Indicators of Wealth?

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clobber

Recycles dryer sheets
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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?
 
When I visit the 11 month old twin granddaughters and they scoot across the floor towards me when they hear my voice.....
 
I like all of yours. We've never done #1, but may if we take a painfully long flight.

Here are ours - funny, we just discussed this last weekend:

1) Own or timeshare our own airplane so we could just hop on and go - no TSA, shoe removal, customs, no screaming babies (unless they're related to us), no waiting in line to pee, no 2 hour pre-arrival at airport. You get the drift.
2) A full time cook
3) A place at the lake, and being able to afford someone to do the work on it so all we would do is show up & play.
 
A true baller has six figures in his checking account
 
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.

Wealth has been defined as "income from other sources".
 
clobber said:
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.
Click to expand...

That 1st one right there excludes me from the club. :)

Don't know about #2, even though we have not eaten there in years. Their food never got me sick or anything.
 
If your boat has more than one helicopter pad.





Sent from my iPad using Early Retirement Forum
 
When I go to the local burger joint I order the Cowboy Burger, but pay them a quarter to replace the Jack cheese with sharp Cheddar.
 
GravitySucks said:
When I go to the local burger joint I order the Cowboy Burger, but pay them a quarter to replace the Jack cheese with sharp Cheddar.
Click to expand...

whoah there, big fella. You'll never achieve FIRE spending your dough like that!

Unless you have a Groupon for 40% off or something.
 
clobber said:
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?
Click to expand...

Wait a minute, what's wrong with Denny's? With the AARP card you can get 15% off?

And what feever said above is true. I know a guy that owns six Burger Kings in the area and he is often seen in the local Denny's and TexMex places in town.

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.
 
clobber said:
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?
Click to expand...
Well gosh, I'm not rich. I wouldn't think twice at staying at a motel 6 or Super 8, and having dinner at Denny's or Sizzler that night, the next time we go through a hurricane evacuation.

I think being rich is:

(1) Not feeling the need to constantly compare one's lifestyle and spending choices with the lifestyles and spending choices of friends and acquaintances

(2) Awakening to find one is sincerely, thoroughly happy each morning and staying that way pretty much all day long

(3) Not having to worry about the future, where the next meal is coming from or where to sleep each night

(4) Thinking of things and experiences that would brighten one's life in the future, and being able to afford those things and experiences.

(5) Feeling that one has ENOUGH. Eradicating that crazy-making hoarding/consumerist drive for once and for all.
 
Last edited:
For me;

No more coach fares
I fear no restaurant
Give me a room with a view and a jacuzzi
No more cheap booze
 
How about "has plenty to GIVE"?

No one has mentioned the freedom to GIVE plenty to causes other than your own!
 
For me, it's currently:

- Paying the extra $100 a night to be guaranteed an ocean view at check in and not have to hope for a free upgrade.
- Usually paying for economy plus and once in a long while first class on planes.
- Tipping $20 to a lot of service people that come to the house.

For me, in the future:

- Private chef.
- Plane share (recent Forbes article had a service that sounded great but can't remember the name of it).
- Estate planning for future generations (not just kids).
 
Sometimes I don't spend much, but I'm still wealthy, to me spending on lots of things often means someone is accumulating things, searching for happiness via retail therapy, or has a spending problem and will be poor soon.

I'll eat at Denny's if I want, and I'll stay at motel 6 or 8 if convenient and reviews are good which is my criteria for all hotels.

One big indicator is not worrying about the next meal or where to sleep, and if I want something it becomes a detailed matter of which one is good and not "what can I afford".
Example: last year my old car died, so I bought a new one with cash. This year DW has finally agreed to replace her 18 yr old car (101,000 miles) with a new one, and it will be cash after she decides which one.
 
aja8888 said:
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.
Click to expand...
Very true. On our last few trans Atlantic flights, I used my BA miles and companion tickets to fly Business Class.
 
I'm cool with spending but to me wealth is not having to work.
 
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.
 
HadEnuff said:
whoah there, big fella. You'll never achieve FIRE spending your dough like that!



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


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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