistake to equate "wealth" with spending. In fact, spending has nothing to do with wealth. Spending only has to do with....spending.
+1 I agree. You could be buying on credit. I read once that the wealthy pay less than 2% of their NW in income taxes per year.
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Old 07-26-2016, 12:43 PM   #36
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Well then, let's limit this discussion to what people "splurge" on that are not buying on credit.
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Old 07-26-2016, 12:45 PM   #37
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3) The kind of person I'm talking about. One who has enough and will judiciously spend a portion of it. The person who will opt for the $3500 business class seat to Europe instead of the $1200 cattle class. This person knows what it means to spend the extra $2300 and actually thinks that it is a lot of money (it is!). He still chooses to spend it because he has enough and the comfort is worth it. This same person doesn't fret over spending an extra $1000 on a sunroof for his new Toyota 4Runner. Heck, not much difference between $37K and $38K anyway.

We have a couple of those types here that occasionally flaunt their spending and name drop about which of the several houses they own they will be vacationing at this week. They haven't posted here yet (I think) as they may be flying first class to some exotic destination at the moment. But they will chime in as soon as they get internet access, maybe from their limo out of the airport.
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Old 07-26-2016, 12:49 PM   #38
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We decided our price point for good food is about $10 a meal per person. We can get tasty Thai, Vietnamese or Indian lunch specials for that price and have never found anything we felt was tastier or healthier. I had the chance to get some discount tickets to a foodie event in the city last year with chefs from Michelin starred restaurants. The event was a lot of fun and in a skyscraper with pretty views. But we realized the food we thought was best were the Asian dishes and we can get those close to home and without paying much.
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Old 07-26-2016, 12:50 PM   #39
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You've never met my husband then!
Ha! Probably should not have made an absolute statement. Oops
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Old 07-26-2016, 12:52 PM   #40
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I'm a number 3 and don't want to die rich. So I'm learning how to blow more dough. Yes, I said learning as it is not easy to do after being frugal so long.
Yes - I too have had to start learning that. And I'm not talking about amassing things or spending frivolously.
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