Indicators of Wealth?

[HFWR]

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Originally Posted by Pilot2013 I think easy to spot here:

No need for a "flotation device"...

[pb4uski]

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Originally Posted by RunningBum ... but I'm sure your times are off. The 6 hour drive is door-to-door, right? The one hour flight is terminal to terminal. Add 1-2 hours for arriving early enough to get through parking, possible shuttle, ticketing and security. Add your drive to the airport, with some buffer because if you're delayed the plane won't wait for you. Upon arrival, add time to shuffle off the plane, walk out of the airport, perhaps wait at baggage claim, the wait at the car rental counter, perhaps a shuttle to the cars, and your drive to your final destination. .... Driving virtually always wins for me in this length of trip, unless I'm going to a huge city where parking is an issue and public transportation is good and a car is a hassle. But I like driving, certainly over flying. ...

Yes, you are correct... the 6 hour drive is door-to-door. To fly door-to-door is a little over 4 hours but the drive (to Midtown Manhattan) is much more stressful than flying.... and yes, parking is an issue (and expensive), public transportation is good and a car is a hassle.

[2017ish]

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Originally Posted by pb4uski Yes, you are correct... the 6 hour drive is door-to-door. To fly door-to-door is a little over 4 hours but the drive (to Midtown Manhattan) is much more stressful than flying.... and yes, parking is an issue (and expensive), public transportation is good and a car is a hassle.

We go through this calculation every time we go to Chicago from Nashville (about 8 hours driving v. 2.5-3.5 hours flying with precheck and getting to our destination on the other end with no checked bags). Often comes down to where, precisely, we are going--S.I.L. in Deerfield versus Son Downtown.

One indicator of wealth, however, is that the ratio is becoming more heavily tilted to flying; although that may change when we retire?

[Taxman59]

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Originally Posted by daylatedollarshort I think that is an indicator of your spending choices and food preferences, not necessarily your wealth.

If I did that on a regular basis, you would be right, but I only go to places like that for special occasions and when I do, I have my "side" $$ to cover the cost which I don't care about because of the event. Spending $400+ on a celebration dinner with another couple is an extravagance, being able to do it without blinking at the cost, to me, is an indicator of wealth.

[marko]

The OP asked about 'activities' that might indicate a wealthy person...

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Originally Posted by clobber So, what are some specific activities that might indicate a person is wealthy?

As many have noted, it might not be the right question as wealthy and activities are no longer necessarily connected.

Many old timers here will recall my very wealthy grandfather who ended up sitting in his six bedroom house in the dark watching a small (albeit color) TV and having stiffed his housekeeper because she lost her other job and 'had no place else to go'.

Perhaps wealth is a matter of living the life you want without worrying about how you'll pay for it knowing you've got the expenses covered.

Nowadays, I see little connection between expensive activities and wealth.

[audreyh1]

I could afford the business class airfare, but I can't get past how the difference would pay for the entire rest of our Europe vacation. And we splurge on hotels!

Our neighbors always fly first class. They are 20-25 years older than us. If I were their age I'd be more aggressive about spending it down too!

We do jump on it if offered great deals on first class upgrades for a given leg of a flight. $129 for 6 hr flight to Hawaii, or $69-$99 for certain domestic legs.

[daylatedollarshort]

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Originally Posted by Taxman59 If I did that on a regular basis, you would be right, but I only go to places like that for special occasions and when I do, I have my "side" $$ to cover the cost which I don't care about because of the event. Spending $400+ on a celebration dinner with another couple is an extravagance, being able to do it without blinking at the cost, to me, is an indicator of wealth.

Okay, that is fine, if that is your indicator of wealth, but I don't understand why you quoted my post about our preference for Asian food in your steak house post. What was the point of that?

[NW-Bound]

Some people say "I can do A, or B, or C, and that shows wealth".

I say "But I cannot do Z, therefore I am not rich".

[RobbieB]

To be really rich you need a big house (mansion) with servants (live in) to wait on you.

I'm not anywhere close to that. A maid service and a gardener twice a month would be good.

The real cost of buying something is not buying something else and since the million dollar house and the Maserati are off the list, I have more dough for first class airfare, hotels with jacuzzis, caviar and lobster tails -

It's all about what you want and what's important to you.

[NW-Bound]

Don't know about servants. Nowadays, it's frowned upon.

To be rich, to me, one should be able to say regarding anything "I can have it, but I don't want it". Buffett has no mansions, no private jets, no yachts. He can use Louis XIII Black Pearl Cognac for mouthwash. He does not do anything such. He's still rich.

[Pilot2013]

What's the Buffett infatuation? Probably no one on here has 1/10th of his wealth. I don't use him as a comparison of anything. I think it's all about how YOU feel.

[marko]

Again, let's not confuse wealth with spending.

DW has a friend (not best friend but more of someone who attends regular ‘girls night out’). This friend made really good money but for every $1 earned, spent $2; literally.

I’m talking about $9000 handbags, chartered flights with the family to the Caribbean, $6000 watches, all while the electricity and phone were regularly being turned off for non-payment at her $2M home. She recently sold her home of 25 years for $2.1M and she walked away with $26,000; that’s how far in debt she is.

She's lived like a rock-star but was always having to sell a watch or other bauble to pay the phone bill.

Wealth?

I think it is Buffett who said "when the tide goes out you get to see who's swimming naked"

[RobbieB]

The frugalists like to bring up Buffet as a rich guy that does not spend a lot of dough.

We all know that. He's gonna give it all the Gates foundation to help the third world. That's fine, that's what he wants to do.

I did the frugal the whole time I was working. I did the millionaire next door. I've now got a nice stash and I'm gonna have some fun -

[daylatedollarshort]

One of the best books I've read on happiness and money was called What Happy People Know by a director at the Canyon Ranch Spa. Everyone's idea of rich always seems to be a little bit more money than they have now, which was true even for the millionaires and billionaire clients at the Canyon Ranch. Unless you are the richest person in the world, someone is always going to have more money.

[Corporateburnout]

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Originally Posted by RobbieB I did the frugal the whole time I was working. I did the millionaire next door. I've now got a nice stash and I'm gonna have some fun -

+1.

You mean you're not going to spend your retirement days clipping coupons and looking for freebies.

[RobbieB]

Not me, I've got enough money. My problem is spending it faster. Right now I'm making it faster than I'm spending it.

[NW-Bound]

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Originally Posted by Pilot2013 What's the Buffett infatuation? Probably no one on here has 1/10th of his wealth. I don't use him as a comparison of anything.

I like to use Buffett as an example because he's the most well-known billionaire, and his simple life is also well publicized.

With his networth at $63+B, I do not have even 1/10,000-th of his stash (that would be $6.3M). If you have 1/10th of his, you are in the rarefied list published by Forbes each year, and I doubt anyone such would bother be here debating the meaning of "rich".

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I think it's all about how YOU feel.

Yes. And while other posters feel "rich", I am trying to say I don't. How much would I need to feel rich? I don't know. I am not there yet.

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Originally Posted by RobbieB The frugalists like to bring up Buffet as a rich guy that does not spend a lot of dough. We all know that. He's gonna give it all the Gates foundation to help the third world. That's fine, that's what he wants to do. I did the frugal the whole time I was working. I did the millionaire next door. I've now got a nice stash and I'm gonna have some fun -

There's nothing bad about having fun, or spending some money on what you like. Don't get me wrong. But it has little to do with "being rich". OK, "feeling rich" maybe.

Yesterday, after making a post about craving a Whopper, I felt asleep and woke up 1/2 hour later. And I mused that I was happy being able to take a midday nap while workers are fighting to commute home in the middle of the heat. That happiness feeling is not the same as feeling rich.

[RobbieB]

Yeah, that's it. When I'm sitting in first class sipping a cocktail on the runway during boarding I feel "rich"

[NW-Bound]

Surely, many 1st class passengers feel the same, as they are already seated and sipping some drinks while the coach passengers file by to the back and fight for overhead compartment space.

Whenever I got to fly 1st-class, I tried to hide my smugness, and looked down reading something.

[HFWR]

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Originally Posted by daylatedollarshort One of the best books I've read on happiness and money was called What Happy People Know by a director at the Canyon Ranch Spa. Everyone's idea of rich always seems to be a little bit more money than they have now, which was true even for the millionaires and billionaire clients at the Canyon Ranch. Unless you are the richest person in the world, someone is always going to have more money.

Rich is a LOT more than I have...